Document:

Exhibit 4.2

 

 

INDENTURE,

dated as of December 16, 2005,

among

PIPE ACQUISITION FINANCE PLC,

 

 

as Issuer,

 

PIPE ACQUISITION LIMITED,

 

THE GUARANTORS HEREAFTER PARTIES HERETO,

as Guarantors

 

and

 

The Bank of New York,

as Trustee and Collateral Agent

 

Senior Secured Floating Rate Notes due 2010

 

 

 

CROSS-REFERENCE
TABLE

 

	
  TIA

  Section

  	
   

  	
  Indenture

  Section

  
	
  310(a)(1)

  	
   

  	
  7.10

  
	
        (a)(2)

  	
   

  	
  7.10

  
	
        (a)(3)

  	
   

  	
  7.10

  
	
        (a)(4)

  	
   

  	
  N.A.

  
	
        (a)(5)

  	
   

  	
  7.10

  
	
        (b)

  	
   

  	
  7.03; 7.08; 7.10

  
	
        (c)

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
  7.03; 7.11

  
	
        (b)

  	
   

  	
  7.03; 7.11

  
	
        (c)

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
  2.05

  
	
        (b)

  	
   

  	
  7.07; 11.03

  
	
        (c)

  	
   

  	
  11.03

  
	
  313(a)

  	
   

  	
  7.06

  
	
        (b)

  	
   

  	
  7.06

  
	
        (c)

  	
   

  	
  7.06

  
	
        (d)

  	
   

  	
  7.06

  
	
  314(a)

  	
   

  	
  4.06; 4.20

  
	
        (b)

  	
   

  	
  12.02

  
	
        (c)(1)

  	
   

  	
  4.06; 11.04

  
	
        (c)(2)

  	
   

  	
  11.04

  
	
        (c)(3)

  	
   

  	
  4.06

  
	
        (d)

  	
   

  	
  12.03

  
	
        (e)

  	
   

  	
  11.05

  
	
        (f)

  	
   

  	
  N.A.

  
	
  315(a)

  	
   

  	
  7.01(b)

  
	
        (b)

  	
   

  	
  7.05

  
	
        (c)

  	
   

  	
  7.01(a)

  
	
        (d)

  	
   

  	
  7.01(c)

  
	
        (e)

  	
   

  	
  6.11

  
	
  316(a)(last sentence)

  	
   

  	
  2.09

  
	
        (a)(1)(A)

  	
   

  	
  6.05

  
	
        (a)(1)(B)

  	
   

  	
  6.04

  
	
        (a)(2)

  	
   

  	
  N.A.

  
	
        (b)

  	
   

  	
  6.07

  
	
        (c)

  	
   

  	
  9.04

  
	
  317(a)(1)

  	
   

  	
  6.08

  
	
        (a)(2)

  	
   

  	
  6.09

  
	
        (b)

  	
   

  	
  2.04

  
	
  318(a)

  	
   

  	
  11.01

  
	
        (b)

  	
   

  	
  N.A.

  
	
        (c)

  	
   

  	
  11.01

  

 

N.A. means Not Applicable

 

NOTE:    This
Cross-Reference Table shall not, for any purpose, be deemed to be a part of
this Indenture.

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE ONE

  	
  DEFINITIONS AND INCORPORATION BY
  REFERENCE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.01.

  	
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.02.

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.03.

  	
  Rules of Construction

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE TWO

  	
  THE NOTES

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.01.

  	
  Form and Dating

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.02.

  	
  Execution and Authentication; Additional Notes;
  Aggregate Principal Amount

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.03.

  	
  Registrar and Paying Agent

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.04.

  	
  Obligations of Paying Agent

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.05.

  	
  Holder Lists

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.06.

  	
  Transfer and Exchange

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.07.

  	
  Replacement Notes

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.08.

  	
  Outstanding Notes

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.09.

  	
  Treasury Notes; When Notes Are Disregarded

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.10.

  	
  Temporary Notes

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.11.

  	
  Cancellation

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.12.

  	
  CUSIP Numbers

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.13.

  	
  Deposit of Moneys

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.14.

  	
  Book-Entry Provisions for Global Notes

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.15.

  	
  Special Transfer Provisions

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.16.

  	
  Transfers of Global Notes and Physical Notes

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE THREE

  	
  REDEMPTION

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
  Redemption

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.02.

  	
  Selection of Notes to be Redeemed

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.03.

  	
  Notice of Redemption

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.04.

  	
  Effect of Notice of Redemption

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.05.

  	
  Deposit of Redemption Price

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.06.

  	
  Notes Redeemed in Part

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE FOUR

  	
  COVENANTS

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.01.

  	
  Payment of Notes

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.02.

  	
  Maintenance of Office or Agency

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.03.

  	
  Corporate Existence

  	
   

  	
  42

  
					

 

i

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.04.

  	
  Payment of Taxes and Other Claims

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.05.

  	
  Maintenance of Properties and Insurance

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.06.

  	
  Compliance Certificate, Notice of Default

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.07.

  	
  Waiver of Stay, Extension or Usury Laws

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.08.

  	
  Limitation on Incurrence of Additional Indebtedness

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.09.

  	
  Limitation on Restricted Payments

  	
   

  	
  45

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.10.

  	
  Repurchase upon Change of Control

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.11.

  	
  Limitation on Asset Sales

  	
   

  	
  50

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.12.

  	
  Limitation on Dividend and Other Payment
  Restrictions Affecting Restricted Subsidiaries

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.13.

