Document:

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                                                                     EXHIBIT 4.2

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                          REGISTRATION RIGHTS AGREEMENT

                          Dated as of February 20, 2004

                                      Among

                         ERICO INTERNATIONAL CORPORATION

                                       and

                              ERICO PRODUCTS, INC.

                                   as Issuers,

                                       and

                          DEUTSCHE BANK SECURITIES INC.
                           J.P. MORGAN SECURITIES INC.
                              ABN AMRO INCORPORATED
                            NATCITY INVESTMENTS, INC.
                            MCDONALD INVESTMENTS INC
                              as Initial Purchasers

                    8 7/8% Senior Subordinated Notes due 2012

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                                TABLE OF CONTENTS

<TABLE>
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                                                                                  Page
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<S>                                                                               <C>
1.  Definitions............................................................         1
2.  Exchange Offer.........................................................         5
3.  Shelf Registration.....................................................         9
4.  Additional Interest....................................................        10
5.  Registration Procedures................................................        12
6.  Registration Expenses..................................................        21
7.  Indemnification and Contribution.......................................        22
8.  Rules 144 and 144A.....................................................        26
9.  Underwritten Registrations.............................................        26
10. Miscellaneous..........................................................        26
</TABLE>

                                      -i-

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                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (this "Agreement") is dated
as of February 20, 2004, among ERICO International Corporation, an Ohio
corporation (the "Company"), ERICO Products, Inc. (the "Guarantor", together
with any entity that in the future executes a supplemental indenture pursuant to
which such entity agrees to guarantee the Notes (as hereinafter defined), the
"Guarantors" and, together with the Company, the "Issuers"), and DEUTSCHE BANK
SECURITIES INC, J.P. MORGAN SECURITIES INC., ABN AMRO INCORPORATED, NATCITY
INVESTMENTS, INC. and MCDONALD INVESTMENTS INC. as initial purchasers (the
"Initial Purchasers").

                  This Agreement is entered into in connection with the Purchase
Agreement by and among the Issuers and the Initial Purchasers, dated February
12, 2004 (the "Purchase Agreement"), which provides for, among other things, the
sale by the Company to the Initial Purchasers of $121,500,000 aggregate
principal amount of the Company's 8 7/8% Senior Subordinated Notes due 2012 (the
"Notes"), guaranteed by the Guarantor (the "Guarantee"). The Notes and the
Guarantee are collectively referenced to herein as the "Securities". In order to
induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers
have agreed to provide the registration rights set forth in this Agreement for
the benefit of the Initial Purchasers and any subsequent holder or holders of
the Securities. The execution and delivery of this Agreement is a condition to
the Initial Purchasers' obligation to purchase the Securities under the Purchase
Agreement.

                  The parties hereby agree as follows:

                  1.       Definitions.

                  As used in this Agreement, the following terms shall have the
following meanings:

                  Additional Interest: See Section 4(a) hereof.

                  Advice: See the last paragraph of Section 5 hereof.

                  Agreement: See the introductory paragraphs hereto.

                  Applicable Period: See Section 2(b) hereof.

                  Business Day: Any day that is not a Saturday, Sunday or a day
on which banking institutions in New York are authorized or required by law to
be closed.

                  Company: See the introductory paragraphs hereto.

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                                      -2-

                  Effectiveness Date: With respect to (i) the Exchange Offer
Registration Statement, the 180th day after the Issue Date and (ii) any Shelf
Registration Statement, the 180th day after the Filing Date with respect
thereto; provided, however, that if the Effectiveness Date would otherwise fall
on a day that is not a Business Day, then the Effectiveness Date shall be the
next succeeding Business Day.

                  Effectiveness Period: See Section 3(a) hereof.

                  Event Date: See Section 4(b) hereof.

                  Exchange Act: The Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder.

                  Exchange Notes: See Section 2(a) hereof.

                  Exchange Offer: See Section 2(a) hereof.

                  Exchange Offer Registration Statement: See Section 2(a)
hereof.

                  Filing Date: (A) With respect to the Exchange Offer
Registration Statement, the 90th day after the Issue Date; and (B) in any other
case (which may be applicable notwithstanding the consummation of the Exchange
Offer), the 90th day after the delivery of a Shelf Notice as required pursuant
to Section 2(c) hereof; provided, however, that if the Filing Date would
otherwise fall on a day that is not a Business Day, then the Filing Date shall
be the next succeeding Business Day.

                  Guarantee: See the introductory paragraphs hereto.

                  Guarantor: See the introductory paragraphs hereto.

                  Guarantors: See the introductory paragraphs hereto.

                  Holder: Any holder of a Registrable Note or Registrable Notes.

                  Indenture: The Indenture, dated as of February 20, 2004, by
and among the Issuers and Wells Fargo Bank Minnesota, National Association, as
Trustee, pursuant to which the Notes and the Guarantee are being issued, as
amended or supplemented from time to time in accordance with the terms thereof.

                  Information: See Section 5(o) hereof.

                  Initial Purchasers: See the introductory paragraphs hereto.

                  Initial Shelf Registration: See Section 3(a) hereof.

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                                      -3-

                  Inspectors: See Section 5(o) hereof.

                  Issue Date: February 20, 2004, the date of original issuance
of the Notes.

                  Issuers: See the introductory paragraphs hereto.

                  NASD: See Section 5(s) hereof.

                  Notes: See the introductory paragraphs hereto.

                  Participant: See Section 7(a) hereof.

                  Participating Broker-Dealer: See Section 2(b) hereof.

                  Person: An individual, trustee, corporation, partnership,
limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other legal entity.

                  Private Exchange: See Section 2(b) hereof.

                  Private Exchange Notes: See Section 2(b) hereof.

                  Prospectus: The prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon
Rule 430A under the Securities Act and any term sheet filed pursuant to Rule 434
under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus.

                  Purchase Agreement: See the introductory paragraphs hereof.

                  Records: See Section 5(o) hereof.

                  Registrable Notes: Each Note (and the related Guarantee) upon
its original issuance and at all times subsequent thereto, each Exchange Note
(and the related guarantees) as to which Section 2(c)(iv) hereof is applicable
upon original issuance and at all times subsequent thereto and each Private
Exchange Note (and the related guarantees) upon original issuance thereof and at
all times subsequent thereto, until, in each case, the earliest to occur of (i)
a Registration Statement (other than, with respect to any Exchange Note as to
which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration
Statement) covering such Note, Exchange Note or Private Exchange Note has been
declared effective by the SEC and such Note, Exchange Note or such Private
Exchange Note (and the related guarantees), as the

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                                      -4-

case may be, has been disposed of in accordance with such effective Registration
Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for
an Exchange Note or Exchange Notes (and the related guarantees) that may be
resold without restriction under state and federal securities laws, (iii) such
Note, Exchange Note or Private Exchange Note (and the related guarantees), as
the case may be, ceases to be outstanding for purposes of the Indenture or (iv)
such Note, Exchange Note or Private Exchange Note (and the related guarantees),
as the case may be, may be resold without restriction pursuant to Rule 144(k)
(as amended or replaced) under the Securities Act.

                  Registration Statement: Any registration statement of the
Issuers that covers any of the Notes, the Exchange Notes or the Private Exchange
Notes (and the related Guarantee) filed with the SEC under the Securities Act,
including the Prospectus, amendments and supplements to such registration
statement, including post-effective amendments, all exhibits, and all material
incorporated by reference or deemed to be incorporated by reference in such
registration statement.

                  Rule 144: Rule 144 under the Securities Act.

                  Rule 144A: Rule 144A under the Securities Act.

                  Rule 405: Rule 405 under the Securities Act.

                  Rule 415: Rule 415 under the Securities Act.

                  Rule 424: Rule 424 under the Securities Act.

                  SEC: The U.S. Securities and Exchange Commission.

                  Securities: See the introductory paragraphs hereto.

                  Securities Act: The Securities Act of 1933, as amended, and
the rules and regulations of the SEC promulgated thereunder.

                  Shelf Notice: See Section 2(c) hereof.

                  Shelf Registration: See Section 3(b) hereof.

                  Shelf Registration Statement: Any Registration Statement
relating to a Shelf Registration.

                  Subsequent Shelf Registration: See Section 3(b) hereof.

                  TIA: The Trust Indenture Act of 1939, as amended.

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                                      -5-

                  Trustee: The trustee under the Indenture and the trustee (if
any) under any indenture governing the Exchange Notes and Private Exchange Notes
(and the related guarantees).

                  Underwritten registration or underwritten offering: A
registration in which securities of one or more of the Issuers are sold to an
underwriter for reoffering to the public.

                  Except as otherwise specifically provided, all references in
this Agreement to acts, laws, statutes, rules, regulations, releases, forms,
no-action letters and other regulatory requirements (collectively, "Regulatory
Requirements") shall be deemed to refer also to any amendments thereto and all
subsequent Regulatory Requirements adopted as a replacement thereto having
substantially the same effect therewith; provided that Rule 144 shall not be
deemed to amend or replace Rule 144A.

                  2.       Exchange Offer.

                  (a)      Unless the Exchange Offer would violate applicable
law or any applicable interpretation of the staff of the SEC, the Issuers shall
file with the SEC, no later than the Filing Date, a Registration Statement (the
"Exchange Offer Registration Statement") on an appropriate registration form
with respect to a registered offer (the "Exchange Offer") to exchange any and
all of the Registrable Notes for a like aggregate principal amount of debt
securities of the Company (the "Exchange Notes"), guaranteed by the Guarantor,
that are identical in all material respects to the Securities, except that (i)
the Exchange Notes shall contain no restrictive legend thereon and (ii) interest
thereon shall accrue from the last date on which interest was paid on the Notes
or, if no such interest has been paid, from the Issue Date, and which are
entitled to the benefits of the Indenture or a trust indenture which is
identical in all material respects to the Indenture (other than such changes to
the Indenture or any such identical trust indenture as are necessary to comply
with the TIA) and which, in either case, has been qualified under the TIA. The
Exchange Offer shall comply with all applicable tender offer rules and
regulations under the Exchange Act and other applicable laws. The Issuers shall
use their reasonable best efforts to (x) cause the Exchange Offer Registration
Statement to be declared effective under the Securities Act on or before the
Effectiveness Date; (y) keep the Exchange Offer open for at least 30 days (or
longer if required by applicable law) after the date that notice of the Exchange
Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to
the 225th day following the Issue Date.

                  Each Holder (including, without limitation, each Participating
Broker-Dealer) who participates in the Exchange Offer will be required to
represent to the Issuers in writing at the time of the consummation of the
Exchange Offer (which may be contained in the applicable letter of transmittal)
that: (i) any Exchange Notes acquired in exchange for Registrable Notes tendered
are being acquired in the ordinary course of business of the Person receiving
such Exchange Notes, whether or not such recipient is such Holder itself; (ii)
at the time of the commencement or consummation of the Exchange Offer neither
such Holder nor, to the

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                                      -6-

actual knowledge of such Holder, any other Person receiving Exchange Notes from
such Holder has an arrangement or understanding with any Person to participate
in the distribution of the Exchange Notes in violation of the provisions of the
Securities Act; (iii) neither the Holder nor, to the actual knowledge of such
Holder, any other Person receiving Exchange Notes from such Holder is an
"affiliate" (as defined in Rule 405) of the Issuers or, if it is an affiliate of
the Issuers, it will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable and will provide
information to be included in the Shelf Registration Statement in accordance
with Section 5 hereof in order to have their Notes included in the Shelf
Registration Statement and benefit from the provisions regarding Additional
Interest in Section 4 hereof; (iv) neither such Holder nor, to the actual
knowledge of such Holder, any other Person receiving Exchange Notes from such
Holder is engaging in or intends to engage in a distribution of the Exchange
Notes; and (v) if such Holder is a Participating Broker-Dealer, such Holder has
acquired the Registrable Notes for its own account as a result of market-making
activities or other trading activities and that it will comply with the
applicable provisions of the Securities Act (including, but not limited to, the
prospectus delivery requirements thereunder).

                  Upon consummation of the Exchange Offer in accordance with
this Section 2, the provisions of this Agreement shall continue to apply, solely
with respect to Registrable Notes that are Private Exchange Notes, Exchange
Notes as to which Section 2(c)(iv) is applicable and Exchange Notes held by
Participating Broker-Dealers, and the Issuers shall have no further obligation
to register Registrable Notes (other than Private Exchange Notes and Exchange
Notes as to which clause 2(c)(iv) hereof applies) pursuant to this agreement.

                  No securities other than the Exchange Notes shall be included
in the Exchange Offer Registration Statement.

                  (b)      The Issuers shall include within the Prospectus
contained in the Exchange Offer Registration Statement a section entitled "Plan
of Distribution," reasonably acceptable to the Initial Purchasers, which shall
contain a summary statement of the positions taken or policies made by the staff
of the SEC with respect to the potential "underwriter" status of any
broker-dealer that is the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange
Offer (a "Participating Broker-Dealer"), whether such positions or policies have
been publicly disseminated by the staff of the SEC or such positions or policies
represent the prevailing views of the staff of the SEC. Such "Plan of
Distribution" section shall also expressly permit, to the extent permitted by
applicable policies and regulations of the SEC, the use of the Prospectus by all
Persons subject to the prospectus delivery requirements of the Securities Act,
including, to the extent permitted by applicable policies and regulations of the
SEC, all Participating Broker-Dealers, and include a statement describing the
means by which Participating Broker-Dealers may resell the Exchange Notes in
compliance with the Securities Act.

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                                      -7-

                  The Issuers shall use their reasonable best efforts to keep
the Exchange Offer Registration Statement effective and to amend and supplement
the Prospectus contained therein in order to permit such Prospectus to be
lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as is necessary to
comply with applicable law in connection with any resale of the Exchange Notes;
provided, however, that such period shall not be required to exceed 90 days or
such longer period if extended pursuant to the last paragraph of Section 5
hereof (the "Applicable Period").

                  If, prior to consummation of the Exchange Offer, the Initial
Purchasers hold any Notes acquired by them that have the status of an unsold
allotment in the initial distribution, the Issuers upon the request of the
Initial Purchasers shall simultaneously with the delivery of the Exchange Notes
issue and deliver to the Initial Purchasers, in exchange (the "Private
Exchange") for such Notes held by any such Holder, a like principal amount of
notes (the "Private Exchange Notes") of the Issuers, guaranteed by the
Guarantor, that are identical in all material respects to the Exchange Notes
except for the placement of a restrictive legend on such Private Exchange Notes.
The Private Exchange Notes shall be issued pursuant to the same indenture as the
Exchange Notes and bear the same CUSIP number as the Exchange Notes.

                  In connection with the Exchange Offer, the Issuers shall:

                  (1)      mail, or electronically transmit, or cause to be
         mailed, or electronically transmitted, to each Holder of record
         entitled to participate in the Exchange Offer a copy of the Prospectus
         forming part of the Exchange Offer Registration Statement, together
         with an appropriate letter of transmittal and related documents;

                  (2)      use their reasonable best efforts to keep the
         Exchange Offer open for not less than 30 days after the date that
         notice of the Exchange Offer is mailed, or electronically transmitted
         to Holders (or, in each case, longer if required by applicable law);

                  (3)      utilize the services of a depositary for the Exchange
         Offer with an address in the Borough of Manhattan, The City of New
         York;

                  (4)      permit Holders to withdraw tendered Securities at any
         time prior to the close of business, New York time, on the last
         Business Day on which the Exchange Offer remains open; and

                  (5)      otherwise comply in all material respects with all
         applicable laws, rules and regulations.

                  As soon as practicable after the close of the Exchange Offer
and the Private Exchange, if any, the Issuers shall:

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                                      -8-

                  (1)      accept for exchange all Registrable Notes validly
         tendered and not validly withdrawn pursuant to the Exchange Offer and
         the Private Exchange, if any;

                  (2)      deliver to the Trustee for cancellation all
         Registrable Notes so accepted for exchange; and

                  (3)      cause the Trustee to authenticate and deliver
         promptly to each Holder of Notes, Exchange Notes or Private Exchange
         Notes, as the case may be, equal in principal amount to the Notes of
         such Holder so accepted for exchange; provided that, in the case of any
         Notes held in global form by a depositary, authentication and delivery
         to such depositary of one or more replacement Notes in global form in
         an equivalent principal amount thereto for the account of such Holders
         in accordance with the Indenture shall satisfy such authentication and
         delivery requirement.

                  The Exchange Offer and the Private Exchange shall not be
subject to any conditions, other than that (i) the Exchange Offer or Private
Exchange, as the case may be, does not violate applicable law or any applicable
interpretation of the staff of the SEC; (ii) no action or proceeding against the
issuers shall have been instituted or threatened in any court or by any
governmental agency which might materially impair the ability of the Issuers to
proceed with the Exchange Offer or the Private Exchange, and no material adverse
development shall have occurred in any existing action or proceeding with
respect to the Issuers; and (iii) all governmental approvals shall have been
obtained, which approvals the Issuers deem necessary for the consummation of the
Exchange Offer or Private Exchange.

                  The Exchange Notes and the Private Exchange Notes shall be
issued under (i) the Indenture or (ii) an indenture identical in all material
respects to the Indenture and which, in either case, has been qualified under
the TIA or is exempt from such qualification and shall provide that the Exchange
Notes shall not be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange
Notes, the Private Exchange Notes and the Notes shall vote and consent together
on all matters as one class and that none of the Exchange Notes, the Private
Exchange Notes or the Securities will have the right to vote or consent as a
separate class on any matter.

                  (c)      If, (i) because of any change in law or in currently
prevailing interpretations of the staff of the SEC, the Issuers are not
permitted to effect the Exchange Offer, (ii) the Exchange Offer is not
consummated within 225 days of the Issue Date, (iii) the Initial Purchasers or
any holder of Private Exchange Notes not eligible to be exchanged for Exchange
Notes in the Exchange Offer so requests in writing to the Company at any time
after the consummation of the Exchange Offer, or (iv) in the case of any Holder
that participates in the Exchange Offer, such Holder does not receive Exchange
Notes on the date of the exchange that may be sold without restriction under
state and federal securities laws (other than due solely to the status of such
Holder as an affiliate of the Issuers within the meaning of the Securities Act)
and so notifies the Company within 30 days after such Holder first becomes

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                                      -9-

aware of such restrictions, in the case of each of clauses (i) to and including
(iv) of this sentence, then the Issuers shall promptly deliver to the Holders
and the Trustee written notice thereof (the "Shelf Notice") and shall file a
Shelf Registration pursuant to Section 3 hereof.

                  3.       Shelf Registration.

                  If at any time a Shelf Notice is delivered as contemplated by
Section 2(c) hereof, then:

                  (a)      Shelf Registration. The Issuers shall as promptly as
practicable file with the SEC a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 covering all of the Registrable
Notes (the "Initial Shelf Registration"). The Issuers shall use their reasonable
best efforts to file with the SEC the Initial Shelf Registration on or prior to
the applicable Filing Date. The Initial Shelf Registration shall be on Form S-1
or another appropriate form permitting registration of such Registrable Notes
for resale by Holders in the manner or manners designated by them (including,
without limitation, one or more underwritten offerings). The Issuers shall not
permit any securities other than the Registrable Notes and the Guarantee to be
included in the Initial Shelf Registration or any Subsequent Shelf Registration
(as defined below).

                  The Issuers shall use their reasonable best efforts to cause
the Shelf Registration to be declared effective under the Securities Act on or
prior to the Effectiveness Date and, subject to Section 3(d), to keep the
Initial Shelf Registration continuously effective under the Securities Act until
the date that is two years from the Issue Date or such shorter period ending
when all Registrable Notes covered by the Initial Shelf Registration have been
sold in the manner set forth and as contemplated in the Initial Shelf
Registration or, if applicable, a Subsequent Shelf Registration (as may be
extended pursuant to the last paragraph of Section 5 hereof, the "Effectiveness
Period"); provided, however, that the Effectiveness Period in respect of the
Initial Shelf Registration shall be extended to the extent required to permit
dealers to comply with the applicable prospectus delivery requirements of Rule
174 under the Securities Act and as otherwise provided herein and shall be
subject to reduction to the extent that the applicable provisions of Rule 144(k)
are amended or revised to reduce the two year holding period set forth therein.

                  (b)      Withdrawal of Stop Orders; Subsequent Shelf
Registrations. If the Initial Shelf Registration or any Subsequent Shelf
Registration ceases to be effective for any reason at any time during the
Effectiveness Period (other than because of the sale of all of the Notes
registered thereunder), the Issuers shall use their reasonable best efforts to
obtain the prompt withdrawal of any order suspending the effectiveness thereof,
and in any event shall within 30 days of such cessation of effectiveness amend
such Shelf Registration Statement in a manner to obtain the withdrawal of the
order suspending the effectiveness thereof, or file an additional Shelf
Registration Statement pursuant to Rule 415 covering all of the Registrable
Notes covered by and not sold under the Initial Shelf Registration or an earlier
Subsequent

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                                      -10-

Shelf Registration (each, a "Subsequent Shelf Registration"). If a Subsequent
Shelf Registration is filed, the Issuers shall use their reasonable best efforts
to cause the Subsequent Shelf Registration to be declared effective under the
Securities Act as soon as practicable after such filing and to keep such
subsequent Shelf Registration continuously effective for a period equal to the
number of days in the Effectiveness Period less the aggregate number of days
during which the Initial Shelf Registration or any Subsequent Shelf Registration
was previously continuously effective. As used herein the term "Shelf
Registration" means the Initial Shelf Registration and any Subsequent Shelf
Registration.

                  (c)      Supplements and Amendments. The Issuers shall
promptly supplement and amend the Shelf Registration if required by the rules,
regulations or instructions applicable to the registration form used for such
Shelf Registration, if required by the Securities Act, or if reasonably
requested by the Holders of a majority in aggregate principal amount of the
Registrable Notes (or their counsel) covered by such Registration Statement with
respect to the information included therein with respect to one or more of such
Holders, or by any underwriter of such Registrable Notes with respect to the
information included therein with respect to such underwriter.

                  (d)      Blackout Period. Notwithstanding anything to the
contrary in this Agreement, the Company, upon notice to the Holders of
Registrable Notes, may suspend the use of the Prospectus included in any Shelf
Registration Statement in the event that and for a period of time (the "Blackout
Period") not to exceed an aggregate of 60 days in any twelve month period if (1)
the Board of Directors of the Company determines that the disclosure of an event
at such time could reasonably be expected to have a material adverse effect on
the business, operations or prospects of the Company or (2) the disclosure
otherwise relates to a material business transaction which has not been publicly
disclosed and the Board of Directors of the Company determines that any such
disclosure would jeopardize the success of such transaction; provided, that,
upon the termination of such Blackout Period, the Company promptly shall notify
the Holders of Registrable Notes that such Blackout Period has been terminated.

                  4.       Additional Interest.

                  (a)      The Issuers and the Initial Purchasers agree that the
Holders will suffer damages if the Issuers fail to fulfill their obligations
under Section 2 or Section 3 hereof and that it would not be feasible to
ascertain the extent of such damages with precision. Accordingly, the Issuers
agree to pay, jointly and severally, as liquidated damages, additional interest
on the Notes ("Additional Interest") under the circumstances and to the extent
set forth below (each of which shall be given independent effect):

                  (i)      if (A) neither the Exchange Offer Registration
         Statement nor the Initial Shelf Registration has been filed on or prior
         to the Filing Date applicable thereto or (B) notwithstanding that the
         Issuers have consummated or will consummate the Ex-

<PAGE>

                                      -11-

         change Offer, the Issuers are required to file a Shelf Registration and
         such Shelf Registration is not filed on or prior to the Filing Date
         applicable thereto, then, commencing on the day after any such Filing
         Date, Additional Interest shall accrue on the principal amount of the
         Notes at a rate of 0.25% per annum for the first 90 days immediately
         following such applicable Filing Date, and such Additional Interest
         rate shall increase by an additional 0.25% per annum at the beginning
         of each subsequent 90-day period; or

                  (ii)     if (A) neither the Exchange Offer Registration
         Statement nor the Initial Shelf Registration is declared effective by
         the SEC on or prior to the Effectiveness Date applicable thereto or (B)
         notwithstanding that the Issuers have consummated or will consummate
         the Exchange Offer, the Issuers are required to file a Shelf
         Registration and such Shelf Registration is not declared effective by
         the SEC on or prior to the Effectiveness Date applicable to such Shelf
         Registration, then, commencing on the day after such Effectiveness
         Date, Additional Interest shall accrue on the principal amount of the
         Notes at a rate of 0.25% per annum for the first 90 days immediately
         following the day after such Effectiveness Date, and such Additional
         Interest rate shall increase by an additional 0.25% per annum at the
         beginning of each subsequent 90-day period; or

                  (iii)    if (A) the Issuers have not exchanged Exchange Notes
         for all Notes validly tendered in accordance with the terms of the
         Exchange Offer on or prior to the 45th day after the Registration
         Statement was declared effective or (B) if applicable, a Shelf
         Registration has been declared effective and such Shelf Registration
         ceases to be effective at any time during the Effectiveness Period
         (other than during any Blackout Period relating to such Shelf
         Registration and as permitted in the proviso in Section 5(b)), then
         Additional Interest shall accrue on the principal amount of the Notes
         at a rate of 0.25% per annum for the first 90 days commencing on the
         (x) 46th day after the Shelf Registration was declared effective, in
         the case of (A) above, or (y) the day such Shelf Registration ceases to
         be effective in the case of (B) above, and such Additional Interest
         rate shall increase by an additional 0.25% per annum at the beginning
         of each such subsequent 90-day period;

provided, however, (1) that the Additional Interest rate on the Notes may not
accrue under more than one of the foregoing clauses (i) - (iii) at any one time
and at no time shall the aggregate amount of additional interest accruing exceed
in the aggregate 1.5% per annum and (2) Additional Interest shall not accrue
under clause (iii)(B) above during the continuation of a Blackout Period;
provided, further, however, that (1) upon the filing of the applicable Exchange
Offer Registration Statement or the applicable Shelf Registration as required
hereunder (in the case of clause (i) above of this Section 4), (2) upon the
effectiveness of the Exchange Offer Registration Statement or the applicable
Shelf Registration Statement as required hereunder (in the case of clause (ii)
of this Section 4), or (3) upon the exchange of the

<PAGE>

                                      -12-

Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this
Section 4), or upon the effectiveness of the applicable Shelf Registration
Statement which had ceased to remain effective (in the case of (iii)(B) of this
Section 4), Additional Interest on the Notes in respect of which such events
relate as a result of such clause (or the relevant subclause thereof), as the
case may be, shall cease to accrue.

                  (b)      The Issuers shall notify the Trustee within two
Business Days after each and every date on which an event occurs in respect of
which Additional Interest is required to be paid (an "Event Date"). Any amounts
of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this
Section 4 will be payable in cash semiannually on each March 1 and September 1
(to the holders of record on the February 15 and August 15 immediately preceding
such dates), commencing with the first such date occurring after any such
Additional Interest commences to accrue. The amount of Additional Interest will
be determined by multiplying the applicable Additional Interest rate by the
principal amount of the Registrable Notes, multiplied by a fraction, the
numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360 day year
comprised of twelve 30 day months and, in the case of a partial month, the
actual number of days elapsed), and the denominator of which is 360. No
Additional Interest shall accrue with respect to Notes that are not Registrable
Notes.

                  (c)      The parties hereto agree that the Additional Interest
provided for in this Section 4 constitutes the sole damages that will be
available to Holders of Registrable Notes by reason of the occurrence of any of
the events described in Section 4(a)(i)-(iii) hereof.

                  5.       Registration Procedures.

                  In connection with the filing of any Registration Statement
pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations
to permit the sale of the securities covered thereby in accordance with the
intended method or methods of disposition thereof, and pursuant thereto and in
connection with any Registration Statement filed by the Issuers hereunder each
of the Issuers shall:

                  (a)      Prepare and file with the SEC on or prior to the
applicable Filing Date a Registration Statement or Registration Statements as
prescribed by Section 2 or 3 hereof, and use its reasonable best efforts to
cause each such Registration Statement to become effective and remain effective
as provided herein; provided, however, that if (1) such filing is pursuant to
Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period relating thereto from whom
any Issuer has received written notice that it will be a Participating
Broker-Dealer in the Exchange Offer, before filing any Registration Statement or
Prospectus or any amendments or supplements thereto, the Issuers shall furnish
to and afford the Holders of the Registrable Notes covered by such Registration
Statement (with respect to

<PAGE>

                                      -13-

a Registration Statement filed pursuant to Section 3 hereof) or each such
Participating Broker-Dealer (with respect to any such Registration Statement),
as the case may be, their counsel and the managing underwriters, if any, a
reasonable opportunity to review copies of all such documents (including copies
of any documents to be incorporated by reference therein and all exhibits
thereto) proposed to be filed (in each case at least five Business Days prior to
such filing). The Issuers shall not file any Registration Statement or
Prospectus or any amendments or supplements thereto if the Holders of a majority
in aggregate principal amount of the Registrable Notes covered by such
Registration Statement, their counsel, or the managing underwriters, if any,
shall reasonably object on a timely basis.

                  (b)      Prepare and file with the SEC such amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such
Registration Statement continuously effective for the Effectiveness Period, the
Applicable Period or until consummation of the Exchange Offer, as the case may
be; cause the related Prospectus to be supplemented by any Prospectus supplement
required by applicable law, and as so supplemented to be filed pursuant to Rule
424; and comply with the provisions of the Securities Act and the Exchange Act
applicable to it with respect to the disposition of all securities covered by
such Registration Statement as so amended or in such Prospectus as so
supplemented and with respect to the subsequent resale of any securities being
sold by an Participating Broker-Dealer covered by any such Prospectus; provided
that, to the extent relating to a Shelf Registration Statement, none of the
foregoing shall be required during a Blackout Period. Other than during any
Blackout Period with respect to a Shelf Registration Statement, the Issuers
shall be deemed not to have used their reasonable best efforts to keep a
Registration Statement effective if any Issuer voluntarily takes any action that
would result in selling Holders of the Registrable Notes covered thereby or
Participating Broker-Dealers seeking to sell Exchange Notes not being able to
sell such Registrable Notes or such Exchange Notes during that period unless
such action is required by applicable law or permitted by this Agreement.

                  (c)      If (1) a Shelf Registration is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period relating thereto from whom
any Issuer has received written notice that it will be a Participating
Broker-Dealer in the Exchange Offer and any other information required under
Item 507 of Regulation S-K under the Exchange Act, notify the selling Holders of
Registrable Notes (with respect to a Registration Statement filed pursuant to
Section 3 hereof), or each such Participating Broker-Dealer (with respect to any
such Registration Statement), as the case may be, their counsel and the managing
underwriters, if any, promptly (but in any event within two Business Days), and
confirm such notice in writing whereupon the Initial Purchasers, the Holders and
any Participating Broker-Dealers shall immediately cease using the Exchange
Offer Registration Statement or the Prospectus, (i) when a Prospectus or any
Prospectus supplement or post-effective amend-

<PAGE>

                                      -14-

ment has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has become effective under the
Securities Act (including in such notice a written statement that any Holder
may, upon request, obtain, at the sole expense of the Issuers, one conformed
copy of such Registration Statement or post-effective amendment including
financial statements and schedules, documents incorporated or deemed to be
incorporated by reference and exhibits), (ii) of the issuance by the SEC of any
stop order suspending the effectiveness of a Registration Statement or of any
order preventing or suspending the use of any preliminary prospectus or the
initiation of any proceedings for that purpose, (iii) if at any time when a
prospectus is required by the Securities Act to be delivered in connection with
sales of the Registrable Notes or resales of Exchange Notes by Participating
Broker-Dealers the representations and warranties of the Issuers contained in
any agreement (including any underwriting agreement) contemplated by Section
5(n) hereof cease to be true and correct, (iv) of the receipt by any Issuer of
any notification with respect to the suspension of the qualification or
exemption from qualification of a Registration Statement or any of the
Registrable Notes or the Exchange Notes to be sold by any Participating
Broker-Dealer for offer or sale in any jurisdiction, or the initiation or
threatening of any proceeding for such purpose, (v) of the happening of any
event, the existence of any condition or any information becoming known that
makes any statement made in such Registration Statement or related Prospectus or
any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in or
amendments or supplements to such Registration Statement, Prospectus or
documents so that, in the case of the Registration Statement, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading, and that in the case of the Prospectus, it will not contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading provided, that
such notice need not identify the reasons for such event, condition or
information that requires such exchange in the Registration Statement or
Prospectus, and (vi) of the Issuers' determination that a post-effective
amendment to a Registration Statement would be appropriate.

                  (d)      Use its reasonable best efforts to prevent the
issuance of any order suspending the effectiveness of a Registration Statement
or of any order preventing or suspending the use of a Prospectus or suspending
the qualification (or exemption from qualification) of any of the Registrable
Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for
sale in any jurisdiction, and, if any such order is issued, to use its
reasonable best efforts to obtain the withdrawal of any such order at the
earliest practicable moment.

                  (e)      Subject to Section 3(d), if a Shelf Registration is
filed pursuant to Section 3 and if requested during the Effectiveness Period by
the managing underwriter or underwriters (if any), the Holders of a majority in
aggregate principal amount of the Registrable Notes being sold in connection
with an underwritten offering or any Participating Broker-

<PAGE>

                                      -15-

Dealer, (i) as promptly as practicable incorporate in a prospectus supplement or
post-effective amendment such information as the managing underwriter or
underwriters (if any), such Holders, any Participating Broker-Dealer or counsel
for any of them reasonably request to be included therein, (ii) make all
required filings of such prospectus supplement or such post-effective amendment
as soon as practicable after the Company has received notification of the
matters to be incorporated in such prospectus supplement or post-effective
amendment, and (iii) supplement or make amendments to such Registration
Statement.

                  (f)      If (1) a Shelf Registration is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, furnish to each selling
Holder of Registrable Notes (with respect to a Registration Statement filed
pursuant to Section 3 hereof) and to each such Participating Broker-Dealer who
so requests (with respect to any such Registration Statement) and to their
respective counsel and each managing underwriter, if any, at the sole expense of
the Issuers, one conformed copy of the Registration Statement or Registration
Statements and each post-effective amendment thereto, including financial
statements and schedules, and, if requested, all documents incorporated or
deemed to be incorporated therein by reference and all exhibits.

                  (g)      If (1) a Shelf Registration is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, deliver to each selling
Holder of Registrable Notes (with respect to a Registration Statement filed
pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with
respect to any such Registration Statement), as the case may be, their
respective counsel, and the underwriters, if any, at the sole expense of the
Issuers, as many copies of the Prospectus or Prospectuses (including each form
of preliminary prospectus) and each amendment or supplement thereto and any
documents incorporated by reference therein as such Persons may reasonably
request; and, subject to the last paragraph of this Section 5, the Issuers
hereby consent to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, and the underwriters or agents,
if any, and dealers, if any, in connection with the offering and sale of the
Registrable Notes covered by, or the sale by Participating Broker-Dealers of the
Exchange Notes pursuant to, such Prospectus and any amendment or supplement
thereto.

                  (h)      Prior to any public offering of Registrable Notes or
any delivery of a Prospectus contained in the Exchange Offer Registration
Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes
during the Applicable Period, use its reasonable best efforts to register or
qualify, and to cooperate with the selling Holders of Registrable Notes or each
such Participating Broker-Dealer, as the case may be, the managing underwriter

<PAGE>

                                      -16-

or underwriters, if any, and their respective counsel in connection with the
registration or qualification (or exemption from such registration or
qualification) of such Registrable Notes for offer and sale under the securities
or Blue Sky laws of such jurisdictions within the United States as any selling
Holder, Participating Broker-Dealer, or the managing underwriter or underwriters
reasonably request in writing; provided, however, that where Exchange Notes held
by Participating Broker-Dealers or Registrable Notes are offered other than
through an underwritten offering, the Issuers agree to cause their counsel to
perform Blue Sky investigations and file registrations and qualifications
required to be filed pursuant to this Section 5(h), keep each such registration
or qualification (or exemption therefrom) effective during the period such
Registration Statement is required to be kept effective and do any and all other
acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Exchange Notes held by Participating Broker-Dealers or the
Registrable Notes covered by the applicable Registration Statement; provided,
however, that no Issuer shall be required to (A) qualify generally to do
business in any jurisdiction where it is not then so qualified, (B) take any
action that would subject it to general service of process in any such
jurisdiction where it is not then so subject or (C) subject itself to taxation
in excess of a nominal dollar amount in any such jurisdiction where it is not
then so subject.

                  (i)      If a Shelf Registration is filed pursuant to Section
3 hereof, cooperate with the selling Holders of Registrable Notes and the
managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Notes to be
sold, which certificates shall not bear any restrictive legends and shall be in
a form eligible for deposit with The Depository Trust Company; and enable such
Registrable Notes to be in such denominations (subject to applicable
requirements contained in the Indenture) and registered in such names as the
managing underwriter or underwriters, if any, or Holders may request a
reasonable period of time prior to sales of the Registrable Notes pursuant to
any Registration Statement.

                  (j)      Use its reasonable best efforts to cause the
Registrable Notes covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary
to enable the seller or sellers thereof or the underwriter or underwriters, if
any, to consummate the disposition of such Registrable Notes, except as may be
required solely as a consequence of the nature of such selling Holder's
business, in which case the Issuers will cooperate in all respects with the
filing of such Registration Statement and the granting of such approvals.