  	
  Limitation on Issuances and Sales of Capital Stock
  of Subsidiaries

  	
   

  	
  53

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.14.

  	
  Limitation on Liens

  	
   

  	
  54

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.15.

  	
  Limitations on Transactions with Affiliates

  	
   

  	
  54

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.16.

  	
  Additional Subsidiary Guarantees

  	
   

  	
  55

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.17.

  	
  Impairment of Security Interest

  	
   

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.18.

  	
  Undertakings with Respect to MIM Pte

  	
   

  	
  57

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.19.

  	
  Conduct of Business

  	
   

  	
  57

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.20.

  	
  Reports to Holders

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.21.

  	
  Payments for Consent

  	
   

  	
  59

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.22.

  	
  Additional Interest

  	
   

  	
  59

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.23.

  	
  Additional Amounts

  	
   

  	
  59

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.24.

  	
  Activities of Pipe Acquisition Limited

  	
   

  	
  60

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.25.

  	
  Undertakings with Respect to the Liquidation and
  Assumption

  	
   

  	
  61

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.26

  	
  Undertakings of the Company with Respect to
  Whitewash Filings

  	
   

  	
  61

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE FIVE

  	
  SUCCESSOR CORPORATION

  	
   

  	
  61

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.01.

  	
  Merger, Consolidation and Sale of Assets

  	
   

  	
  61

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.02.

  	
  Successor Entity Substituted

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE SIX

  	
  DEFAULT AND REMEDIES

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.01.

  	
  Events of Default

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.02.

  	
  Acceleration

  	
   

  	
  65

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.03.

  	
  Other Remedies

  	
   

  	
  66

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.04.

  	
  Waiver of Past Defaults

  	
   

  	
  66

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.05.

  	
  Control by Majority

  	
   

  	
  66

  
					

 

ii

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.06.

  	
  Limitation on Suits

  	
   

  	
  66

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.07.

  	
  Rights of Holders to Receive Payment

  	
   

  	
  67

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.08.

  	
  Collection Suit by Trustee or Collateral Agent

  	
   

  	
  67

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.09.

  	
  Trustee May File Proofs of Claim

  	
   

  	
  67

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.10.

  	
  Priorities

  	
   

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.11.

  	
  Undertaking for Costs

  	
   

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.12.

  	
  Restoration of Rights and Remedies

  	
   

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE SEVEN

  	
  TRUSTEE

  	
   

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.01.

  	
  Duties of Trustee

  	
   

  	
  69

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.02.

  	
  Rights of Trustee

  	
   

  	
  70

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.03.

  	
  Individual Rights of Trustee

  	
   

  	
  71

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.04.

  	
  Trustee’s Disclaimer

  	
   

  	
  71

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.05.

  	
  Notice of Default

  	
   

  	
  72

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.06.

  	
  Reports by Trustee to Holders

  	
   

  	
  72

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.07.

  	
  Compensation and Indemnity

  	
   

  	
  72

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.08.

  	
  Replacement of Trustee

  	
   

  	
  73

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.09.

  	
  Successor Trustee by Merger, Etc

  	
   

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.10.

  	
  Eligibility; Disqualification

  	
   

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.11.

  	
  Preferential Collection of Claims Against Issuer

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.12.

  	
  Trustee as Paying Agent and Collateral Agent

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.13.

  	
  Form of Documents Delivered to Trustee

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE EIGHT

  	
  SATISFACTION AND DISCHARGE OF
  INDENTURE

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.01.

  	
  Legal Defeasance and Covenant Defeasance

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.02.

  	
  Satisfaction and Discharge

  	
   

  	
  77

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.03.

  	
  Survival of Certain Obligations

  	
   

  	
  78

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.04.

  	
  Acknowledgment of Discharge by Trustee and
  Collateral Agent

  	
   

  	
  78

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.05.

  	
  Application of Trust Moneys

  	
   

  	
  78

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.06.

  	
  Repayment to the Issuer; Unclaimed Money

  	
   

  	
  79

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.07.

  	
  Reinstatement

  	
   

  	
  79

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE NINE

  	
  AMENDMENTS, SUPPLEMENTS AND
  WAIVERS

  	
   

  	
  79

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.01.

  	
  Without Consent of Holders

  	
   

  	
  79

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.02.

  	
  With Consent of Holders

  	
   

  	
  80

  
					

 

iii

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.03.

  	
  Compliance with TIA

  	
   

  	
  81

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.04.

  	
  Revocation and Effect of Consents

  	
   

  	
  81

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.05.

  	
  Notation on or Exchange of Notes

  	
   

  	
  82

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.06.

  	
  Trustee to Sign Amendments, Etc

  	
   

  	
  82

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.07.

  	
  Conformity with Trust Indenture Act

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE TEN

  	
  GUARANTEE

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.01.

  	
  Guarantee

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.02.

  	
  Release of a Guarantor

  	
   

  	
  84

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.03.

  	
  Limitation of Guarantor’s Liability

  	
   

  	
  84

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.04.

  	
  Guarantors May Consolidate, etc., on Certain Terms

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.05.

  	
  Contribution

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.06.

  	
  Waiver of Subrogation

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.07.

  	
  Waiver of Stay, Extension or Usury Laws

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.08.

  	
  Execution and Delivery of Guarantees

  	
   

  	
  86

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE ELEVEN

  	
  MISCELLANEOUS

  	
   

  	
  86

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.01.

  	
  Trust Indenture Act Controls

  	
   

  	
  86

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.02.

  	
  Notices

  	
   

  	
  86

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.03.

  	
  Communications by Holders with Other Holders

  	
   

  	
  87

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.04.

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  87

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.05.

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  87

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.06.

  	
  Rules by Trustee, Paying Agent, Registrar

  	
   

  	
  88

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.07.

  	
  Legal Holidays

  	
   

  	
  88

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.08.

  	
  Governing Law

  	
   

  	
  88

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.09.

  	
  No Adverse Interpretation of Other Agreements

  	
   

  	
  88

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.10.

  	
  No Recourse Against Others

  	
   

  	
  88

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.11.

  	
  Successors

  	
   

  	
  88

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.12.

  	
  Duplicate Originals

  	
   

  	
  89

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.13.

  	
  Severability

  	
   

  	
  89

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.14.

  	
  Waiver of Jury Trial

  	
   

  	
  89

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.15.

  	
  Judgment Currency

  	
   

  	
  89

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE TWELVE

  	
  SECURITY

  	
   

  	
  89

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.01.

  	
  Grant of Security Interest

  	
   

  	
  89

  
					

 

iv

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.02.

  	
  Opinions

  	
   

  	
  90

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.03.

  	
  Release of Collateral

  	
   

  	
  91

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.04.

  	
  Specified Releases of Collateral

  	
   

  	
  91

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.05.

  	
  Release upon Satisfaction or Defeasance of All
  Outstanding Obligations

  	
   

  	
  92

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.06.

  	
  Form and Sufficiency of Release

  	
   

  	
  92

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.07.

  	
  Purchaser Protected

  	
   

  	
  92

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.08.

  	
  Authorization of Actions to Be Taken by the
  Collateral Agent Under the Collateral Agreements

  	
   

  	
  92

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.09.

  	
  Authorization of Receipt of Funds by the Trustee
  Under the Collateral Agreements

  	
   

  	
  93

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.10.

  	
  Intercreditor Agreements

  	
   

  	
  93

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.11

  	
  Force Majeure

  	
   

  	
  93

  

 

	
  Exhibit A

  	
   

  	
  -

  	
   

  	
  Form of Initial Note

  
	
  Exhibit B

  	
   

  	
  -

  	
   

  	
  Form of Exchange Note

  
	
  Exhibit C

  	
   

  	
  -

  	
   

  	
  Form of Legend for Global
  Notes

  
	
  Exhibit D

  	
   

  	
  -

  	
   

  	
  Form of Certificate to Be
  Delivered in Connection with Transfers to Non-QIB Accredited Investors

  
	
  Exhibit E

  	
   

  	
  -

  	
   

  	
  Form of Certificate to Be
  Delivered in Connection with Transfers Pursuant to Regulation S

  
	
  Exhibit F

  	
   

  	
  -

  	
   

  	
  Form of Supplemental
  Indenture to be Delivered by Subsequent Guarantors

  
	
  Exhibit G

  	
   

  	
  -

  	
   

  	
  Form of Intercreditor and
  Subordination Agreement

  

 

NOTE:    This Table of Contents shall
not, for any purpose, be deemed to be part of this Indenture.

 

v

 

INDENTURE, dated as of December 16, 2005, among PIPE
ACQUISITION FINANCE PLC, a company incorporated under the laws of England and
Wales (the “Finance Corporation”), PIPE ACQUISITION LIMITED, a company
incorporated under the laws of England and Wales and parent of the Finance
Corporation (the “Company”), the Guarantors (as herein defined) parties
hereto and THE BANK OF NEW YORK, a New York banking corporation as Trustee (in
such capacity, the “Trustee”) and Collateral Agent (in such capacity,
the “Collateral Agent”).

 

Effective as of the date hereof, the Company will acquire
Murray International Metals Limited, a company incorporated under the laws of
England and Wales (“MIM”). 
Effective upon consummation of the Acquisition, the Company is expected
to cause MIM and its subsidiaries to become Guarantors to the extent required
by this Indenture.  Pursuant to the terms
of this Indenture, the Finance Corporation (which is a majority owned
subsidiary of the Company) will be liquidated under the laws of the England and
Wales and all of its assets, liabilities, rights and obligations, including its
obligations under this Indenture and as issuer of the Notes, will be assigned
to and assumed by the Company and the Guarantors (other than the Company) will
continue to guarantee the Notes.  The “Issuer”
in this Indenture shall mean the Finance Corporation provided, however, that
references to the “Issuer” shall be deemed to be appropriately modified in this
Indenture to be references to the Company in the event of and for any period
relating to after the effectiveness of the Liquidation and Assumption (as
herein defined).

 

Each party agrees as follows for the benefit of each
other and for the equal and ratable benefit of the Holders of the Series A
Senior Secured Floating Rate Notes due 2010 (the “Initial Notes”) and
the Series B Senior Secured Floating Rate Notes due 2010 (the “Exchange
Notes,” and together with the Initial Notes, the “Notes”):

 

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION
1.01.  Definitions.

 

“Acceleration Notice” has the meaning set forth
in Section 6.02.