                  (k)      Except as permitted by the proviso in Section 5(b),
if a (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant
to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, upon the occurrence of any event contemplated by paragraph
5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to
Sec-

<PAGE>

                                      -17-

tion 5(a) hereof) file with the SEC, at the sole expense of the Issuers, a
supplement or post-effective amendment to the Registration Statement or a
supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, or file any other required document so
that, as thereafter delivered to the purchasers of the Registrable Notes being
sold thereunder (with respect to a Registration Statement filed pursuant to
Section 3 hereof) or to the purchasers of the Exchange Notes to whom such
Prospectus will be delivered by a Participating Broker-Dealer (with respect to
any such Registration Statement), any such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

                  (l)      Use its reasonable best efforts to cause the
Registrable Notes covered by a Registration Statement or the Exchange Notes, as
the case may be, to be rated with the appropriate rating agencies (unless such
Notes are already so rated), if so requested by the Holders of a majority in
aggregate principal amount of Registrable Notes covered by such Registration
Statement or the Exchange Notes, as the case may be, or the managing underwriter
or underwriters, if any.

                  (m)      Prior to the effective date of the first Registration
Statement relating to the Registrable Notes, (i) provide the Trustee with
certificates for the Registrable Notes in a form eligible for deposit with The
Depository Trust Company and (ii) provide a CUSIP number for the Registrable
Notes.

                  (n)      In connection with any underwritten offering of
Registrable Notes pursuant to a Shelf Registration, enter into an underwriting
agreement as is customary in underwritten offerings of debt securities similar
to the Securities, and take all such other actions as are reasonably requested
by the managing underwriter or underwriters in order to expedite or facilitate
the registration or the disposition of such Registrable Notes and, in such
connection, (i) make such representations and warranties to, and covenants with,
the underwriters with respect to the business of the Issuers (including any
acquired business, properties or entity, if applicable), and the Registration
Statement, Prospectus and documents, if any, incorporated or deemed to be
incorporated by reference therein, in each case, as are customarily made by
issuers to underwriters in underwritten offerings of debt securities similar to
the Securities, and confirm the same in writing if and when requested; (ii)
obtain the written opinions of counsel to the Issuers, and written updates
thereof in form, scope and substance reasonably satisfactory to the managing
underwriter or underwriters, addressed to the underwriters covering the matters
customarily covered in opinions reasonably requested in underwritten offerings;
(iii) obtain "cold comfort" letters and updates thereof in form, scope and
substance reasonably satisfactory to the managing underwriter or underwriters
from the independent certified public accountants of the Issuers (and, if
necessary, any other independent certified public accountants of the Issuers, or
of any business acquired by the Issuers, for which financial statements and
financial data are, or are required to be, included or incorporated by reference
in the Reg-

<PAGE>

                                      -18-

istration Statement), addressed to each of the underwriters, such letters to be
in customary form and covering matters of the type customarily covered in "cold
comfort" letters in connection with underwritten offerings of debt securities
similar to the Securities; provided, that such letters will not be delivered to
any such Holder or underwriter that fails to make such representations as may be
reasonably required by such independent certified public accountants; and (iv)
if an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures no less favorable to the sellers and
underwriters, if any, than those set forth in Section 7 hereof (or such other
provisions and procedures reasonably acceptable to Holders of a majority in
aggregate principal amount of Registrable Notes covered by such Registration
Statement and the managing underwriter or underwriters or agents, if any). The
above shall be done at each closing under such underwriting agreement, or as and
to the extent required thereunder.

                  (o)      If (1) a Shelf Registration is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, make available for
inspection by any Initial Purchaser, any selling Holder of such Registrable
Notes being sold (with respect to a Registration Statement filed pursuant to
Section 3 hereof), or each such Participating Broker-Dealer, as the case may be,
any underwriter participating in any such disposition of Registrable Notes, if
any, and any attorney, accountant or other agent retained by any such selling
Holder or each such Participating Broker-Dealer (with respect to any such
Registration Statement), as the case may be, or underwriter (any such Initial
Purchasers, Holders, Participating Broker-Dealers, underwriters, attorneys,
accountants or agents, collectively, the "Inspectors"), upon written request, at
the offices where normally kept, during reasonable business hours, all pertinent
financial and other records, pertinent corporate documents and instruments of
the Issuers and subsidiaries of the Issuers (collectively, the "Records"), as
shall be reasonably necessary to enable them to exercise any applicable due
diligence responsibilities, and cause the officers, directors and employees of
the Issuers and any of their respective subsidiaries to supply all information
("Information") reasonably requested by any such Inspector in connection with
such due diligence responsibilities. Each Inspector shall agree in writing that
it will keep the Records and Information confidential and that it will not
disclose any of the Records or Information that any Issuer determines, in good
faith, to be confidential and notifies the Inspectors in writing are
confidential unless (i) the release of such Records or Information is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction,
(ii) disclosure of such Records or Information is necessary or advisable, in the
opinion of counsel for any Inspector, in connection with any action, claim, suit
or proceeding, directly or indirectly, involving or potentially involving such
Inspector and arising out of, based upon, relating to, or involving this
Agreement or the Purchase Agreement, or any transactions contemplated hereby or
thereby or arising hereunder or thereunder, or (iii) the information in such
Records or Information has been made generally available to the public other
than by an Inspector or an "affiliate" (as defined in Rule 405) thereof;
provided, however, that prior no-

<PAGE>

                                      -19-

tice shall be provided as soon as practicable to any Issuer of the potential
disclosure of any information by such Inspector pursuant to clauses (i) or (ii)
of this sentence and such Inspector shall allow the Issuers to undertake
appropriate action to prevent disclosure of such records or Information at the
Issuer's expense.

                  (p)      Provide an indenture trustee for the Registrable
Notes or the Exchange Notes, as the case may be, and cause the Indenture or the
trust indenture provided for in Section 2(a) hereof, as the case may be, to be
qualified under the TIA not later than the effective date of the first
Registration Statement relating to the Registrable Notes; and in connection
therewith, cooperate with the trustee under any such indenture and the Holders
of the Registrable Notes, to effect such changes (if any) to such indenture as
may be required for such indenture to be so qualified in accordance with the
terms of the TIA; and execute, and use its reasonable best efforts to cause such
trustee to execute, all documents as may be required to effect such changes, and
all other forms and documents required to be filed with the SEC to enable such
indenture to be so qualified in a timely manner.

                  (q)      Comply with all applicable rules and regulations of
the SEC to the extent and so long as they are applicable to the Registered
Exchange Offer and Shelf Registration and make generally available or otherwise
provide to its securityholders with regard to any applicable Registration
Statement, a consolidated earnings statement satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule
promulgated under the Securities Act) no later than 45 days after the end of any
fiscal quarter (or 90 days after the end of any 12-month period if such period
is a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Notes are sold to underwriters in a firm commitment or best efforts
underwritten offering and (ii) if not sold to underwriters in such an offering,
commencing on the first day of the first fiscal quarter of the Company, after
the effective date of a Registration Statement, which statements shall cover
said 12-month periods.

                  (r)      Upon consummation of the Exchange Offer or a Private
Exchange, if so requested by the Trustee, obtain an opinion of counsel to the
Issuers, in a form customary for underwritten transactions, addressed to the
Trustee for the benefit of all Holders of Registrable Notes participating in the
Exchange Offer or the Private Exchange, as the case may be, that the Exchange
Notes or Private Exchange Notes, as the case may be, the related guarantees and
the related indenture constitute legal, valid and binding obligations of the
Issuers, enforceable against the Issuers in accordance with their respective
terms, subject to customary exceptions and qualifications. If the Exchange Offer
or a Private Exchange is to be consummated, upon delivery of the Registrable
Notes by Holders to the Company (or to such other Person as directed by the
Company), in exchange for the Exchange Notes or the Private Exchange Notes, as
the case may be, the Issuers shall mark, or cause to be marked, on such
Registrable Notes that such Registrable Notes are being cancelled in exchange
for the Ex-

<PAGE>

                                      -20-

change Notes or the Private Exchange Notes, as the case may be; in no event
shall such Registrable Notes be marked as paid or otherwise satisfied.

                  (s)      Cooperate with each seller of Registrable Notes
covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Registrable Notes and their respective
counsel in connection with any filings required to be made with the National
Association of Securities Dealers, Inc. (the "NASD").

                  (t)      Use its reasonable best efforts to take all other
steps necessary to effect the registration of the Exchange Notes and/or
Registrable Notes covered by a Registration Statement contemplated hereby.

                  The Issuers may require each seller of Registrable Notes as to
which any registration is being effected to furnish to the Issuers such
information regarding such seller and the distribution of such Registrable Notes
as the Issuers may, from time to time, reasonably request. The Issuers may
exclude from such registration the Registrable Notes of any seller so long as
such seller fails to furnish such information within a reasonable time after
receiving such request. Each seller as to which any Shelf Registration is being
effected agrees to furnish promptly to the Issuers all information required to
be disclosed in order to make the information previously furnished to the
Issuers by such seller not materially misleading.

                  If any such Registration Statement refers to any Holder by
name or otherwise as the holder of any securities of the Company, then such
Holder shall have the right to require (i) the insertion therein of language, in
form and substance reasonably satisfactory to such Holder, to the effect that
the holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the securities
covered thereby and that such holding does not imply that such Holder will
assist in meeting any future financial requirements of the Company, or (ii) in
the event that such reference to such Holder by name or otherwise is not
required by the Securities Act or any similar federal statute then in force, the
deletion of the reference to such Holder in any amendment or supplement to the
Registration Statement filed or prepared subsequent to the time that such
reference ceases to be required.

                  Each Holder of Registrable Notes and each Participating
Broker-Dealer agrees by its acquisition of such Registrable Notes or Exchange
Notes to be sold by such Participating Broker-Dealer, as the case may be, that,
upon actual receipt of any notice from the Company (i) of the happening of any
event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi)
hereof or (ii) of the commencement of a Blackout Period, such Holder will
forthwith discontinue disposition of such Registrable Notes covered by such
Registration Statement (other than any Exchange Offer Registration Statement in
the case of a Blackout Period) or Prospectus or Exchange Notes to be sold by
such Holder or Participating Broker-Dealer, as the case may be, until (x) in the
case of the immediately preceding clause(i), such Holder's or Participating
Broker-Dealer's receipt of the copies of the supplemented or

<PAGE>

                                      -21-

amended Prospectus contemplated by Section 5(k) hereof, or until it is advised
in writing (the "Advice") by the Issuers that the use of the applicable
Prospectus may be resumed, and has received copies of any amendments or
supplements thereto or (y) in the case of the immediately preceding clause (ii)
the earlier of (A) 61 days after the commencement of such Blackout Period and
(b) receipt of notice from the Company that such Blackout Period has ended. In
the event that the Issuers shall give any such notice, each of the Applicable
Period and the Effectiveness Period shall be extended by the number of days
during such periods from and including the date of the giving of such notice to
and including the date when the requirements of the immediately preceding clause
(x) or (y), as the case may be, shall have been met..

                  6.       Registration Expenses.

                  All fees and expenses incident to the performance of or
compliance with this Agreement by the Issuers (other than any underwriting
discounts or commissions in the event of an underwritten offering, and the fees
of any counsel retained by or on behalf of the underwriters, and transfer taxes,
if any, related to the sale or disposition of such Holder's Notes pursuant to
any Shelf Registration Statement, which shall be for the expense of the Holders)
shall be borne by the Issuers, whether or not the Exchange Offer Registration
Statement or any Shelf Registration Statement is filed or becomes effective or
the Exchange Offer is consummated, including, without limitation, (i) all
registration and filing fees (including, without limitation, (A) fees with
respect to filings required to be made with the NASD in connection with an
underwritten offering and (B) fees and expenses of compliance with state
securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel in connection with Blue Sky qualifications of the
Registrable Notes or Exchange Notes and determination of the eligibility of the
Registrable Notes or Exchange Notes for investment under the laws of such
jurisdictions (x) where the holders of Registrable Notes are located, in the
case of the Exchange Notes, or (y) as provided in Section 5(h) hereof, in the
case of Registrable Notes or Exchange Notes to be sold by a Participating
Broker-Dealer during the Applicable Period)), (ii) printing expenses, including,
without limitation, expenses of printing certificates for Registrable Notes or
Exchange Notes in a form eligible for deposit with The Depository Trust Company
and of printing prospectuses if the printing of prospectuses is reasonably
requested by the managing underwriter or underwriters, if any, by the Holders of
a majority in aggregate principal amount of the Registrable Notes included in
any Registration Statement or in respect of Registrable Notes or Exchange Notes
to be sold by any Participating Broker-Dealer during the Applicable Period, as
the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Issuers and, in the case of a Shelf
Registration, reasonable fees and disbursements of one special counsel for all
of the sellers of Registrable Notes (exclusive of any counsel retained pursuant
to Section 7 hereof), (v) fees and disbursements of all independent certified
public accountants referred to in Section 5(n)(iii) hereof (including, without
limitation, the expenses of any "cold comfort" letters required by or incident
to such performance), (vi) Securities Act liability insurance, if the Issu-

<PAGE>

                                      -22-

ers desire such insurance, (vii) fees and expenses of all other Persons retained
by the Issuers, (viii) internal expenses of the Issuers (including, without
limitation, all salaries and expenses of officers and employees of the Issuers
performing legal or accounting duties), (ix) the expense of any annual audit,
(x) any fees and expenses incurred in connection with the listing of the
securities to be registered on any securities exchange, and the obtaining of a
rating of the securities, in each case, if applicable, and (xi) the expenses
relating to printing, word processing and distributing all Registration
Statements, underwriting agreements, indentures and any other documents
necessary in order to comply with this Agreement.

                  7.       Indemnification and Contribution. (a) Each of the
Issuers agree, jointly and severally, to indemnify and hold harmless each Holder
of Registrable Notes and its employees, agents, representatives or affiliates,
each Participating Broker-Dealer selling Exchange Notes during the Applicable
Period and its employees, agents, representatives or affiliates, and each
Person, if any, who controls such Person or its affiliates within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act (each, a "Participant")
against any losses, claims, damages or liabilities to which any Participant may
become subject under the Act, the Exchange Act or otherwise, insofar as any such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon:

                  (i)      any untrue statement or alleged untrue statement of
         any material fact contained in any Registration Statement (or any
         amendment thereto) or Prospectus (as amended or supplemented if any of
         the Issuers shall have furnished any amendments or supplements thereto)
         or any preliminary prospectus; or

                  (ii)     the omission or alleged omission to state, in any
         Registration Statement (or any amendment thereto) or Prospectus (as
         amended or supplemented if any of the Issuers shall have furnished any
         amendments or supplements thereto) or any preliminary prospectus or any
         Application or any other document or any amendment or supplement
         thereto, a material fact required to be stated therein or necessary to
         make the statements therein not misleading;

and will reimburse, as incurred, the Participant for any reasonable legal or
other expenses incurred by the Participant in connection with investigating,
defending against or appearing as a third-party witness in connection with any
such loss, claim, damage, liability or action; provided, however, (i) the
Issuers will not be liable in any such case to the extent that any such loss,
claim, damage, or liability arises out of or is based upon any untrue statement
or alleged untrue statement or omission or alleged omission made in any
Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if any of the Issuers shall have furnished any amendments or
supplements thereto) or any preliminary prospectus or Application or any
amendment or supplement thereto in reliance upon and in conformity with
information relating to any Participant furnished to the Issuers by such
Participant specifically for use therein; and (ii) the Issuers shall not be
liable to any Participant under the indemnity

<PAGE>

                                      -23-

agreement in this subsection (a) with respect to preliminary prospectus to the
extent that any such loss, claim, damage or liability of such Participant
results from the fact that such Participant sold Notes to a Person as to whom it
shall be established that there was not sent or given, at or prior to the
written confirmation of such sale, a copy of the Prospectus (or the Prospectus
as then amended or supplemented if the Issuers shall have furnished such
Participant with such amendment or supplement thereto on a timely basis), in any
case where such delivery is required by applicable law and the loss, claim,
damage or liability of such Participant results from an untrue statement or
omission of a material fact contained in the preliminary prospectus which was
corrected in the Prospectus (or in the Prospectus as then amended or
supplemented if the Issuers shall have furnished such Participant with such
amendment or supplement thereto on a timely basis). The indemnity provided for
in this Section 7 will be in addition to any liability that the Issuers may
otherwise have to the indemnified parties. The Issuers shall not be liable under
this Section 7 for any settlement of any claim or action effected without its
prior written consent, which shall not be unreasonably withheld.

                  (b)      Each Participant, severally and not jointly, agrees
to indemnify and hold harmless the Issuers, their directors, their officers,
employees, agents, representatives or affiliates and each Person, if any, who
controls the Issuers within the meaning of Section 15 of the Act or Section 20
of the Exchange Act against any losses, claims, damages or liabilities to which
the Issuers or any such director, officer or controlling person may become
subject under the Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon (i) any untrue statement or alleged untrue statement of any
material fact contained in any Application, Registration Statement or
Prospectus, any amendment or supplement thereto, or any preliminary prospectus,
or (ii) the omission or the alleged omission to state therein a material fact
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information concerning such Participant, furnished to
the Issuers by the Participant, specifically for use therein; and subject to the
limitation set forth immediately preceding this clause, will reimburse, as
incurred, any legal or other expenses incurred by the Issuers or any such
director, officer or controlling person in connection with investigating or
defending against or appearing as a third party witness in connection with any
such loss, claim, damage, liability or action in respect thereof. The indemnity
provided for in this Section 7 will be in addition to any liability that the
Participants may otherwise have to the indemnified parties. The Participants
shall not be liable under this Section 7 for any settlement of any claim or
action effected without their consent, which shall not be unreasonably withheld.
The Issuers shall not, without the prior written consent of such Participant,
effect any settlement or compromise of any pending or threatened proceeding in
respect of which any Participant is or could have been a party, or indemnity
could have been sought hereunder by any Participant, unless such settlement (A)
includes an unconditional written release of the Participants, in form and
substance reasonably satisfactory to the Participants, from all liability on
claims that are the subject matter of such proceeding and (B)

<PAGE>

                                      -24-

does not include any statement as to an admission of fault, culpability or
failure to act by or on behalf of any Participant.

                  (c)      Promptly after receipt by an indemnified party under
this Section 7 of notice of the commencement of any action for which such
indemnified party is entitled to indemnification under this Section 7, such
indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 7, notify the indemnifying party of the
commencement thereof in writing; but the omission to so notify the indemnifying
party (i) will not relieve it from any liability under paragraph (a) or (b)
above unless and to the extent such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses and (ii) will not, in any
event, relieve the indemnifying party from any obligations to any indemnified
party other than the indemnification obligation provided in paragraphs (a) and
(b) above. In case any such action is brought against any indemnified party, and
it notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein and, to the extent that it may
wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party; provided, however, that if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel
with a conflict of interest, (ii) the defendants in any such action include both
the indemnified party and the indemnifying party and the indemnified party shall
have been advised by counsel that there may be one or more legal defenses
available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party, or (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after receipt by the indemnifying party of notice of the institution of
such action, then, in each such case, the indemnifying party shall not have the
right to direct the defense of such action on behalf of such indemnified party
or parties and such indemnified party or parties shall have the right to select
separate counsel to defend such action on behalf of such indemnified party or
parties. After notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof and approval by such indemnified
party of counsel appointed to defend such action, the indemnifying party will
not be liable to such indemnified party under this Section 7 for any legal or
other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof,
unless (i) the indemnified party shall have employed separate counsel in
accordance with the proviso to the immediately preceding sentence (it being
understood, however, that in connection with such action the indemnifying party
shall not be liable for the expenses of more than one separate counsel (in
addition to local counsel) in any one action or separate but substantially
similar actions in the same jurisdiction arising out of the same general
allegations or circumstances, designated by Participants who sold a majority in
interest of the Registrable Notes and Exchange Notes sold by all such
Participants in the case of paragraph (a) of this Section 7 or the Issuers in
the case of paragraph (b) of this Section 7, representing the indemnified
parties under such paragraph (a) or paragraph (b), as the case may be, who are
parties to such action or

<PAGE>

                                      -25-

actions) or (ii) the indemnifying party has authorized in writing the employment
of counsel for the indemnified party at the expense of the indemnifying party.
All fees and expenses reimbursed pursuant to this paragraph (c) shall be
reimbursed as they are incurred following receipt of reasonable supporting
records or documentation. After such notice from the indemnifying party to such
indemnified party, the indemnifying party will not be liable for the costs and
expenses of any settlement of such action effected by such indemnified party
without the prior written consent of the indemnifying party (which consent shall
not be unreasonably withheld), unless such indemnified party waived in writing
its rights under this Section 7, in which case the indemnified party may effect
such a settlement without such consent.

                  (d)      In circumstances in which the indemnity agreement
provided for in the preceding paragraphs of this Section 7 is unavailable to, or
insufficient to hold harmless, an indemnified party in respect of any losses,
claims, damages or liabilities (or actions in respect thereof), each
indemnifying party, in order to provide for just and equitable contribution,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (or actions in respect
thereof) in such proportion as is appropriate to reflect (i) the relative
benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the offering of the Notes or (ii) if the
allocation provided by the foregoing clause (i) is not permitted by applicable
law, not only such relative benefits but also the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the
other in connection with the statements or omissions or alleged statements or
omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof). The relative benefits received by the Issuers on
the one hand and such Participant on the other shall be deemed to be in the same
proportion as the total proceeds from the offering (before deducting expenses)
of the Notes on the Issue Date received by the Issuers bear to the total net
gain (if any) excluding expenses received by such Participant in connection with
the sale of the Notes. The relative fault of the parties shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Issuers on the one hand, or the
Participants on the other, the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission or
alleged statement or omission, and any other equitable considerations
appropriate in the circumstances. The parties agree that it would not be
equitable if the amount of such contribution were determined by pro rata or per
capita allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the first sentence of this
paragraph (d). Notwithstanding any other provision of this paragraph (d), no
Participant shall be obligated to make contributions hereunder that in the
aggregate exceed the total net gain (if any) received by such Participant in
connection with the sale of the Notes, less the aggregate amount of any damages
that such Participant has otherwise been required to pay by reason of the untrue
or alleged untrue statements or the omissions or alleged omissions to state a
material fact, and no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution

<PAGE>

                                      -26-

from any person who was not guilty of such fraudulent misrepresentation. For
purposes of this paragraph (d), each person, if any, who controls a Participant
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act
shall have the same rights to contribution as the Participants, and each
director of any Issuer, each officer, employee, agent, representative or
affiliate of any Issuer and each person, if any, who controls any Issuer within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall
have the same rights to contribution as the Issuers.

                  8.       Rules 144 and 144A.

                  For so long as any Registrable Notes remain outstanding, each
of the Issuers covenants and agrees that it will file the reports required to be
filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder in a timely manner in accordance with
the requirements of the Securities Act and the Exchange Act and, if at any time
such Issuer is not required to file such reports, such Issuer will, upon the
request of any Holder or beneficial owner of Registrable Notes, make available
such information necessary to permit sales pursuant to Rule 144A. Each of the
Issuers further covenants and agrees, for so long as any Registrable Notes
remain outstanding that it will take such further action as any Holder of
Registrable Notes may reasonably request, all to the extent required from time
to time to enable such holder to sell Registrable Notes without registration
under the Securities Act within the limitation of the exemptions provided by
Rule 144(k) under the Securities Act and Rule 144A.

                  9.       Underwritten Registrations.

                  If any of the Registrable Notes covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will manage the offering will
be selected by the Holders of a majority in aggregate principal amount of such
Registrable Notes included in such offering and shall be reasonably acceptable
to the Issuers.

                  No Holder of Registrable Notes may participate in any
underwritten registration hereunder unless such Holder (a) agrees to sell such
Holder's Registrable Notes on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements.

                  10.      Miscellaneous.

                  (a)      No Inconsistent Agreements. The Issuers have not, as
of the date hereof, and the Issuers shall not, after the date of this Agreement,
enter into any agreement with respect to any of their securities that is
inconsistent with the rights granted to the Holders

<PAGE>

                                      -27-

of Registrable Notes in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of
the Issuers' other issued and outstanding securities under any such agreements.
The Issuers will not enter into any agreement with respect to any of their
securities which will grant to any Person piggy-back registration rights with
respect to any Registration Statement.

                  (b)      Adjustments Affecting Registrable Notes. Except in
compliance with Section 10(c), the Issuers shall not knowingly, directly or
indirectly, take any action with respect to the Registrable Notes as a class
that would adversely affect the ability of the Holders of Registrable Notes to
include such Registrable Notes in a registration undertaken pursuant to this
Agreement.

                  (c)      Amendments and Waivers. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, otherwise than with
the prior written consent of (I) the Company, and (II)(A) the Holders of not
less than a majority in aggregate principal amount of the then outstanding
Registrable Notes and (B) in circumstances that would adversely affect the
Participating Broker-Dealers, the Participating Broker-Dealers holding not less
than a majority in aggregate principal amount of the Exchange Notes held by all
Participating Broker-Dealers; provided, however, that Section 7 and this Section
10(c) may not be amended, modified or supplemented without the prior written
consent of each Holder and each Participating Broker-Dealer (including any
person who was a Holder or Participating Broker-Dealer of Registrable Notes or
Exchange Notes, as the case may be, disposed of pursuant to any Registration
Statement) affected by any such amendment, modification or supplement.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
Holders of Registrable Notes whose securities are being sold pursuant to a
Registration Statement may be given by Holders of at least a majority in
aggregate principal amount of the Registrable Notes being sold pursuant to such
Registration Statement.

                  (d)      Notices. All notices and other communications
(including, without limitation, any notices or other communications to the
Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile:

                  (i)      if to a Holder of the Registrable Notes or any
         Participating Broker-Dealer, at the most current address of such Holder
         or Participating Broker-Dealer, as the case may be, set forth on the
         records of the registrar under the Indenture, with a copy in like
         manner to the Initial Purchasers as follows:

<PAGE>

                                      -28-

                          Deutsche Banc Securities Inc.
                          31 West 52nd Street
                          New York, New York  10019
                          Facsimile No.: (212) 797-4869
                          Attention: Corporate Finance

                          with a copy to:

                          Cahill Gordon & Reindel llp
                          80 Pine Street
                          New York, New York  10005
                          Facsimile No.: (212) 269-5420
                          Attention: John A. Tripodoro, Esq.

                  (ii)     if to the Initial Purchasers, at the address
                           specified in Section 10(d)(i);

                  (iii)    if to the Issuers, at the address as follows:

                          c/o  ERICO International Corporation
                               30575 Bainbridge Road
                               Solon, OH  44139
                               Facsimile No.: (440) 349-2996
                               Attention: Peter B. Korte

                          with a copy to:

                          Jones Day
                          North Point
                          901 Lakeside Avenue
                          Cleveland, Ohio 44114
                          Attention: Patrick J. Leddy

                  All such notices and communications shall be deemed to have
been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; one Business
Day after being timely delivered to a next-day air courier; and when receipt is
acknowledged by the addressee, if sent by facsimile.

                  Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee at
the address and in the manner specified in such Indenture.

                  (e)      Successors and Assigns. This Agreement shall inure to
the benefit of and be binding upon the successors and assigns of each of the
parties hereto, the Holders and

<PAGE>

                                      -29-

the Participating Broker-Dealers; provided, however, that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Registrable
Notes in violation of the terms of the Purchase Agreement or the Indenture.

                  (f)      Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

                  (g)      Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                  (h)      GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD REQUIRE THE APPLICATION OF
ANY OTHER LAW.

                  (i)      Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

                  (j)      Securities Held by the Issuers or Their Affiliates.
Whenever the consent or approval of Holders of a specified percentage of
Registrable Notes is required hereunder, Registrable Notes held by the Issuers
or their affiliates (as such term is defined in Rule 405 under the Securities
Act) shall not be counted in determining whether such consent or approval was
given by the Holders of such required percentage.

                  (k)      Third-Party Beneficiaries. Holders of Registrable
Notes and Participating Broker-Dealers are intended third-party beneficiaries of
this Agreement, and this Agreement may be enforced by such Persons.

                  (l)      Entire Agreement. This Agreement, together with the
Purchase Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter con-

<PAGE>

                                      -30-

tained herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understandings, correspondence,
conversations and memoranda between the Holders on the one hand and the Issuers
on the other, or between or among any agents, representatives, parents,
subsidiaries, affiliates, predecessors in interest or successors in interest
with respect to the subject matter hereof and thereof are merged herein and
replaced hereby.

<PAGE>

                                       S-1

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

                                      ERICO INTERNATIONAL CORPORATION

                                      By: /s/ William H. Roj
                                          --------------------------------------
                                          Name:  William H. Roj
                                          Title: President

                                      ERICO PRODUCTS, INC.,
                                      as Guarantor

                                      By: /s/ Peter B. Korte
                                          --------------------------------------
                                          Name:  Peter B. Korte
                                          Title: General Counsel and Secretary

The foregoing Agreement is hereby
confirmed and accepted as of the date
first above written.

DEUTSCHE BANK SECURITIES INC.
    On behalf of the several Initial Purchasers
    listed on Schedule 1 of the
    Purchase Agreement.

By: /s/ Steven Winograd
    -------------------------
    Name: Steven Winograd
    Title: Managing Director

By: /s/ Arthur Schoen
    -------------------------
    Name: Arthur Schoen
    Title: Managing Director<PAGE>

                                                                     EXHIBIT 4.5

                         ERICO INTERNATIONAL CORPORATION

                     11% SENIOR SUBORDINATED NOTES DUE 2012

                      SECOND AMENDED AND RESTATED INDENTURE

                         DATED AS OF SEPTEMBER 12, 2002
                   AMENDED AND RESTATED AS OF DECEMBER 2, 2002
                  AMENDED AND RESTATED AS OF FEBRUARY 20, 2004

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                  PAGE
<S>                                                                                                               <C>
ARTICLE I         DEFINITIONS AND INCORPORATION BY REFERENCE....................................................     1

         Section 1.01.     Definitions..........................................................................     1
         Section 1.02.     Other Definitions....................................................................    26
         Section 1.03.     Incorporation by Reference of Trust Indenture Act....................................    27
         Section 1.04.     Rules of Construction................................................................    27

ARTICLE II        THE NOTES.....................................................................................    28

         Section 2.01.     Form and Dating......................................................................    28
         Section 2.02.     Execution and Authentication.........................................................    28
         Section 2.03.     Registrar and Paying Agent...........................................................    29
         Section 2.04.     Paying Agent to Hold Money in Trust..................................................    29
         Section 2.05.     Holder Lists.........................................................................    29
         Section 2.06.     Transfer and Exchange................................................................    29
         Section 2.07.     Legends..............................................................................    32
         Section 2.08.     Replacement Notes....................................................................    34
         Section 2.09.     Outstanding Notes....................................................................    34
         Section 2.10.     Treasury Notes.......................................................................    35
         Section 2.11.     Temporary Notes......................................................................    35
         Section 2.12.     Cancellation.........................................................................    35
         Section 2.13.     Defaulted Interest...................................................................    35
         Section 2.14.     Record Date..........................................................................    35
         Section 2.15.     Computation of Interest..............................................................    36
         Section 2.16.     CUSIP Number.........................................................................    36

ARTICLE III       REDEMPTION AND PREPAYMENT.....................................................................    36

         Section 3.01.     Notices..............................................................................    36
         Section 3.02.     Selection of Notes to Be Redeemed....................................................    36
         Section 3.03.     Notice of Redemption.................................................................    36
         Section 3.04.     Effect of Notice of Redemption.......................................................    37
         Section 3.05.     Deposit of Redemption Price..........................................................    37
         Section 3.06.     Notes Redeemed in Part...............................................................    37
         Section 3.07.     Optional Redemption..................................................................    38
         Section 3.08.     Mandatory Redemption; Exchange.......................................................    38
         Section 3.09.     Offer to Purchase by Application of Excess Proceeds..................................    38

ARTICLE IV        COVENANTS.....................................................................................    40

         Section 4.01.     Payment of Notes.....................................................................    40
         Section 4.02.     Maintenance of Office or Agency......................................................    40
</TABLE>

                                      -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                                  PAGE
<S>                                                                                                               <C>
         Section 4.03.     Reports..............................................................................    41
         Section 4.04.     Compliance Certificate...............................................................    41
         Section 4.05.     Taxes................................................................................    42
         Section 4.06.     Stay, Extension and Usury Laws.......................................................    42
         Section 4.07.     Limitation on Restricted Payments....................................................    42
         Section 4.08.     Limitation on Restrictions on Distributions from Restricted Subsidiaries.............    46
         Section 4.09.     Limitations on Indebtedness..........................................................    48
         Section 4.10.     Limitation on Layering Indebtedness..................................................    51
         Section 4.11.     Limitation on Sales of Assets and Subsidiary Stock...................................    51
         Section 4.12.     Limitations on Affiliate Transactions................................................    52
         Section 4.13.     Limitations on Liens.................................................................    54
         Section 4.14.     Business Activities..................................................................    54
         Section 4.15.     Corporate Existence..................................................................    54
         Section 4.16.     Change of Control....................................................................    54
         Section 4.17.     Limitation on Sales of Capital Stock of Restricted Subsidiaries......................    56
         Section 4.18.     Payments for Consent.................................................................    56
         Section 4.19.     Future Subsidiary Guarantors.........................................................    56

ARTICLE V         SUCCESSORS....................................................................................    57

         Section 5.01.     Merger, Consolidation, Etc...........................................................    57
         Section 5.02.     Limitation on Lines of Business......................................................    58

ARTICLE VI        DEFAULTS AND REMEDIES.........................................................................    58

         Section 6.01.     Events of Default....................................................................    58
         Section 6.02.     Acceleration.........................................................................    60
         Section 6.03.     Other Remedies.......................................................................    60
         Section 6.04.     Waiver of Past Defaults..............................................................    60
         Section 6.05.     Control by Majority..................................................................    60
         Section 6.06.     Limitation on Suits..................................................................    60
         Section 6.07.     Rights of Holders of Notes to Receive Payment........................................    61
         Section 6.08.     Collection Suit......................................................................    61
         Section 6.09.     Trustee May File Proofs of Claim.....................................................    61
         Section 6.10.     Priorities...........................................................................    62
         Section 6.11.     Undertaking for Costs................................................................    62

ARTICLE VII       TRUSTEE.......................................................................................    62

         Section 7.01.     Duties of Trustee....................................................................    62
         Section 7.02.     Rights of Trustee....................................................................    63
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                                  PAGE
<S>                                                                                                               <C>
         Section 7.03.     Individual Rights of Trustee.........................................................    63
         Section 7.04.     Trustee's Disclaimer.................................................................    64
         Section 7.05.     Notice of Defaults...................................................................    64
         Section 7.06.     Reports by Trustee to Holders of the Notes...........................................    64
         Section 7.07.     Compensation and Indemnity...........................................................    64
         Section 7.08.     Replacement of Trustee...............................................................    65
         Section 7.09.     Successor Trustee by Merger, etc.....................................................    65
         Section 7.10.     Eligibility; Disqualification........................................................    66
         Section 7.11.     Preferential Collection of Claims Against Company....................................    66
         Section 7.12.     Performance by Holders of Certain Functions of Trustee...............................    66

ARTICLE VIII      LEGAL DEFEASANCE AND COVENANT DEFEASANCE......................................................    66

         Section 8.01.     Option to Effect Legal Defeasance or Covenant Defeasance.............................    66
         Section 8.02.     Legal Defeasance and Discharge.......................................................    66
         Section 8.03.     Covenant Defeasance..................................................................    67
         Section 8.04.     Conditions to Legal or Covenant Defeasance...........................................    67
         Section 8.05.     Deposited Money and U.S. Government Obligations to Be Held in Trust; Other
                           Miscellaneous Provisions.............................................................    68
         Section 8.06.     Repayment to Company.................................................................    69
         Section 8.07.     Reinstatement........................................................................    69

ARTICLE IX        AMENDMENT, SUPPLEMENT AND WAIVER..............................................................    69

         Section 9.01.     Without Consent of Holders of Notes..................................................    69
         Section 9.02.     With Consent of Holders of Notes.....................................................    70
         Section 9.03.     Compliance with Trust Indenture Act..................................................    71
         Section 9.04.     Revocation and Effect of Consents....................................................    71
         Section 9.05.     Notation on or Exchange of Notes.....................................................    71
         Section 9.06.     Trustee to Sign Amendments, etc......................................................    71

ARTICLE X         SUBORDINATION.................................................................................    72

         Section 10.01.    Agreement to Subordinate.............................................................    72
         Section 10.02.    Liquidation; Dissolution; Bankruptcy.................................................    72
         Section 10.03.    Default on Designated Senior Debt....................................................    72
         Section 10.04.    Acceleration of Notes................................................................    73
         Section 10.05.    When Distribution Must Be Paid Over..................................................    73
         Section 10.06.    Notice by Company....................................................................    73
         Section 10.07.    Subrogation..........................................................................    74
         Section 10.08.    Relative Rights......................................................................    74
</TABLE>

                                     -iii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                                  PAGE
<S>                                                                                                               <C>
         Section 10.09.    Subordination May Not Be Impaired by Company.........................................    74
         Section 10.10.    Distribution or Notice to Representative.............................................    74
         Section 10.11.    Rights of Trustee and Paying Agent...................................................    75
         Section 10.12.    Authorization to Effect Subordination................................................    75
         Section 10.13.    Amendments...........................................................................    75
         Section 10.14.    Trustee Not Fiduciary for Holders of Senior Debt.....................................    75
         Section 10.15.    No Waiver............................................................................    75

ARTICLE XI        SUBSIDIARY GUARANTEES.........................................................................    76

         Section 11.01.    Subsidiary Guarantees................................................................    76
         Section 11.02.    Limitation on Subsidiary Guarantor Liability.........................................    77
         Section 11.03.    Execution and Delivery of Subsidiary Guarantee.......................................    77
         Section 11.04.    Subsidiary Guarantors May Consolidate, etc., on Certain Terms........................    77
         Section 11.05.    Releases Following Sale of Assets....................................................    78
         Section 11.06.    Subordination of Subsidiary Guarantee................................................    78

ARTICLE XII       SATISFACTION AND DISCHARGE....................................................................    79

         Section 12.01.    Satisfaction and Discharge...........................................................    79
         Section 12.02.    Application of Trust Money...........................................................    79

ARTICLE XIII      MISCELLANEOUS.................................................................................    80

         Section 13.01.    Trust Indenture Act Controls.........................................................    80
         Section 13.02.    Notices..............................................................................    80
         Section 13.03.    Communication by Holders of Notes with Other Holders of Notes........................    81
         Section 13.04.    Certificate and Opinion as to Conditions Precedent...................................    81
         Section 13.05.    Statements Required in Certificate or Opinion........................................    81
         Section 13.06.    Rules by Trustee and Agents..........................................................    81
         Section 13.07.    No Personal Liability of Directors, Officers, Employees and Stockholders.............    81
         Section 13.08.    Governing Law........................................................................    82
         Section 13.09.    No Adverse Interpretation of Other Agreements........................................    82
         Section 13.10.    Successors...........................................................................    82
         Section 13.11.    Severability.........................................................................    82
         Section 13.12.    Counterpart Originals................................................................    82
         Section 13.13.    Table of Contents, Headings, etc.....................................................    82
</TABLE>

                                      -iv-

<PAGE>

SCHEDULES AND EXHIBITS

Schedule 1        SUBSIDIARY GUARANTORS

Exhibit A         FORM OF NOTE

Exhibit B         FORM OF CERTIFICATE OF TRANSFER

Exhibit C         FORM OF CERTIFICATE OF EXCHANGE

Exhibit D         FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED
                  INVESTOR

Exhibit E         FORM OF SUBSIDIARY GUARANTEE

Exhibit F         FORM OF SUPPLEMENTAL INDENTURE

                                       v

<PAGE>

                      SECOND AMENDED AND RESTATED INDENTURE

         SECOND AMENDED AND RESTATED INDENTURE dated as of February 20, 2004 by
and among ERICO International Corporation, an Ohio corporation (the "Company"),
the Subsidiary Guarantors set forth on Schedule 1 hereto, CVC Capital Funding,
LLC and the Trustee, if and when appointed hereunder.