 

 “Acquired
Indebtedness” means Indebtedness of a Person or any of its Subsidiaries
existing at the time such Person becomes a Restricted Subsidiary of the Company
or at the time it merges or consolidates with or into the Company or any of its
Restricted Subsidiaries or assumed in connection with the acquisition of assets
from such Person and in each case not incurred by such Person in connection
with, or in anticipation or contemplation of, such Person becoming a Restricted
Subsidiary of the Company or such acquisition, merger or consolidation and
which Indebtedness is without recourse to the Company or any of its
Subsidiaries or to any of their respective properties or assets other than the
Person or the assets to which such Indebtedness related prior to the time such
Person became a Restricted Subsidiary of the Company or the time of such
acquisition, merger or consolidation; provided that Indebtedness of such
Person that is redeemed, defeased, retired or otherwise repaid at the time, or
immediately upon consummation, of the transaction by which such Person is
merged with or into or became a Restricted Subsidiary of the Company shall not
be Acquired Indebtedness. Acquired Indebtedness shall be deemed to be incurred
on the date of any such acquisition, merger or consolidation or the date the
acquired Person becomes a Restricted Subsidiary. 

 

“Acquisition” means the acquisition of MIM by
the Company pursuant to the Agreement for the Purchase and Sale of Shares,
dated November 30, 2005, by and among the Company, Murray Holdings
International Limited, and certain other persons. 

 

 

“Additional Amounts”
has the meaning set forth in Section 4.23.

 

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

 

“Additional Notes”
means all Senior Secured Floating Rate Notes due 2010 that are not Exchange
Notes issued after the Issue Date (other than pursuant to Sections 2.06,
2.07, 2.10 and 3.06 of this Indenture) from time to time
in accordance with the terms of this Indenture, including, without limitation,
the provisions of Section 2.02.

 

“Administrative Agent” has the meaning set
forth in the definition of the term “Working Capital Facility.”

 

“Affiliate” means, with respect to any
specified Person, any other Person who directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under common control
with, such specified Person. The term “control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise; provided, that Beneficial Ownership of 10% or
more of the Voting Stock of the Person shall be deemed to be control. The terms
“controlling” and “controlled” have meanings correlative of the foregoing. 

 

“Affiliate Transaction” has the meaning set
forth in Section 4.15.

 

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

 

“Agent Members” has the meaning set forth in Section
2.14 and means, with respect to DTC, Euroclear or Clearstream, a Person who
has an account with DTC, Euroclear or Clearstream, respectively (and, with
respect to DTC, shall include Euroclear and Clearstream).

 

“Applicable Indebtedness” means:

 

(1)           in respect of any asset that is the subject
of an Asset Sale at a time when such asset is included in the Collateral,
Indebtedness that is pari  passu with the Notes and secured at
such time by Collateral; or

 

(2)           in respect of any other asset, Indebtedness
that is pari  passu with the Notes.

 

“Asset Acquisition” means:

 

(1)           an Investment by the Company or any
Restricted Subsidiary of the Company in any other Person pursuant to which such
Person shall become a Restricted Subsidiary of the Company or any Restricted
Subsidiary of the Company, or shall be merged with or into the Company or any
Restricted Subsidiary of the Company, or

 

(2)           the acquisition by the Company or any
Restricted Subsidiary of the Company of the assets of any Person (other than a
Restricted Subsidiary of the Company) which constitute all or substantially all
of the assets of such Person or comprise any division or line of business of
such Person or any other properties or assets of such Person other than in the
ordinary course of business. 

 

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

 

2

 

“Asset Sale” means any direct or indirect sale,
issuance, conveyance, transfer, lease (other than operating leases entered into
in the ordinary course of business), assignment or other transfer (other than a
Lien in accordance with this Indenture) for value by the Company or any
Guarantor to any Person (other than the Company or a Guarantor) of:

 

(1)           any Capital Stock of any Restricted
Subsidiary of the Company; or

 

(2)           any other property or assets of the Company
or any Restricted Subsidiary of the Company other than in the ordinary course
of business; provided, however, that Asset Sales shall not
include:

 

(A)          a transaction or series
of related transactions for which the Company or its Restricted Subsidiaries
receive aggregate consideration of less than £600,000 pounds sterling;

 

(B)           the sale, lease,
conveyance, disposition or other transfer of all or substantially all of the
assets of the Company as permitted under Section 5.01;  

 

(C)           any Restricted Payment
permitted under Section 4.09 including a Permitted Investment;

 

(D)          the sale or other
disposition of Cash Equivalents;

 

(E)           the sale or other
disposition of used, worn out, obsolete or surplus equipment;

 

(F)           the sale of an
Unrestricted Subsidiary;

 

(G)           dispositions of
Investments or receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in a bankruptcy or
similar proceeding and exclusive of factoring or similar arrangements;

 

(H)          the licensing or
sublicensing of intellectual property or other general intangibles and
licenses, leases or subleases of other property in the ordinary course of
business which do not materially interfere with the business of the Company and
its Restricted Subsidiaries; and

 

(I)            the Newbridge Sale
Leaseback and the sale of Murray International Metals, Inc. 

 

 “Authenticating
Agent” has the meaning set forth in Section 2.02.

 

“Bankruptcy Code” means the Bankruptcy Reform
Act of 1978, as amended, and codified as 11 U.S.C. §§101 et  seq.

 

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

 

3

 

subsequent condition. 
The terms “Beneficially Owns” and “Beneficially Owned” have meanings
correlative to the foregoing. 

 

“Board of Directors” means, as to any Person,
the board of directors or similar governing body of such Person or any duly
authorized committee thereof.

 

“Board Resolution” means, with respect to any
Person, a copy of a resolution certified by the Secretary or an Assistant
Secretary of such Person to have been duly adopted by the Board of Directors of
such Person and to be in full force and effect on the date of such
certification.

 

“Business Day” means a day that is not a Legal
Holiday.

 

“Capital Stock” means:

 

(1)           with respect to any
Person that is a company or corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not
voting) of corporate stock, including each class of Common Stock and Preferred
Stock of such Person;

 

(2)           with respect to any
Person that is not a company or corporation, any and all partnership,
membership or other equity interests of such Person; and

 

(3)           any warrants, rights or
options to purchase any of the instruments or interests referred to in clause
(1) or (2) above. 

 

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

 

“Cash Equivalents” means:

 

(1)           U.S. dollars, pounds
sterling, Euros, Singapore dollars, and/or United Arab Emirates dirhams;

 

(2)           marketable direct
obligations (a) issued by, or unconditionally guaranteed by, the United States
Government or issued by any agency thereof and backed by the full faith and
credit of the United States, (b) denominated in pounds sterling and issued by,
or unconditionally guaranteed by, the United Kingdom, or (c) denominated in Euros
and issued by, or unconditionally guaranteed by, a Member State of the European
Union, in each case, maturing within one year from the date of acquisition
thereof;

 

(3)           marketable direct
obligations issued by any state of the United States of America or any state or
province of any Member State of the European Union or any political subdivision
of any such state or province or any public instrumentality thereof maturing
within one year from the date of acquisition thereof and, at the time of
acquisition, having one of the two highest ratings obtainable from either
Standard & Poor’s Ratings Group (“S&P”) or Moody’s Investors
Service, Inc. (“Moody’s”);

 

(4)           commercial paper
maturing no more than one year from the date of creation thereof and, at the
time of acquisition, having a rating of at least A-1 from S&P or at least
P-1 from Moody’s;

 

4

 

(5)           certificates of deposit
or bankers’ acceptances in U.S. dollars, pounds sterling or Euros maturing
within one year from the date of acquisition thereof issued by any bank
organized under the laws of (a) the United States of America or any state
thereof or the District of Columbia, (b) a Member State of the European Union,
in each case, having at the date of acquisition thereof combined net capital
and surplus of not less than $250.0 million and a rating of A-1 or better from
S&P or P-1 or better from Moody’s;

 

(6)           repurchase obligations
with a term of not more than seven days for underlying securities of the types
described in clauses (2) and (3) above entered into with any bank
meeting the qualifications specified in clause (5) above; and

 

(7)           investments in money
market funds which invest substantially all their assets in Cash Equivalents of
the types described in clauses (1) through (6) above. 

 

“Change of Control” means the occurrence of one
or more of the following events:

 

(1)           any direct or indirect
sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one transaction or a series of related
transactions, of all or substantially all of the assets of the Company to any
Person or group of related Persons for purposes of Section 13(d) of the
Exchange Act (a “Group”), other than a transaction in which the
transferee is controlled by one or more Permitted Holders;

 

(2)           the Company
consolidates with, or merges with or into, any Person, or any Person
consolidates with, or merges with or into, the Company, other than (A) a
transaction in which the surviving or transferee Person is a Person that is
controlled by the Permitted Holders or (B) any such transaction where the
Voting Stock of the Company outstanding immediately prior to such transaction
is converted into or exchanged for Voting Stock (other than Disqualified Capital
Stock) of the surviving or transferee Person constituting a majority of the
outstanding shares of such Voting Stock of such surviving or transferee Person
(immediately after giving effect to such issuance), or any transaction pursuant
to which holders of securities representing 100% of the Company’s Voting Stock
immediately prior to such transaction have the right or ability by voting
power, contract or otherwise, to elect or designate a majority of the Board of
Directors of the surviving or transferee Person;

 

(3)           the approval by the
holders of Capital Stock of the Company of any plan or proposal for the
liquidation, winding up or dissolution of the Company;

 

(4)           prior to the first
Public Equity Offering, one or more of the Permitted Holders cease for any reason
to be the Beneficial Owner, directly or indirectly, in the aggregate of at
least a majority of the total voting power of the Voting Stock of the Company,
whether by virtue of the issuance, sale or other disposition of Capital Stock
of the Company, a merger, consolidation or sale of assets involving the
Company, a Restricted Subsidiary, any voting trust or other agreement;

 

(5)           subsequent to the first
Public Equity Offering, (a) any Person or Group is or becomes the Beneficial
Owner, directly or indirectly, in the aggregate of more than 35% of the total
voting power of the Voting Stock of the Company, and (b) one or more of the
Permitted Holders Beneficially Own, directly or indirectly, in the aggregate a
lesser percentage of the total voting power of the Voting Stock of the Company
than such other Person or Group and do not have the right or ability by voting
power, contract or otherwise to elect or designate for election a majority of
the Board of Directors of the Company; or

 

5

 

(6)           individuals who on the
Issue Date constituted the Board of Directors of the Company (together with any
new directors whose election by such Board of Directors or whose nomination for
election by the stockholders of the Company was approved in advance and in
writing by a majority of the directors then still in office who were either
directors on the Issue Date or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of the
Board of Directors then in office. 

 

“Change of Control Offer” has the meaning set
forth in Section 4.10.

 

“Change of Control Payment Date” has the
meaning set forth in Section 4.10.

 

“Clearstream” means Clearstream Banking,
societe anonyme.

 

“Collateral” means collateral as such term is
defined in the Security Agreement, all mortgaged property and any other
property, whether now owned or hereafter acquired, upon which a Lien securing
the Obligations is granted or purported to be granted under any Collateral
Agreement; provided, however, that the term “Collateral” shall
not include any Excluded Assets.