         The Company has heretofore executed and delivered the Indenture dated
as of September 12, 2002 (the "Original Indenture") under which $30,000,000
aggregate principal amount of the Company's 11% Senior Subordinated Notes due
2012 were issued. The Original Indenture was subsequently amended and restated
as of December 2, 2002 (the "First Amended Indenture"). Section 9.02 of the
First Amended Indenture provides that the Company and the Subsidiary Guarantor
may, with the written consent of the Holders of at least a majority in principal
amount of the outstanding Notes, amend or supplement the First Amended
Indenture. Pursuant to Section 9.02 of the First Amended Indenture and subject
to the terms and conditions hereof, the Company, the Subsidiary Guarantor and
the Holders of the Notes hereby agree to amend and restate the terms of the
First Amended Indenture in their entirety as set forth herein.

         Notwithstanding anything set forth in this Indenture to the contrary,
there is no Trustee under this Indenture as of the date hereof, and there need
not be a Trustee under this Indenture; provided, however, that the Company will
use its best efforts to appoint a Trustee no later than the date this Indenture
becomes qualified under the Trust Indenture Act of 1939 ("TIA") as in effect on
the date on which this Indenture is qualified under the TIA. Unless expressly
provided otherwise herein, until such time as a Trustee is appointed, any
notice, report, certificate or other document required to be issued to the
Trustee shall be issued to the Holders (as defined below) (or to such other
Person as provided herein) and any notice to be given, or any action to be taken
by the Trustee (including, without limitation, any consent to be otherwise
provided by the Trustee) may be given or taken by the Holders of a majority in
aggregate principal amount of the then outstanding Notes (as defined below) (or
such other Person as provided herein) in each case pursuant to the terms and
conditions of this Indenture. No authentication by the Trustee of any Note
issued hereunder shall be required until a Trustee has been appointed. Upon
appointment of a Trustee hereunder, this Indenture may be amended, without the
consent of the Holders, in any respect necessary to reflect such appointment and
any changes herein required by the Trustee which do not adversely affect the
rights of any Holder. The obligation of the Company under this Indenture,
however, shall be effective immediately upon execution of this Indenture by an
Officer of the Company. The Notes are subject to exchange, and the Holders of
such Notes are subject to an exchange covenant (the "Exchange Covenant"), in
accordance with and pursuant to Section 6 of the Purchase Agreement (as defined
below). Notwithstanding anything to the contrary contained in this Indenture, no
Holder may transfer, sell, exchange or assign (each, a "Transfer") any Notes
unless such transferee expressly agrees to be bound by, and comply with, the
Exchange Covenant as if an original party to the Purchase Agreement. Any
purported Transfer in violation hereof shall be null and void and of no force
and effect.

         The Company, the Subsidiary Guarantors and the Trustee, if any, agree
as follows for the benefit of each other and for the equal and ratable benefit
of the Holders of $30,000,000 aggregate principal amount of 11% Senior
Subordinated Notes due 2012.

                                   ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.01.    Definitions.

         "144A Global Note" means a global note substantially in the form of
Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend
and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.

         "Acquired Indebtedness" means (1) with respect to any Person that
becomes a Restricted Subsidiary after the Issue Date, Indebtedness of such
Person and its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary that was not incurred in connection with, or in
contemplation of, such Person becoming a Restricted Subsidiary and (2) with
respect to the Company or any Restricted Subsidiary, any Indebtedness of a

<PAGE>

Person (other than the Company or a Restricted Subsidiary) existing at the time
such Person is merged with or into the Company or a Restricted Subsidiary, or
Indebtedness expressly assumed by the Company or any Restricted Subsidiary in
connection with the acquisition of an asset or assets from another Person, which
Indebtedness was not, in any case, incurred by such other Person in connection
with, or in contemplation of, such merger or acquisition.

         "Additional Assets" means:

                           (1)      any assets (other than Indebtedness and
                  securities) to be used by the Company or a Restricted
                  Subsidiary of the Company in a Related Business;

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

                           (3)      Capital Stock constituting a minority
                  interest in any Person that at such time is a Restricted
                  Subsidiary of the Company;

provided, however, that, in the case of clauses (2) and (3), such Restricted
Subsidiary is primarily engaged in a Related Business.

         "Additional Notes" means Notes, in addition to, and having identical
terms (except that the date of original issuance shall be a date following the
Issue Date) as the Initial Notes and issued in accordance with Section 2.02 and
in compliance with Section 4.09.

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by, or under direct or indirect common
control with, such specified Person; provided, however, that no lender under the
Credit Agreement shall be treated as an Affiliate solely by virtue of the
exercise of its rights and remedies thereunder. For the purposes of this
definition, "control" when used with respect to any Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing; provided, however, that beneficial ownership of 10% or more of the
Voting Stock of a Person shall be deemed to be control.

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

         "amend" means amend, modify, supplement, restate or amend and restate,
including successively, and "amending" and "amended" have correlative meanings.

         "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 Cedel that apply to such transfer or exchange.

         "asset" means any asset or property, whether real, personal or mixed,
tangible or intangible.

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

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

                           (1)      a disposition by a Restricted Subsidiary to
                  the Company or by the Company or a Restricted Subsidiary to a
                  Wholly-Owned Subsidiary;

                                       2

<PAGE>

                           (2)      the sale of Cash Equivalents in the ordinary
                  course of business;

                           (3)      dispositions of inventory in the ordinary
                  course of business;

                           (4)      dispositions of obsolete or worn-out
                  equipment or equipment that is no longer useful in the conduct
                  of the business of the Company and the Restricted Subsidiaries
                  and that is disposed of in each case in the ordinary course of
                  business;

                           (5)      transactions permitted under Section 5.01
                  hereof;

                           (6)      an issuance of Capital Stock by a Restricted
                  Subsidiary to the Company or to a Wholly-Owned Subsidiary;

                           (7)      purposes of Section 4.11 only, the making of
                  a Permitted Investment or a disposition subject to and
                  permitted by Section 4.07 hereof;

                           (8)      dispositions of assets with an aggregate
                  fair market value since the Issue Date of less than $1.5
                  million;

                           (9)      the grant in the ordinary course of business
                  of licenses of patents, trademarks and similar intellectual
                  property;

                           (10)     dispositions in connection with Permitted
                  Liens; and

                           (11)     sales of accounts receivable or inventory
                  and related assets or an interest therein of the type
                  described in the definition of "Permitted Securitization
                  Transaction" to a Securitization Entity for the fair market
                  value thereof, other than in connection with the disposition
                  of a business or a disposition of defaulted receivables for
                  collection and not as a financing arrangement.

         "Attributable Indebtedness" in respect of a Sale and Leaseback
Transaction means, at the time of determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of
the lease included in such Sale and Leaseback Transaction including any period
for which such lease has been extended or may, at the option of the lessor, be
extended. Such present value shall be calculated using a discount rate equal to
the rate of interest implicit in such transaction, determined in accordance with
GAAP.

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

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

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

         "Board of Directors" means, as to any Person, the board of directors of
such Person or any duly authorized committee thereof.

         "Business Day" means any day other than a Legal Holiday.

                                      3

<PAGE>

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

         "Capitalized Lease Obligations" means an obligation that is required to
be classified and accounted for as a capitalized lease for financial reporting
purposes in accordance with GAAP, and the amount of Indebtedness represented by
such obligation will be the capitalized amount of such obligation at the time
any determination thereof is to be made as determined in accordance with GAAP.

         "Cash Equivalents" means:

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

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

                           (3)      certificates of deposit, time deposits,
                  eurodollar time deposits, overnight bank deposits or bankers'
                  acceptances having maturities of not more than one year from
                  the date of acquisition thereof issued by any commercial bank,
                  the long-term debt of which is rated at the time of
                  acquisition thereof at least "A" or the equivalent thereof by
                  Standard & Poor's Ratings Services, or "A" or the equivalent
                  thereof by Moody's Investors Service, Inc., and having
                  combined capital and surplus in excess of $500.0 million;

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

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

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

         "Cedel" means Clearstream Banking, formerly known as Cedel Bank,
societe anonyme.

         "Change of Control" means:

                           (1)      any "Person" or "group" of related Persons
                  (as such terms are used in Sections 13(d) and 14(d) of the
                  Exchange Act), other than the Company, Holdings or Global or
                  one or more of their respective Wholly-Owned Subsidiaries (to
                  the extent such entities continue to be Affiliates of the
                  Permitted Holders) or one or more Permitted Holders, is or
                  becomes the Beneficial Owner (as defined in Rules 13d-3 and
                  13d-5 under the Exchange Act, except that such Person or group
                  shall be deemed to have "beneficial ownership" of all shares
                  that any such Person or group has the right to acquire,
                  whether such right is exercisable immediately or only after
                  the passage of time), directly or indirectly, of 50% or more
                  of the total voting power (including by the terms of the

                                       4
<PAGE>

                  organizational document governing such shares, any agreement
                  or otherwise) of the Voting Stock of the Company, Holdings or
                  Global (or its successor by merger, consolidation or purchase
                  of all or substantially all of its assets) (for the purposes
                  of this clause, such Person or group shall be deemed to
                  beneficially own any Voting Stock of the Company held by a
                  parent entity, if such Person or group "beneficially owns,"
                  directly or indirectly, more than 50% of the voting power
                  (including by the terms of the organizational documents
                  governing such shares, agreement or otherwise) of the Voting
                  Stock of such parent entity); or

                           (2)      the first day on which a majority of the
                  members of the board of directors of any of the Company,
                  Holdings or Global are not Continuing Directors; or

                           (3)      the sale, lease, transfer, conveyance or
                  other disposition (other than by way of merger or
                  consolidation), in one or a series of related transactions, of
                  all or substantially all of the assets of the Company,
                  Holdings or Global and the Restricted Subsidiaries, taken as a
                  whole, to any "Person" (as such term is used in Sections 13(d)
                  and 14(d) of the Exchange Act) other than the Company,
                  Holdings or Global or one or more of their Wholly-Owned
                  Subsidiaries or a Permitted Holder; or

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

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Commission" means the Securities and Exchange Commission.

         "Commodity Agreement" means any forward contract, commodity swap,
commodity option or other similar financial agreement or arrangement relating
to, or the value of which is dependent on, fluctuations in commodity prices.

         "Company" means ERICO International Corporation, an Ohio corporation,
and any and all successors thereto.

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

                           (1)      if the Company or any Restricted Subsidiary:

                                    (a)      has Incurred any Indebtedness since
                           the beginning of such period that remains outstanding
                           on such date of determination or if the transaction
                           giving rise to the need to calculate the Consolidated
                           Coverage Ratio is an Incurrence of Indebtedness,
                           Consolidated EBITDA and Consolidated Interest Expense
                           for such period shall be calculated after giving
                           effect on a pro forma basis to such Indebtedness as
                           if such Indebtedness had been Incurred on the first
                           day of such period (except that in making such
                           computation, the amount of Indebtedness under any
                           revolving credit facility, including, without
                           limitation, the Credit Agreement, outstanding on the
                           date of such calculation shall be computed based on
                           (i) the average daily balance of such Indebtedness
                           during such four fiscal quarters or such shorter
                           period for which such facility was outstanding or
                           (ii) if such facility was created after the end of
                           such four fiscal quarters, the average daily balance
                           of such Indebtedness during the period from the date
                           of creation of such facility to the date of such
                           calculation) and the discharge of any other
                           Indebtedness repaid, repurchased, defeased or
                           otherwise discharged with the proceeds of

                                       5

<PAGE>

                           such new Indebtedness as if such discharge had
                           occurred on the first day of such period; or

                                    (b)      has repaid, repurchased, defeased
                           or otherwise discharged any Indebtedness in full
                           since the beginning of the period that is no longer
                           outstanding on such date of determination, or if the
                           transaction giving rise to the need to calculate the
                           Consolidated Coverage Ratio involves a discharge of
                           Indebtedness (in each case other than Indebtedness
                           incurred under any revolving credit or other working
                           capital facility, including, without limitation, the
                           Credit Agreement, unless such Indebtedness has been
                           permanently repaid and the related commitment
                           terminated), Consolidated EBITDA and Consolidated
                           Interest Expense for such period shall be calculated
                           after giving effect on a pro forma basis to such
                           discharge of such Indebtedness, including with the
                           proceeds of such new Indebtedness, as if such
                           discharge had occurred on the first day of such
                           period;

                           (2)      if since the beginning of such period the
                  Company or any Restricted Subsidiary has made any Asset
                  Disposition or if the transaction giving rise to the need to
                  calculate the Consolidated Coverage Ratio is an Asset
                  Disposition:

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

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

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

                           (4)      if, since the beginning of such period, any
                  Person that subsequently became a Restricted Subsidiary or was
                  merged with or into the Company or any Restricted Subsidiary
                  since the beginning of such period shall have made any Asset
                  Disposition or any Investment or acquisition of assets that
                  would have required an adjustment pursuant to clause (2) or
                  (3) above if made by the Company or a Restricted Subsidiary
                  during such period, Consolidated EBITDA and Consolidated
                  Interest Expense for such period shall be calculated after
                  giving pro forma effect thereto as if such Asset Disposition
                  or Investment or acquisition of assets occurred on the first
                  day of such period.

         For purposes of this definition, whenever pro forma effect is to be
given to any calculation under this definition, the pro forma calculations shall
be determined in good faith by a responsible financial or accounting officer of
the Company (including pro forma expense and cost reductions calculated on a
basis consistent with

                                       6

<PAGE>

Regulation S-X under the Securities Act). If any Indebtedness bears a floating
rate of interest and is being given pro forma effect, the interest expense on
such Indebtedness shall be calculated as if the rate in effect on the date of
determination had been the applicable rate for the entire period (taking into
account any Interest Rate Agreement applicable to such Indebtedness if such
Interest Rate Agreement has a remaining term in excess of 12 months).

         "Consolidated EBITDA" means, without duplication:

                           (1)      the Consolidated Net Income for such period;
                  plus

                           (2)      the following, without duplication, to the
                  extent deducted in calculating such Consolidated Net Income:

                                    (a)      Consolidated Interest Expense;

                                    (b)      Consolidated Income Taxes;

                                    (c)      consolidated depreciation expense
                           of the Company and its consolidated Restricted
                           Subsidiaries determined in accordance with GAAP;

                                    (d)      consolidated amortization of
                           intangibles of the Company and its consolidated
                           Restricted Subsidiaries determined in accordance with
                           GAAP; and

                                    (e)      other non-cash charges reducing
                           Consolidated Net Income (excluding any such non-cash
                           charge to the extent it represents an accrual of or
                           reserve for cash charges in any future period, or
                           amortization of a prepaid cash expense that was paid
                           in a prior period not included in the calculation);
                           minus

                           (3)      the aggregate amount of all non-cash
                  charges, determined on a consolidated basis, to the extent
                  such items increased Consolidated Net Income for such period.

         Notwithstanding the preceding sentence, amounts under clauses (2)(b)
through (e) and clause (3), to the extent relating to amounts of a Restricted
Subsidiary of a Person, shall be added to or subtracted from Consolidated Net
Income to compute Consolidated EBITDA of such Person only to the extent (and in
the same proportion) that the net income (loss) of such Restricted Subsidiary
was included in calculating the Consolidated Net Income of such Person and, to
the extent the amounts set forth in clauses (b) through (e) are in excess of
those necessary to offset a net loss of such Restricted Subsidiary or if such
Restricted Subsidiary has net income for such period included in Consolidated
Net Income, only if a corresponding amount would be permitted at the date of
determination to be dividended to the Company by such Restricted Subsidiary
without prior approval (that has not been obtained), pursuant to the terms of
its charter and all agreements, instruments, judgments, decrees, orders,
statutes, rules and governmental regulations applicable to such Restricted
Subsidiary or its stockholders.

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

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

                           (1)      interest expense attributable to Capitalized
                  Lease Obligations and the interest portion of rent expense
                  associated with Attributable Indebtedness in respect of the
                  relevant lease

                                       7

<PAGE>

                  giving rise thereto, determined as if such lease were a
                  capitalized lease in accordance with GAAP and the interest
                  component of any deferred payment obligations;

                           (2)      amortization of issuance costs, debt
                  discount or premium, and other financing fees and expenses;

                           (3)      non-cash interest expense;

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

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

                           (6)      net costs associated with Hedging
                  Obligations (including amortization of fees);

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

                           (8)      the product of (a) all dividends paid or
                  payable in cash, Cash Equivalents or Indebtedness or accrued
                  during such period on any series of Disqualified Stock of such
                  Person or on Preferred Stock of its Restricted Subsidiaries
                  payable to a party other than the Company or a Wholly-Owned
                  Subsidiary, times (b) a fraction, the numerator of which is
                  one and the denominator of which is one minus the then current
                  combined federal, state, provincial and local statutory tax
                  rate of such Person, expressed as a decimal, in each case,
                  determined on a consolidated basis in accordance with GAAP;

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

                           (10)     all interest payable with respect to
                  discontinued operations.

         For purposes of the foregoing, total interest expense shall be
determined after giving effect to any net payments made or received by the
Company and its Subsidiaries with respect to Interest Rate Agreements.
Notwithstanding the foregoing, Consolidated Interest Expense shall exclude the
items in clauses (1) through (10) above to the extent such items are not
included in the calculation of Consolidated Net Income.

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

                           (1)      any net income (loss) of any Person
                  (including any Subsidiary) if such Person is not a Restricted
                  Subsidiary, except that subject to the limitations contained
                  in clauses (4), (5) and (6) below, the Company's equity in the
                  net income of any such Person for such period shall be
                  included in such Consolidated Net Income up to the aggregate
                  amount of cash actually distributed by such Person during such
                  period to the Company or a Restricted Subsidiary as a dividend
                  or other distribution (subject, in the case of a dividend or
                  other distribution to a Restricted Subsidiary, to the
                  limitations contained in clause (3) below);

                           (2)      any net income (or loss) of any Person
                  acquired by the Company or a Subsidiary in a pooling of
                  interests transaction for any period prior to the date of such
                  acquisition;

                                      8

<PAGE>

                           (3)      any net income (but not loss) of any
                  Restricted Subsidiary (other than a Subsidiary Guarantor) if
                  such Subsidiary is subject to restrictions, directly or
                  indirectly, on the payment of dividends or the making of
                  distributions by such Restricted Subsidiary, directly or
                  indirectly, to the Company, except that:

                                    (a)      subject to the limitations
                           contained in clauses (4), (5) and (6) below, the
                           Company's equity in the net income of any such
                           Restricted Subsidiary for such period shall be
                           included in such Consolidated Net Income up to the
                           aggregate amount of cash that could have been
                           distributed given such restrictions on the payment of
                           dividends or the making of distributions by such
                           Restricted Subsidiary during such period to the
                           Company or another Restricted Subsidiary as a
                           dividend (subject, in the case of a dividend to
                           another Restricted Subsidiary, to the limitation
                           contained in this clause); and

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

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

                           (5)      any extraordinary or nonrecurring gain or
                  extraordinary or nonrecurring loss or charge;

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

                           (7)      income or loss attributable to discontinued
                  operations (including, without limitation, operations disposed
                  of during such period whether or not such operations were
                  classified as discontinued); and

                           (8)      in the case of a successor to the referent
                  Person by consolidation or merger or as a transferee of the
                  referent's assets, any earnings of the successor corporation
                  prior to such consolidation, merger or transfer of assets.

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

         "Corporate Trust Office of the Trustee" shall be at the address of the
Trustee specified in Section 13.02 hereof or such other address as to which the
Trustee may give notice to the Company.

         "Credit Agreement" means one or more debt facilities or commercial
paper facilities with banks or institutional lenders providing for revolving
credit loans, term loans or letters of credit, including, without limitation,
the Second Amended and Restated Multicurrency Credit and Security Agreement
dated as of December 2, 2002 as amended through the Issue Date by and among the
Company, ERICO Products, Inc., ERICO Europe Holding B.V., the lenders party
thereto and LaSalle Bank N.A. as administrative agent, together with all
documents related or ancillary thereto (including, without limitation, any
guarantee agreements, intercreditor agreements and security documents), in each
case as such agreements may be amended (including any amendment and restatement
thereof), supplemented or otherwise modified from time to time, including any
agreement extending the maturity of, refinancing, replacing or otherwise
restructuring (including increasing the amount of available borrowings
thereunder or adding Restricted Subsidiaries of the Company as additional
borrowers or guarantors thereunder) all or a portion of the Indebtedness under
such agreement or any successor or replacement agreement and whether by the same
or any other agent, lender or group of lenders.

                                       9

<PAGE>

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

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

         "CVC" means (i) any Subsidiary of Citigroup Inc., a Delaware
corporation, including Citicorp Venture Capital Ltd., a New York corporation; or
(ii) any investment vehicle that (A) is sponsored or managed (whether through
ownership of securities having a majority of the voting power or through the
management of investments) by any Subsidiary included in clause (i) hereof and
(B) contains, as a part of its name "Citigroup," "CVC" or any variant thereof;
or (iii) Citigroup Venture Capital Equity Partners, L.P., a Delaware limited
partnership and its Affiliates.

         "CVC Investor" means (i) CVC, (ii) any officer, employee, director or
general partner of CVC or general partner of any investment vehicle included in
the definition of CVC, (iii) any spouse or lineal descendant (including by
adoption and stepchildren) of the officer, employee, director, partner or member
referred to in clause (ii) above, and (iv) any trust, corporation, partnership
or other entity established solely for the benefit of the Persons included in
clauses (ii) or (iii) hereof.

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

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

         "Depositary" means, with respect to the Notes issuable or issued in
whole or in part in global form, DTC as the Depositary with respect to the
Notes, and any and all successors thereto appointed as depositary hereunder and
having become such pursuant to the applicable provision of this Indenture.

         "Designated Senior Debt" means (1) Indebtedness under or in respect of
the Credit Agreement (so long as the Credit Agreement is in effect) and (2)
thereafter, any other Indebtedness constituting Senior Debt which, to the extent
it is permitted under this Indenture and, at the time of determination, has an
aggregate principal amount of, or the holders thereof are committed to lend up
to, at least $20.0 million and is specifically designated in the instrument
evidencing such Senior Debt as "Designated Senior Debt."

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

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

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

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

in each case on or prior to the date that is 91 days after the date (a) on which
the Notes mature or (b) on which there are no Notes outstanding, provided,
however, only the portion of Capital Stock which so matures or is mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option
of the holder thereof prior to such date shall be deemed to be Disqualified
Stock; provided, further, however, that any Capital Stock that would

                                       10

<PAGE>

constitute Disqualified Stock solely because the holders thereof have the right
to require the Company to repurchase such Capital Stock upon the occurrence of a
change of control or asset sale (each defined in a substantially identical
manner to the corresponding definitions in this Indenture) shall not constitute
Disqualified Stock if the terms of such Capital Stock (and all such securities
into which it is convertible or for which it is redeemable or exchangeable)
provide that the Company may not repurchase or redeem any such Capital Stock
(and all such securities into which it is convertible or for which it is
redeemable or exchangeable) pursuant to such provision prior to compliance by
the Company with Sections 4.11 and 4.16 hereof and such repurchase or redemption
complies with Section 4.07 hereof.

         "Domestic Subsidiary" means any Restricted Subsidiary of the Company
organized under the laws of, and conducting a majority of its business in, the
United States of America, any State thereof or the District of Columbia.

         "DTC" means The Depository Trust Company.

         "Euroclear" means Euroclear Bank S.A./N.V. and its successors and
assigns, as operator of the Euroclear system.

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

         "Foreign Subsidiary" means any Restricted Subsidiary of the Company
organized under the laws of, and conducting a majority of its business in, any
jurisdiction other than the United States of America, any State thereof or the
District of Columbia.

         "GAAP" means generally accepted accounting principles in the United
States of America as in effect as of the date of this Indenture, including those
set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as approved by a significant segment of the
accounting profession. All ratios and computations based on GAAP contained in
this Indenture shall be computed in conformity with GAAP.

         "Global" means ERICO Global Company, a Delaware corporation and the
parent of Holdings.

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

         "Global Note Legend" means the legend set forth in Section 2.07(b),
which is required to be placed on all Global Notes issued under this Indenture.

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

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

                           (2)      entered into for purposes of assuring in any
                  other manner the obligee of such Indebtedness of the payment
                  thereof or to protect such obligee against loss in respect
                  thereof (in whole or in part);

provided, however, that the term "Guarantee" shall not include endorsements for
collection or deposit in the ordinary course of business. The term "Guarantee"
used as a verb has a corresponding meaning.

                                       11
<PAGE>

         "Hedging Obligations" of any Person means the obligations of such
Person pursuant to any Interest Rate Agreement, Commodity Agreement or Currency
Agreement.

         "Holder" means a Person in whose name a Notes is registered.

         "Holdings" means ERICO Holding Company, the parent of the Company.

         "Incur" means issue, create, assume, Guarantee, incur or otherwise
become liable for; provided, however, that any Indebtedness or Capital Stock of
a Person existing at the time such Person becomes a Restricted Subsidiary
(whether by merger, consolidation, acquisition or otherwise) shall be deemed to
be incurred by such Person at the time it becomes a Restricted Subsidiary;
provided, further, that a change in GAAP that results in an obligation of such
Person that exists at such time, and is not theretofore classified as
Indebtedness, becoming Indebtedness shall not be deemed an Incurrence of such
Indebtedness. The terms "Incurred" and "Incurrence" have meanings correlative to
the foregoing.

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

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

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

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

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

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

                           (6)      the greater of the maximum fixed repurchase
                  price and the liquidation preference of all obligations of
                  such Person with respect to the redemption, repayment or other
                  repurchase of any Disqualified Stock or, with respect to any
                  Subsidiary, any Preferred Stock (but excluding, in each case,
                  any accrued dividends);

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

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

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

                                       12
<PAGE>

         In addition, "Indebtedness" of any Person shall include Indebtedness
described in the preceding paragraph that would not appear as a liability on the
balance sheet of such Person if such Indebtedness is the obligation of a
partnership or joint venture that is not a Restricted Subsidiary (a "Joint
Venture") and either:

                           (1)      such Person or a Restricted Subsidiary of
                  such Person is a general partner of the Joint Venture; or

                           (2)      there is recourse, by contract or operation
                  of law, with respect to the payment of such Indebtedness to
                  property or assets of such Person or a Restricted Subsidiary
                  of such Person.

         "Indenture" means this Second Amended and Restated Indenture, as
further amended or supplemented from time to time.

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

         "Initial Notes" means the Company's 11% Senior Subordinated Notes due
2012 issued under the Original Indenture on the Issue Date and now governed by
and subject to this Indenture.

         "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 and that is not also a QIB.

         "Interest Rate Agreement" means with respect to any Person any interest
rate protection agreement, interest rate future agreement, interest rate option
agreement, interest rate swap agreement, interest rate cap agreement, interest
rate collar agreement, interest rate hedge agreement or other similar agreement
or arrangement designed to protect such Person against fluctuations in interest
rates as to which such Person is party or a beneficiary.

         "Investment" means, with respect to any Person, all investments by such
Person in other Persons (including Affiliates) in the form of any direct or
indirect advance, loan (other than advances to customers in the ordinary course
of business) or other extension of credit (including by way of Guarantee or
similar arrangement, but excluding any debt or extension of credit represented
by a bank deposit other than a time deposit) or capital contribution to (by
means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or
acquisition of Capital Stock, Indebtedness or other similar instruments issued
by, such Person and all other items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP; provided,
however, that none of the following shall be deemed to be an Investment:

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

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

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

         For purposes of Section 4.07 the term "Investment" shall include:

                           (1)      the portion (proportionate to the Company's
                  equity interest in a Restricted Subsidiary to be designated as
                  an Unrestricted Subsidiary) of the fair market value of the
                  net assets of such Restricted Subsidiary of the Company at the
                  time that such Restricted Subsidiary is designated an
                  Unrestricted Subsidiary; and

                                       13
<PAGE>

                           (2)      any property transferred to or from an
                  Unrestricted Subsidiary shall be valued at its fair market
                  value at the time of such transfer, in each case as determined
                  in good faith by the Board of Directors of the Company. If the
                  Company or any Restricted Subsidiary of the Company sells or
                  otherwise disposes of any Voting Stock of any Restricted
                  Subsidiary of the Company such that, after giving effect to
                  any such sale or disposition, such entity is no longer a
                  Subsidiary of the Company, the Company shall be deemed to have
                  made an Investment on the date of any such sale or disposition
                  equal to the fair market value (as conclusively determined by
                  the Board of Directors of the Company in good faith) of the
                  Capital Stock of such Subsidiary not sold or disposed of.

         "Issue Date" means the date on which the Notes are originally issued.

         "Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at a place of payment are authorized by
law, regulation or executive order to remain closed. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period.

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

         "Management Investors" means (a) each of the executive officers and
directors of Global, Holdings or the Company who own Voting Stock of Global or
Holdings, in each case so long as such Person shall remain an executive officer,
employee or director of Global, Holdings or the Company, (b) any spouse or
lineal descendant (including by adoption and stepchildren) of the executive
officers and directors referred to in clause (a) above, (c) any trust,
corporation, partnership or other entity established solely for the benefit of
the Persons included in clauses (a) and (b) above and (d) JDBR Holding Company
LLC ("JDBR"), so long as William Roj shall remain an executive officer, employee
or director of Global, Holdings or the Company and retains the unilateral power
to control the vote and disposition of any securities of Global, Holdings, the
Company or any Restricted Subsidiary owned or controlled by JDBR.

         "Marketable Securities" means publicly traded debt or equity securities
that are listed for trading on a national securities exchange and that were
issued by a corporation whose debt securities are rated in one of the three
highest rating categories by either Standard & Poor's Ratings Services or
Moody's Investors Service, Inc.

         "Net Available Cash" from an Asset Disposition means cash or Cash
Equivalent payments received (including any cash or Cash Equivalent payments
received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise, but only as and when received, and any cash
or Cash Equivalents received upon the sale or other disposition of any noncash
consideration received, but excluding any other consideration received in the
form of assumption by the acquiring Person of Indebtedness or other obligations
relating to the properties or assets that are the subject of such Asset
Disposition or received in any other noncash form and not subsequently sold or
otherwise disposed of) therefrom, in each case net of:

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

                           (2)      all payments made on any Indebtedness (other
                  than payments made on any revolving credit facility
                  Indebtedness where the underlying commitment is not
                  permanently reduced) which is secured by any assets subject to
                  such Asset Disposition, in accordance with the terms of any
                  Lien upon such assets, or which must by its terms, or in order
                  to obtain a necessary consent to such Asset Disposition, or by
                  applicable law be repaid out of the proceeds from such Asset
                  Disposition;

                                       14
<PAGE>

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

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

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

         "Non-Recourse Debt" means Indebtedness:

                           (1)      as to which neither the Company nor any
                  Restricted Subsidiary (a) provides any Guarantee or credit
                  support of any kind (including any undertaking, guarantee,
                  indemnity, agreement or instrument that would constitute
                  Indebtedness) or (b) is directly or indirectly liable (as a
                  guarantor or otherwise);

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

                           (3)      the explicit terms of which provide there is
                  no recourse against any of the assets of the Company or the
                  Restricted Subsidiaries, except in the case of Standard
                  Securitization Undertakings.

         "Non-U.S. Person" has the meaning assigned to such term in Regulation
S.

         "Notes" means the Initial Notes and any Additional Notes.

         "Obligation" means any principal, interest, penalties, fees,
indemnification, reimbursements, costs, expenses, damages and other liabilities
payable under the documentation governing any Indebtedness.

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

         "Officer" means the Chairman of the Board, the Chief Executive Officer,
President, any Vice President, the Treasurer or the Secretary of the Company.

         "Officers' Certificate" means a certificate signed on behalf of the
Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company, that meets the requirements of
Section 13.05 hereof.

         "opinion of counsel" means a written opinion from legal counsel who is
acceptable to the Trustee, or if no Trustee has been appointed, a majority in
principal amount of the then outstanding Notes. The counsel may be an employee
of, or counsel to, the Company or the Trustee or the Holders of a majority in
principal amount of the then outstanding Notes.

         "Pari Passu Indebtedness" means Indebtedness that ranks equally in
right of payment to the Notes.

                                       15
<PAGE>

         "Participant" means, with respect to the Depositary, Euroclear or
Cedel, a Person who has an account with the Depositary, Euroclear or Cedel,
respectively (and, with respect to DTC, shall include Euroclear and Cedel).

         "Permitted Holder" means the CVC Investors and the Management
Investors; provided, however, that in no event shall any Persons (other than
CVC), collectively, be deemed "Permitted Holders" with respect to more than 35%
of the total voting power of all classes of Voting Stock of the Company,
Holdings or Global.

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

                           (1)      a Wholly Owned Subsidiary or a Person which
                  shall, upon the making of such Investment, become a Wholly
                  Owned Subsidiary; provided, however, that the primary business
                  of such Wholly Owned Subsidiary is a Related Business;

                           (2)      another Person if as a result of such
                  Investment such other Person is merged or consolidated with or
                  into, or transfers or conveys all or substantially all its
                  assets to, the Company or a Subsidiary Guarantor; provided,
                  however, that such Person's primary business is a Related
                  Business;

                           (3)      the Company;

                           (4)      cash and Cash Equivalents;

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

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

                           (7)      loans or advances to employees or directors
                  of the Company or any of its Restricted Subsidiaries made for
                  bona fide business purposes of the Company or such Restricted
                  Subsidiary in an aggregate amount not to exceed $3.0 million
                  at any time outstanding;

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

                           (9)      Investments 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 4.11;

                           (10)     Investments in existence on the Issue Date;

                           (11)     Currency Agreements, Interest Rate
                  Agreements and related Hedging Obligations, which transactions
                  or obligations are Incurred in compliance with Section 4.09;

                           (12)     assets, Capital Stock or other securities
                  acquired by the Company or a Restricted Subsidiary to the
                  extent the consideration therefor consists solely of Capital
                  Stock of the Company (other than Disqualified Stock);

                           (13)     the acquisition by a Securitization Entity
                  in connection with a Permitted Securitization Transaction of
                  equity interests in a trust or other Person established by
                  such

                                       16
<PAGE>

                  Securitization Entity to effect such Permitted Securitization
                  Transactions; and investments in a Securitization Entity in
                  connection with a Permitted Securitization Transaction;
                  provided, however, that any Investment in such Securitization
                  Entity is in the form of a Purchase Money Note or an equity
                  interest;

                           (14)     endorsements of negotiable instruments and
                  similar obligations in the ordinary course of business;

                           (15)     Investments in Permitted Joint Ventures of
                  up to $10.0 million outstanding at any one time outstanding;

                           (16)     Investments consisting of purchases and
                  acquisitions of inventory, supplies, materials and equipment
                  and licenses or leases of intellectual property in the
                  ordinary course of business; and

                           (17)     Investments in a Restricted Subsidiary in
                  connection with a Permitted Securitization Transaction;

The amount of Investments outstanding at any time pursuant to clause (15) above
shall be deemed to be 865 reduced, without duplication:

                                    (a)      upon the disposition or repayment
                           of or return on any Investment made pursuant to
                           clause (15) above, by an amount equal to the return
                           of capital with respect to such Investment to the
                           Company or any Restricted Subsidiary (to the extent
                           not included in the computation of Consolidated Net
                           Income), less the cost of the disposition of such
                           Investment and net of taxes; and

                                    (b)      upon a redesignation of an
                           Unrestricted Subsidiary as a Restricted Subsidiary,
                           by an amount equal to the lesser of (x) the fair
                           market value of the Company's proportionate interest
                           in such Subsidiary immediately following such
                           redesignation, and (y) the aggregate amount of
                           Investments in such Subsidiary that increased (and
                           did not previously decrease) the amount of
                           Investments outstanding pursuant to clause (15)
                           above.