 

“Collateral Agent” means The Bank of New York,
as the collateral agent and any successor under this Indenture.

 

“Collateral Agreements” means, collectively,
the Security Agreement, the Singapore Security Agreement and each mortgage, in
each case, as the same may be in force from time to time. 

 

“Commodity Agreement” means any hedging
agreement or other similar agreement or arrangement designed to protect the
Company or any Restricted Subsidiary of the Company against fluctuations in
commodity prices.

 

“Common Stock” of any Person means any and all
shares, interests or other participations in, and other equivalents (however
designated and whether voting or non-voting) of such Person’s common stock,
whether outstanding on the Issue Date or issued after the Issue Date, and
includes, without limitation, all series and classes of such common stock. 

 

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

 

 “Consolidated
EBITDA” means, with respect to any Person, for any period, the sum (without
duplication) of:

 

(1)           Consolidated Net
Income; and

 

(2)           to the extent
Consolidated Net Income has been reduced thereby:

 

(A)          all income and franchise
taxes of such Person and its Restricted Subsidiaries paid or accrued in
accordance with GAAP for such period;

 

(B)           Consolidated Fixed
Charges;

 

(C)           Consolidated Non-cash
Charges;

 

(D)          (a) customary fees and
expenses of the Company and its Restricted Subsidiaries payable in connection
with (i) the issuance and maintenance of the Notes and the related borrowing
under the Working Capital Facility, (ii) any Equity Offering,

 

6

 

(iii)
the incurrence, maintenance, termination or repayment of Indebtedness permitted
by Section 4.08 (including Indebtedness constituting Permitted
Indebtedness), (iv) the Acquisition and any acquisition permitted under this
Indenture and (v) compliance with the U.S. federal securities laws and the
Sarbanes-Oxley Act of 2002 for a period of 12 months following the Issue Date,
(b) extraordinary bonus payments payable to the officers and employees of MIM
pursuant to the Murray International Metals Limited Phantom Share Scheme in
respect of MIM’s 2006 fiscal year and (c) bonuses and fees payable to existing
stockholders, directors, officers and employees of the Company, lenders,
financial advisors and other Persons in connection with the Acquisition on or
substantially contemporaneous with the date the Acquisition was consummated;

 

(E)           restructuring charges
(as determined in accordance with GAAP) relating to the consolidation of
operations or reduction in head-count;

 

(F)           any premium or penalty
paid in connection with redeeming or retiring Indebtedness of such Person and
its consolidated Restricted Subsidiaries prior to the stated maturity thereof
pursuant to the agreements governing such Indebtedness; and

 

(G)           any increase in cost of
sales expense as a result of the Company’s adoption of the LIFO method of
costing inventory after the Issue Date, 

 

all as determined on a consolidated basis for
such Person and its Restricted Subsidiaries in accordance with GAAP. 

 

“Consolidated Fixed Charge Coverage Ratio”
means, with respect to any Person, the ratio of Consolidated EBITDA of such
Person during the four consecutive full fiscal quarters (the “Four Quarter
Period”) most recently ending on or prior to the date of the transaction or
event giving rise to the need to calculate the Consolidated Fixed Charge Coverage
Ratio for which internal financial statements are available (the “Transaction
Date”) to Consolidated Fixed Charges of such Person for the Four Quarter
Period.

 

In addition to and without limitation of the
foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated
Fixed Charges” shall be calculated after giving effect on a pro forma basis for
the period of such calculation to:

 

(1)           the incurrence or
repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries
(and the application of the proceeds thereof) giving rise to the need to make
such calculation and any incurrence or repayment of other Indebtedness (and the
application of the proceeds thereof), other than the incurrence or repayment of
Indebtedness in the ordinary course of business for working capital purposes
pursuant to working capital facilities, occurring during the Four Quarter
Period or at any time subsequent to the last day of the Four Quarter Period and
on or prior to the Transaction Date, as if such incurrence or repayment, as the
case may be (and the application of the proceeds thereof), occurred on the
first day of the Four Quarter Period;

 

(2)           any Asset Sale or other
disposition of operations or Asset Acquisition (including, without limitation,
any Asset Acquisition giving rise to the need to make such calculation as a
result of such Person or one of its Restricted Subsidiaries (including any
Person who becomes a Restricted Subsidiary as a result of any such Asset
Acquisition) incurring, assuming or otherwise being liable for Acquired
Indebtedness during the Four Quarter Period or at any time subsequent to the
last day of the Four Quarter Period and on or prior to the Transaction Date),
as if such

 

7

 

Asset Sale or
other disposition of operations or Asset Acquisition (including the incurrence,
assumption or liability for any such Indebtedness or Acquired Indebtedness and
also including any Consolidated EBITDA associated with such Asset Acquisition)
occurred on the first day of the Four Quarter Period. If such Person or any of
its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a
third Person, the preceding sentence shall give effect to the incurrence of
such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of
such Person had directly incurred or otherwise assumed such guaranteed
Indebtedness;

 

(3)           any Person that is a
Restricted Subsidiary on the Transaction Date (or would become a Restricted
Subsidiary on such Transaction Date in connection with the transaction
requiring determination of such Consolidated EBITDA) will be deemed to have
been a Restricted Subsidiary at all times during such Four Quarter Period; and

 

(4)           any Person that is not
a Restricted Subsidiary on the Transaction Date (or would cease to be a
Restricted Subsidiary on such Transaction Date in connection with the
transaction requiring determination of such Consolidated EBITDA) will be deemed
not to have been a Restricted Subsidiary at any time during such Four Quarter
Period.  

 

Furthermore, in calculating “Consolidated Fixed
Charges” for purposes of determining the denominator (but not the numerator) of
this “Consolidated Fixed Charge Coverage Ratio:”

 

(1)           interest on outstanding
Indebtedness determined on a fluctuating basis as of the Transaction Date
(including Indebtedness actually incurred on the Transaction Date) and which
will continue to be so determined thereafter shall be deemed to have accrued at
a fixed rate per annum equal to the rate of interest on such Indebtedness in
effect on the Transaction Date; and

 

(2)           notwithstanding clause
(1) above, interest on Indebtedness determined on a fluctuating basis, to
the extent such interest is covered by agreements relating to Interest Swap
Obligations, shall be deemed to accrue at the rate per annum resulting after
giving effect to the operation of such agreements. 

 

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

 

(1)           Consolidated Interest
Expense (excluding amortization or write-off of deferred financing costs); plus

 

(2)           the product of (x) the
amount of all cash dividend payments (other than dividends paid by the
Subsidiaries to the Company or to the Company’s Wholly Owned Restricted
Subsidiaries) on any class or series of Preferred Stock of such Person paid or
in the case of any such class or series of Preferred Stock that is Disqualified
Capital Stock, paid, accrued or scheduled to be paid or accrued, in each case,
during such period times (y) a fraction, the numerator of which is one and the
denominator of which is one minus the then current effective consolidated
foreign, federal, state and local tax rate of such Person, as estimated in good
faith by the chief financial officer of the Company, expressed as a decimal. 

 

“Consolidated Interest Expense” means, with
respect to any Person for any period, the aggregate of the interest expense of
such Person and its Restricted Subsidiaries for such period, on a consolidated
basis, as determined in accordance with GAAP, and including, without
duplication, (a) all amortization or accretion of original issue discount, (b)
the interest component of Capitalized Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its Restricted Subsidiaries
during such

 

8

 

period, and (c) net cash costs under all Interest Swap
Obligations (including amortization of fees), but excluding amortization of
debt issuance costs and excluding accrued dividends on preferred stock that is
reclassified as Indebtedness due to a change in accounting principles. 

 

“Consolidated Net Income”
means, with respect to any Person, for any period, the aggregate net income (or
loss) of such Person and its Restricted Subsidiaries for such period on a consolidated basis,
determined in accordance with GAAP; provided, however, that there
shall be excluded therefrom:

 

(1)           after-tax gains and losses from Asset Sales
or abandonments or reserves relating thereto;

 

(2)           after-tax items classified as extraordinary
gains or losses;

 

(3)           any net income (but not loss) of any
Restricted Subsidiary to the extent such Restricted Subsidiary is subject to
restrictions on the payment of dividends or the making of distributions by such
Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree,
order, statute or governmental rule or regulation applicable to such Restricted
Subsidiary or its shareholders (other than restrictions specified in clause
(3)(E) of Section 4.12);

 

(4)           the net income of any Person, other than the
referent Person or a Restricted Subsidiary of the referent Person, except to
the extent of cash dividends or distributions paid to the referent Person or to
a Wholly Owned Restricted Subsidiary of the referent Person by such Person;

 

(5)           any restoration to income of any material
contingency reserve, except to the extent that provision for such reserve was
made out of Consolidated Net Income accrued at any time following the Issue
Date;

 

(6)           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);

 

(7)           all gains and losses realized on or because of
the purchase or other acquisition by such Person or any of its Restricted
Subsidiaries of any securities of such Person or any of its Restricted
Subsidiaries;

 

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

 

(9)           non-cash charges resulting from the
impairment of intangible assets; and

 

(10)         only for purposes of calculating cumulative
Consolidated Net Income for purposes of Section 4.09, in the case of a
successor to the referent Person by consolidation or merger or as a transferee
of the referent Person’s assets, any earnings of the successor company or
corporation prior to such consolidation, merger or transfer of assets.

 

Notwithstanding the foregoing, for purposes
of calculating Consolidated Net Income for any period, Consolidated Net Income
for such period shall (except for purposes of calculating Consolidated Net
Income for such period as used in clause (1) of the definition of the
term “Consolidated EBITDA”) include, to the extent Consolidated Net Income for
such period has been reduced thereby, any non-cash charges associated with the
purchase accounting write-up of inventory. 

 

9

 

“Consolidated Net Tangible Assets” means, as of
any date of determination and with respect to any Person, the total assets,
less goodwill and other intangibles (other than patents, trademarks,
copyrights, licenses and other intellectual property), shown on the balance
sheet of such Person and its Restricted Subsidiaries for the most recently
ended fiscal quarter for which internal financial statements are available,
determined on a consolidated basis in accordance with GAAP. 

 

“Consolidated Non-cash Charges” means, with
respect to any Person, for any period, the aggregate depreciation, amortization
and other non-cash items and expenses of such Person and its Restricted
Subsidiaries to the extent they reduce Consolidated Net Income of such Person
and its Restricted Subsidiaries for such period, determined on a consolidated
basis in accordance with GAAP (A) including, but not limited to, (i) non-cash
charges attributable to the grant, exercise or repurchase of options for or
shares of Qualified Capital Stock to or from employees of such Person and its
consolidated subsidiaries, (ii) unrealized losses resulting solely from the
marking to market of derivative securities or securities held in deferred
compensation plans, (iii) non-cash charges associated with the amortization or
write-off of deferred financing costs and debt issuance costs of such Person
and its consolidated subsidiaries during such period, (iv) amortization expense
associated with the purchase accounting write-up of tangible and intangible
assets and (v) non-cash charges associated with the purchase accounting
write-up of inventory, but (B) excluding any such charges constituting an
extraordinary item or loss or any such charge which requires an accrual of or a
reserve for cash charges for any future period. 