         "Permitted Joint Venture" means an entity characterized as a joint
venture in which the Company or a Restricted Subsidiary (a) owns at least 30% of
the ownership interest and (b) has the right to receive a percentage of the
profits or distributions at least equal to the percentage of its ownership
interest.

         "Permitted Junior Securities" means Equity Interests in the Company or
any Subsidiary Guarantor or debt securities that (i) are subordinated in right
of payment to all Senior Debt or Subsidiary Guarantor Senior Debt, as relevant
(and any debt securities issued in exchange for such Senior Debt or Subsidiary
Guarantor Senior Debt, as relevant) to the same extent as, or to a greater
extent than, the Notes are subordinated to Senior Debt pursuant to this
Indenture, and (ii) do not provide for maturity, mandatory redemption or
mandatory repayment or repurchase, upon the occurrence of any event or
otherwise, prior to the date six months after the last Stated Maturity of Senior
Debt or Subsidiary Guarantor Senior Debt, as relevant (as modified by the plan
of reorganization or readjustment pursuant to which such securities are issued);
provided that no such Equity Interest or debt securities may be issued if the
rights of the holders of the Senior Debt are impaired by any such issuance in
connection with a reorganization, including, without limitation, by reason of
such rights being impaired within the meaning of Section 1124 of Title 11 of the
United States Code.

         "Permitted Liens" means, with respect to any Person:

                           (1)      Liens securing Senior Debt or Subsidiary
                  Guarantor Senior Debt;

                           (2)      Liens securing the Notes and the Subsidiary
                  Guarantees;

                                       17
<PAGE>

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

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

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

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

                           (7)      encumbrances, easements or reservations of,
                  or rights of others for, licenses, rights of way, sewers,
                  electric lines, telegraph and telephone lines and other
                  similar purposes, or zoning or other restrictions as to the
                  use of real properties or liens incidental to the conduct of
                  the business of such Person or to the ownership of its
                  properties which do not in the aggregate materially adversely
                  affect the value of said properties or materially impair their
                  use in the operation of the business of such Person;

                           (8)      leases and subleases of real property which
                  do not materially interfere with the ordinary conduct of the
                  business of the Company or any of its Restricted Subsidiaries;

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

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

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

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

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

                           (12)     Liens on property or shares of stock of a
                  Person at the time such Person becomes a Restricted
                  Subsidiary; provided, however, that such Liens are not
                  created, incurred or assumed in connection with, or in
                  contemplation of, such other Person becoming a Restricted

                                       18
<PAGE>

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

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

                           (14)     Liens securing Indebtedness or other
                  obligations of a Restricted Subsidiary owing to the Company or
                  a Subsidiary Guarantor;

                           (15)     Liens securing Indebtedness under Interest
                  Rate Agreements and Currency Agreements;

                           (16)     Liens on assets transferred to a
                  Securitization Entity or an asset of a Securitization Entity,
                  in either case, incurred in connection with a Permitted
                  Securitization Transaction; and

                           (17)     Liens securing Capitalized Lease Obligations
                  and Purchase Money Indebtedness, so long as the aggregate
                  principal amount of Indebtedness secured by Liens incurred
                  pursuant to this clause (17) does not exceed $7.5 million at
                  any one time outstanding.

         "Permitted Securitization Transaction" means any transaction or series
of transactions pursuant to which the Company or any of its Restricted
Subsidiaries may sell, contribute, convey or otherwise transfer to (i) a
Securitization Entity (in the case of a transfer by the Company or any of its
Restricted Subsidiaries) and (ii) any other Person (in the case of a transfer by
a Securitization Entity), as may grant a security interest in, any accounts
receivable (whether now existing or arising in the future) of the Company or any
of its Restricted Subsidiaries, and any assets related thereto including,
without limitation, all collateral securing such accounts receivable and other
assets (including contract rights and all guarantees or other obligations in
respect of such accounts receivable, proceeds of such accounts receivable and
equipment and other assets which are customarily transferred or in respect of
which security interests are customarily granted in connection with asset
securitization transactions involving accounts receivable).

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

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

         "Private Placement Legend" means the legend set forth in Section
2.07(a) to be placed on all Notes issued under this Indenture except where
otherwise permitted by the provisions of this Indenture.

         "Purchase Agreement" means that certain Purchase Agreement, dated as of
September 9, 2002, as amended as of February 20, 2004, by and among the Company,
the Subsidiary Guarantor and CVC Capital Funding, LLC as assignee of Citibank,
N.A., as such agreement may be further amended from time to time.

         "Purchase Money Indebtedness" means Indebtedness of the Company or any
Restricted Subsidiary Incurred for the purpose of financing all or any part of
the purchase price, or the cost of construction or improvement, of any assets to
be used in the ordinary course of business by the Company or any Restricted
Subsidiary; provided, however, that (1) the aggregate amount of such
Indebtedness shall not exceed such purchase

                                       19
<PAGE>

price or cost, (2) such Indebtedness shall be Incurred no later than 180 days
after the acquisition of such assets or completion of such construction or
improvement and (3) such Indebtedness shall not be secured by any assets of the
Company or any Restricted Subsidiary other than the assets so acquired or
constructed and improvements thereon.

         "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 Restricted Subsidiary in connection with a Permitted Securitization
Transaction to a Securitization Entity, which note is repayable from cash
available to 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 owing to such investors and
amounts paid in connection with the purchase of newly generated accounts
receivable.

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

         "Qualified Equity Offering" means any public or private offering to
Persons who are not Affiliates of the Company for cash by the Company, Holdings
or Global of its common stock, or options, warrants or rights with respect to
its common stock (other than any public offerings registered on Form S-4 or S-8
under the Securities Act); provided that in the case of an offering by Holdings
or Global, Net Cash Proceeds thereof in an amount necessary to pay the aggregate
redemption price (plus accrued interest to the redemption date) of the Notes to
be redeemed are contributed or otherwise made available to the Company.

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

         "Refinance" means, in respect of any Indebtedness, to refinance,
extend, increase, replace, renew, refund, repay, prepay, redeem, defease or
retire, or to issue other Indebtedness in exchange or replacement for, such
Indebtedness. "Refinanced" and "Refinancing" shall have correlative meanings.

         "Refinancing Indebtedness" means Indebtedness (or with respect to
clause (8) of the second paragraph of Section 4.07 hereof, Disqualified Stock)
that is Incurred to Refinance any Indebtedness (or with respect to clause (8) of
the second paragraph of Section 4.07 hereof, Disqualified Stock) existing on the
date of this Indenture or Incurred in compliance with this Indenture (including
Indebtedness (or Disqualified Stock, as the case may be) of the Company that
Refinances Indebtedness (or Disqualified Stock, as the case may be) of any
Restricted Subsidiary and Indebtedness (or Disqualified Stock, as the case may
be) of any Subsidiary Guarantor that Refinances Indebtedness (or Disqualified
Stock, as the case may be) of either the Company or another Subsidiary
Guarantor); provided, however, that:

                           (1)      (a) if the Stated Maturity of the
                  Indebtedness (or Disqualified Stock, as the case may be) being
                  Refinanced is earlier than the Stated Maturity of the Notes,
                  the Refinancing Indebtedness (or Disqualified Stock, as the
                  case may be) has a Stated Maturity no earlier than the Stated
                  Maturity of the Indebtedness (or Disqualified Stock, as the
                  case may be) being Refinanced or (b) if the Stated Maturity of
                  the Indebtedness (or Disqualified Stock, as the case may be)
                  being Refinanced is later than the Stated Maturity of the
                  Notes, the Refinancing Indebtedness (or Disqualified Stock, as
                  the case may be) has a Stated Maturity at least 91 days later
                  than the Stated Maturity of the Notes;

                           (2)      the Refinancing Indebtedness (or
                  Disqualified Stock, as the case may be) has an Average Life at
                  the time such Refinancing Indebtedness (or Disqualified Stock,
                  as the case may be) is Incurred that is equal to or greater
                  than the Average Life of the Indebtedness (or Disqualified
                  Stock, as the case may be) being Refinanced;

                           (3)      such Indebtedness shall only be Refinancing
                  Indebtedness (or Disqualified Stock, as the case may be) to
                  the extent it is Incurred in an aggregate principal amount (or
                  if issued with original issue discount, an aggregate issue
                  price) that is equal to or less than the sum of the aggregate
                  principal amount (or if issued with original issue discount,
                  the aggregate accreted value) then outstanding of Indebtedness
                  (or Disqualified Stock, as the case may be) being Refinanced
                  (plus, without duplication, any additional Indebtedness (or
                  Disqualified Stock, as the case may be)

                                       20
<PAGE>

                  Incurred to pay interest or premiums required by the
                  instruments governing such existing Indebtedness (or
                  Disqualified Stock, as the case may be) and fees Incurred in
                  connection therewith);

                           (4)      if the Indebtedness (or Disqualified Stock,
                  as the case may be) being Refinanced is subordinated in right
                  of payment to the Notes or the Subsidiary Guarantees, such
                  Refinancing Indebtedness (or Disqualified Stock, as the case
                  may be) is subordinated in right of payment to the Notes or
                  the Subsidiary Guarantees on terms at least as favorable,
                  taken as a whole, to the holders of Notes as those contained
                  in the documentation governing the Indebtedness (or
                  Disqualified Stock, as the case may be) being Refinanced; and

                           (5)      the obligor(s) on the Refinancing
                  Indebtedness shall not include any Person that is not the
                  Company or a Subsidiary Guarantor or a Person that is an
                  obligor on the Indebtedness (or Disqualified Stock, as the
                  case may be) being Refinanced.

         "Related Business" means any business which is the same as, or related,
ancillary or complementary to, any of the businesses of the Company and the
Restricted Subsidiaries on the Issue Date (as determined in the good faith
judgment of the Company's Board of Directors).

         "Representative" means any agent or representative in respect of any
Designated Senior Debt; provided, however, that if, and for so long as, any
Designated Senior Debt lacks such representative, then the Representative for
such Designated Senior Debt shall at all times constitute the holders of a
majority in outstanding principal amount of such Designated Senior Debt.

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

         "Restricted Investment" means any Investment other than a Permitted
Investment.

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

         "Rule 144" means Rule 144 promulgated under the Securities Act.

         "Rule 144A" means Rule 144A promulgated under the Securities Act.

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

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

         "Securitization Entity" means a Wholly Owned Subsidiary of the Company
that engages in no activities other than in connection with the financing of
accounts receivable or inventory and that is designated by the Board of
Directors of the Company as a Securitization Entity (a) no portion of the
Indebtedness or any other obligations (contingent or otherwise) of which (i) is
guaranteed by the Company or any other Restricted Subsidiary (excluding
guarantees of Obligations (other than the principal of, and interest on,
Indebtedness)) pursuant to Standard Securitization Undertakings, (ii) is
recourse to, or obligates the Company or any Restricted Subsidiary in any way
other than pursuant to Standard Securitization Undertakings or (iii) subjects
any property or asset of the Company or any Restricted Subsidiary of the Company
(other than accounts receivable or inventory and related assets as provided in
the definition of "Permitted Securitization Transaction") directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than
pursuant to Standard Securitization Undertakings, (b) with which

                                       21
<PAGE>

neither the Company nor any Restricted Subsidiary has any material contract,
agreement, arrangement or understanding other than on terms customary for
securitization of receivables and inventory no less favorable to the Company or
such Restricted Subsidiary than those that might be obtained at the time from
Persons that are not Affiliates of the Company, other than fees payable in the
ordinary course of business in connection with servicing receivables of such
entity, and (c) to which neither the Company nor any Restricted Subsidiary
(other than the 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.

         "Senior Debt" means the principal of, premium, if any, and interest
(including any interest accruing subsequent to, or that would accrue but for,
the filing of a petition of bankruptcy at the rate provided for in the
documentation with respect thereto, whether or not such interest is an allowed
or allowable claim under applicable law) on any Indebtedness of the Company,
whether outstanding on the Issue Date or thereafter created or Incurred and any
amendments, renewals, modifications, extensions, refinancings or refundings of
such Indebtedness, unless, in the case of any particular Indebtedness, the
instrument creating or evidencing the same or pursuant to which the same is
outstanding expressly provides that such Indebtedness shall not be senior in
right of payment to the Notes.

         Without limiting the generality of the foregoing, "Senior Debt" shall
also include the principal of, premium, if any, interest (including any interest
accruing subsequent to the filing of a petition of bankruptcy at the rate
provided for in the documentation with respect thereto, whether or not such
interest is an allowed or allowable claim under applicable law) on, and all
other amounts owing in respect of:

                           (1)      all monetary obligations of every nature of
                  the Company under, or with respect to, the Credit Agreement,
                  including, without limitation, obligations to pay principal
                  and interest, reimbursement obligations under letters of
                  credit, fees, expenses and indemnities (and guarantees
                  thereof); and

                           (2)      all Hedging Obligations in respect of the
                  Credit Agreement;

in each case whether outstanding on the Issue Date or thereafter incurred.

         Notwithstanding the foregoing, "Senior Debt" shall not include:

                           (1)      any Indebtedness of the Company to any of
                  its Subsidiaries;

                           (2)      Indebtedness to, or guaranteed on behalf of,
                  any director, officer or employee of the Company or any of its
                  Subsidiaries (including, without limitation, amounts owed for
                  compensation);

                           (3)      obligations to trade creditors and other
                  amounts Incurred (but not under the Credit Agreement) in
                  connection with obtaining goods, materials or services;

                           (4)      Indebtedness represented by Disqualified
                  Stock;

                           (5)      any liability for federal, state, local or
                  other taxes owed or owing by the Company;

                           (6)      that portion of any Indebtedness incurred in
                  violation of Section 4.09 (but, as to any such obligation, no
                  such violation shall be deemed to exist for purposes of this
                  clause (6) if the holder(s) of such obligation or their
                  representative shall have received an Officers' Certificate of
                  the Company to the effect that the Incurrence of such
                  Indebtedness does not (or, in the case of revolving credit
                  Indebtedness, that the Incurrence of the entire committed
                  amount thereof at the date on which the initial borrowing
                  thereunder is made would not) violate Section 4.09);

                           (7)      Indebtedness which, when incurred and
                  without respect to any election under Section 1111(b) of Title
                  11, United States Code, is without recourse to the Company;
                  and

                                       22
<PAGE>

                           (8)      any Indebtedness of the Company or any
                  Subsidiary Guarantor which, by its express terms, is
                  subordinated in right of payment to any other Indebtedness of
                  the Company or such Subsidiary Guarantor.

         "Significant Subsidiary" means any Restricted Subsidiary that would be
a "significant subsidiary" of the Company within the meaning of Rule 1-02 under
Regulation S-X promulgated by the Commission.

         "Standard Securitization Undertakings" mean representations,
warranties, covenants and indemnities entered into by the Company or any
Restricted Subsidiary that are reasonably customary in securitization
transactions relating to accounts receivable.

         "Stated Maturity" means (1) with respect to any security, the date
specified in such security as the fixed date on which the payment of principal
of such security is due and payable, including pursuant to any mandatory
redemption provision, but shall not include any contingent obligations to repay,
redeem or repurchase any such principal before the date originally scheduled for
the payment thereof and (2) with respect to any Capitalized Lease Obligations,
the date of the last payment of rent or any other amount due under such lease
before the first date such lease may be terminated without penalty.

         "Subordinated Obligation" means any Indebtedness of the Company or any
Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter
Incurred) which is subordinate or junior in right of payment to the Notes or the
Subsidiary Guarantee of such Subsidiary Guarantor pursuant to a written
agreement.

         "Subsidiary" of any Person means any corporation, association,
partnership, joint venture, limited liability company or other business entity
of which more than 50% of the total voting power of shares of Capital Stock or
other interests (including partnership and joint venture interests) entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by (1) such Person, (2) such Person and one or more
Subsidiaries of such Person or (3) one or more Subsidiaries of such Person.
Unless otherwise specified herein, each reference to a Subsidiary shall refer to
a Subsidiary of the Company.

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

         "Subsidiary Guarantor" means each Subsidiary of the Company (other than
a Foreign Subsidiary) in existence on the Issue Date and any Restricted
Subsidiary created or acquired, directly or indirectly, by the Company after the
Issue Date (other than a Foreign Subsidiary) that has not become a Subsidiary
Guarantor pursuant to Section 4.19.

         "Subsidiary Guarantor Senior Debt" means, with respect to any
Subsidiary Guarantor, the principal of, premium, if any, and interest (including
any interest accruing subsequent to, or that would accrue but for, the filing of
a petition of bankruptcy at the rate provided for in the documentation with
respect thereto, whether or not such interest is an allowed or allowable claim
under applicable law) on any Indebtedness of such Subsidiary Guarantor, whether
outstanding on the Issue Date or thereafter created or Incurred and any
amendments, renewals, modification, extensions, refinancings or refundings of
such Indebtedness, unless, in the case of any particular Indebtedness, the
instrument creating or evidencing the same or pursuant to which the same is
outstanding expressly provides that such Indebtedness shall not be senior in
right of payment to the Subsidiary Guarantee of such Subsidiary Guarantor.

         Without limiting the generality of the foregoing, "Subsidiary Guarantor
Senior Debt" shall also include the principal of, premium, if any, interest
(including any interest accruing subsequent to the filing of a petition of
bankruptcy at the rate provided for in the documentation with respect thereto,
whether or not such interest is an allowed claim under applicable law) on, and
all other amounts owing in respect of:

                                       23
<PAGE>

                           (1)      all monetary obligations of every nature of
                  such Subsidiary Guarantor under, or with respect to, the
                  Credit Agreement and the guarantees issued in connection
                  therewith, including, without limitation, obligations to pay
                  principal and interest, reimbursement obligations under
                  letters of credit, fees, expenses and indemnities (and
                  guarantees thereof); and

                           (2)      all Hedging Obligations in respect of the
                  Credit Agreement,

in each case whether outstanding on the Issue Date or thereafter incurred.

         Notwithstanding the foregoing, "Subsidiary Guarantor Senior Debt" shall
not include:

                           (1)      any Indebtedness of such Subsidiary
                  Guarantor to the Company or any of its Subsidiaries;

                           (2)      Indebtedness to, or guaranteed on behalf of,
                  any shareholder, director, officer or employee of the Company
                  or any of its Subsidiaries (including, without limitation,
                  amounts owed for compensation);

                           (3)      obligations to trade creditors and other
                  amounts incurred (but not under the Credit Agreement) in
                  connection with obtaining goods, materials or services;

                           (4)      Indebtedness represented by Disqualified
                  Stock;

                           (5)      any liability for federal, state, local or
                  other taxes owed or owing by such Subsidiary Guarantor;

                           (6)      that portion of any Indebtedness incurred in
                  violation of Section 4.09 (but, as to any such obligation, no
                  such violation shall be deemed to exist for purposes of this
                  clause (6) if the holder(s) of such obligation or their
                  representative shall have received an officers' certificate of
                  such Subsidiary Guarantor to the effect that the incurrence of
                  such Indebtedness does not (or, in the case of revolving
                  credit Indebtedness, that the incurrence of the entire
                  committed amount thereof at the date on which the initial
                  borrowing thereunder is made would not) violate Section 4.09);

                           (7)      Indebtedness which, when incurred and
                  without respect to any election under Section 1111(b) of Title
                  11, United States Code, is without recourse to such Subsidiary
                  Guarantor; and

                           (8)      any Indebtedness of such Subsidiary
                  Guarantor which is, by its express terms, subordinated in
                  right of payment to any other Indebtedness of such Subsidiary
                  Guarantor.

         " " means the Trust Indenture Act of 1939, as amended.

         "Trustee" means a Person appointed as such under this Indenture and
whose acceptance of such appointment is evidence by the signature of such Person
hereon, until a successor replaces such Person in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving
hereunder.

         "Unrestricted Subsidiary" means:

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

                           (2)      any Subsidiary of an Unrestricted
                  Subsidiary.

                                       24
<PAGE>

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

                           (1)      such Subsidiary or any of its Subsidiaries
                  does not own any Capital Stock or Indebtedness of or have any
                  Investment in, or own or hold any Lien on any property of, any
                  other Subsidiary of the Company which is not a Subsidiary of
                  the Subsidiary to be so designated or otherwise an
                  Unrestricted Subsidiary (other than Liens on accounts
                  receivable, inventory and related assets in connection with a
                  Permitted Securitization Transaction);

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

                           (3)      such designation and the Investment of the
                  Company in such Subsidiary complies with Section 4.07;

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

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

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

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

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

         Any such designation by the Board of Directors of the Company shall be
evidenced by filing with the Trustee, or if no Trustee has been appointed
hereunder, by distributing to the Holders, a resolution of the Board of
Directors of the Company giving effect to such designation and an Officers'
Certificate certifying that such designation complies with the foregoing
conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the
foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease
to be an Unrestricted Subsidiary for purposes of this Indenture and any
Indebtedness of such Subsidiary shall be deemed to be Incurred as of such date.

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

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

         "Voting Stock" of a corporation means all classes of Capital Stock of
such corporation then outstanding and normally entitled to vote in the election
of directors.

         "Wholly-Owned Subsidiary" means a Restricted Subsidiary of the Company,
all of the Capital Stock of which (other than directors' qualifying shares and
shares required by applicable law to be held by a Person other than the Company
or a Restricted Subsidiary) is owned by the Company or another Wholly-Owned
Subsidiary.

                                       25
<PAGE>

         Section 1.02. Other Definitions.

<TABLE>
<CAPTION>
                                                          Defined in
           Term                                            Section
           ----                                            -------
<S>                                                       <C>
"Affiliate Transaction"                                     4.12
"Asset Disposition Offer"                                   4.11
"Asset Disposition Offer Amount"                            3.09
"Asset Disposition Offer Period"                            3.09
"Asset Disposition Purchase Date"                           3.09
"Authentication Order"                                      2.02
"Bankruptcy Provision"                                      6.01
"Change of Control Offer"                                   4.16
"Change of Control Payment"                                 4.16
"Change of Control Payment Date"                            4.16
"Covenant Defeasance"                                       8.03
"Coverage Ratio Exception"                                  4.09
"Cross-Acceleration Provision"                              6.01
"Event of Default"                                          6.01
"Excess Proceeds"                                           4.11
"Exchange Covenant"                                       Preamble
"First Amended Indenture"                                 Indenture
"Judgment Default Provision"                                6.01
"Legal Defeasance"                                          8.02
"Original Indenture"                                      Preamble
"Pari Passu Notes"                                          4.11
"Paying Agent"                                              2.03
"Payment Blockage Notice"                                   2.13
"Payment Default"                                           6.01
"Permitted Indebtedness"                                    4.09
"Registrar"                                                 2.03
"Relevant Entity"                                           6.01
"Restricted Payments"                                       4.07
"Successor Company"                                         5.01
"TIA"                                                     Preamble
"Transfer"                                                Preamble
</TABLE>

         Section 1.03. Incorporation by Reference of Trust Indenture Act.

         Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture.

         The following TIA terms used in this Indenture have the following
meanings:

         "indenture securities" means the Notes;

         "indenture security holder" means a Holder of a Note;

         "indenture to be qualified" means this Indenture;

         "indenture trustee" or "institutional trustee" means the Trustee; and

         "obligor" on the Notes and the Subsidiary Guarantees means the Company
and the Subsidiary Guarantors, respectively, and any successor obligor upon the
Notes and the Subsidiary Guarantees, respectively.

                                       26
<PAGE>

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

         Section 1.04. Rules of Construction.

         Unless the context otherwise requires:

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

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

                  (c)      "or" is not exclusive;

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

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

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

                                   ARTICLE II

                                    THE NOTES

         Section 2.01. Form and Dating.

                  (a)      General. The Notes shall be certificated Notes issued
in the name of the Holder thereof and issued in accordance with the provisions
of Section 2.06 hereof. The Notes and the Trustee's certificate of
authentication, if any, 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 as of its Issue Date or, if a
Trustee has been appointed hereunder, 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
Subsidiary 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 Custodian, at the direction of the Trustee, in accordance with
written instructions given by the Holder thereof as required by Section 2.06
hereof.

         Section 2.02. Execution and Authentication.

                                       27
<PAGE>

         One Officer shall sign the Notes for the Company by manual or facsimile
signature. If an Officer whose signature is on a Note no longer holds that
office at the time a Note is authenticated (if ever), the Note shall
nevertheless be valid.

         After a Trustee has been appointed, a newly issued 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, if any, shall, upon a written order of the Company signed
by an Officer (an "Authentication Order"), authenticate Notes for original issue
up to the aggregate principal amount stated in paragraph 4 of the Notes.

         The Trustee, if any, 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.

         Section 2.03. Registrar and Paying Agent.

         The Company shall maintain an office or agency 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 change any Paying Agent or Registrar with prior written notice
to the Trustee, and if no Trustee has been appointed hereunder, with prior
written notice to the Holders. The Company shall initially act as Paying Agent
and Registrar.

         Section 2.04. Paying Agent to Hold Money in Trust.

         The Company shall require each Paying Agent to agree in writing that
the Paying Agent shall hold in trust for the benefit of Holders or the Trustee,
if any, all money held by the Paying Agent for the payment of principal, premium
or interest on the Notes, and shall notify the Trustee, or if no Trustee has
been appointed hereunder, the Holders, of any default by the Company in making
any such payment. While any such default continues, the Trustee, or if no
Trustee has been appointed hereunder, the Holders of a majority in principal
amount of the then outstanding Notes, may require a Paying Agent to pay all
money held by it to the Trustee or the Holders. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee or the
Holders. Upon payment over to the Trustee or the Holders, as the case may be,
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, if any, shall
serve as Paying Agent for the Notes.

         Section 2.05. Holder Lists.

         The Trustee, or if no Trustee has been appointed hereunder, the
Company, 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 Section 312(a). The Company shall furnish to the
Trustee, or if no Trustee has been appointed hereunder, the Holders, at least
seven Business Days before each interest payment date and at such other times as
the Trustee or the Holders, as the case may be, may request in writing a list in
such form and as of such date as the Trustee or such Holders, as the case may
be, may reasonably require of the names and addresses of the Holders of Notes
and the Company shall otherwise comply with TIA Section 312(a).

         Section 2.06. Transfer and Exchange.

                  (a)      Transfer and Exchange of Global Notes. A Global Note
may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a

                                       28
<PAGE>

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

                  (b)      Transfer and Exchange of Beneficial Interests in the
Global Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the
provisions of this Indenture and the Applicable Procedures. Beneficial interests
in the 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 Global Note may be transferred
         to Persons who take delivery thereof in the form of a beneficial
         interest in the same Global Note in accordance with the transfer
         restrictions set forth in the Private Placement Legend. No written
         orders or instructions shall be required to be delivered to the
         Registrar to effect the transfers described in this Section 2.06(b)(i).

                           (ii)     All Other Transfers and Exchanges of
         Beneficial Interests in Global Notes. In connection with all transfers
         and exchanges of beneficial interests that are not subject to Section
         2.06(b)(i) above, the transferor of such beneficial interest must
         deliver to the Registrar either (A) (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) (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 (B)(1)
         above.

                           (iii)    Transfer of Beneficial Interests to Another
         Restricted Global Note. A beneficial interest in any 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 2.06(b)(ii) above and 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.

                  (c)      Transfer or Exchange of Beneficial Interests for
Definitive Notes. If any holder of a beneficial interest in a 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 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, a certificate

                                       29
<PAGE>

                  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 under the
                  Securities Act, 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 pursuant to an exemption from the registration
                  requirements of the Securities Act in accordance with Rule 144
                  under the Securities Act, a certificate to the effect set
                  forth in Exhibit B hereto, including the certifications in
                  item (3)(a) thereof;

                           (D)      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 subparagraph (B)
                  or (C) above, a certificate to the effect set forth in Exhibit
                  B hereto, including the certifications, certificates and
                  opinion of counsel required by item (3) thereof, if
                  applicable;

                           (E)      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

                           (F)      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 Global Note to be reduced
                  accordingly pursuant to this Section 2.06, and the Company
                  shall execute and the Trustee shall authenticate and deliver
                  to the Person designated in the instructions a Definitive Note
                  in the appropriate principal amount. Any Definitive Note
                  issued in exchange for a beneficial interest in a Global Note
                  pursuant to this Section 2.06(c) shall be registered in such
                  name or names and in such authorized denomination or
                  denominations as the holder of such beneficial interest shall
                  instruct the Registrar through instructions from the
                  Depositary and the Participant or Indirect Participant. The
                  Trustee shall deliver such Definitive Notes to the Persons in
                  whose names such Notes are so registered. Any Definitive Note
                  issued in exchange for a beneficial interest in a Global Note
                  pursuant to this Section 2.06(c)(i) shall bear the Private
                  Placement Legend and shall be subject to all restrictions on
                  transfer contained therein.

                  (d)      Transfer and Exchange of Definitive Notes for
Beneficial Interests. If any Holder of a Restricted Definitive Note proposes to
exchange such Note for a beneficial interest in a 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 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 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 under the
                  Securities Act, a certificate to the effect set forth in
                  Exhibit B hereto, including the certifications in item (1)
                  thereof;

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

                                       30
<PAGE>

                           (D)      if such Restricted Definitive Note 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) or (C) above, a certificate to the effect set forth in
                  Exhibit B hereto, including the certifications, certificates
                  and opinion of counsel required by item (3) thereof, if
                  applicable;

                           (E)      if such Restricted Definitive Note 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

                           (F)      if such Restricted Definitive Note 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 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 Global Note, in the case of clause (B) above, the 144A Global
Note.

                  (e)      Transfer and Exchange of Definitive Notes for
Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder's
compliance with the provisions of this Section 2.06(e), the Registrar shall
register the transfer or exchange of Definitive Notes. Prior to such
registration of transfer or exchange, the requesting Holder shall present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by
a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder shall provide any additional certifications,
documents and information, as applicable, required pursuant to the following
provisions of this Section 2.06:

                           (i)      Restricted Definitive Notes to Restricted
         Definitive Notes. Any Restricted 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 under the Securities Act, 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 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.

                           (ii)     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.

         Section 2.07. 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:

                  (a)      Private Placement Legend. 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 SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND,
         ACCORDINGLY, MAY NOT BE OFFERED

                                       31
<PAGE>

         OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
         OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF,
         THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL
         BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS
         NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
         TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C)
         IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3),
         OR (7) UNDER THE SECURITIES ACT) (AN "ACCREDITED INVESTOR"), (2) AGREES
         THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS
         SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE
         COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A
         QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
         SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR
         THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF
         BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING
         CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON
         TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED
         FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN
         AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE
         SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM
         REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
         AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
         REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
         OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G) PURSUANT TO AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3)
         AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS
         TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
         CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN TWO YEARS AFTER
         THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS
         AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER,
         FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL
         OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE
         TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION
         FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
         OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS "OFFSHORE
         TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANING GIVEN
         TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

                  (b)      Global Note Legend. Each Global Note shall bear a
legend in substantially the following form:

                  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 2.07 OF
         THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT
         IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL
         NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
         SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
         TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
         ERICO INTERNATIONAL CORPORATION.

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

                                       32
<PAGE>

Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note shall be
increased accordingly and an endorsement shall be made on such Global Note by
the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase.

                  (d)      General Provisions Relating to Transfers and
Exchanges.

                           (i)      To permit registrations of transfers and
         exchanges, the Company shall execute and the Trustee, if any, shall
         authenticate Global Notes and Definitive Notes upon the Company's order
         or at the Registrar's request.

                           (ii)     No service charge shall be made to a holder
         of a beneficial interest in a Global Note or to a Holder of a
         Definitive Note for any registration of transfer or exchange, but the
         Company may require payment of a sum sufficient to cover any transfer
         tax or similar governmental charge payable in connection therewith
         (other than any such transfer taxes or similar governmental charge
         payable upon exchange or transfer pursuant to Sections 2.10, 3.06,
         3.09, 4.11, 4.16 and 9.05 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 debt, and entitled to the same benefits under this
         Indenture, as the Global Notes or Definitive Notes surrendered upon
         such registration of transfer or exchange.

                           (v)      The Company shall not be required (A) to
         issue, to register the transfer of or to exchange any Notes during a
         period beginning at the opening of business 15 days before the day of
         any selection of Notes for redemption under Section 3.02 hereof and
         ending at the close of business on the day of selection, (B) to
         register the transfer of or to exchange any Note 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, if any, 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, if any, or the Company
         shall be affected by notice to the contrary.

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

                           (viii)   All certifications, certificates and
         Opinions of Counsel required to be submitted to the Registrar pursuant
         to this Section 2.07 to effect a registration of transfer or exchange
         may be submitted by facsimile.

         Section 2.08. Replacement Notes.

         If any mutilated Note is surrendered to the Trustee, if any, or the
Company and the Trustee or the Company, if applicable, receives evidence to its
satisfaction of the destruction, loss or theft of any Note, the Company shall
issue and the Trustee, upon receipt of an Authentication Order, shall
authenticate a replacement Note if the Trustee's requirements are met. If
required by the Trustee or the Company, an indemnity bond must be supplied by
the Holder that is sufficient in the judgment of the Trustee and the Company to
protect the Company,

                                       33
<PAGE>

the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. The Company may charge for its expenses
in replacing a Note.

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

         Section 2.09. Outstanding Notes.

         The Notes outstanding at any time are (i) if a Trustee has been
appointed hereunder, all the Notes authenticated by the Trustee, and (ii) if no
Trustee has been appointed hereunder, all the Notes issued pursuant to this
Indenture, except for those canceled by it, those delivered to it for
cancellation, those reductions in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section as
not outstanding. Except as set forth in this Section 2.09, a Note does not cease
to be outstanding because the Company or an Affiliate of the Company holds the
Note; however, Notes held by the Company or a Subsidiary of the Company shall
not be deemed to be outstanding for purposes of Section 3.07(b) hereof.

         If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee, or if no Trustee has been appointed hereunder,
the Company, 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
4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

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

         Section 2.10. 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 2.11. Temporary Notes.

         Until certificates representing Notes are ready for delivery, the
Company may prepare and the Trustee, if any, upon receipt of an Authentication
Order, shall authenticate temporary Notes. Temporary Notes shall be
substantially in the form of certificated Notes but may have variations that the
Company considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare
and the Trustee, if any, 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 2.12. Cancellation.

         The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee, or if
no Trustee has been appointed hereunder, the Company any Notes surrendered to
them for registration of transfer, exchange or payment. The Trustee, or if no
Trustee has been appointed hereunder, the Company and no one else shall cancel
all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and shall destroy canceled Notes (subject to the
record retention requirement of the Exchange Act). Certification of the
destruction of all canceled 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.

                                       34
<PAGE>

         Section 2.13. Defaulted Interest.

         If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a
subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01 hereof. The Company shall notify the Trustee, or if no
Trustee has been appointed hereunder, the Holders, in each case, in writing of
the amount of defaulted interest proposed to be paid on each Note and the date
of the proposed payment. The Company shall fix or cause to be fixed each such
special record date and payment date; provided that no such special record date
shall be less than 3 days prior to the related payment date for such defaulted
interest. At least 7 days before the special record date, the Company (or, upon
the written request of the Company, the Trustee in the name and at the expense
of the Company) shall mail or cause to be mailed to Holders a notice that states
the special record date, the related payment date and the amount of such
interest to be paid.

         Section 2.14. Record Date.

         The record date for purposes of determining the identify of Holders of
Notes entitled to vote or consent to any action by vote or consent authorized or
permitted under this Indenture shall be determined as provided for in TIA
Section 316(c).

                                       35
<PAGE>

         Section 2.15. Computation of Interest.

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

         Section 2.16. CUSIP Number.

         The Company in issuing the Notes may use a "CUSIP" number, and if it
does so, the Trustee shall use the CUSIP number in notices of redemption or
exchange as convenience to Holders; provided, that any such notice may state
that no representation is made as to the correctness or accuracy of the CUSIP
number printed in the notice or on the Notes and that reliance may be placed on
the other identification numbers printed on the Notes. The Company shall
promptly notify the Trustee, if any, of any change in the CUSIP number.

                                  ARTICLE III

                            REDEMPTION AND PREPAYMENT

         Section 3.01. Notices.

         If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee,
or if no Trustee has been appointed hereunder, to the Holders, in each case, at
least 30 days but not more than 60 days before a redemption date, an Officers'
Certificate setting forth (i) the clause of this Indenture pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of
Notes to be redeemed and (iv) the redemption price.

         Section 3.02. Selection of Notes to Be Redeemed.

         If less than all of the Notes are to be redeemed or purchased in an
offer to purchase at any time, the Trustee, or if no Trustee has been appointed
hereunder, the Holders of a majority in aggregate principal amount of the then
outstanding Notes, shall select the Notes to be redeemed or purchased among the
Holders of the Notes in compliance with the requirements of the principal
national securities exchange, if any, on which the Notes are listed or, if the
Notes are not listed, on a pro rata basis, by lot or by such other method as the
Trustee, or if no Trustee has been appointed hereunder, the Company in its sole
discretion shall deem to be fair and appropriate; provided, however, that (1) in
the case of a redemption pursuant to Section 3.07 the Trustee, or if no Trustee
has been appointed hereunder, the Company shall select the Notes only on a pro
rata basis or on as nearly a pro rata basis as is practicable (subject, in the
case of selection by the Trustee, to procedures of DTC) and (2) no Note of
$1,000 in original principal amount or less shall be redeemed in part.

         The Trustee, or the applicable Holders, as the case may be, 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 selected shall be in amounts
of $1,000 or whole 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 a 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 3.03. Notice of Redemption.

         Subject to the provisions of Section 3.09 hereof, at least 30 days but
not more than 60 days before a redemption date, the Company shall mail or cause
to be mailed, by first class mail, a notice of redemption to each Holder whose
Notes are to be redeemed at its registered address.

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

                  (a)      the redemption date;

                                       36
<PAGE>

                  (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, 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

                  (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, if any, 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 45 days prior to the
redemption date, an Officers' Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided
in the preceding paragraph.

         Section 3.04. Effect of Notice of Redemption.

         Once notice of redemption is mailed in accordance with Section 3.03
hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be
conditional.

         Section 3.05. Deposit of Redemption Price.

         One Business Day prior to the redemption date, the Company shall
deposit with the Trustee, if a Trustee has been appointed hereunder, or with the
Paying Agent money sufficient to pay the redemption price of and accrued
interest on all Notes to be redeemed on that date. The Trustee or the Paying
Agent shall promptly return to the Company any money deposited with the Trustee
or the Paying Agent by the Company in excess of the amounts necessary to pay the
redemption price of, and accrued interest on, all Notes to be redeemed.

         If the Company complies with the provisions of the preceding paragraph,
on and after the redemption date, interest shall cease to accrue on the Notes or
the portions of Notes called for redemption. If a Note is redeemed on or after
an interest record date but on or prior to the related interest payment date,
then any accrued and unpaid interest shall be paid to the Person in whose name
such Note was registered at the close of business on such record date. If any
Note called for redemption shall not be so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the redemption date until
such principal is paid, and to the extent lawful on any interest not paid on
such unpaid principal, in each case at the rate provided in the Notes and in
Section 4.01 hereof.

         Section 3.06. Notes Redeemed in Part.

         Upon surrender of a Note that is redeemed in part, the Company shall
issue and, upon the Company's written request, the Trustee shall authenticate
for the Holder at the expense of the Company a new Note equal in principal
amount to the unredeemed portion of the Note surrendered.

                                       37
<PAGE>

         Section 3.07. Optional Redemption.

                  (a)      At any time after August 31, 2006, the Company shall
have the option to redeem, from time to time, the Notes, in whole or in part,
upon not less than 30 nor more than 60 days' notice, at the following redemption
prices (expressed as a percentage of principal amount), plus accrued and unpaid
interest, if any, to the applicable redemption date (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date), if redeemed during the 12-month period
beginning on August 31 of the years indicated below:

<TABLE>
<CAPTION>
        Year                           Percentage
        ----                           ----------
<S>                                    <C>
2006.................................   105.50%
2007.................................   102.75%
2008 and thereafter..................   100.00%
</TABLE>

                  (b)      Notwithstanding the provisions of clause (a) of this
Section 3.07 and any subsequent amendment to this Indenture, at any time prior
to August 31, 2005, the Company may on one or more occasions redeem in the
aggregate up to 35% of the aggregate principal amount of Notes with the Net Cash
Proceeds of one or more Qualified Equity Offerings at a redemption price equal
to 111.00% of the principal amount thereof, plus accrued and unpaid interest, if
any, to the redemption date (subject to the rights of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date); provided, however, that at least 65% of the aggregate principal amount of
the Notes remain outstanding immediately after the occurrence of such redemption
(excluding Notes held by the Company and its Subsidiaries) and that each such
redemption occurs within 90 days after the date of the closing of such Qualified
Equity Offering (or, if later, the closing of any over-allotment option for such
Qualified Equity Offering).

                  (c)      At any time after August 15, 2004 and prior to
September 1, 2006, the Company shall have the option to redeem the Notes in
whole or in part, upon not less than 10 nor more than 60 days' notice, at 101%
of the outstanding principal amount of the Notes, plus accrued but unpaid
interest, if any, to the applicable redemption date (subject to the right of the
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

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

         Section 3.08. Mandatory Redemption; Exchange.

         The Company shall not be required to make any mandatory redemption or
sinking fund payments with respect to the Notes. At the election of any Holder,
the Company shall be required to exchange the Notes in accordance with and
pursuant to the terms and conditions of Section 6 of the Purchase Agreement.

         Section 3.09. Offer to Purchase by Application of Excess Proceeds.

         In the event that, pursuant to Section 4.11 hereof, the Company shall
be required to commence an Asset Disposition Offer to all Holders of the Notes,
and to the extent required by the terms of other Pari Passu Notes, to all
holders of such Pari Passu Notes, the Company shall commence such Asset
Disposition Offer to purchase the Notes and the Pari Passu Notes and the Company
shall follow the procedures specified below.

         The Asset Disposition Offer shall remain open for a period of 20
Business Days following its commencement, except to the extent that a longer
period is required by applicable law (the "Asset Disposition Offer Period"). No
later than five Business Days after the termination of the Asset Disposition
Offer Period (the "Asset Disposition Purchase Date"), the Company shall
repurchase the principal amount of Notes and Pari Passu Notes required to be
purchased pursuant to Section 4.11 hereof (the "Asset Disposition Offer Amount")
or, if less than the Asset Disposition Offer Amount has been so validly
tendered, all Notes and Pari Passu Notes validly tendered in

                                       38
<PAGE>

response to the Asset Disposition Offer. Payment for any Notes and Pari Passu
Notes so purchased shall be made in the same manner as interest payments are
made.

         If the Asset Disposition Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and
unpaid interest shall be paid to the Person in whose name a Note or a Pari Passu
Note is registered at the close of business on such record date, and no
additional interest shall be payable to Holders who tender Notes or Pari Passu
Notes pursuant to the Asset Disposition Offer.

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

                  (a)      that the Asset Disposition Offer is being made
pursuant to this Section 3.09 and Section 4.11 hereof and the length of time the
Asset Disposition Offer shall remain open;

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

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

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

                  (e)      that Holders electing to have a Note or Pari Passu
Note purchased pursuant to an Asset Disposition Offer may elect to have such
Notes and Pari Passu Notes purchased in integral multiples of $1,000 only;

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

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

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

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

         On or before the Asset Disposition Purchase Date, the Company shall, to
the extent lawful, accept for payment, on a pro rata basis to the extent
necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Notes or
portions of Notes and Pari Passu Notes so validly tendered and not properly
withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset
Disposition Offer Amount has been validly tendered and not

                                       39
<PAGE>

properly withdrawn, all Notes and Pari Passu Notes so validly tendered and not
properly withdrawn, in each case in integral multiples of $1,000. The Company
shall deliver to the Trustee an Officers' Certificate stating that such Notes or
portions thereof were accepted for payment by the Company in accordance with the
terms of this Section 4.11 and, in addition, the Company shall deliver all
certificates and notes required, if any, by the agreements governing the Pari
Passu Notes. The Company or the Paying Agent, as the case may be, shall promptly
(but in any case not later than five Business Days after the termination of the
Asset Disposition Offer Period) mail or deliver to each tendering Holder of
Notes or holder or lender of Pari Passu Notes, as the case may be, an amount
equal to the repurchase price of the Notes or Pari Passu Notes so validly
tendered and not properly withdrawn by such Holder or holder or lender, as the
case may be, and accepted by the Company for purchase, and the Company shall
promptly issue a new Note, and the Trustee, if any, upon delivery of an
Officers' Certificate from the Company, shall authenticate and mail or deliver
such new Note to such Holder, in a principal amount equal to any unpurchased
portion of the Note surrendered; provided, however, that each such new Note
shall be in a principal amount of $1,000 or an integral multiple of $1,000. In
addition, the Company shall take any and all other actions required by the
agreements governing the Pari Passu Notes. Any Note not so accepted shall be
promptly mailed or delivered by the Company to the Holder thereof. The Company
shall publicly announce the results of the Asset Disposition Offer on the Asset
Disposition Purchase Date.

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

                                   ARTICLE IV

                                    COVENANTS

         Section 4.01. Payment of Notes.

         The Company shall pay or cause to be paid the principal of, premium, if
any, and interest on the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest shall be considered paid on the
date due if the Paying Agent, if other than the Company or a Subsidiary thereof,
holds as of 10:00 a.m. 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 interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
2% per annum in excess of the then applicable interest rate on the Notes to the
extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period) at the same rate to the extent
lawful.

         Section 4.02. Maintenance of Office or Agency.

         The Company shall maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee, if any, or an
affiliate of the Trustee, Registrar or coregistrar) 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, or if no
Trustee has been appointed hereunder, to the Holders, of the location, and any
change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee or the Holders, as the case may be, with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, or if no Trustee has been
appointed hereunder, at the principal place of business of the Company.

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

                                       40
<PAGE>

         The Company hereby designates the Corporate Trust Office of the
Trustee, if any, as one such office or agency of the Company in accordance with
Section 2.03 hereof.

         Section 4.03. Reports.

         Notwithstanding that the Company may not be subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, to the extent permitted
by the Exchange Act, the Company shall file with the Commission, and provide to
the Trustee, if any, and the Holders of the Notes, the annual reports and the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may by rules and regulations prescribe) that are
specified in Sections 13 and 15(d) of the Exchange Act within the time periods
specified therein; provided, however, that availability of the foregoing
materials on the Commission's EDGAR service shall be deemed to satisfy the
Company's delivery obligations hereunder. In the event that the Company is not
permitted to file such reports, documents and information with the Commission
pursuant to the Exchange Act, the Company shall nevertheless provide such
Exchange Act information to the Trustee and the Holders of the Notes as if the
Company were subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act within the time periods specified therein.

         If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by
the preceding paragraph shall include a reasonably detailed presentation, either
on the face of the financial statements or in the footnotes to the financial
statements, and in "Management's Discussion and Analysis of Financial Condition
and Results of Operations," of the financial condition and results of operations
of the Company and the Restricted Subsidiaries.

         Section 4.04. Compliance Certificate.

                  (a)      The Company and each Subsidiary Guarantor (to the
extent that such Subsidiary Guarantor is so required under the TIA) shall
deliver to the Trustee, or if no Trustee has been appointed hereunder, to the
Holders, within 90 days after the end of each fiscal year, an Officers'
Certificate stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events of Default
of which he or she may have knowledge and what action the Company is taking or
proposes to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of 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)      So long as not contrary to the then current
recommendations of the American Institute of Certified Public Accountants, the
year-end financial statements delivered pursuant to Section 4.03 above shall be
accompanied by a written statement of the Company's independent public
accountants (who shall be a firm of established national reputation) that in
making the examination necessary for certification of such financial statements,
nothing has come to their attention that would lead them to believe that the
Company has violated any provisions of Article IV or Article V hereof or, if any
such violation has occurred, specifying the nature and period of existence
thereof, it being understood that such accountants shall not be liable directly
or indirectly to any Person for any failure to obtain knowledge of any such
violation. In the event that such written statement of the Company's independent
public accountants cannot be obtained, the Company shall deliver an Officer's
Certificate certifying that it has used its reasonable best efforts (which shall
not require any payment other than ordinary course audit fees) to obtain such
statements but was unable to do so.

                  (c)      The Company shall, so long as any of the Notes are
outstanding, deliver to the Trustee, or if no Trustee has been appointed
hereunder, to the Holders within 120 days after the end of each fiscal year, an
Officers' Certificate indicating whether the signers thereof know of any Default
or Event of Default that occurred during the previous year and what action the
Company is taking or proposes to take with respect thereto.

                                       41
<PAGE>

                  (d)      The Company is required to deliver to the Trustee, or
if no Trustee has been appointed hereunder, to the Holders, within 30 days after
the occurrence thereof, written notice of any events which would constitute
Events of Default, their status and any action the Company has taken or proposes
to take in respect thereof.

         Section 4.05. 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 is not adverse in any material respect
to the Holders of the Notes.

         Section 4.06. Stay, Extension and Usury Laws.

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

         Section 4.07. Limitation on Restricted Payments.

         The Company shall not, and shall not permit any Restricted Subsidiary,
directly or indirectly, to:

                           (1)      declare or pay any dividend or make any
                  distribution on or in respect of its Capital Stock (including
                  any payment in connection with any merger or consolidation
                  involving the Company or any Restricted Subsidiary) except:

                                    (a)      dividends or distributions payable
                           in Qualified Stock or in options, warrants or other
                           rights to purchase Qualified Stock; and

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

                           (2)      repurchase, redeem or otherwise acquire or
                  retire for value any Capital Stock of the Company, Holdings,
                  Global or any Restricted Subsidiary or options, warrants or
                  other rights to purchase Capital Stock of the Company,
                  Holdings, Global or any Restricted Subsidiary held by Persons
                  other than the Company or a Restricted Subsidiary of the
                  Company (other than in exchange for Qualified Stock);

                           (3)      purchase, repurchase, redeem, defease or
                  otherwise acquire or retire for value, before scheduled
                  maturity, scheduled repayment or scheduled sinking fund
                  payment, any Subordinated Obligations; or

                           (4)      make any Restricted Investment in any Person

(any of the foregoing referred to in clauses (1) through (4) shall be referred
to herein as a "Restricted Payment"), if at the time the Company or such
Restricted Subsidiary makes such Restricted Payment or immediately after giving
effect thereto:

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<PAGE>

                  (a)      a Default or Event of Default has occurred and is
continuing (or would result from such Restricted Payment);

                  (b)      the Company is not able to Incur an additional $1.00
of Indebtedness pursuant to the Coverage Ratio Exception; or

                  (c)      the aggregate amount of such Restricted Payment and
all other Restricted Payments declared or made subsequent to the Issue Date
(other than Restricted Payments made pursuant to clauses (2) through (8) and
(11) through (16) set forth in the next paragraph, which shall not be included
in the calculation of the amount of Restricted Payments) would exceed the sum
of:

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

                           (ii)     100% of the aggregate Net Cash Proceeds
         received after the Issue Date by the Company or its Restricted
         Subsidiaries from the (A) issuance and sale of Qualified Stock by the
         Company or its Restricted Subsidiaries or capital contributions to the
         Company or (B) issuance and sale of Disqualified Stock or Indebtedness
         of the Company or its Restricted Subsidiaries that has been converted
         into or exchanged by the Company or its Restricted Subsidiaries for
         Qualified Stock of the Company or a Restricted Subsidiary, less the
         amount of any cash, or the fair market value of any other assets,
         distributed by the Company or any Restricted Subsidiary upon such
         conversion or exchange (other than Net Cash Proceeds received from an
         issuance and sale of Capital Stock to or capital contributions from (x)
         the Company or a Subsidiary of the Company or (y) an employee stock
         ownership plan, option plan or similar trust to the extent such sale to
         an employee stock ownership plan, option plan or similar trust is
         financed by loans from or Guaranteed by the Company or any Restricted
         Subsidiary unless such loans have been repaid with cash on or prior to
         the date of determination); plus

                           (iii)    to the extent not otherwise included in the
         calculation of Consolidated Net Income for purposes of clause (i)
         above, 100% of (x) any amount received in cash or Marketable Securities
         (upon conversion thereof to cash within 30 days of receipt thereof) by
         the Company or any Restricted Subsidiary as dividends, distributions or
         return of capital from, or payment of interest or principal on any loan
         or advance to, and (y) the aggregate amount of cash or Marketable
         Securities (upon conversion thereof to cash within 30 days of receipt
         thereof) received by the Company or any Restricted Subsidiary upon the
         sale or other disposition of, the investee (other than an Unrestricted
         Subsidiary) of any Investment made by the Company and the Restricted
         Subsidiaries since the Issue Date (other than from an Investment in a
         Restricted Subsidiary); provided, however, that the foregoing sum shall
         not exceed, in the case of any investee (other than an Unrestricted
         Subsidiary), the aggregate amount of Restricted Investments previously
         made by the Company or any Restricted Subsidiary in such investee
         subsequent to the Issue Date; plus

                           (iv)     to the extent not otherwise included in the
         calculation of Consolidated Net Income for purposes of clause (i)
         above, 100% of (x) any amount received in cash by the Company or any
         Restricted Subsidiary as dividends, distributions or return of capital
         from, or payment of interest or principal on any loan or advance to, or
         the Net Cash Proceeds received upon the sale or other disposition of
         the Capital Stock of, an Unrestricted Subsidiary of the Company and (y)
         the fair market value of the net assets of an Unrestricted Subsidiary
         of the Company, at the time such Unrestricted Subsidiary is
         redesignated as a Restricted Subsidiary or is merged, consolidated or
         amalgamated with or into, or is liquidated into, the Company or any
         Restricted Subsidiary, multiplied by the Company's proportionate equity
         interest in such Subsidiary; provided, however, that the foregoing sum
         shall not exceed, in the case of any Unrestricted Subsidiary, the
         aggregate amount of Restricted Investments previously made by the
         Company or any Restricted Subsidiary in such Unrestricted Subsidiary
         subsequent to the Issue Date.

         The provisions of the preceding paragraph shall not prohibit:

                                       43
<PAGE>

                           (1)      dividends paid within 60 days after the date
                  of declaration if at such date of declaration such dividend
                  would have complied with this Section 4.07;

                           (2)      any purchase, repurchase, redemption,
                  defeasance or other acquisition or retirement for value of
                  Capital Stock of the Company, Holdings or Global or
                  Subordinated Obligations made by exchange for, or out of the
                  proceeds of the substantially concurrent issuance and sale of,
                  Qualified Stock (other than Capital Stock issued or sold to a
                  Subsidiary of the Company or an employee stock ownership plan,
                  option plan or similar trust to the extent such sale to an
                  employee stock ownership plan, option plan or similar trust is
                  financed by loans from or Guaranteed by the Company, Holdings
                  or Global or any Restricted Subsidiary unless such loans have
                  been repaid with cash prior to the date of determination) or a
                  substantially concurrent cash capital contribution to the
                  Company; provided, however, that the Net Cash Proceeds from
                  such sale shall be excluded from clause (c)(ii) of the
                  preceding paragraph;

                           (3)      payments to Holdings or Global for the
                  purpose of permitting, and in an amount equal to the amount
                  required to permit, Holdings or Global to redeem or repurchase
                  its common equity or options in respect thereof from employees
                  of the Company, Holdings, or Global or their Subsidiaries;
                  provided, however, that all such redemptions or repurchases
                  pursuant to this clause (3) shall not exceed $1,000,000 in any
                  fiscal year (which amount shall be increased by the amount of
                  any net cash proceeds received from the sale since the Issue
                  Date of Capital Stock (other than Disqualified Stock) to
                  members of the Company's, Holdings' or Global's management
                  team and by the cash proceeds of any "key man" life insurance
                  policies which are used to make such redemptions or
                  repurchases) since the Issue Date; provided, further, that the
                  cancellation of indebtedness owing to the Company from members
                  of management of the Company, Holdings or Global or any
                  Restricted Subsidiary in connection with any such repurchase
                  of Capital Stock (or warrants or options or rights to acquire
                  such Capital Stock) shall not be deemed to constitute a
                  Restricted Payment under this Indenture;

                           (4)      any purchase, repurchase, redemption,
                  defeasance or other acquisition or retirement for value of
                  Subordinated Obligations made by exchange for, or out of the
                  proceeds of the substantially concurrent Incurrence of,
                  Subordinated Obligations that qualify as Refinancing
                  Indebtedness;

                           (5)      repurchases of Capital Stock deemed to occur
                  upon the exercise of stock options if such Capital Stock
                  represents a portion of the exercise price thereof; provided,
                  however, that such repurchases shall be excluded from
                  subsequent calculations of the amount of Restricted Payments;

                           (6)      so long as no Default or Event of Default
                  has occurred and is continuing, any purchase, repurchase,
                  redemption or other acquisition of Subordinated Obligations
                  from Net Available Cash to the extent not otherwise required
                  to be applied pursuant to Section 4.11 hereof; provided,
                  however, that such purchase, repurchase, redemption or other
                  acquisition shall be excluded in the calculation of the amount
                  of Restricted Payments;

                           (7)      so long as no Default or Event of Default
                  has occurred and is continuing (or would result therefrom),
                  loans or advances to employees or directors of the Company or
                  any Subsidiary of the Company the proceeds of which are used
                  to purchase Qualified Stock (or repurchases of such Capital
                  Stock in exchange for cancellation of such loans or advances),
                  in an aggregate amount not in excess of $1.0 million at any
                  one time outstanding; provided, however, that (a) the amount
                  of such loans and advances shall be included in the
                  calculation of the amount of Restricted Payments and (b) the
                  Net Cash Proceeds from any such sale of Qualified Stock of the
                  Company shall be excluded from clause (c)(ii) of the preceding
                  paragraph;

                           (8)      any purchase, repurchase, redemption or
                  other acquisition of (a) Disqualified Stock of the Company
                  made by exchange for, or out of the proceeds of the
                  substantially concurrent sale of, Disqualified Stock of the
                  Company that qualifies as Refinancing Indebtedness

                                       44
<PAGE>

                  or (b) Disqualified Stock of a Restricted Subsidiary made by
                  exchange for, or out of the proceeds of the substantially
                  concurrent sale of, Disqualified Stock of such Restricted
                  Subsidiary or the Company that qualifies as Refinancing
                  Indebtedness; provided, however, in each case under this
                  clause (8) that (i) such Refinancing Indebtedness is not
                  issued or sold to a Subsidiary or an employee stock ownership
                  plan or similar trust to the extent such sale to an employee
                  stock ownership plan or similar trust is financed by loans
                  from or Guaranteed by the Company or any Restricted Subsidiary
                  unless such loans have been repaid with cash on or prior to
                  the date of determination, (ii) at the time of such exchange,
                  no Default or Event of Default shall have occurred and be
                  continuing or would result therefrom, and (iii) such purchase,
                  repurchase, redemption or other acquisition shall be excluded
                  in the calculation of the amount of Restricted Payments;

                           (9)      upon the occurrence of a Change of Control
                  and within 60 days after the completion of the offer to
                  repurchase the Notes pursuant to Section 4.16 (including the
                  purchase of all Notes tendered), any purchase, repurchase,
                  redemption or other acquisition of Subordinated Obligations
                  required pursuant to the terms thereof as a result of such
                  Change of Control at a purchase, repurchase, redemption or
                  other acquisition price not to exceed 101% of the outstanding
                  principal amount thereof, plus accrued and unpaid interest
                  thereon, if any; provided, however, that (a) at the time of
                  such purchase, repurchase, redemption or other acquisition, no
                  Default shall have occurred and be continuing (or would result
                  therefrom), (b) the Company would be able to Incur an
                  additional $1.00 of Indebtedness pursuant to the Coverage
                  Ratio Exception after giving pro forma effect to such
                  Restricted Payment, (c) such purchase, repurchase, redemption
                  or other acquisition is not made, indirectly or indirectly,
                  from the proceeds of (or made in anticipation of) any
                  Incurrence of Indebtedness by the Company or any Subsidiary
                  and (d) such purchase, repurchase, redemption or other
                  acquisition shall be included in the calculation of the amount
                  of Restricted Payments;

                           (10)     purchases of Capital Stock of Restricted
                  Subsidiaries from minority holders (other than Affiliates of
                  the Company); provided, however, that upon giving effect to
                  any such purchase of Capital Stock of any Restricted
                  Subsidiary, such Subsidiary shall be a Subsidiary Guarantor;
                  provided further, however, that such purchases shall be
                  included in the calculation of the amount of Restricted
                  Payments;

                           (11)     any Investment made by the exchange for, or
                  out of the proceeds of, a capital contribution in respect of
                  or the substantially concurrent sale of, Capital Stock (other
                  than Disqualified Stock) of the Company, Holdings or Global to
                  the extent the net cash proceeds thereof are received by, or
                  contributed to, the Company (other than from a Restricted
                  Subsidiary of the Company);

                           (12)     payments to Holdings or Global in respect of
                  taxes pursuant to the terms of any tax sharing agreement or
                  arrangement which provide for payments by the Company or any
                  of its Restricted Subsidiaries thereunder in amounts not in
                  excess of the tax payments that the Company and its
                  consolidated Subsidiaries would be required to pay on a
                  stand-alone basis plus up to $250,000 per annum to pay state
                  and local taxes of Holdings or Global;

                           (13)     the making of distributions, loans,
                  management fees or advances to Holdings or Global (a) in an
                  amount not to exceed $500,000 per annum in order to permit
                  Holdings and Global to pay ordinary operating expenses of
                  Holdings and Global (including, without limitation, directors'
                  fees, indemnification obligations, professional fees and
                  expenses) and (b) in an amount not to exceed $2.0 million per
                  annum in order to permit Holdings and Global to pay salary,
                  bonus or other compensation to executive officers of Holdings
                  and Global who provide services to the Company and its
                  Restricted Subsidiaries;

                           (14)     Restricted Payments in an amount not to
                  exceed $10.0 million in the aggregate;

                                       45
<PAGE>

                           (15)     dividends or distributions of up to $25.0
                  million of proceeds of the Notes to Holdings and then Global
                  to make a distribution to the holders of shares of Global's
                  Class L common stock; and

                           (16)     payments of intercompany Subordinated
                  Obligations, the Incurrence of which was permitted under
                  clause (5) of the second paragraph of Section 4.09; provided,
                  however, that no Default has occurred and is continuing or
                  would otherwise result therefrom; provided, further, however,
                  that such payments shall be excluded from the calculation of
                  the amount of Restricted Payments.

         The amount of all Restricted Payments (other than cash) shall be the
fair market value on the date of such Restricted Payment of the asset(s) or
securities proposed to be paid, transferred or issued by the Company or any
Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment.
The fair market value of any cash Restricted Payment shall be its face amount
and any non-cash Restricted Payment shall be determined conclusively by the
Board of Directors acting in good faith, whose resolution with respect thereto
shall be delivered to the Trustee, or if no Trustee has been appointed
hereunder, to the Holders, such determination to be based upon an opinion or
appraisal issued by an accounting, appraisal or investment banking firm of
national standing if such fair market value is estimated to exceed $10,000,000.
No later than the date of any such Restricted Payment, the Company shall deliver
to the Trustee, or if no Trustee has been appointed hereunder, to the Holders,
an Officers' Certificate stating that such Restricted Payment is permitted
pursuant to the terms of this Indenture, and providing a calculation of the
amount of Restricted Payments made under this Section 4.07 and any fairness
opinion required to be delivered pursuant to the terms of this Section 4.07.

         Section 4.08. Limitation on Restrictions on Distributions from
Restricted Subsidiaries.

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

                           (1)      pay dividends or make any other
                  distributions on its Capital Stock or pay any Indebtedness or
                  other obligations owed to the Company or any Restricted
                  Subsidiary;

                           (2)      make any loans or advances to the Company or
                  any Restricted Subsidiary; or

                           (3)      transfer any of its property or assets to
                  the Company or any Restricted Subsidiary.

         The preceding provisions shall not prohibit:

                           (i)      any encumbrance or restriction pursuant to
         this Indenture or an agreement in effect at or entered into on the date
         of this Indenture (including, without limitation, this Indenture and
         the Credit Agreement in effect on such date) or any encumbrance or
         restriction pursuant to any Indebtedness Incurred after the Issue Date
         no more restrictive, taken as a whole, than the encumbrances or
         restrictions pursuant to the Credit Agreement or this Indenture;

                           (ii)     any encumbrance or restriction with respect
         to a Restricted Subsidiary pursuant to an agreement relating to any
         Indebtedness Incurred by a Restricted Subsidiary before the date on
         which such Restricted Subsidiary was acquired by the Company (other
         than Indebtedness Incurred as consideration in, or to provide all or
         any portion of the funds utilized to consummate, the transaction or
         series of related transactions pursuant to which such Restricted
         Subsidiary became a Restricted Subsidiary or was acquired by the
         Company or in contemplation of such transaction) and outstanding on
         such date;

                           (iii)    any encumbrance or restriction with respect
         to a Restricted Subsidiary pursuant to Refinancing Indebtedness or
         Indebtedness under the Credit Agreement Incurred in compliance with the
         terms of this Indenture to refinance Indebtedness pursuant to an
         agreement referred to in clause (i) or (ii) of

                                       46
<PAGE>

         this paragraph or this clause (iii) or contained in any amendment
         complying with the terms of this Indenture to an agreement referred to
         in clause (i) or (ii) of this paragraph or this clause (iii); provided,
         however, that the encumbrances and restrictions with respect to such
         Restricted Subsidiary contained in any such agreement or amendment are
         no less favorable, taken as a whole, in any material respect to the
         Holders of the Notes than the encumbrances and restrictions contained
         in such agreements referred to in clauses (i) and (ii) of this
         paragraph on the Issue Date or the date such Restricted Subsidiary
         became a Restricted Subsidiary, whichever is applicable, or are
         ordinary and customary for a financing of that type and would not
         materially adversely affect the Company's ability to make payments on
         the Notes (in each case as determined in good faith by the Company's
         Board of Directors);

                           (iv)     in the case of clause (3) of the first
         paragraph of this Section, any encumbrance or restriction:

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

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

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

                           (v)      purchase money obligations for property
         acquired in the ordinary course of business that impose encumbrances or
         restrictions of the nature described in clause (3) of the first
         paragraph of this Section on the property so acquired;

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

                           (vii)    encumbrances or restrictions arising or
         existing by reason of applicable law or any applicable rule, regulation
         or order of any governmental authority or court of law;

                           (viii)   any restriction with respect to a Restricted
         Subsidiary contained in any agreement or instrument governing Capital
         Stock (other than Disqualified Stock) of any Restricted Subsidiary that
         is in effect on the date such Restricted Subsidiary is acquired by the
         Company (and is not incurred in contemplation of such transaction);

                           (ix)     any restriction on the ability of a Foreign
         Subsidiary to make dividends or other distributions resulting from the
         operation of reasonable financial covenants contained in documentation
         governing Indebtedness of such Foreign Subsidiary permitted under
         clause (3) of the second paragraph of Section 4.09 of this Indenture;

                           (x)      provisions in agreements or instruments
         which prohibit the payment of dividends or the making of other
         distributions with respect to any class of Capital Stock of any Person
         other than on a pro rata basis;

                           (xi)     any encumbrance or restriction on cash or
         other deposits or net worth imposed by customers under contracts
         entered into in the ordinary course of business; and

                                       47
<PAGE>

                           (xii)    any agreement or instrument placing contract
         restrictions or restrictions applicable only to a Securitization Entity
         effected in connection with or Liens on receivables or related assets
         which are the subject of a Permitted Securitization Transaction.

         Section 4.09. Limitations on Indebtedness.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, Incur any Indebtedness, issue any Disqualified Stock or, with respect to any
Restricted Subsidiary, issue any Preferred Stock to anyone other than the
Company or a Restricted Subsidiary; provided, however, that (i) the Company, any
Subsidiary Guarantor or any Securitization Entity that is a Restricted
Subsidiary may Incur Indebtedness (including Acquired Indebtedness) or issue
Disqualified Stock, and (ii) any Restricted Subsidiary that is not a Subsidiary
Guarantor may Incur Acquired Indebtedness, in either case, if:

                  (a)      the Consolidated Coverage Ratio for the Company and
the Restricted Subsidiaries is at least 2.00 to 1.00 determined on a pro forma
basis (including a pro forma application of the net proceeds therefrom) as if
such additional Indebtedness had been Incurred, or the Disqualified Stock had
been issued, as the case may be, at the beginning of the applicable period for
which the Consolidated Coverage Ratio is measured; and

                  (b)      no Default has occurred and is continuing or would
occur as a consequence of Incurring the Indebtedness (this proviso, the
"Coverage Ratio Exception").

         The first paragraph of this Section 4.09 shall not prohibit the
Incurrence of the following Indebtedness (collectively, "Permitted
Indebtedness"):

                           (1)      Indebtedness represented by the Notes issued
                  on the Issue Date;

                           (2)      Indebtedness existing on the Issue Date,
                  including the Company's 8 7/8% Senior Subordinated Notes due
                  2012;

                           (3)      any Refinancing Indebtedness Incurred in
                  respect of any Indebtedness Incurred pursuant to the first
                  paragraph of this Section 4.09, or pursuant to clause (1) or
                  (2) or this clause (3) of this paragraph;

                           (4)      Indebtedness Incurred, whether before, on or
                  after the Issue Date, pursuant to the Credit Agreement and/or
                  pursuant to a Permitted Securitization Transaction in an
                  aggregate principal amount not to exceed the greater of:

                                    (a)      $90.0 million at any time
                           outstanding, less the aggregate principal amount of
                           all mandatory prepayments of principal and commitment
                           reductions made from Net Available Cash from Asset
                           Dispositions, in each case permanently reducing the
                           commitments thereunder; and

                                    (b)      the sum of (x) 65% of the book
                           value of the inventory of the Company and its
                           Restricted Subsidiaries and (y) 85% of the book value
                           of the accounts receivable of the Company and its
                           Restricted Subsidiaries, in each case as determined
                           as of the last day of the most recent fiscal quarter
                           for which internal financial statements are in
                           existence.

                           (5)      Indebtedness owed by the Company or any
                  Restricted Subsidiary to the Company or any Restricted
                  Subsidiary; provided, however, that

                                    (a)      any such Indebtedness owed by the
                           Company shall be expressly subordinated to the prior
                           payment in full in cash of all obligations with
                           respect to the Notes, and any such Indebtedness owed
                           by any Subsidiary Guarantor shall be expressly

                                       48
<PAGE>

                           subordinated to the prior payment in full in cash of
                           all obligations with respect to the Subsidiary
                           Guarantee of such Subsidiary Guarantor; and

                                    (b)      if such Indebtedness is
                           subsequently held by a Person other than the Company
                           or any Restricted Subsidiary, the obligor of such
                           Indebtedness shall be deemed to have Incurred
                           Indebtedness not permitted by this clause (5);

                           (6)      the Guarantee by the Company or any
                  Restricted Subsidiary of Indebtedness of the Company or a
                  Subsidiary Guarantor; provided, however, that the Indebtedness
                  being Guaranteed is, or was at the time of issuance, permitted
                  to be Incurred by another provision of this Indenture;

                           (7)      Indebtedness under Currency Agreements,
                  Commodity Agreements and Interest Rate Agreements; provided,
                  however, that (x) in the case of Currency Agreements or
                  Commodity Agreements, such Currency Agreements or Commodity
                  Agreements are related to business transactions of the Company
                  or any Restricted Subsidiary entered into in the ordinary
                  course of business and (y) such Currency Agreements or
                  Commodity Agreements and Interest Rate Agreements are entered
                  into for bona fide hedging purposes of the Company or any
                  Restricted Subsidiary and not for purposes of speculation;

                           (8)      Capitalized Lease Obligations and Purchase
                  Money Indebtedness (in each case other than in connection with
                  any Sale and Leaseback Transaction), and Refinancing
                  Indebtedness thereof, in an aggregate principal amount not to
                  exceed $7.5 million at any time outstanding;

                           (9)      Indebtedness of the Company and its
                  Restricted Subsidiaries, to the extent the proceeds thereof
                  are immediately used after the Incurrence thereof to purchase
                  Notes tendered in an offer to purchase made as a result of a
                  Change of Control;

                           (10)     Indebtedness of the Company or any
                  Restricted Subsidiary represented by letters of credit and
                  Guarantees for the account of the Company or any Restricted
                  Subsidiary, as the case may be, in order to provide security
                  for workers' compensation claims, payment obligations in
                  connection with self-insurance or similar requirements in the
                  ordinary course of business, and other Indebtedness with
                  respect to workers' compensation claims, self-insurance
                  obligations, performance, surety and similar bonds and
                  completion guarantees provided by the Company or any
                  Restricted Subsidiary in the ordinary course of business;

                           (11)     Indebtedness in respect of trade and standby
                  letters of credit, performance bonds, bankers' acceptances and
                  surety or appeal bonds issued for the account of the Company
                  or any Restricted Subsidiary in the ordinary course of its
                  business;

                           (12)     indemnification, adjustment of purchase
                  price or similar obligations, in each case, Incurred in
                  connection with the disposition of any business, assets or
                  capital stock of the Company or any Restricted Subsidiary
                  (including, without limitation, earnout provisions); provided,
                  however, that the maximum aggregate liability in respect of
                  all such Indebtedness shall at no time exceed the gross
                  proceeds actually received by the Company and the Restricted
                  Subsidiaries in connection with such disposition;

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

                           (14)     Acquired Indebtedness; provided, however,
                  that the aggregate principal amount of such Acquired
                  Indebtedness pursuant to this clause (14) shall not exceed
                  $10.0 million at any time outstanding;

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<PAGE>

                           (15)     Indebtedness (other than Senior Debt)
                  Incurred to purchase, repurchase, redeem or otherwise acquire
                  the Notes pursuant to the terms of the Indenture at a
                  purchase, repurchase or other acquisition price not to exceed
                  101% of the outstanding principal amount thereof, plus accrued
                  and unpaid interest thereon if any; provided the maturity date
                  of any such Indebtedness shall not be prior to the Stated
                  Maturity of the Company's 8 7/8% Senior Subordinated Notes due
                  2012; and

                           (16)     in addition to the Indebtedness referred to
                  in clauses (1) through (15) above, Indebtedness in an
                  aggregate principal amount not to exceed $25.0 million at any
                  time outstanding.

         The outstanding principal amount of any particular Indebtedness shall
be counted only once and any obligation arising under any Guarantee, Lien,
letter of credit or similar instrument supporting such Indebtedness shall be
disregarded, so long as the obligor is permitted to Incur such obligation. In
the event that an item of Indebtedness meets the criteria of more than one of
the categories of Permitted Indebtedness described in clauses (2) through (16)
of the definition of "Permitted Indebtedness" or is entitled to be Incurred
pursuant to the Coverage Ratio Exception, the Company shall, in its sole
discretion, classify such item of Indebtedness in any manner that complies with
this covenant (provided, however, that all Indebtedness outstanding under the
Credit Agreement on the Issue Date shall be deemed to have been Incurred
pursuant to clause (3) of the definition of "Permitted Indebtedness") and, in
the Company's sole discretion, may later reclassify such item into any one or
more of the categories of Permitted Indebtedness described in clauses (2)
through (16) of the definition of "Permitted Indebtedness" or the Coverage Ratio
Exception (provided, however, that at the time of reclassification it meets the
criteria in such category or categories). The amount of Indebtedness issued at a
price that is less than the principal amount thereof shall be equal to the
amount of the liability in respect thereof determined in accordance with GAAP.

         Indebtedness permitted by this section 4.09 need not be permitted
solely by reference to one provision permitting such Indebtedness but may be
permitted in part by one such provision and in part by one or more other
provisions of this Section 4.09 permitting such Indebtedness.

         Accrual of interest, accrual of dividends, fluctuations in exchange
rates and commodity prices and the accretion of accreted value shall not be
deemed to be an Incurrence of Indebtedness for purposes of this covenant. The
amount of any Indebtedness outstanding as of any date shall be (1) the accreted
value of the Indebtedness in the case of any Indebtedness issued with original
issue discount and (2) the principal amount or liquidation preference thereof,
together with any interest and dividends thereon that are more than 30 days past
due, in the case of any other Indebtedness.

         For purposes of determining compliance of any non-U.S.
dollar-denominated Indebtedness with this covenant, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be
calculated based on the relevant currency exchange rate in effect on the date
such Indebtedness was Incurred, in the case of term Indebtedness, or first
committed, in the case of revolving credit Indebtedness; provided, however, that
if such Indebtedness is Incurred to Refinance other Indebtedness denominated in
the same or a different currency, and such Refinancing would cause the
applicable U.S. dollar-denominated restriction to be exceeded if calculated at
the relevant currency exchange rate in effect on the date of such Refinancing,
such U.S. dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such Refinancing Indebtedness does
not exceed the principal amount of such Indebtedness being Refinanced.
Notwithstanding any other provision of this covenant, the maximum amount of
Indebtedness that may be Incurred pursuant to this covenant shall not be deemed
to be exceeded solely as a result of fluctuations in the exchange rate of
currencies.

         In addition, the Company shall not permit any Unrestricted Subsidiary
to Incur any Indebtedness or issue any shares of Disqualified Stock, other than
Non-Recourse Debt. If at any time an Unrestricted Subsidiary becomes a
Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be
Incurred by a Restricted Subsidiary of the Company as of such time (and, if such
Indebtedness is not permitted to be Incurred as of such time under this Section
4.09, the Company shall be in Default of this Section).

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<PAGE>

         Section 4.10. Limitation on Layering Indebtedness.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, Incur or suffer to exist any Indebtedness that is or
purports to be by its terms (or by the terms of any agreement governing such
Indebtedness) senior to the Notes or the Subsidiary Guarantee of such Restricted
Subsidiary and subordinated to any other Indebtedness of the Company or of such
Restricted Subsidiary, as the case may be.

         Section 4.11. Limitation on Sales of Assets and Subsidiary Stock.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, make any Asset Disposition unless:

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

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

                           (3)      an amount equal to 100% of the Net Available
                  Cash from such Asset Disposition is applied within 360 days
                  from the later of the date of such Asset Disposition or the
                  receipt of such Net Available Cash:

                                    (a)      to prepay, repay or purchase Senior
                           Debt or Subsidiary Guarantor Senior Debt, including,
                           without limitation, obligations under the Credit
                           Agreement; provided, however, that, in connection
                           with any such prepayment, repayment or purchase, the
                           Company shall cause the related commitment (if any)
                           to be permanently reduced in an amount equal to the
                           principal amount so prepaid, repaid or purchased;

                                    (b)      to repay any Indebtedness (other
                           than payments made on any revolving credit facility
                           Indebtedness where the underlying commitment is not
                           permanently reduced) that was secured by the assets
                           sold in such Asset Disposition; and/or

                                    (c)      to invest in Additional Assets.

         Any Net Available Cash from Asset Dispositions that is not applied or
invested as provided in the preceding paragraph shall be deemed to constitute
"Excess Proceeds." On the 361st day after the later of the date of an Asset
Disposition or the receipt of Net Available Cash, if the aggregate amount of
Excess Proceeds exceeds $5.0 million, the Company shall be required to make an
offer ("Asset Disposition Offer") not less than 30 nor more than 60 days from
such date to all Holders of Notes and to the extent required by the terms of
other Pari Passu Indebtedness, to all holders of other Pari Passu Indebtedness
outstanding with similar provisions requiring the Company to make an offer to
repurchase such Pari Passu Indebtedness with the proceeds from any Asset
Disposition ("Pari Passu Notes"), to repurchase the maximum principal amount of
Notes and any such Pari Passu Notes to which the Asset Disposition Offer applies
that may be repurchased out of the Excess Proceeds, at an offer price in cash in
an amount equal to 100% of the principal amount of the Notes, plus accrued and
unpaid interest, if any, to the date of repurchase and the offer price for the
Pari Passu Notes, in accordance with the procedures set forth in this Indenture
or the agreements governing the Pari Passu Notes, as applicable, in each case in
integral multiples of $1,000. To the extent that the aggregate amount of Notes
and Pari Passu Notes so validly tendered and not properly withdrawn pursuant to
an Asset Disposition Offer is less than the Excess Proceeds, the Company may use
any remaining Excess Proceeds for general corporate purposes, subject to the
other covenants contained in this Indenture. If the aggregate principal amount
of Notes surrendered by Holders thereof and other Pari Passu Notes surrendered
by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the
Trustee, or if no Trustee

                                       51
<PAGE>

has been appointed hereunder, the Holders of a majority in aggregate principal
amount of the then outstanding Notes, shall select the Notes and Pari Passu
Notes to be repurchased on a pro rata basis on the basis of the aggregate
principal amount of tendered Notes and Pari Passu Notes. Upon completion of such
Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero.

         The Asset Disposition Offer shall be made in accordance with this
Section and with Section 3.09 hereof.

         On or before the Asset Disposition Purchase Date, the Company shall, to
the extent lawful, accept for payment, on a pro rata basis to the extent
necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Notes or
portions of Notes and Pari Passu Notes so validly tendered and not properly
withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset
Disposition Offer Amount has been validly tendered and not properly withdrawn,
all Notes and Pari Passu Notes so validly tendered and not properly withdrawn,
in each case in integral multiples of $1,000. The Company shall deliver to the
Trustee, or if no Trustee has been appointed hereunder, the Holders, an
Officers' Certificate stating that such Notes or portions thereof were accepted
for payment by the Company in accordance with the terms of this Section 4.11
and, in addition, the Company shall deliver all certificates and notes required,
if any, by the agreements governing the Pari Passu Notes. The Company or the
Paying Agent, as the case may be, shall promptly (but in any case not later than
five Business Days after the termination of the Asset Disposition Offer Period)
mail or deliver to each tendering Holder of Notes or holder or lender of Pari
Passu Notes, as the case may be, an amount equal to the repurchase price of the
Notes or Pari Passu Notes so validly tendered and not properly withdrawn by such
Holder or holder or lender, as the case may be, and accepted by the Company for
purchase, and the Company shall promptly issue a new Note, and the Trustee, if
any, upon delivery of an Officers' Certificate from the Company, shall
authenticate and mail or deliver such new Note to such Holder, in a principal
amount equal to any unpurchased portion of the Note surrendered; provided,
however, that each such new Note shall be in a principal amount of $1,000 or an
integral multiple of $1,000. In addition, the Company shall take any and all
other actions required by the agreements governing the Pari Passu Notes. Any
Note not so accepted shall be promptly mailed or delivered by the Company to the
Holder thereof. The Company shall publicly announce the results of the Asset
Disposition Offer on the Asset Disposition Purchase Date.

         For the purposes of this Section 4.11, the following shall be deemed to
be cash:

                  (a)      the assumption by the transferee of Indebtedness
(other than Subordinated Obligations or Disqualified Stock) of the Company or of
any Restricted Subsidiary of the Company that is a Subsidiary Guarantor and the
release of the Company or such Restricted Subsidiary from all liability on such
Indebtedness in connection with such Asset Disposition (in which case the
Company shall, without further action, be deemed to have applied such deemed
cash to Indebtedness in accordance with clause (3)(a) above); and

                  (b)      notes or other securities received by the Company or
any Restricted Subsidiary of the Company from the transferee that are converted
by the Company or such Restricted Subsidiary into cash within 90 days after
receipt thereof.

         The Company shall comply, to the extent applicable, with the
requirements of Section 14(e) of the Exchange Act and any other securities laws
or regulations in connection with the repurchase of Notes pursuant to this
Indenture. To the extent that the provisions of any securities laws or
regulations conflict with provisions of this Section 4.11, the Company shall
comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under this Indenture by virtue of any
conflict.

         Section 4.12. Limitations on Affiliate Transactions.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, enter into or conduct any transaction (including the
purchase, sale, lease or exchange of any property or the rendering of any
service) with or for the benefit of any Affiliate of the Company (an "Affiliate
Transaction") unless:

                           (1)      the terms of such Affiliate Transaction are
                  no less favorable to the Company or such Restricted
                  Subsidiary, as the case may be, than those that could be
                  obtained in a comparable

                                       52
<PAGE>

                  transaction at the time of such transaction in arm's-length
                  dealings with a Person that is not an Affiliate;

                           (2)      in the event such Affiliate Transaction
                  involves an aggregate amount in excess of $2.0 million, the
                  terms of such transaction have been approved by a majority of
                  the members of the Board of Directors of the Company and by a
                  majority of the disinterested members of such Board of
                  Directors, if any (and such majority or majorities, as the
                  case maybe, determine that such Affiliate Transaction
                  satisfies the criteria in clause (1) above); and

                           (3)      in the event such Affiliate Transaction
                  involves an aggregate amount in excess of $15.0 million, the
                  Company has received a written opinion from an independent
                  investment banking, accounting or appraisal firm of nationally
                  recognized standing that the terms of such Affiliate
                  Transaction are not materially less favorable than those that
                  might reasonably have been obtained in a comparable
                  transaction at such time on an arm's-length basis from a
                  Person that is not an Affiliate.

         The preceding paragraph shall not apply to:

                           (1)      transactions exclusively between or among
                  the Company and/or any of its Restricted Subsidiaries or
                  between or among Restricted Subsidiaries; provided, however,
                  in each case, that such transaction is not otherwise
                  prohibited by this Indenture and that no Affiliate of the
                  Company (other than another Restricted Subsidiary) owns
                  Capital Stock in any such Restricted Subsidiary;

                           (2)      any agreement in effect on the Issue Date as
                  in effect on the Issue Date or as thereafter amended in a
                  manner which is, taken as a whole, in the good faith judgment
                  of the Board of Directors of the Company, not materially less
                  favorable to the Company or such Restricted Subsidiary than
                  the original agreement as in effect on the Issue Date;

                           (3)      any directors' fees, employment,
                  compensation, benefit, incentive, indemnity or similar
                  agreements, arrangements or plans in respect of any officer,
                  director, employee or consultant of the Company, Holdings or
                  Global or any Restricted Subsidiary entered into in the
                  ordinary course of business;

                           (4)      loans and advances permitted by clause (7)
                  of the definition of "Permitted Investments";

                           (5)      any transaction with an Unrestricted
                  Subsidiary in the ordinary course of business that complies
                  with the requirements of clause (1) of the first paragraph of
                  this Section;

                           (6)      the performance of obligations of the
                  Company or any of its Restricted Subsidiaries under the terms
                  of any agreement to which the Company or any of its Restricted
                  Subsidiaries is a party on the Issue Date and identified on a
                  schedule to this Indenture on the Issue Date, as these
                  agreements may be amended, modified or supplemented from time
                  to time in compliance with the first paragraph of this Section
                  4.12;

                           (7)      customary commercial banking, investment
                  banking, underwriting, placement agent or financial advisory
                  fees paid in connection with services rendered to the Company
                  or the Restricted Subsidiaries in the ordinary course of
                  business that comply with the requirements of clause (1) of
                  the first paragraph of this Section 4.12;

                           (8)      management fees paid to CVC up to $2.0
                  million per year;

                           (9)      purchase, lease, supply or similar
                  agreements entered into in the ordinary course of business
                  between the Company or any Restricted Subsidiary and any
                  Unrestricted Subsidiary or

                                       53
<PAGE>

                  any Affiliate, so long as a majority of the disinterested
                  directors determine that any such agreement is on terms no
                  less favorable to the Company or the Restricted Subsidiary, as
                  applicable, than those that could have been obtained in a
                  comparable arm's-length transaction with Person that is not an
                  Affiliate;

                           (10)     the issuance and sale of Qualified Stock;

                           (11)     notwithstanding anything in the contrary in
                  clause (9) above, transactions entered into in the ordinary
                  course of business with any portfolio company of CVC or the
                  Company solely because CVC or the Company owns an equity
                  interest in such Person;

                           (12)     any Restricted Payment (other than a
                  Restricted Investment), Permitted Investment or Permitted Lien
                  permitted to be made pursuant to Sections 4.07 and 4.13; and

                           (13)     any transaction between or among the
                  Company, any Restricted Subsidiary and/or any Securitization
                  Entity effected in connection with a Permitted Securitization
                  Transaction.

         Section 4.13. Limitations on Liens.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, create, incur or suffer to exist any Lien (other
than Permitted Liens) upon any of its respective assets (including Capital
Stock), whether owned on the date of this Indenture or acquired after that date,
which Lien secures any Indebtedness that ranks equally with or is subordinate to
the Notes or any Subsidiary Guarantee in right of payment, unless
contemporaneously with the Incurrence of such Lien, effective provision is made
to secure the Indebtedness due under this Indenture and the Notes or any
Subsidiary Guarantee equally and ratably with or prior to such obligation with a
Lien on the same collateral for so long as such obligation is secured by such
Lien; provided, however, that, in the case of any Lien securing an obligation
that is subordinated in right of payment to the Notes or a Subsidiary Guarantee,
the Lien securing such Obligations shall also be subordinated by its terms to
the Notes or such Subsidiary Guarantee, as the case may be, at least to the same
extent.

         Section 4.14. Business Activities.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, engage in any business other than a Related Businesses.

         Section 4.15. Corporate Existence.

         Subject to 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 of the Company shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Notes.

         Section 4.16. Change of Control.

         If a Change of Control occurs, each Holder of Notes shall have the
right to require the Company to repurchase all or any part (equal to $1,000 or
an integral multiple thereof) of such Holder's Notes at a purchase price in cash
equal to 101% of their principal amount, plus accrued and unpaid interest, if
any, to the date of repurchase (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date); provided, however, that notwithstanding the occurrence of a Change of
Control the Company shall

                                       54
<PAGE>

not be obligated to purchase the Notes under a Change of Control Offer in the
event that it has mailed the notice to exercise its right to redeem all of the
Notes under Section 3.07 at any time before the requirement to consummate the
Change of Control Offer.

         Within 30 days following any Change of Control, or, at the option of
the Company, before the consummation of such Change of Control but after it is
publicly announced, the Company shall mail a notice (the "Change of Control
Offer") to each registered Holder with a copy to the Trustee, if any, stating,
among other things:

                           (1)      that a Change of Control has occurred or
                  will occur and that such Holder has the right to require the
                  Company to purchase such Holder's Notes at a repurchase price
                  in cash equal to 101% of their principal amount, plus accrued
                  and unpaid interest, if any, to the date of repurchase
                  (subject to the right of Holders of record on a record date to
                  receive interest on the relevant interest payment date) (the
                  "Change of Control Payment");

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

                           (3)      the procedures determined by the Company,
                  consistent with this Indenture, that a Holder must follow in
                  order to have its Notes repurchased; and

                           (4)      if the notice is mailed before a Change of
                  Control, that the Change of Control Offer is conditioned on
                  the Change of Control occurring.

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

                           (1)      accept for payment all Notes or portions of
                  Notes (equal to $1,000 or an integral multiple of $1,000)
                  properly tendered pursuant to the Change of Control Offer;

                           (2)      unless deposited before the Change of
                  Control Payment Date, deposit with the Paying Agent an amount
                  equal to the Change of Control Payment in respect of all Notes
                  or portions of Notes so tendered and accepted for payment; and

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

         The Paying Agent shall promptly mail to each Holder of Notes so
tendered and accepted for payment the Change of Control Payment for such Notes,
and the Trustee, if any, shall promptly authenticate and mail (or cause to be
transferred by book entry) to each Holder a new Note equal in principal amount
to any unpurchased portion of the Notes surrendered and accepted for payment, if
any; provided, however, that each such new Note shall be in a principal amount
of $1,000 or an integral multiple of $1,000.

         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, and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer.

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

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<PAGE>

         Section 4.17. Limitation on Sales of Capital Stock of Restricted
Subsidiaries.

                  (a)      The Company shall not, and shall not permit any
Restricted Subsidiary (other than a Securitization Entity) to, transfer, convey,
sell, lease or otherwise dispose of any Capital Stock of any Restricted
Subsidiary or to issue any Capital Stock of any Restricted Subsidiary (other
than, if necessary, shares of Capital Stock constituting directors' qualifying
shares) to any Person except:

                           (i)      to the Company or a Wholly-Owned Subsidiary;
         or

                           (ii)     in compliance with Section 4.11 and if
         immediately after giving effect to such issuance or sale, such
         Restricted Subsidiary either continues to be a Restricted Subsidiary or
         if such Restricted Subsidiary would no longer be a Restricted
         Subsidiary, then the Investment of the Company in such Person (after
         giving effect to such issuance or sale) would have been permitted to be
         made under Section 4.07 hereof as if made on the date of such issuance
         or sale.

                  (b)      Notwithstanding the preceding paragraph, the Company
may sell all the Capital Stock of a Restricted Subsidiary as long as the Company
complies with the terms of Section 4.11 hereof and may create Liens that are
Permitted Liens.

         Section 4.18. Payments for Consent.

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

         Section 4.19. Future Subsidiary Guarantors.

         If, after the Issue Date, (a) the Company or one or more of its
Restricted Subsidiaries (other than a Securitization Entity) shall acquire or
create another Subsidiary and such Subsidiary, either on or at any time after
such acquisition or creation, has total assets with a book value in excess of
$1.0 million at the end of any fiscal quarter (other than (x) a Subsidiary that
has been designated an Unrestricted Subsidiary or (y) a Foreign Subsidiary) or
(b) any Unrestricted Subsidiary is redesignated a Restricted Subsidiary (other
than a Foreign Subsidiary), then, in each such case, the Company shall cause
such Restricted Subsidiary (other than a Securitization Entity) to:

                           (1)      execute and deliver to the Trustee, or if no
                  Trustee has been appointed hereunder, to the Holders, (x) a
                  supplemental indenture in form and substance substantially
                  similar to Exhibit F attached hereto and satisfactory to the
                  Trustee or the Holders, as the case may be, pursuant to which
                  such Restricted Subsidiary shall unconditionally Guarantee, on
                  a joint and several basis, the full and prompt payment of the
                  principal of, premium, if any, and interest on the Notes on a
                  senior subordinated basis and (y) a notation of guarantee in
                  respect of its Subsidiary Guarantee; and

                           (2)      deliver to the Trustee, or if no Trustee has
                  been appointed hereunder, to the Holders, one or more
                  Officers' Certificates or, if requested by the Trustee or the
                  Holders, as the case may be, opinions of counsel that such
                  supplemental indenture (x) has been duly authorized, executed
                  and delivered by such Restricted Subsidiary and (y)
                  constitutes a valid and legally binding obligation of such
                  Restricted Subsidiary in accordance with its terms.

         Each Guarantee shall be limited in amount to an amount not to exceed
the maximum amount that may be guaranteed by the applicable Subsidiary Guarantor
without rendering such Guarantee voidable under applicable law relating to
fraudulent conveyance, fraudulent transfer or similar laws affecting creditors'
rights generally.

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                                   ARTICLE V

                                   SUCCESSORS

         Section 5.01. Merger, Consolidation, Etc.

         The Company shall not consolidate with or merge with or into, or sell,
lease, convey, assign, transfer or otherwise dispose of all or substantially all
its assets to, any Person, unless:

                           (1)      the resulting, surviving or transferee
                  Person (the "Successor Company") shall be a corporation or
                  limited liability company organized and existing under the
                  laws of the United States of America, any State of the United
                  States of America or the District of Columbia and the
                  Successor Company (if not the Company) shall expressly assume,
                  by supplemental indenture, executed and delivered to the
                  Trustee, or if no Trustee has been appointed hereunder, to the
                  Holders, in form satisfactory to the Trustee or the Holders,
                  as the case may be, all the obligations of the Company under
                  the Notes and this Indenture;

                           (2)      immediately after giving effect to such
                  transaction (including any Indebtedness Incurred and Liens
                  Incurred or granted in connection therewith), no Default has
                  occurred and is continuing;

                           (3)      immediately after giving effect to such
                  transaction, the Successor Company would be able to Incur at
                  least an additional $1.00 of Indebtedness pursuant to the
                  Coverage Ratio Exception;

                           (4)      each Subsidiary Guarantor (unless it is the
                  other party to the transactions above, in which case clause
                  (1) shall apply) shall have by supplemental indenture
                  confirmed that its Subsidiary Guarantee shall apply to such
                  Person's obligations in respect of this Indenture and the
                  Notes; and

                           (5)      the Company shall have delivered to the
                  Trustee, or if no Trustee has been appointed hereunder, to the
                  Holders, an Officers' Certificate and an Opinion of Counsel,
                  each stating that such consolidation, merger or transfer and
                  such supplemental indenture (if any) comply with this
                  Indenture.

         Except as provided in Section 11.04, no Subsidiary Guarantor may
consolidate with or merge with or into (whether or not such Subsidiary Guarantor
is the Successor Company) another Person, whether or not Affiliated with such
Subsidiary Guarantor, unless:

                           (1)      the Successor Company shall be a corporation
                  or limited liability company organized and existing under the
                  laws of the United States of America, any State of the United
                  States of America or the District of Columbia and the
                  Successor Company (if not such Subsidiary Guarantor) shall
                  expressly assume, by supplemental indenture, executed and
                  delivered to the Trustee, or if no Trustee has been appointed
                  hereunder, to the Holders, in form satisfactory to the Trustee
                  or the Holders, as the case may be, all the obligations of
                  such Subsidiary Guarantor under the Subsidiary Guarantee of
                  such Subsidiary Guarantor; and

                           (2)      immediately after giving effect to such
                  transaction (including any Indebtedness Incurred and Liens
                  Incurred or granted in connection therewith), no Default has
                  occurred and is continuing.

         Upon any consolidation or merger of the Company or a Subsidiary
Guarantor, or any transfer of all or substantially all of the assets of the
Company in accordance with the foregoing, in which the Company or such
Subsidiary Guarantor is not the continuing obligor under the Notes or its
Subsidiary Guarantee, as the case may be, the Surviving Company formed by such
consolidation or into which the Company or such Subsidiary Guarantor is

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<PAGE>

merged or to which the conveyance, lease or transfer is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
or such Subsidiary Guarantor under this Indenture, the Notes and the Subsidiary
Guarantees with the same effect as if such Surviving Company had been named
therein as the Company or such Subsidiary Guarantor and, in the case of a
conveyance, transfer or lease of all or substantially all of the assets of the
Company or any Subsidiary Guarantor that complies with this Section 5.01, the
Company or such Subsidiary Guarantor, as the case may be, shall be released from
the obligation to pay the principal of and interest on the Notes or in respect
of its Subsidiary Guarantee, as the case may be, and all of the Company's or
such Subsidiary Guarantor's other obligations and covenants under the Notes,
this Indenture and its Subsidiary Guarantee. Upon any transfer of less than
substantially all of the assets of the Company or any Subsidiary Guarantor or
any transfer that does not otherwise comply with this Section 5.01, the Company
or such Subsidiary Guarantor, as the case may be, shall not be released from its
obligations under the Notes, this Indenture or its Subsidiary Guarantee, as the
case may be.

         For purposes of this Section 5.01, the sale, lease, conveyance,
assignment, transfer or other disposition of all or substantially all of the
assets of one or more Subsidiaries of the Company, which assets, if held by the
Company instead of such Subsidiaries, would constitute all or substantially all
of the assets of the Company on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the assets of the Company.

         Notwithstanding clause (3) of the first paragraph of this Section 5.01,
(x) any Restricted Subsidiary may consolidate with, merge into or transfer all
or part of its assets to the Company or a Wholly-Owned Subsidiary of the Company
and (y) the Company may merge with an Affiliate incorporated solely for the
purpose, and with the effect, of reincorporating the Company in another
jurisdiction to realize tax or other benefits; provided, that in each case, (1)
the applicable conditions set forth in this Section 5.01 (other than the
condition set forth in clause (3) of the first paragraph of this Section 5.01)
shall have been satisfied and (2) the Company shall have delivered to the
Trustee an opinion of counsel in the United States acceptable to the Trustee or
the Holders of the Notes, as applicable, confirming that the Holders of the
Notes will not recognize income, gain or loss for Federal income tax purposes as
a result of any such consolidation, merger or transfer and will be subject to
Federal income tax in the same manner and at the same times as would have been
the case if such consolidation, merger or transfer had not occurred.

         Section 5.02. Limitation on Lines of Business.

         The Company shall not, and shall not permit any Restricted Subsidiary
to, engage in any business other than a Related Business.

                                   ARTICLE VI

                              DEFAULTS AND REMEDIES

         Section 6.01. Events of Default.

         Each of the following is an "Event of Default":

                           (1)      default by the Company in any payment of
                  interest on any Note when due and payable, continued for 30
                  days (whether or not such payment is prohibited by Article X
                  of this Indenture);

                           (2)      default by the Company in the payment of
                  principal of or premium, if any, on any Note when due and
                  payable at its Stated Maturity, upon optional redemption, upon
                  required repurchase, upon declaration or otherwise including,
                  without limitation, the failure to make a payment to purchase
                  Notes pursuant to an Asset Disposition Offer or a Change of
                  Control Offer as described in Sections 4.11 and 4.16 (whether
                  or not such payment is prohibited by Article X of this
                  Indenture);

                           (3)      failure by the Company or any Subsidiary
                  Guarantor to comply with its obligations under Section 5.01
                  hereof;

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<PAGE>

                           (4)      failure by the Company to comply for 30 days
                  after the notice specified below with any other covenant
                  contained in this Indenture or the Notes (in each case, other
                  than a failure to repurchase Notes when required pursuant to
                  Sections 4.11 and 4.16, which shall constitute an Event of
                  Default under clause (2) above, and other than a failure to
                  comply with Section 5.01, which shall constitute an Event of
                  Default under clause (3) above);

                           (5)      failure by the Company to comply for 60 days
                  after the notice specified below with its other agreements
                  contained in this Indenture;

                           (6)      default under any mortgage, indenture or
                  instrument under which there may be issued or by which there
                  may be secured or evidenced any Indebtedness for money
                  borrowed by the Company or any Restricted Subsidiary (or the
                  payment of which is Guaranteed by the Company or any
                  Restricted Subsidiary), other than Indebtedness owed to the
                  Company or a Restricted Subsidiary, whether such Indebtedness
                  or Guarantee now exists or is created after the date of this
                  Indenture, which default:

                                    (a)      is caused by a failure to pay
                           principal of or interest or premium, if any, on such
                           Indebtedness before the expiration of the grace
                           period provided in such Indebtedness (a "Payment
                           Default"); or

                                    (b)      results in the acceleration of such
                           Indebtedness before its maturity (and such
                           acceleration is not rescinded within 20 days) (the
                           "Cross-Acceleration Provision");

and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
$5.0 million or more;

                           (7)      the Company or a Significant Subsidiary or
                  group of Restricted Subsidiaries that, taken together (as of
                  the latest available financial statements for the Company and
                  the Restricted Subsidiaries), would constitute a Significant
                  Subsidiary (each, a "Relevant Entity") pursuant to or within
                  the meaning of Bankruptcy Law: (i) commences a voluntary case,
                  (ii) consents to the entry of an order for relief against it
                  in an involuntary case, (iii) consents to the appointment of a
                  custodian of it or for all or substantially all of its
                  property, (iv) makes a general assignment for the benefit of
                  its creditors, or (v) generally is not paying its debts as
                  they become due;

                           (8)      a court of competent jurisdiction enters an
                  order or decree under any Bankruptcy Law that: (i) is for
                  relief against a Relevant Entity in an involuntary case; (ii)
                  appoints a custodian of a Relevant Entity or for all or
                  substantially all of the property of a Relevant Entity; or
                  (iii) orders the liquidation of a Relevant Entity, and the
                  order or decree remains unstayed and in effect for 60 days;

                           (9)      failure by the Company or any Significant
                  Subsidiary or group of Restricted Subsidiaries that, taken
                  together (as of the latest available financial statements for
                  the Company and the Restricted Subsidiaries), would constitute
                  a Significant Subsidiary to pay final judgments aggregating in
                  excess of $5.0 million or its foreign currency equivalent (net
                  of any amounts for which a reputable and creditworthy
                  insurance company has acknowledged liability in writing),
                  which judgments are not paid, discharged or stayed for a
                  period of 60 days (the "Judgment Default Provision"); or

                           (10)     any Subsidiary Guarantee ceases to be in
                  full force and effect (except as contemplated by the terms of
                  the Subsidiary Guarantee and this Indenture) or is declared
                  null and void in a judicial proceeding or any Subsidiary
                  Guarantor denies or disaffirms its obligations under this
                  Indenture or its Subsidiary Guarantee.

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<PAGE>

         Notwithstanding anything in this Section 6.01 to the contrary, a
Default under clauses (4) and (5) of this Section shall not constitute an Event
of Default until the Trustee or the Holders of at least 25% in principal amount
of the outstanding Notes notify the Company of the Default and the Company does
not cure such Default within the time specified in clauses (4) and (5) of this
Section after receipt of such notice.

         Section 6.02. Acceleration.

         If an Event of Default (other than an Event of Default described in
clauses (7) or (8) of Section 6.01 with respect to the Company) occurs and is
continuing, the Trustee, if any, by notice to the Company, or the Holders of at
least 25% in principal amount of the outstanding Notes by notice to the Company
and the Trustee, may, and the Trustee at the request of such Holders shall,
declare the principal of, premium, if any, and accrued and unpaid interest, if
any, on all the Notes to be due and payable. Upon such a declaration, such
principal, premium and accrued and unpaid interest shall be immediately due and
payable. If an Event of Default described in clauses (7) or (8) of Section 6.01
occurs and is continuing with respect to the Company, the principal of, premium,
if any, and accrued and unpaid interest, if any, on all the Notes shall become
and be immediately due and payable without any declaration or other act on the
part of the Trustee, if any, or any Holders.

         Section 6.03. Other Remedies.

         If an Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the then outstanding
Notes may pursue any available remedy to collect the payment of principal,
premium, 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 a acquiescence in the
Event of Default. All remedies are cumulative to the extent permitted by law.

         Section 6.04. Waiver of Past Defaults.

         The Holders of a majority in aggregate principal amount of the
outstanding Notes, by notice to the Trustee, or if no Trustee has been appointed
hereunder, the Company, may waive all past Defaults (except with respect to
nonpayment of principal, premium or interest) and rescind any such acceleration
with respect to the Notes and its consequences if (i) rescission would not
conflict with any judgment or decree of a court of competent jurisdiction and
(ii) all existing Events of Default, other than the nonpayment of the principal
of, premium, if any, and interest on the Notes that have become due solely by
such declaration of acceleration, have been cured or waived.

         Section 6.05. Control by Majority.

         Holders of a majority in aggregate principal amount of the outstanding
Notes may direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, if any, or of exercising any trust or power
conferred on the Trustee, if any. The Trustee, however, may refuse to follow any
direction that conflicts with law or this Indenture or that the Trustee
determines is unduly prejudicial to the rights of any other Holder or that would
involve the Trustee in personal liability.

         Section 6.06. Limitation on Suits.

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

                  (a)      such Holder has previously given the Trustee, or if
no Trustee has been appointed hereunder, to the Company notice that an Event of
Default is continuing;

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

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<PAGE>

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

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

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

Notwithstanding anything in this Section 6.06 to the contrary, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may pursue
any remedy with respect to this Indenture or the Notes.

         Section 6.07. Rights of Holders of Notes to Receive Payment.

         Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium and interest on the
Note, on or after the respective due dates expressed in the Note (including in
connection with an offer to purchase), or to bring suit for the enforcement of
any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.

         Section 6.08. Collection Suit.

         If an Event of Default specified in Section 6.01(1) or (2) occurs and
is continuing, the Trustee, if one has been appointed hereunder, in its own name
and as trustee of an express trust, or the Holders of a majority in aggregate
principal amount of the then outstanding Notes, if no Trustee has been appointed
hereunder, is authorized to recover judgment against the Company for the whole
amount of principal of, premium, 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 or such Holders, as the case may be, and their
respective agents and counsel.

         Section 6.09. Trustee May File Proofs of Claim.

         The Trustee, if any, 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 of its Restrictive Subsidiaries (or any other obligor upon the
Notes), its creditors or its property and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or
deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee, and in
the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To
the extent that the payment of any such compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in
such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding.

         Section 6.10. Priorities.

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<PAGE>

         If (i) the Trustee or (ii) the Holders with respect to suit brought on
behalf of all Holders collects any money or property pursuant to this Article,
it shall pay out the money in the following order:

                  (a)      First: to the Trustee or to such Holders, as
applicable, its or their agents and attorneys for amounts due under Section 7.07
hereof, including payment of all compensation, expense and liabilities incurred,
and all advances made, by the Trustee or such Holders, as applicable, and the
costs and expenses of collection;

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

                  (c)      Third: to the Company or to such party as a court of
competent jurisdiction shall direct.

         The Trustee or the Holders who brought the suit under Section 6.09, as
applicable, 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 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section 6.06 hereof, or a suit by Holders of more than 10% in
principal amount of the then outstanding Notes.

                                  ARTICLE VII

                                     TRUSTEE

         Section 7.01. Duties of Trustee.

         If a Trustee is appointed hereunder, the following duties shall apply
to the Trustee:

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

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

                           (i)      the 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

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

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<PAGE>

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

                           (iii)    the Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith in accordance
         with a direction received by it pursuant to Section 6.04 hereof.

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

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

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

         Section 7.02. Rights of Trustee.

                  (a)      The Trustee may conclusively rely upon any document
believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the
document.

                  (b)      Before the Trustee acts or refrains from acting, it
may require an Officers' Certificate or an opinion of counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officers' Certificate or opinion of counsel. The
Trustee may consult with counsel 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.

         Section 7.03. Individual Rights of Trustee.

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

         Section 7.04. Trustee's Disclaimer.

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<PAGE>

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

         Section 7.05. Notice of Defaults.

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

         Section 7.06. Reports by Trustee to Holders of the Notes.

         Within 60 days after each September 1, beginning with the September 1
following September 2, 2002, 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 Section 313(a) (but if no event described
in TIA Section 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). The Trustee also shall comply
with TIA Section 313(b)(2). The Trustee shall also transmit by mail all reports
as required by TIA Section 313(c).

         A copy of each report at the time of its mailing to the Holders of
Notes shall be mailed to the Company. The Company shall promptly notify the
Trustee when the Notes are listed on any stock exchange.

         Section 7.07. Compensation and Indemnity.

                  (a)      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.

                  (b)      The Company shall indemnify the Trustee against any
and all losses, liabilities or expenses incurred by it arising out of or in
connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against
the Company (including this Section 7.07) and defending itself against any claim
(whether asserted by the Company or any Holder or any other Person) or liability
in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense may be
attributable to its negligence or bad faith. The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel and the Company
shall pay the reasonable fees and expenses of such counsel. The Company need not
pay for any settlement made without its consent, which consent shall not be
unreasonably withheld.

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

                  (d)      To secure the Company's payment obligations in this
Section, 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.

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<PAGE>

                  (e)      When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(8) or (9) 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.

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

         Section 7.08. Replacement of Trustee.

                  (a)      A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the
successor Trustee's acceptance of appointment as provided in this Section 7.08.

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

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

                           (ii)     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;

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

                           (iv)     the Trustee becomes incapable of acting.

                  (c)      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.

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

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

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

         Section 7.09. Successor Trustee by Merger, etc.

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

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         Section 7.10. Eligibility; Disqualification.

                  (a)      Following the appointment of a Trustee, there shall
at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof
that is authorized under such laws to exercise corporate trustee power, that is
subject to supervision or examination by federal or state authorities and that
has a combined capital and surplus of at least $100,000,000 as set forth in its
most recent published annual report of condition.

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

         Section 7.11. Preferential Collection of Claims Against Company.

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

         Section 7.12. Performance by Holders of Certain Functions of Trustee.

         If any Holder (or group of Holders) performs duties under this
Indenture that would otherwise be performed by the Trustee but for the fact that
at the time of such performance no Trustee has been appointed hereunder, then
such Holders in connection with performance of such duties shall be entitled to
the rights and benefits of the Trustee set forth n Section 7.07 hereof to the
same extent and as if such Holders were the Trustee; provided, that such Holder
(or group of Holders) shall comply with the terms of Section 7.07(f) hereof as
if such Holder (or group of Holders) were a Trustee. Notwithstanding anything in
this Section 7.12 to the contrary, no Holder shall be deemed to owe any
fiduciary duty to any other Holder or the Company.

                                  ARTICLE VIII

                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

         Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance.

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

         Section 8.02. Legal Defeasance and Discharge.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Notes on the
date the conditions set forth below are satisfied ("Legal Defeasance"). If the
Company exercises its Legal Defeasance option, the Subsidiary Guarantees in
effect at such time shall terminate. For this purpose, Legal Defeasance means
that the Company and each Subsidiary Guarantor shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes and
Subsidiary Guarantees, which shall thereafter be deemed to be "outstanding" only
for the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in clauses (i) and (ii) below, and to have satisfied all its other
obligations under such Notes, Subsidiary 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: (i) the rights
of Holders of outstanding Notes to receive solely from the trust fund described
in Section 8.04 hereof, and as more fully set forth in such Section, payments in
respect of the principal of, premium, if any, and interest on such Notes when
such payments are due, (ii) the Company's obligations with respect to such Notes
under Article II and Section 4.02 hereof, (iii) the rights, powers, trusts,
duties and immunities of the Trustee hereunder, the rights

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afforded to Holders under Section 7.12 hereof and the Company's and Subsidiary
Guarantor's obligations in connection therewith and (iv) this Article VIII. The
Company may exercise its Legal Defeasance option notwithstanding its prior
exercise of its Covenant Defeasance option. If the Company exercises its Legal
Defeasance option, payment of the Notes may not be accelerated because of an
Event of Default.

         Section 8.03. Covenant Defeasance.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company and each Subsidiary Guarantor
shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from its obligations under the covenants contained in
Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18,
and 4.19 hereof and clause (3) of Section 5.01 hereof with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.04
are satisfied (hereinafter, "Covenant Defeasance"), and the Notes and the
Subsidiary 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 and Subsidiary Guarantees shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to the outstanding Notes and Subsidiary Guarantees, the
Company and the Subsidiary Guarantors may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document and such omission to
comply shall not constitute a Default or an Event of Default under Section 6.01
hereof, but, except as specified above, the remainder of this Indenture and such
Notes and Subsidiary Guarantees shall be unaffected thereby. In addition, upon
the Company's exercise under Section 8.01 hereof of the option applicable to
this Section 8.03 hereof, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, Sections 6.01(3) with respect to 5.01(3) and
6.01(4) through 6.01(10) hereof shall not constitute Events of Default. If the
Company exercises its Covenant Defeasance option, payment of the Notes may not
be accelerated because of an Event of Default described in clause (4), (5), (6),
(7) (with respect only to Significant Subsidiaries), (8) or (9) under Section
6.01 hereof or because of the failure of the Company to comply with clause (3)
and clause (4) of the first paragraph to Section 5.01 hereof.

         Section 8.04. Conditions to Legal or Covenant Defeasance.

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

         In order to exercise either Legal Defeasance or Covenant Defeasance:

                  (a)      the Company must irrevocably (i) deposit with the
Trustee, in trust, if one has been appointed hereunder, or (ii) if no Trustee
has been appointed hereunder, segregate and hold in a separate trust fund, in
each case, for the benefit of the Holders, cash in United States dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as will be
sufficient, in the opinion of a nationally recognized investment banking firm or
a nationally recognized firm of independent public accountants, to pay the
principal of, premium 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 Company must specify whether the Notes are being defeased to maturity or
to a particular redemption date;

                  (b)      in the case of an election under Section 8.02 hereof,
the Company shall have delivered to the Trustee, of if no Trustee has been
appointed hereunder, the Holders, an opinion of counsel in the United States
reasonably acceptable to the Trustee or the Holders, as the case may be,
confirming that (i) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (ii) since the Issue Date, there
has been a change in the applicable federal income tax law, in either case to
the effect that, and based thereon such opinion of counsel shall confirm that,
subject to customary assumptions and exceptions, the Holders of the outstanding
Notes shall not recognize income, gain or loss for federal income tax purposes
as a result of such Legal Defeasance and shall 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;

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<PAGE>

                  (c)      in the case of an election under Section 8.03 hereof,
the Company shall have delivered to the Trustee, or if no Trustee has been
appointed hereunder, to the Holders, an opinion of counsel in the United States
reasonably acceptable to the Trustee or the Holders, as the case may be,
confirming that, subject to customary assumptions and exceptions, the Holders of
the outstanding Notes will not recognize income, gain or loss for federal income
tax purposes as a result of such Covenant Defeasance and shall be subject to
federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred;

                  (d)      no Default or Event of Default shall have occurred
and be continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit);

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

                  (f)      the Company shall have delivered to the Trustee, or
if no Trustee has been appointed hereunder, to the Holders, an opinion of
counsel (which may be subject to customary exceptions) to the effect that as of
the 91st day following the deposit, the trust funds shall not be subject to the
effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors' rights generally;

                  (g)      the Company shall have delivered to the Trustee, or
if no Trustee has been appointed hereunder, to the Holders, an Officers'
Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders over any other creditors of the Company or with the
intent of defeating, hindering, delaying or defrauding any other creditors of
the Company or others; and

                  (h)      the Company shall have delivered to the Trustee, or
if no Trustee has been appointed hereunder, to the Holders, an Officers'
Certificate and an opinion of counsel, subject to customary assumptions and
exceptions, each stating that all conditions precedent provided for or relating
to the Legal Defeasance or the Covenant Defeasance have been complied with.

         Section 8.05. Deposited Money and U.S. Government Obligations to Be
Held in Trust; Other Miscellaneous Provisions.

         Subject to Section 8.06 hereof, all money and non-callable U.S.
Government Obligations (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section
8.05, the "Trustee") or held in trust by the Company pursuant to Section 8.04
hereof in respect of the outstanding Notes shall be held in trust and applied by
the Trustee or the Company, as the case may be, 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 or the Company, as the case may be, may determine, to the Holders of
such Notes of all sums due and to become due thereon in respect of principal,
premium, if any, and interest, but such money need not be segregated from other
funds except to the extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable U.S.
Government Obligations deposited pursuant to Section 8.04 hereof or the
principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the
outstanding Notes.

         Notwithstanding anything in this Article VIII to the contrary the
Trustee, if any, shall deliver or pay to the Company from time to time upon the
request of the Company any money or non-callable U.S. Government Obligations
held by it as provided in Section 8.04 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(a) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance.

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<PAGE>

         Section 8.06. Repayment to Company.

         Any money deposited with the Trustee, if any, or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on any Note and remaining unclaimed for two years after such
principal, and premium, if any, or interest has become due and payable shall be
paid to the Company on its request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Note shall thereafter look
only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in the New York
Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining shall be repaid to the Company.

         Section 8.07. Reinstatement.

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

                                   ARTICLE IX

                        AMENDMENT, SUPPLEMENT AND WAIVER

         Section 9.01. Without Consent of Holders of Notes.

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

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

                  (b)      provide for the assumption pursuant to Article V
hereof by a successor corporation or limited liability company of the
obligations of the Company under this Indenture;

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

                  (d)      add Subsidiary Guarantees;

                  (e)      secure the Notes;

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

                  (g)      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 of any Holder in any material respect; or

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<PAGE>

                  (h)      comply with any requirement of the Commission in
connection with the qualification of this Indenture under the TIA.

         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, if any, 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 7.02
hereof, the Trustee shall join with the Company in the execution of such amended
or supplemental indenture unless such amended or supplemental indenture directly
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.

         Section 9.02. With Consent of Holders of Notes.

         Except as provided below in this Section 9.02, the Company, the
Subsidiary Guarantors and the Trustee, if any, may amend or supplement this
Indenture (including Sections 3.09, 4.11 and 4.16 hereof), the Subsidiary
Guarantees and the Notes with the consent of the Holders of at least a majority
in principal amount of the Notes then outstanding (including consents obtained
in connection with a tender offer or exchange offer for, or purchase of, the
Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or
Event of Default (other than a Default or Event of Default in the payment of the
principal of, premium, if any, or interest on the Notes, except a payment
default resulting from an acceleration that has been rescinded) or compliance
with any provision of this Indenture, the Subsidiary Guarantees or the Notes may
be waived with the consent of the Holders of a majority in principal amount of
the then outstanding Notes (including consents obtained in connection with a
tender offer or exchange offer for, or purchase of, the Notes).

         Upon the request of the Company accompanied by a resolution of its
Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the
Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Section 7.02 hereof, the Trustee shall
join with the Company in the execution of such amended or supplemental indenture
unless such amended or supplemental indenture directly 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 9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.

         After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Company shall mail to the Holders of Notes affected
thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the
Holders of a majority in aggregate principal amount of the Notes then
outstanding may waive compliance in a particular instance by the Company with
any provision of this Indenture or the Notes. However, without the consent of
each Holder affected, an amendment or waiver under this Section 9.02 may not
(with respect to any Notes held by a non-consenting Holder):

                  (a)      reduce the principal amount of Notes whose Holders
must consent to an amendment, supplement or waiver;

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

                  (c)      reduce the principal of or change the Stated Maturity
of any Note;

                  (d)      change, alter or waive any of the redemption
provisions in any manner adverse to the holders of Notes;

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

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

                  (g)      modify or change any provision of this Indenture or
the related definitions affecting the subordination of the Notes or of any
Subsidiary Guarantee in a manner that adversely affects the rights of any
Holder;

                  (h)      release any Subsidiary Guarantor from any of its
obligations under its Subsidiary Guarantee or this Indenture, except as
expressly permitted by this Indenture;

                  (i)      make any change in the amendment provisions which
require each Holder's consent;

                  (j)      make any change in the provisions of this Indenture
relating to waivers of past Defaults;

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

                  (l)      make any change to Sections 6.04 or 6.07 hereof or in
the foregoing amendment and waiver provisions.

         Section 9.03. Compliance with Trust Indenture Act.

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

         Section 9.04. Revocation and Effect of Consents.

         Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same
debt as the consenting Holder's Note, even if notation of the consent is not
made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee, or if no Trustee has
been appointed hereunder, the Company, receives written notice of revocation
before the date the waiver, supplement or amendment becomes effective. An
amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder.

         Section 9.05. Notation on or Exchange of Notes.

         The Trustee, if any, 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, if any, shall, upon
receipt of an Authentication Order, 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 9.06. Trustee to Sign Amendments, etc.

         The Trustee, if any, 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 amendment or supplemental Indenture until the Board
of Directors approves it. In executing any amended or supplemental indenture,
the Trustee shall be entitled to receive and

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<PAGE>

(subject to Section 7.01 hereof) shall be fully protected in relying upon, in
addition to the documents required by Section 13.04 hereof, 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

                                  SUBORDINATION

         Section 10.01. Agreement to Subordinate.

         The Company agrees, and each Holder by accepting a Note agrees, that
the Indebtedness evidenced by the Notes is subordinated in right of payment, to
the extent and in the manner provided in this Article X, to the prior payment in
full in cash or Cash Equivalents of all Obligations due in respect of Senior
Debt of the Company, including all Obligations with respect to the Credit
Agreement, (whether outstanding on the date hereof or hereafter created,
incurred, assumed or guaranteed), and that the subordination is for the benefit
of, and enforceable by, the holders of Senior Debt.

         Section 10.02. Liquidation; Dissolution; Bankruptcy.

         Upon any distribution to creditors of the Company in a partial or total
liquidation or partial or total dissolution of the Company or in a bankruptcy,
reorganization, insolvency, receivership or similar proceeding relating to the
Company or its assets, an assignment for the benefit of creditors or any
marshaling of the Company's assets and liabilities:

                           (i)      holders of Senior Debt shall be entitled to
         receive payment in full in cash or Cash Equivalents of all Obligations
         due in respect of such Senior Debt (including interest after the
         commencement of any such proceeding at the rate specified in the
         applicable Senior Debt) before Holders of the Notes shall be entitled
         to receive any payment or distribution of any kind or character with
         respect to any Obligation on or relating to the Notes (except that
         Holders may receive (A) Permitted Junior Securities and (B) payments
         and other distributions made from any defeasance trust created pursuant
         to Section 8.01 hereof); and

                           (ii)     until all Obligations with respect to Senior
         Debt (as provided in clause (i) above) are paid in full, any
         distribution to which Holders would be entitled but for this Article X
         shall be made to holders of Senior Debt (except that Holders of Notes
         may receive (A) Permitted Junior Securities and (B) payments and other
         distributions made from any defeasance trust created pursuant to
         Section 8.01 hereof), as their interest may appear.

         Section 10.03. Default on Designated Senior Debt.

                  (a)      The Company may not make any payment or distribution
to the Trustee or any Holder of any kind or character in respect of Obligations
on or relating to the Notes and may not acquire from the Trustee or any Holder
any Notes for cash or assets or otherwise (other than (A) Permitted Junior
Securities and (B) payment and other distributions made from any defeasance
trust created pursuant to Section 8.01 hereof) until all principal and other
Obligations with respect to the Senior Debt have been paid in full if:

                           (i)      a default in the payment of any principal or
         other Obligations with respect to Designated Senior Debt occurs and is
         continuing beyond any applicable grace period in the agreement,
         indenture or other document governing such Designated Senior Debt (a
         "Payment Default"); or

                           (ii)     a default, other than a Payment Default, on
         Designated Senior Debt occurs and is continuing that then permits
         holders of the Designated Senior Debt to accelerate its maturity and
         the Trustee, if any, or the Company (who, immediately upon receiving
         such notice, shall forward such notice to the Holders of a majority in
         aggregate principal amount of the Notes) receives a notice of the
         default (a "Payment Blockage Notice") from a Person who may give it
         pursuant to Section 10.10 hereof. If the

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         Trustee, if any, or the Company receives any such Payment Blockage
         Notice, no subsequent Payment Blockage Notice shall be effective for
         purposes of this Section unless and until at least 360 days shall have
         elapsed since the effectiveness of the immediately prior Payment
         Blockage Notice. No default that is not a Payment Default that existed
         or was continuing on the date of delivery of any Payment Blockage
         Notice to the Trustee, if any, or the Company, shall be, or be made,
         the basis for a subsequent Payment Blockage Notice unless such default
         shall have been cured or waived for a period of not less than 90
         consecutive days. Any subsequent action or any breach of any financial
         covenants for a period ending after the date of delivery of the initial
         Payment Blockage Notice that in either case would give rise to a
         default pursuant to any provisions under which a default previously
         existed or was continuing will constitute a new default for this
         purpose.

                  (b)      The Company may and shall resume payments on and
distributions in respect of the Notes and may acquire them:

                           (i)      in the case of a Payment Default, upon the
         date upon which such Payment Default is cured or waived, and

                           (ii)     in the case of a default referred to in
         clause (ii) of Section 10.03(a) hereof (a "Nonpayment Default"), the
         earliest of (x) the date on which all such Nonpayment Defaults are
         cured or waived, (y) 179 days after the date on which the applicable
         Payment Blockage Notice is received, or (z) the date on which the
         Trustee, if any, or the Company, as applicable, receives notice from
         the Representative for such Designated Senior Debt rescinding the
         Payment Blockage Notice; provided, that the Company shall not resume
         payments on or distributions in respect of Notes, or acquire them
         pursuant to the foregoing clauses (i) or (ii) if the maturity of any
         Designated Senior Debt has been accelerated.

         Section 10.04. Acceleration of Notes.

         If payment of the Notes is accelerated because of an Event of Default,
the Company shall promptly notify holders of Senior Debt of the acceleration.

         Section 10.05. When Distribution Must Be Paid Over.

         In the event that the Trustee, if any, or any Holder receives any
payment of any Obligations with respect to the Notes at a time when such payment
is prohibited by Section 10.02 or 10.03 hereof (and, in the case of the Trustee,
such Trustee has actual knowledge that such payment is prohibited), such payment
shall be held by the Trustee or such Holder in trust for the benefit of, and
shall be paid forthwith over and delivered, upon written request, to, the
holders of Senior Debt as their interests may appear or their Representative
under this Indenture or other agreement (if any) pursuant to which Senior Debt
may have been issued, as their respective interests may appear, for application
to the payment of all Obligations with respect to Senior Debt remaining unpaid
to the extent necessary to pay such Obligations in full in accordance with their
terms, after giving effect to any concurrent payment or distribution to or for
the holders of Senior Debt.

         With respect to the holders of Senior Debt, the Trustee, if any,
undertakes to perform only such obligations on the part of the Trustee as are
specifically set forth in this Article X, and no implied covenants or
obligations with respect to the holders of Senior Debt shall be read into this
Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Debt, and shall not be liable to any
such holders if the Trustee, if any, shall pay over or distribute to or on
behalf of Holders or the Company or any other Person money or assets to which
any holders of Senior Debt shall be entitled by virtue of this Article X, except
if such payment is made as a result of the willful misconduct or gross
negligence of the Trustee.

         Section 10.06. Notice by Company.

         The Company shall promptly notify the Trustee, if any, and the Paying
Agent of any facts known to the Company that would cause a payment of any
Obligations with respect to the Notes to violate this Article X, but

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failure to give such notice shall not affect the subordination of the Notes to
the Senior Debt as provided in this Article X.

         Section 10.07. Subrogation.

         After all Senior Debt is paid in full and until the Notes are paid in
full, Holders of Notes shall be subrogated (equally and ratably with all other
Indebtedness pari passu with the Notes) to the rights of holders of Senior Debt
to receive distributions applicable to Senior Debt to the extent that
distributions otherwise payable to the Holders of Notes have been applied to the
payment of Senior Debt (which distributions, to the extent received by the
Holders, do not constitute, as between the Company and the Holders, payment by
the Company on the Notes). A distribution made under this Article X to holders
of Senior Debt that otherwise would have been made to Holders of Notes is not,
as between the Company and the Holders, a payment by the Company on the Notes.

         Section 10.08. Relative Rights.

         This Article X defines the relative rights of Holders of Notes and
holders of Senior Debt. Nothing in this Indenture shall:

                           (i)      impair, as between the Company and Holders
         of Notes, the obligation of the Company, which is absolute and
         unconditional, to pay principal of and interest on the Notes in
         accordance with their terms;

                           (ii)     affect the relative rights of Holders of
         Notes and creditors of the Company other than their rights in relation
         to holders of Senior Debt; or

                           (iii)    prevent the Trustee, if any, or any Holder
         of Notes from exercising its available remedies upon a Default or Event
         of Default, subject to the rights of holders and owners of Senior Debt
         to receive distributions and payments otherwise payable to Holders of
         Notes.

         If the Company fails because of this Article X to pay principal of or
interest on a Note on the due date, the failure is still a Default or Event of
Default.

         Section 10.09. Subordination May Not Be Impaired by Company.

         No right of any holder of Senior Debt to enforce the subordination of
the Indebtedness evidenced by the Notes shall be impaired by any act or failure
to act by the Company or any Holder or by the failure of the Company or any
Holder to comply with this Indenture.

         Section 10.10. Distribution or Notice to Representative.

         Whenever a distribution is to be made or a notice given to holders of
Senior Debt, the distribution may be made and the notice given to their
Representative (if any). If there is a Representative acting for the holders of
any Senior Debt pursuant to the agreements governing such Senior Debt, notices
or consents under this Indenture from holders of such Senior Debt may be given
only by their Representative.

         Upon any payment or distribution of assets of the Company referred to
in this Article X, the Trustee, if any, and the Holders of Notes shall be
entitled to rely upon any order or decree made by any court of competent
jurisdiction or upon any certificate of such Representative or of the
liquidating trustee or agent or other Person making any distribution to the
Trustee or to the Holders of Notes for the purpose of ascertaining the Persons
entitled to participate in such distribution, the holders of the Senior Debt and
other Indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article X.

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         Section 10.11. Rights of Trustee and Paying Agent.

         Notwithstanding the provisions of this Article X or any other provision
of this Indenture, the Trustee, if any, shall not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment or
distribution by the Trustee, and the Trustee and the Paying Agent may continue
to make payments on the Notes, unless the Trustee shall have received at its
Corporate Trust Office at least five Business Days prior to the date of such
payment written notice of facts that would cause the payment of any Obligations
with respect to the Notes to violate this Article X. Only the Company or a
representative of the Senior Debt holders may give the notice. Nothing in this
Article X shall impair the claims of, or payments to, the Trustee under or
pursuant to Section 7.07 hereof.

         The Trustee, if any, in its individual or any other capacity may hold
Senior Debt with the same rights it would have it if were not Trustee. Any Agent
may do the same with like rights.

         Section 10.12. Authorization to Effect Subordination.

         Each Holder of Notes, by the Holder's acceptance thereof, authorizes
and directs the Trustee, if any, on such Holder's behalf, to take such action as
may be necessary or appropriate to effectuate the subordination as provided in
this Article X, and appoints the Trustee, if any, to act as such Holder's
attorney-in-fact for any and all such purposes. If the Trustee does not file a
proper proof of claim or proof of debt in the form required in any proceeding
referred to in Section 6.09 hereof at least 30 days before the expiration of the
time to file such claim, the Representatives are hereby authorized to file an
appropriate claim for and on behalf of the Holders of the Notes.

         Section 10.13. Amendments.

         The provision of this Article X and Section 11.06 shall not be amended
or modified without the written consent of the holders of all Senior Debt.

         Section 10.14. Trustee Not Fiduciary for Holders of Senior Debt.

         The Trustee, if any, shall not be deemed to owe any fiduciary duty to
the holders of Senior Debt and shall not be liable to any such holders if the
Trustee shall in good faith mistakenly pay over or distribute to Holders of
Notes or to the Company or to any other Person cash, property or securities to
which any holders of Senior Debt shall be entitled by virtue of this Article X
or otherwise. With respect to the holders of Senior Debt, the Trustee undertakes
to perform or to observe only such of its covenants or obligations as are
specifically set forth in this Article X and no implied covenants or obligations
with respect to holders of Senior Debt shall be read into this Indenture against
the Trustee.

         Section 10.15. No Waiver.

         The holders of Senior Debt may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders of the Notes,
without incurring any liability or responsibility to the Holders of the Notes,
and without impairing the rights of holders of Senior Debt under these
subordination provisions, do any of the following:

                  (a)      change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior Debt or any instrument
evidencing the same or any agreement under which Senior Debt is outstanding or
secured;

                  (b)      sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Debt;

                  (c)      release any Person liable in any manner for the
payment of Senior Debt; or

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                  (d)      exercise or refrain from exercising any rights
against the Company and any other Persons.

                                   ARTICLE XI

                              SUBSIDIARY GUARANTEES

         Section 11.01. Subsidiary Guarantees.

         Subject to this Article XI, each of the Subsidiary Guarantors hereby,
jointly and severally, fully, unconditionally and irrevocably guarantees to each
Holder of a Note and to the Trustee, if any, and, in such cases, its successors
and assigns, irrespective of the validity and enforceability of this Indenture,
the Notes or the obligations of the Company hereunder or thereunder, that: (i)
the principal of and interest on the Notes shall be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest
on the overdue principal of and interest on the Notes, if any, if lawful, and
all other obligations of the Company to the Holders or the Trustee, if any,
hereunder or thereunder shall be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and (ii) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations,
that 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 or otherwise. Failing payment when due of any amount so guaranteed
or any performance so guaranteed for whatever reason, the Subsidiary Guarantors
shall be jointly and severally obligated to pay the same immediately. Each
Subsidiary Guarantor agrees that this is a guarantee of payment and not a
guarantee of collection.

         The Subsidiary Guarantors hereby agree that their obligations hereunder
shall be fully, unconditional and irrevocable, 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 provisions hereof or thereof, the recovery of any judgment
against the Company, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the
Company, protest, notice and all demands whatsoever and covenant that this
Subsidiary Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture.

         If any Holder or the Trustee, if any, is required by any court or
otherwise to return to the Company, the Subsidiary Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the
Company or the Subsidiary Guarantors, any amount paid by either to the Trustee
or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged,
shall be reinstated in full force and effect.

         Each Subsidiary Guarantor agrees that it shall not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.
Each Subsidiary Guarantor further agrees that, as between the Subsidiary
Guarantor, on the one hand, and the Holders and the Trustee, if any, on the
other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article VI hereof for the purposes of this Subsidiary
Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (y) in
the event of any declaration of acceleration of such obligations as provided in
Article VI hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Subsidiary Guarantors for the purpose of
this Subsidiary Guarantee. The Subsidiary Guarantor shall have the right to seek
contribution from any non-paying Subsidiary Guarantor so long as the exercise of
such right does not impair the rights of the Holders under the Subsidiary
Guarantee.

         In addition, a Subsidiary Guarantor shall be released from its
obligations under this Indenture and its Subsidiary Guarantee if the Company
designates such Subsidiary Guarantor as an Unrestricted Subsidiary and such
designation complies with the other applicable provisions of this Indenture.

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         Section 11.02. Limitation on Subsidiary Guarantor Liability.

         Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder,
hereby confirms that it is the intention of all such parties that the Subsidiary
Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or
conveyance for purposes of 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 Subsidiary Guarantee. To effectuate the foregoing
intention, the Trustee, if any, the Holders and the Subsidiary Guarantors hereby
irrevocably agree that the obligations of such Subsidiary Guarantor shall, after
giving effect to the maximum amount referred to in Section 4.19 and all other
contingent and fixed liabilities of such Subsidiary Guarantor that are relevant
under such laws, and after giving effect to any collections from, rights to
receive contribution from or payments made by or on behalf of any other
Subsidiary Guarantor in respect of the obligations of such other Subsidiary
Guarantor under this Article XI, result in the obligations of such Subsidiary
Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer
or conveyance.

         Section 11.03. Execution and Delivery of Subsidiary Guarantee.

         To evidence its Subsidiary Guarantee set forth in Section 11.01 hereof,
each Subsidiary Guarantor hereby agrees that a notation of such Subsidiary
Guarantee substantially in the form included in Exhibit E shall be endorsed by
an Officer of such Subsidiary Guarantor on each Note and that this Indenture
shall be executed on behalf of such Subsidiary Guarantor by its President or one
of its Vice Presidents.

         Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantee
set forth in Section 11.01 hereof shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such
Subsidiary Guarantee.

         If an Officer whose signature is on this Indenture or on the Subsidiary
Guarantee no longer holds that office at the time the Trustee, if any,
authenticates the Note on which a Subsidiary Guarantee is endorsed, the
Subsidiary Guarantee shall be valid nevertheless.

         The delivery of any Note by the Trustee, if any, after the
authentication thereof hereunder, or if no Trustee has been appointed hereunder,
by the Company, shall constitute due delivery of the Subsidiary Guarantee set
forth in this Indenture on behalf of the Subsidiary Guarantors.

         In the event that the Company creates or acquires any new Subsidiaries
subsequent to the date hereof, if required by Section 4.19 hereof, the Company
shall cause such Subsidiaries to execute supplemental indentures to this
Indenture and Subsidiary Guarantees in accordance with Section 4.19 hereof and
this Article XI, to the extent applicable.

         Section 11.04. Subsidiary Guarantors May Consolidate, etc., on Certain
Terms.

         Except as otherwise provided in Section 11.05 below, no Subsidiary
Guarantor may be sold or disposed of (whether by merger, consolidation, the sale
of its Capital Stock or the sale of all or substantially all of its assets
(other than by lease)) and whether or not the Subsidiary Guarantor is the
surviving corporation in such transaction, to a Person which is not the Company
or a Restricted Subsidiary of the Company, unless:

                  (a)      the sale or other disposition is in compliance with
this Indenture, including Sections 4.11, 4.17 and 5.01 hereof; and

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

         In case of any such consolidation, merger, sale or conveyance and upon
the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee, or if no Trustee has been appointed

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hereunder, to the Holders, and satisfactory in form to the Trustee or such
Holders, as the case may be, of the Subsidiary Guarantee endorsed upon the Notes
and the due and punctual performance of all of the covenants and conditions of
this Indenture to be performed by the Subsidiary Guarantor, such successor
Person shall succeed to and be substituted for the Subsidiary Guarantor with the
same effect as if it had been named herein as a Subsidiary Guarantor. Such
successor Person thereupon may cause to be signed any or all of the Subsidiary
Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the
Trustee, or if no Trustee has been appointed hereunder, to the Holders. All the
Subsidiary Guarantees so issued shall in all respects have the same legal rank
and benefit under this Indenture as the Subsidiary Guarantees theretofore and
thereafter issued in accordance with the terms of this Indenture as though all
of such Subsidiary Guarantees had been issued at the date of the execution
hereof.

         Except as set forth in Articles IV and V hereof, and notwithstanding
clauses (a) and (b) above, nothing contained in this Indenture or in any of the
Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with
or into the Company or another Subsidiary Guarantor, or shall prevent any sale
or conveyance of the property of a Subsidiary Guarantor as an entirety or
substantially as an entirety to the Company or another Subsidiary Guarantor.

         Section 11.05. Releases Following Sale of Assets.

         In the event of a sale or other disposition of all or substantially all
of the assets of any Subsidiary Guarantor, by way of merger, consolidation or
otherwise, or a sale or other disposition of all to the capital stock of any
Subsidiary Guarantor, in each case to a Person that is not (either before or
after giving effect to such transactions) a Restricted Subsidiary of the
Company, then such Subsidiary Guarantor (in the event of a sale or other
disposition, by way of merger, consolidation or otherwise, of all of the capital
stock of such Subsidiary Guarantor) or the corporation acquiring the property
(in the event of a sale or other disposition of all or substantially all of the
assets of such Subsidiary Guarantor) shall be released and relieved of any
obligations under its Subsidiary Guarantee; provided, that (i) the sale and the
Net Available Cash of such sale or other disposition are applied in accordance
with the applicable provisions of this Indenture, including without limitation
Section 4.11 and Section 4.17 hereof and (ii) all obligations of the Subsidiary
Guarantor under the Credit Agreement and related documents and any other
agreements relating to any other Indebtedness of the Company as a Restricted
Subsidiary shall have terminated. Upon delivery by the Company to the Trustee,
if any, of an Officers' Certificate and an opinion of counsel to the effect that
such sale or other disposition was made by the Company in accordance with the
provisions of this Indenture, including without limitation Section 4.11 hereof,
the Trustee shall execute any documents reasonably required in order to evidence
the release of any Subsidiary Guarantor from its obligations under its
Subsidiary Guarantee.

         Any Subsidiary Guarantor not released from its obligations under its
Subsidiary Guarantee shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Subsidiary Guarantor
under this Indenture as provided in this Article XI.

         Section 11.06. Subordination of Subsidiary Guarantee.

         The Obligations of each Subsidiary Guarantor under its Subsidiary
Guarantee pursuant to this Article XI shall be junior and subordinated to the
Subsidiary Guarantor Senior Debt of such Subsidiary Guarantor on the same basis
and to the same extent as the Notes are junior and subordinated to Senior Debt
of the Company pursuant to Article X. For the purposes of the foregoing
sentence, the Trustee, if any, and the Holders shall have the right to receive
and/or retain payments by any of the Subsidiary Guarantors only at such times as
they may receive and/or retain payments in respect of the Notes pursuant to this
Indenture, including Article X hereof, and the provisions of Article X hereof,
shall apply mutatis mutandis to each Subsidiary Guarantor and its Subsidiary
Guarantee, with appropriate corresponding references to the Subsidiary Guarantor
Senior Debt of, and Permitted Junior Securities with respect to, such Subsidiary
Guarantor.

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                                  ARTICLE XII

                           SATISFACTION AND DISCHARGE

         Section 12.01. Satisfaction and Discharge.

         This Indenture shall be discharged and shall cease to be of further
effect (except as to rights of registration of transfer or exchange of Notes
which shall survive until all Notes have been canceled) as to all outstanding
Notes when either:

                           (1)      (i) if a Trustee has been appointed
                  hereunder, all the Notes that have been authenticated and
                  delivered and (ii) if no such Trustee has been appointed, all
                  Notes that have been issued hereunder (except lost, stolen or
                  destroyed Notes that have been replaced or paid and Notes for
                  whose payment money has been deposited in trust or segregated
                  and held in trust by the Company and thereafter repaid to the
                  Company or discharged from this trust), have been delivered to
                  the Company or the Trustee, as applicable, for cancellation;
                  or

                           (2)      (a)      all Notes not delivered to the
                  Company or the Trustee, as applicable, for cancellation
                  otherwise have become due and payable or have been called for
                  redemption pursuant to the provisions of Section 3.07, and the
                  Company has irrevocably deposited or caused to be deposited
                  with the Trustee, or if no Trustee has been appointed
                  hereunder, segregated and held by the Company in a separate
                  trust account, in each case, trust funds in trust in an amount
                  of money sufficient to pay and discharge the entire
                  Indebtedness (including all principal and accrued interest) on
                  the Notes not theretofore delivered to the Company or the
                  Trustee, as applicable, for cancellation,

                                    (b)      the Company has paid all sums
                           payable by it under this Indenture,

                                    (c)      the Company has delivered
                           irrevocable instructions to the Trustee, if any, to
                           apply the deposited money toward the payment of the
                           Notes at maturity or on the date of redemption, as
                           the case may be, and

                                    (d)      the Holders of outstanding Notes
                           have a valid, perfected, exclusive security interest
                           in this trust.

         In addition, the Company must deliver an Officers' Certificate and an
opinion of counsel stating that all conditions precedent to satisfaction and
discharge have been complied with.

         Notwithstanding the satisfaction and discharge of this Indenture, if
money shall have been deposited with the Trustee pursuant to clause (2)(a) of
this Section, the provisions of Section 12.02 and Section 8.06 hereof shall
survive.

         Section 12.02. Application of Trust Money.

         Subject to the provisions of Section 8.06, all money or property
deposited with the Trustee, if any, pursuant to Section 12.01 shall be held in
trust and applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the
extent required by law.

         If the Trustee, if any, or Paying Agent is unable to apply any money or
U.S. Government Obligations in accordance with Section 12.01 hereof by reason of
any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company's and any Subsidiary Guarantor's obligations under this
Indenture and the Notes shall be revived and reinstated as

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<PAGE>

though no deposit had occurred pursuant to Section 12.01 hereof; provided that
if the Company has made any payment of principal of, premium, if any, or
interest on any Notes because of 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 or U.S. Government Obligations held by the
Trustee or Paying Agent.

                                  ARTICLE XIII

                                  MISCELLANEOUS

         Section 13.01. Trust Indenture Act Controls.

         If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by TIA Section 318(c), the imposed duties shall control.

         Section 13.02. Notices.

         Any notice or communication by the Company, any Subsidiary Guarantor or
the Trustee, if any, to the others is duly given if in writing and delivered in
Person or mailed by first class mail (registered or certified, return receipt
requested), telex, telecopier or overnight air courier guaranteeing next day
delivery, to the others' address:

         If to the Company and/or any Subsidiary Guarantor:

         ERICO International Corporation
         30575 Bainbridge Road
         Solon, OH 44139
         Telecopier No.: (440) 349-2996
         Attention: President

         With a copy to:

         Jones Day
         901 Lakeside Avenue
         Cleveland, Ohio 44114-1190
         Telecopier No.: (216) 579-0212
         Attention: Patrick J. Leddy

         The Company or any Subsidiary Guarantor or the Trustee, if any, by
notice to the others may designate additional or different addresses for
subsequent notices or communications.

         All notices and communications (other than those sent to Holders) shall
be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged,
if telecopied; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

         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 Section 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.

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         If the Company mails a notice or communication to Holders, it shall
mail a copy to the Trustee, if any, and each Agent (other than the Company or
any Subsidiary) at the same time.

         Section 13.03. Communication by Holders of Notes with Other Holders of
Notes.

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

         Section 13.04. Certificate and Opinion as to Conditions Precedent.

         Upon any request or application by the Company to the Trustee, if any,
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 13.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and

                  (b)      an opinion of counsel in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all
such conditions precedent and covenants have been satisfied.

         Section 13.05. Statements Required in Certificate or Opinion.

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

         Section 13.06. Rules by Trustee and Agents.

         The Trustee, or if no Trustee has been appointed hereunder, the Holders
of a majority in aggregate principal amount of the then outstanding Notes, 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 13.07. No Personal Liability of Directors, Officers, Employees
and Stockholders.

         No director, officer, employee, incorporator, controlling Person or
stockholder of the Company or any Subsidiary Guarantor, as such, shall have any
liability for any obligations of the Company under the Notes or this Indenture
or the Subsidiary Guarantees for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder by accepting a Note waives
and releases all such liability. The waiver and release are

                                       81
<PAGE>

part of the consideration for issuance of the Notes. Such waiver may not be
effective to waive liabilities under the federal securities laws and it is the
view of the Commission that such a waiver is against public policy.

         Section 13.08. Governing Law.

         THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

         Section 13.09. No Adverse Interpretation of Other Agreements.

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

         Section 13.10. Successors.

         All agreements of the Company in this Indenture and the Notes shall
bind its successors. All agreements of the Trustee, if any, in this Indenture
shall bind its successors. All agreements of each Subsidiary Guarantor in this
Indenture shall bind its successors, except as otherwise provided in Section
11.05 hereof.

         Section 13.11. Severability.

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

         Section 13.12. 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 13.13. Table of Contents, Headings, etc.

         The Table of Contents, Cross-Reference Table and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.

                         [Signatures on following page]

                                       82
<PAGE>

                                   SIGNATURES

Dated as of February 20, 2004

                                  ERICO INTERNATIONAL CORPORATION

                                  By: /s/ William  H. Roj
                                      ------------------------------------------
                                      Name: William H. Roj
                                      Title: President

                                  ERICO PRODUCTS, INC.

                                  By: /s/ Peter B. Korte
                                      ------------------------------------------
                                      Name: Peter B. Korte
                                      Title: General Counsel and Secretary

<PAGE>

                                  CVC CAPITAL FUNDING, LLC

                                  By: Citicorp Capital Investors Limited
                                  Its: Investment Manager

                                  By: Byron L. Knief
                                      ------------------------------------------
                                      Name: Byron L. Knief
                                      Title: President

<PAGE>

                                   SCHEDULE 1

ERICO Products, Inc.

<PAGE>

                                                                       EXHIBIT A

                                 [Face of Note]

                                                         CUSIP/CINS ____________

                    11.0% Senior Subordinated Notes due 2012

No. __                                                             $____________

                        ERICO INTERNATIONAL CORPORATION,

promises to pay to _____________________________________________________________

or its registered assigns

the principal sum of ___________________________________________________________

Dollars on [       ], 2012.

Interest Payment Dates: [       ] and [      ]

Record Dates: [       ] and [       ]

Dated: [         ]

                                              ERICO INTERNATIONAL CORPORATION

                                              By: ______________________________
                                                  Name:
                                                  Title:

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

[____________________________], as Trustee

By: _________________________
      Authorized Signatory

                                      A-1
<PAGE>

                                 [Back of Note]

                     11% Senior Subordinated Notes due 2012

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT") AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS,
EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY
IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT,
OR, (C) IT IS AN "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN "ACCREDITED INVESTOR"), (2)
AGREES THAT IT WILL NOT, WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS
SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY
OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES, TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C)
INSIDE THE UNITED STATES, TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH
TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO
THE TRUSTEE OR, IF A TRUSTEE HAS NOT BEEN APPOINTED, TO THE COMPANY A SIGNED
LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE
OBTAINED FROM THE TRUSTEE FOR THIS SECURITY, OR, IF A TRUSTEE HAS NOT BEEN
APPOINTED, FROM THE COMPANY) FOR THIS SECURITY, (D) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF
AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED
UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT
WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF
THIS SECURITY WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF
THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO
SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL
OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
AS USED HEREIN. THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S.
PERSON" HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.
THIS NOTE IS SUBJECT TO EXCHANGE PURSUANT TO THE TERMS AND CONDITIONS OF A
PURCHASE AGREEMENT DATED SEPTEMBER 9, 2002, AS AMENDED FEBRUARY 20, 2004.

         [THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS SECURITY) 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 2.07 OF THE INDENTURE, (II) THIS GLOBAL SECURITY
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL
SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF ERICO INTERNATIONAL CORPORATION.]

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

                                      A-2
<PAGE>

         1.       Interest. ERICO International Corporation, an Ohio corporation
(the "Company"), promises to pay interest on the principal amount of this Note
at 11% per annum from September 12, 2002 until maturity. The Company will pay
interest semi-annually in arrears on February 28 and August 31 of each year, or
if any such day is not a Business Day, on the next succeeding Business Day (each
an "interest Payment Date"). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from the date of issuance; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated or otherwise duly issued
and delivered between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be February 28, 2003. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate
that is 2% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace
periods) from time to time on demand at the same rate to the extent lawful.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

         2.       Method of Payment. The Company will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the February 15 or August 15 next preceding the
Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.13
of the Indenture with respect to defaulted interest. The Notes will be payable
as to principal, premium and interest at the office or agency of the Company
maintained for such purpose within or without the City and State of New York,
or, at the option of the Company, payment of interest may be made by check
mailed to the Holders at their addresses set forth in the register of Holders,
and provided that payment by wire transfer of immediately available funds will
be required with respect to principal of and interest and premium on, all Global
Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Company or the Paying Agent (if other than the Company).
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, the Company will act as
Paying Agent and Registrar. The Company may change any Paying Agent or Registrar
with prior written notice to the Trustee, or if no Trustee has been appointed
hereunder, to the Holders. 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 September 12, 2002, as amended and restated as of February 20, 2004
(as further amended, modified or supplemented from time to time, the
"Indenture"), among the Company, CVC Capital Funding, LLC (as assignee of
Citibank, N.A.), the Trustee, if and when appointed thereunder and the
Subsidiary Guarantors. 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 Sections 77aaa-77bbbb). The
Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. The Notes are general unsecured
obligations of the Company limited to $65,000,000 in aggregate principal amount.

         5.       Optional Redemption.

                  (a)      The Company shall redeem the Notes, in whole but not
in part, upon not less than three days' notice, at any time after December 31,
2002 and prior to January 15, 2003, if prior to December 31, 2002 the Company
has not (i) issued an aggregate principal amount of Additional Notes of not less
than $3 5,000,000 and (ii) consummated the transactions contemplated by the
Merger Agreement, at a redemption price equal to 97.00% of the principal amount
thereof, plus accrued and unpaid interest, to the redemption date (subject to
the rights of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date). At any time after August 31, 2006,
the Company shall have the option to redeem the Notes, in whole or in part, upon
not less than 30 nor more than 60 days' notice, at the following redemption
prices (expressed as a percentage of principal amount), plus accrued and unpaid
interest, if any, to the applicable redemption date (subject to the right of
holders of record on the relevant record date to receive interest due on the
relevant interest payment date), if redeemed during the 12-month period
beginning on August 31 of the years indicated below:

                                      A-3
<PAGE>

<TABLE>
<CAPTION>
Year                                                                Percentage
----                                                                ----------
<S>                                                                 <C>
2006..........................................................       105.50%
2007..........................................................       102.75%
2008 and thereafter...........................................       100.00%
</TABLE>

                  (b)      Notwithstanding the provisions of clause (a) of this
paragraph 5, at any time prior to August 31, 2005, the Company may on one or
more occasions redeem up to 35% of the aggregate principal amount of Notes with
the net cash proceeds of one or more Equity Offerings at a redemption price
equal to 111.00% of the principal amount thereof, plus accrued and unpaid
interest to the redemption date (subject to the right of holders of record on
the relevant record date to receive interest due on the relevant interest
payment date); provided that at least 65% of the aggregate principal amount of
the Notes remain outstanding immediately after the occurrence of such redemption
(excluding Notes held by the Company and its Subsidiaries) and that each such
redemption occurs within 90 days of the date of the closing of such Equity
Offering.

                  (c)      At any time after August 15, 2004 and prior to
September 1, 2006, the Company shall have the option to redeem the Notes in
whole or in part, upon not less than 10 nor more than 60 days' notice, at 101%
of the outstanding principal amount of the Notes, plus accrued but unpaid
interest, if any, to the applicable redemption date (subject to the right of the
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

         6.       Mandatory Redemption; Mandatory Exchange. Except as set forth
in paragraph 7 below, the Company shall not be required to make any mandatory
redemption or sinking fund payments with respect to the Notes. The Company and
each Holder shall be required to exchange the Notes in accordance with the terms
and conditions of Section 6 of the Purchase Agreement.

         7.       Repurchase at Option Holder. If a Change of Control occurs,
each Holder of Notes will have the right to require the Company to repurchase
all or any part (equal to $1,000 or an integral multiple thereof) of such
Holder's Notes at a purchase price in cash equal to 101% of their principal
amount, plus accrued and unpaid interest, if any, to the date of repurchase
(subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date).

         8.       Offer to Purchase by Application of Excess Proceeds. In the
event that, pursuant to Section 4.11 of the Indenture, the Company shall be
required to commence an offer to all Holders to purchase Notes and to the extent
required by the terms of the Pari Passu Notes, any Pari Passu Notes (an "Asset
Disposition Offer"), the Company shall follow the procedures specified below.

The Asset Disposition Offer shall remain open for a period of 20 Business Days
following its commencement, except to the extent that a longer period is
required by applicable law (the "Asset Disposition Offer Period"). No later than
five Business Days after the termination of the Offer Period (the "Asset
Disposition Purchase Date"), the Company shall repurchase the principal amount
of Notes and Pari Passu Notes required to be purchased pursuant to Section 4.11
of the Indenture (the "Asset Disposition Offer Amount") or, if less than the
Asset Disposition Offer Amount has been so validly tendered, all Notes and Pari
Passu Notes validly tendered in response to the Asset Disposition Offer. Payment
for any Notes and Pari Passu Notes so purchased shall be made in the same manner
as interest payments are made.

If the Asset Disposition Purchase Date is on or after an interest record date
and on or before the related interest payment date, any accrued and unpaid
interest shall be paid to the Person in whose name a Note or a Pari Passu Note
is registered at the close of business on such record date, and no additional
interest shall be payable to Holders who tender Notes or Pari Passu Notes
pursuant to the Asset Disposition Offer.

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

                                      A-4
<PAGE>

                  (a)      that the Asset Disposition Offer is being made
pursuant to Section 3.09 and Section 4.11 of the Indenture and the length of
time the Asset Disposition Offer shall remain open;

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

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

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

                  (e)      that Holders electing to have a Note or Pari Passu
Note purchased pursuant to an Asset Disposition Offer may elect to have such
Notes and Pari Passu Notes purchased in integral multiples of $1,000 only;

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

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

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

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

On or before the Asset Disposition Purchase Date, the Company shall, to the
extent lawful, accept for payment, on a pro rata basis to the extent necessary,
the Asset Disposition Offer Amount of Notes or Pari Passu Notes or portions
thereof validly tendered pursuant to the Asset Disposition Offer, or if less
than the Asset Disposition Offer Amount has been tendered and not properly
withdrawn, all Notes and Pari Passu Notes validly tendered and not properly
withdrawn, in each case in integral multiples of $1,000. The Company shall
deliver to the Trustee, or if no Trustee has been appointed under the Indenture,
to the Holders, an Officers' Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in accordance with the terms of
Section 4.11 of the Indenture and, in addition, the Company shall deliver all
certificates and notes required, if any, by the agreements governing the Pari
Passu Notes. The Company or the Paying Agent, as the case may be, shall promptly
(but in any case not later than five Business Days after the termination of the
Asset Disposition Offer Period) mail or deliver to each tendering Holder or
holder of Pari Passu Notes an amount equal to the repurchase price of the Notes
or the Pari Passu Notes validly tendered and not properly withdrawn by such
Holder or holder, as the case may be, and accepted by the Company for purchase,
and the Company shall promptly issue a new Note, and the Trustee, if any, upon
written request from the Company shall authenticate and mail or deliver such new
Note to such Holder, in a principal amount equal to any unpurchased portion of
the Note surrendered; provided, however, that each such new Note shall be in a
principal amount of $1,000 or an integral amount of $1,000. In addition, the
Company shall take any and all other actions required by the agreements
governing the Pari Passu Notes. Any Note not so accepted shall be promptly
mailed or delivered by the Company to the Holder thereof The Company shall
publicly announce the results of the Asset Disposition Offer on the Asset
Disposition Purchase Date.

                                      A-5
<PAGE>

         9.       Notice of Redemption. Subject to Section 5, notice of
redemption will be mailed 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 whole 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.

         10.      Denominations. 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, if any, may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and the Company may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part. Also, the Company
need not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed or during the period between a record
date and the corresponding Interest Payment Date.

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

         12.      Amendment, Supplement and Waiver. Subject to certain
exceptions, the Indenture, the Subsidiary Guarantees or the Notes 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 Subsidiary Guarantees or the
Notes 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
Not; the Indenture, the Subsidiary Guarantees or the Notes may be amended or
supplemented (i) to cure any ambiguity, omission, defect or inconsistency; (ii)
provide for the assumption pursuant to Article V of the Indenture by a successor
corporation or limited liability company of the obligations of the Company under
the Indenture; (iii) provide for uncertificated Notes in addition to or in place
of certificated Notes (provided, however, that the uncertificated Notes are
issued in registered form for purposes of Section 163(f) of the Code, or in a
manner such that the uncertificated Notes are described in Section 163(f)(2)(B)
of the Code); (iv) add Subsidiary Guarantees; (v) secure the Notes; (vi) add to
the covenants of the Company or the Subsidiary Guarantors for the benefit of the
Holders or surrender any right or power conferred upon the Company; (vii) 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 of any Holder; (viii)
comply with any requirement of the Commission in connection with the
qualification of the Indenture under the Trust Indenture Act; or (ix) provide
for the issuance of notes to the Holders in exchange for the Notes in
furtherance of the obligations described in Section 6 of the Purchase Agreement.

         13.      Defaults and Remedies. Events of Default include: (i) default
by the Company in any payment of interest or liquidated damages (as required by
the Registration Rights Agreement) on any Note when due and payable, continued
for 30 days (whether or not such payment is prohibited by Article X of the
Indenture); (ii) default by the Company in the payment of principal of or
premium, if any, on any Note when due and payable, at its Stated Maturity, upon
optional redemption, upon required repurchase, upon declaration or otherwise
(whether or not such payment is prohibited by Article X of the Indenture); (iii)
failure by the Company or any Subsidiary Guarantor to comply with its
obligations under Section 5.01 of the Indenture; (iv) failure by the Company to
comply for 30 days after the notice specified below with any other covenant or
other agreement contained in the Indenture or the Note (in each case, other than
a failure to repurchase Notes when required pursuant to the covenants described
in Sections 4.11 and 4.16 of the Indenture which will constitute an Event of
Default under clause (ii) above, and other than a failure to comply with Section
5.01 of the Indenture which will constitute an Event of Default under clause
(iii) above); (v) failure by the Company to comply for 60 days after the notice
specified below with its other agreements contained in the Indenture; (vi)
default under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any Indebtedness for money
borrowed by the Company or any Restricted Subsidiary (or the payment of which is
Guaranteed by the Company or any Restricted Subsidiary), other than Indebtedness
owed to the Company or a Restricted Subsidiary, whether such Indebtedness or
Guarantee now exists or is created alter the date of the Indenture, which
default or premium, if any, (a) is caused by the failure to pay principal of, or
interest or premium, if any, on, such Indebtedness before the expiration of the
grace period provided in such Indebtedness (a "Payment Default"); or (b) results
in the acceleration of such Indebtedness before

                                      A-6
<PAGE>

its maturity (and such acceleration is not rescinded within 20 days) (the
"Cross-Acceleration Provision") and, in each case, the principal amount of any
such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $5,000,000 or more; (vii) the Company
or a Significant Subsidiary or group of Restricted Subsidiaries that, taken
together (as of the latest available financial statements for the Company and
the Restricted Subsidiaries), would constitute a Significant Subsidiary (each, a
"Relevant Entity") pursuant to or within the meaning of Bankruptcy Law: (a)
commences a voluntary case; (b) consents to the entry of an order for relief
against it in an involuntary case, (c) consents to the appointment of a
custodian of it or for all or substantially all of its property, (d) makes a
general assignment for the benefit of its creditors, or (e) generally is not
paying its debts as they become due; (viii) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that: (a) is for relief
against a Relevant Entity in an involuntary case; (b) appoints a custodian of a
Relevant Entity or for all or substantially all of the property of a Relevant
Entity; or (c) orders the liquidation of a Relevant Entity, and the order or
decree remains unstayed and in effect for 60 days; (ix) failure by the Company
or any Significant Subsidiary or group of Restricted Subsidiaries that, taken
together (as of the latest available financial statements for the Company and
the Restricted Subsidiaries), would constitute a Significant Subsidiary to pay
final judgments aggregating in excess of $5,000,000 or its foreign currency
equivalent (net of any amounts for which a reputable and creditworthy insurance
company has acknowledged liability in writing), which judgments are not paid,
discharged or stayed for a period of 60 days (the "Judgment Default Provision");
and (x) any Subsidiary Guarantee ceases to be in full force and effect (except
as contemplated by the terms of the Subsidiary Guarantee and the Indenture) or
is declared null and void in a judicial proceeding or any Subsidiary Guarantor
denies or disaffirms its obligations under the Indenture or its Subsidiary
Guarantee.

However, a Default under clauses (iv) and (v) of this paragraph 13 shall not
constitute an Event of Default until the Trustee or the Holders of at least 25%
in principal amount of the outstanding Notes notify the Company of the Default
and the Company does not cure such Default within the time specified in clauses
(iv) and (v) of this paragraph 13 after receipt of such notice.

         14.      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.

         15.      No Personal Liability of Directors, Officers, Employees and
Stockholders. No director, officer, employee, incorporator, controlling Person
or stockholder of the Company or any Subsidiary Guarantor, as such, shall have
any liability for any obligations of the Company under the Notes or the
Indenture or the Subsidiary Guarantees for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. Such waiver may not be effective to
waive liabilities under the federal securities laws and it is the view of the
SEC that such a waiver is against public policy.

         16.      Authentication. It a trustee has been appointed under the
Indenture at the time this Note is issued, this Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent.

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

         18.      CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company may cause
CUSIP numbers to be printed on the Notes and the Trustee, if any, 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.

                                      A-7
<PAGE>

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

ERICO International Corporation
30575 Bainbridge Road
Solon, OH 44139
Telecopier No.: (440) 349-2996
Attention:  President

                                      A-8
<PAGE>

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:___________________________________
                                               (Insert assignee's legal name)

________________________________________________________________________________
                  (Insert assignee's Soc. Sec. Or tax I.D. no.)
________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
                  (Print or type assignee's name, address and zip code)

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

Date: ____________________

             Your Signature: ___________________________________________________
                    (Sign exactly as your name appears on the face of this Note)

Signature Guarantee*: ________________________

*        Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

                                      A-9
<PAGE>

Option of Holder To Elect Purchase

If you want to elect to have this Note purchased by the Company pursuant to
Section 4.11 or 4.16 of the Indenture, check the appropriate box below:

                         [ ] Section 4.11 [ ] Section 4.16

If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.11 or Section 4.16 of the Indenture, state the amount you
elect to have purchased:

                                       $_________________

Date: ____________________

            Your Signature:
                    ____________________________________________________________
                    (Sign exactly as your name appears on the face of this Note)

Signature Guarantee*: ________________________

*        Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

                                      A-10
<PAGE>

             SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

         The following exchanges of a part of this Global Note for an interest
in another Global Note or for a Definitive Note, or exchanges of a part of
another Global Note or Definitive Note for an interest in this Global Note, have
been made:

<TABLE>
<CAPTION>
                                                                                                    Signature
                                                                      Principal Amount of         of authorized
                      Amount of decrease in    Amount of increase      this Global Note             officer of
                       Principal Amount of    in Principal Amount       following such           Trustee or Note
Date of Exchange        this Global Note      of this Global Note    decrease (or increase)         Custodian
----------------        ----------------      -------------------    ----------------------      ---------------
<S>                   <C>                     <C>                    <C>                         <C>
</TABLE>

                                      A-11
<PAGE>

                                                                       EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

ERICO International Corporation
30575 Bainbridge Road
Solon, OH 44139
Telecopier No.: (440) 349-2996
Attention: President

[TRUSTEE]

  Re: ERICO International Corporation 11.0% Senior Subordinated Notes due 2012

         Reference is hereby made to the Second Amended and Restated Indenture,
dated as of February 20, 2004 (the "Indenture"), among ERICO International
Corporation, as issuer (the "Company"), the Subsidiary Guarantor named therein
for the benefit of the Holders thereunder, CVC Capital Funding, LLC and the
Trustee, if and when appointed thereunder. 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        [ ]      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.       [ ]      Check and complete if Transferee will take delivery of a
                  beneficial interest in a Definitive Note or a Definitive Note
                  pursuant to any provision of the Securities Act other than
                  Rule 144A. 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)      [ ]      such Transfer is being effected pursuant to and in
                           accordance with Rule 144 under the Securities Act;

                           or

                                      B-1
<PAGE>

         (b)      [ ]      such Transfer is being effected to the Company or a
                           Subsidiary thereof;

                           or

         (c)      [ ]      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)      [ ]      such Transfer is being effected to an Accredited
                           Investor and pursuant to an exemption from the
                           registration requirements of the Securities Act other
                           than Rule 144A or Rule 144, 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 (i) a certificate executed by the
                           Transferee and (ii) 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),
                           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 transferred beneficial interest or
                           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.

         3.       [ ]      Check if Transferee will take delivery of a
                           beneficial interest in an Unrestricted Definitive
                           Note.

         (a)      [ ]      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 Global Notes, on
                           Restricted Definitive Notes and in the Indenture.

         (b)      [ ]      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, 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 Global Notes or
                           Restricted Definitive Notes and in the Indenture.

                                      B-2
<PAGE>

This certificate and the statements contained herein are made for your benefit
and the benefit of the Company.

                                   [Insert Name of Transferor]

                                   By: ______________________________________
                                       Name:
                                       Title:

Dated: _______________________

                                      B-3
<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

1.       The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

         (a)      [ ]      a beneficial interest in the 144A Global Note (CUSIP
                           _________), or

         (b)      [ ]      a Restricted Definitive Note.

2.       After the Transfer the Transferee will hold:

[CHECK ONE]

         (a)      [ ]      a beneficial interest in the 144A Global Note
                           (CUSIP _________), or

         (b)      [ ]      a Restricted Definitive Note.

in accordance with the terms of the Indenture.

                                      B-4
<PAGE>

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

ERICO International Corporation
30575 Bainbridge Road
Solon, OH 44139
Telecopier No.: (440) 349-2996
Attention: President

[TRUSTEE]

  Re: ERICO International Corporation 11.0% Senior Subordinated Notes due 2012

(CUSIP ____________) 4213

         Reference is hereby made to the Second Amended and Restated Indenture,
dated as of February 20, 2004, as amended, modified or supplemented from time to
time (the "Indenture"), among ERICO International Corporation, as issuer (the
"Company"), the Subsidiary Guarantor named therein for the benefit of the
Holders thereunder, CVC Capital Funding, LLC and the Trustee, if and when
appointed thereunder. 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
Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes

         (a)      [ ]      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)      [ ]      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 144A Global Note, 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.

                                      C-1
<PAGE>

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                      [Insert Name of Transferor]

                                      By: ______________________________________
                                          Name:
                                          Title:

Dated: _______________________

                                      C-2
<PAGE>

                                                                       EXHIBIT D

                            FORM OF CERTIFICATE FROM

                          ACQUIRING ACCREDITED INVESTOR

ERICO International Corporation
30575 Bainbridge Road
Solon, OH 44139
Telecopier No.: (440) 349-2996
Attention: President

[TRUSTEE]

  Re: ERICO International Corporation 11.0% Senior Subordinated Notes due 2012

(CUSIP ____________)

         Reference is hereby made to the Second Amended and Restated Indenture,
dated as of February 20, 2004, as amended, modified or supplemented from time to
time (the "Indenture"), among ERICO International Corporation, as issuer (the
"Company"), the Subsidiary Guarantor named therein for the benefit of the
Holders thereunder, CVC Capital Funding, LLC and the Trustee, if and when
appointed thereunder. 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 subsidiary thereof, (B) in
accordance with Rule 144A under the Securities Act to a "qualified institutional
buyer" (as defined therein), (C) to an "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 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 in form reasonably acceptable to the Company to the effect that such
transfer is in compliance with the Securities Act, (D) pursuant to the
provisions of Rule 144(k) under the Securities Act or (E) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any Person purchasing the Definitive Note or beneficial interest
in a Global Note from us in a transaction meeting the requirements of clauses
(A) through (D) 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 complies with the foregoing
restrictions. We further understand that the Notes purchased by us will bear a
legend to the foregoing effect.

                                      D-1
<PAGE>

4.       We are an "accredited investor" (as defined in Rule 501(a) 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
"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 Transferor]

                                          By: __________________________________
                                              Name:
                                              Title:

Dated: _______________________

                                      D-2
<PAGE>

                                                                       EXHIBIT E

                          FORM OF NOTATION OF GUARANTEE

         For value received, the Subsidiary Guarantor (which term includes any
successor Person under the Second Amended and Restated Indenture, dated as of
February 20, 2004, as amended, modified, or supplemented from time to time (the
"Indenture"), among ERICO International Corporation, as issuer (the "Company"),
the Subsidiary Guarantor named therein for the benefit of the Holders
thereunder, CVC Capital Funding, LLC and the Trustee, if and when appointed
thereunder) has, jointly and severally, unconditionally guaranteed, to the
extent set forth in the Indenture and subject to the provisions in the
Indenture, (a)(i) the due and punctual payment of the principal of, premium, if
any, and interest on the Notes (as defined in the Indenture), whether at
maturity, by acceleration, redemption or otherwise, (ii) the due and punctual
payment of interest on overdue principal and premium, and, to the extent
permitted by law, interest, and (iii) the due and punctual performance of all
other obligations of the Company to the Holders or the Trustee, if any, all in
accordance with the terms of the Indenture and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. The obligations of the Subsidiary Guarantors to the
Holders of Notes and to the Trustee, if any, pursuant to the Subsidiary
Guarantee and the Indenture are expressly set forth in Article XI of the
Indenture and reference is hereby made to the Indenture for the precise terms of
the Subsidiary Guarantee. Each Holder of a Note, by accepting the same, (x)
agrees to and shall be bound by such provisions, (y) authorizes and directs the
Trustee, on behalf of such Holder, to take such action as may be necessary or
appropriate to effectuate the subordination as provided in the Indenture and (z)
appoints the Trustee attorney-in-fact of such Holder for such purpose; provided,
however, that the Indebtedness evidenced by this Subsidiary Guarantee shall
cease to be so subordinated and subject in right of payment upon any defeasance
of this Note in accordance with the provisions of the Indenture.

         Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

Dated: ________

                                      ERICO PRODUCTS, INC.

                                      By: ______________________________________
                                          Name:
                                          Title:

                                      E-1
<PAGE>

                                                                       EXHIBIT F

                         FORM OF SUPPLEMENTAL INDENTURE
               TO BE DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS

         Supplemental Indenture (this "Supplemental Indenture"), dated as of
________________, among __________________ (the "Guaranteeing Subsidiary"), a
subsidiary of ERICO International Corporation (or its permitted successor), an
Ohio corporation (the "Company"), the Company, the other Subsidiary Guarantor[s]
(as defined in the Indenture referred to herein).

                               W I T N E S S E T H

         WHEREAS, the Company, the Trustee and the Subsidiary Guarantors named
therein have heretofore executed and delivered to the Trustee a second amended
and restated indenture (the "Indenture"), dated as of February 20, 2004,
providing for the issuance of an unlimited aggregate principal amount of 11%
Senior Subordinated Notes due 2012;

         WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee, or if not
Trustee has been appointed under the Indenture, to the Holders, a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Company's Obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "Subsidiary Guarantee"); and

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

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

                  (a)      Capitalized Terms. Capitalized terms used herein
         without definition shall have the meanings assigned to them in the
         Indenture.

                  (b)      Agreement to Guarantee. The Guaranteeing Subsidiary
         hereby agrees as follows:

                           (i)      Along with all Subsidiary Guarantors named
                  in the Indenture, to jointly and severally Guarantee to each
                  Holder of a Note authenticated and delivered by the Trustee
                  and to the Trustee and its successors and assigns, the Notes
                  or the obligations of the Company hereunder or thereunder,
                  that:

                                    (A)      the principal of and interest on
                           the Notes will be promptly paid in full when due,
                           whether at maturity, by acceleration, redemption or
                           otherwise, and interest on the overdue principal of
                           and interest on the Notes, if any, if lawful, and all
                           other obligations of the Company to the Holders or
                           the Trustee, if any, hereunder or thereunder will be
                           promptly paid in full or performed, all in accordance
                           with the terms hereof and thereof; and

                                    (B)      in case of any extension of time of
                           payment or renewal of any Notes or any of such other
                           obligations, that same will be promptly paid in full
                           when due or performed in accordance with the terms of
                           the extension or renewal, whether at stated maturity,
                           by acceleration or otherwise. Failing payment when
                           due of any amount so guaranteed or any performance so
                           guaranteed for whatever reason, the Subsidiary
                           Guarantors shall be jointly and severally obligated
                           to pay the same immediately.

                           (ii)     The obligations hereunder shall be
                  unconditional, irrespective of the validity, regularity or
                  enforceability of the Notes or the Indenture, the absence of
                  any action to enforce the

                                      F-1
<PAGE>

                  same, any waiver or consent by any Holder of the Notes with
                  respect to any provisions hereof or thereof, the recovery of
                  any judgment against the Company, any action to enforce the
                  same or any other circumstance which might otherwise
                  constitute a legal or equitable discharge or defense of a
                  guarantor.

                           (iii)    The following is hereby waived: diligence
                  presentment, demand of payment, filing of claims with a court
                  in the event of insolvency or bankruptcy of the Company, any
                  right to require a proceeding first against the Company,
                  protest, notice and all demands whatsoever.

                           (iv)     This Subsidiary Guarantee shall not be
                  discharged except by complete performance of the obligations
                  contained in the Notes and the Indenture, and the Guaranteeing
                  Subsidiary accepts all obligations of a Subsidiary Guarantor
                  under the Indenture.

                           (v)      If any Holder or the Trustee is required by
                  any court or otherwise to return to the Company, the
                  Subsidiary Guarantors, or any Custodian, Trustee, liquidator
                  or other similar official acting in relation to either the
                  Company or the Subsidiary Guarantors, any amount paid by
                  either to the Trustee or such Holder, this Subsidiary
                  Guarantee, to the extent theretofore discharged, shall be
                  reinstated in full force and effect.

                           (vi)     The Guaranteeing Subsidiary shall not be
                  entitled to any right of subrogation in relation to the
                  Holders in respect of any obligations guaranteed hereby until
                  payment in full of all obligations guaranteed hereby.

                           (vii)    As between the Subsidiary Guarantors, on the
                  one hand, and the Holders and the Trustee, if any, on the
                  other hand, (x) the maturity of the obligations guaranteed
                  hereby may be accelerated as provided in Article VI of the
                  Indenture for the purposes of this Subsidiary Guarantee,
                  notwithstanding any stay, injunction or other prohibition
                  preventing such acceleration in respect of the obligations
                  guaranteed hereby, and (y) in the event of any declaration of
                  acceleration of such obligations as provided in Article 6 of
                  the Indenture, such obligations (whether or not due and
                  payable) shall forthwith become due and payable by the
                  Subsidiary Guarantors for the purpose of this Subsidiary
                  Guarantee.

                           (viii)   The Subsidiary Guarantors shall have the
                  right to seek contribution from any non-paying Subsidiary
                  Guarantor so long as the exercise of such right does not
                  impair the rights of the Holders under the Guarantee.

                           (ix)     Pursuant to Section 10.02 of the Indenture,
                  after giving effect to any maximum amount and any other
                  contingent and fixed liabilities that are relevant under any
                  applicable Bankruptcy or fraudulent conveyance laws, and after
                  giving effect to any collections from, rights to receive
                  contribution from or payments made by or on behalf of any
                  other Subsidiary Guarantor in respect of the obligations of
                  such other Subsidiary Guarantor under Article XI of the
                  Indenture, this new Subsidiary Guarantee shall be limited to
                  the maximum amount permissible such that the obligations of
                  such Subsidiary Guarantor under this Subsidiary Guarantee will
                  not constitute a fraudulent transfer or conveyance.

                  (c)      Execution and Delivery. Each Guaranteeing Subsidiary
agrees that the Subsidiary Guarantees shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such
Subsidiary Guarantee.

                  (d)      Guaranteeing Subsidiary may Consolidate, etc. on
Certain Terms.

                           (i)      The Guaranteeing Subsidiary may not
                  consolidate with or merge with or into (whether or not such
                  Subsidiary Guarantor is the surviving Person) another
                  corporation, Person or entity whether or not affiliated with
                  such Subsidiary Guarantor unless:

                                      F-2
<PAGE>

                                    (A)      subject to Sections 11.04 and 11.05
                           of the Indenture, the Person formed by or surviving
                           any such consolidation or merger (if other than a
                           Subsidiary Guarantor or the Company) unconditionally
                           assumes all the obligations of such Subsidiary
                           Guarantor, pursuant to a supplemental indenture in
                           form and substance reasonably satisfactory to the
                           Trustee, or if no Trustee has been appointed under
                           the Indenture, to the Holders, under the Notes, the
                           Indenture and the Subsidiary Guarantee on the terms
                           set forth herein or therein; and

                                    (B)      immediately after giving effect to
                           such transaction, no Default or Event of Default
                           exists.

                           (ii)     In case of any such consolidation, merger,
                  sale or conveyance and upon the assumption by the successor
                  corporation, by supplemental indenture, executed and delivered
                  to the Trustee, or if no Trustee has been appointed under the
                  Indenture, to the Holders, and satisfactory in form to the
                  Trustee, or if no Trustee has been appointed under the
                  Indenture, to the Holders, of the Subsidiary Guarantee
                  endorsed upon the Notes and the due and punctual performance
                  of all of the covenants and conditions of the Indenture to be
                  performed by the Subsidiary Guarantor, such successor
                  corporation shall succeed to and be substituted for the
                  Subsidiary Guarantor with the same effect as if it had been
                  named herein as a Subsidiary Guarantor. Such successor
                  corporation thereupon may cause to be signed any or all of the
                  Subsidiary Guarantees to be endorsed upon all of the Notes
                  issuable hereunder which theretofore shall not have been
                  signed by the Company and delivered to the Trustee, or if no
                  Trustee has been appointed under the Indenture, to the
                  Holders. All the Subsidiary Guarantees so issued shall in all
                  respects have the same legal rank and benefit under the
                  Indenture as the Subsidiary Guarantees theretofore and
                  thereafter issued in accordance with the terms of the
                  Indenture as though all of such Subsidiary Guarantees had been
                  issued at the date of the execution hereof.

                           (iii)    Except as set forth in Articles IV and V and
                  Sections 11.04 and 11.05 of Article XI of the Indenture,
                  nothing contained in the Indenture or in any of the Notes
                  shall prevent any consolidation or merger of a Subsidiary
                  Guarantor with or into the Company or another Subsidiary
                  Guarantor, or shall prevent any sale or conveyance of the
                  property of a Subsidiary Guarantor as an entirety or
                  substantially as an entirety to the Company or another
                  Subsidiary Guarantor.

                  (e)      Releases.

                           (i)      In the event of a sale or other disposition
                  of all or substantially all of the assets of any Subsidiary
                  Guarantor, by way of merger, consolidation or otherwise, or a
                  sale or other disposition of all of the capital stock of any
                  Subsidiary Guarantor, in each case to a Person that is not
                  (either before or after giving effect to such transaction) a
                  Restricted Subsidiary of the Parent, then such Subsidiary
                  Guarantor (in the event of a sale or other disposition, by way
                  of merger, consolidation or otherwise, of all of the capital
                  stock of such Subsidiary Guarantor) or the corporation
                  acquiring the property (in the event of a sale or other
                  disposition of all or substantially all of the assets of such
                  Subsidiary Guarantor) will be released and relieved of any
                  obligations under its Subsidiary Guarantee; provided that the
                  sale and the Net Available Cash of such sale or other
                  disposition are applied in accordance with the applicable
                  provisions of the Indenture, including without limitation
                  Section 4.11 of the Indenture. Upon delivery by the Company to
                  the Trustee of an Officers' Certificate and an opinion of
                  counsel to the effect that such sale or other disposition was
                  made by the Company in accordance with the provisions of the
                  Indenture, including without limitation Section 4.11 of the
                  Indenture, the Trustee, if any, shall execute any documents
                  reasonably required in order to evidence the release of any
                  Subsidiary Guarantor from its obligations under its Subsidiary
                  Guarantee.

                           (ii)     Any Subsidiary Guarantor not released from
                  its obligations under its Subsidiary Guarantee shall remain
                  liable for the full amount of principal of and interest on the
                  Notes and for the other obligations of any Subsidiary
                  Guarantor under the Indenture as provided in Article XI of the
                  Indenture.

                                      F-3
<PAGE>

                  (f)      No Personal Liability of Directors, Officers,
         Employees and Stockholders. No director, officer, employee,
         incorporator, controlling Person or stockholder of the Company or any
         Subsidiary Guarantor, as such, shall have any liability for any
         obligations of the Company under the Notes or the indenture or the
         Subsidiary Guarantees for any claim based on, in respect of, or by
         reason of, such obligations or their creation. Each holder by accepting
         a note waives and releases all such liability. The waiver and release
         are part of the consideration for issuance of the Notes. Such waiver
         may not be effective to waive liabilities under the federal securities
         laws and it is the view of the Commission that such a waiver is against
         public policy.

                  (g)      NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE
         OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
         INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
         CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
         ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

                  (h)      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.

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

                  (j)      The Trustee. The Trustee, if any, shall not be
         responsible in any manner whatsoever for or in respect of the validity
         or sufficiency of this Supplemental Indenture or for or in respect of
         the recitals contained herein, all of which recitals are made solely by
         the Guaranteeing Subsidiary and the Company.

                                      F-4
<PAGE>

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

Dated: __________________

                                     [Guaranteeing Subsidiary]

                                     By: _______________________________________
                                         Name:
                                         Title:

                                     ERICO INTERNATIONAL CORPORATION

                                     By: _______________________________________
                                         Name:
                                         Title:

                                      F-5
<PAGE>

                                   SCHEDULE I

                        SCHEDULE OF SUBSIDIARY GUARANTORS

         The following schedule lists each Subsidiary Guarantor under the
Indenture as of the Issue Date:

ERICO Products, Inc.

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