 

“Corporate Overhead Allocations” means
corporate overhead or similar allocations or payments, including, but not
limited to, tax preparation, insurance, accounting, licensure, legal and
administrative fees and expenses incurred on behalf of the Company or its
Restricted Subsidiaries and reasonable and customary payments to employees or
other service providers of any parent of the Company for services rendered for
or on behalf of the Company or any Restricted Subsidiary.

 

“Corporate Trust Office” means an office of the
Trustee at which the corporate trust business of the Trustee shall, at any
particular time, be principally administered, which office is, at the date of
this Indenture, located at The Bank of New York, One Canada Square, London E14
5AL, Attn:  Global Trust Services.

 

“Covenant Defeasance” has the meaning set forth
in Section 8.01.

 

 “Currency
Agreement” means any foreign exchange contract, currency swap agreement or
other similar agreement or arrangement designed to protect the Company or any
Restricted Subsidiary of the Company against fluctuations in currency values. 

 

“CUSIP” means the Committee on Uniform Securities
Identification Procedures.

 

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

 

“Default” means an event or condition the
occurrence of which is, or with the lapse of time or the giving of notice or
both would be, an Event of Default.

 

“Depository” means DTC.

 

“Disqualified Capital Stock” means that portion
of any Capital Stock which, by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable at the option of the
holder thereof), or upon the happening of any event (other than an event that
would constitute a Change of Control), matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or

 

10

 

is redeemable at the sole option of the holder thereof
(except in each case, upon the occurrence of a Change of Control) on or prior
to the first anniversary of the final maturity date of the Notes for cash or is
convertible into or exchangeable for debt securities of the Company or its
Subsidiaries at any time prior to such anniversary. 

 

“Domestic Restricted Subsidiary” means, with
respect to any Person, a Domestic Subsidiary of such Person that is a
Restricted Subsidiary of such Person.

 

“Domestic Subsidiary” means, with respect to
any Person, a Subsidiary of such Person that is not a Foreign Subsidiary of
such Person.

 

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

 

“Edgen” means Edgen Corporation, a Nevada
corporation, and its Subsidiaries.

 

“EMU Legislation” means the legislative
measures of the European Council for the introduction of, changeover to or
operation of a single or unified European currency.

 

“Equity Offering” means any private or public
offering or placing of Capital Stock of the Company or any holding company of
the Company to any Person (other than issuances upon exercise of options by
employees of any holding company, the Company or any of the Restricted
Subsidiaries). 

 

“Euro” and “€” means the lawful currency
of the Participating Member States introduced in accordance with the EMU
legislation.

 

“Euroclear” means Euroclear Bank S.A./N.V., as
operator of the Euroclear system.

 

“European Union” means the European Union as
such body was constituted on January 1, 2000.

 

“Event of Default” has the meaning set forth in
Section 6.01.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, or any successor statute or statutes thereto.

 

“Exchange
Notes” has the
meaning set forth in the preamble to this Indenture and means the Notes,
if any, issued under Section 2.02 pursuant to the Registration Rights
Agreement.

 

“Exchange Offer” means an exchange offer that may be made by the Issuer,
pursuant to the Registration Rights Agreement, to exchange for any and of all
the Initial Notes for a like aggregate principal amount of Exchange Notes
having substantially identical terms to the Initial Notes registered under the
Securities Act.

 

“Excluded Assets” means:

 

(1)           any lease, license, contract, property right
or agreement to which the Issuer, the Company or any Guarantor is a party or
any of its rights or interests thereunder if and only for so long as the grant
of a Lien under the Collateral Agreements (i) is prohibited by applicable law or
would constitute or result in the abandonment, invalidation or unenforceability
of any right, title or interest of the grantor of such Lien therein pursuant to
applicable law, or (ii) would require the consent of third parties and such
consent shall not have been obtained, or (iii) would constitute or result in a
breach, termination or default under any such lease, license, contract,
property right or agreement (other than to the extent that any such consent
requirement or other term thereof would

 

11

 

be rendered
ineffective pursuant to any applicable law or principles of equity); provided
that such lease, license, contract, property right or agreement will be an
Excluded Asset only to the extent and for so long as the consequences specified
above will result and will cease to be an Excluded Asset and will become
subject to the Lien granted under the Collateral Agreements, immediately and
automatically, at such time as such consequences will no longer result;

 

(2)           Capital Stock of each Subsidiary of the
Company or any Guarantor;

 

(3)           property and assets owned by the Issuer, the
Company or any Guarantor that are the subject of Permitted Liens described in clause
(6) or (7) of the definition thereof for so long as such Permitted
Liens are in effect; and

 

(4)           any other assets owned or acquired by the
Issuer, the Company or any Guarantor that are expressly not required to
constitute “Collateral” pursuant to the terms of the Collateral Agreements.

 

“Excluded Taxes” has the meaning set forth in Section
4.23.  

 

“Fair Market Value” means, with respect to any
asset or property, the price which could be negotiated in an arm’s length
transaction, for cash, between a willing seller and a willing and able buyer,
neither of whom is under undue pressure or compulsion to complete the
transaction. Fair Market Value shall be determined by the Board of Directors of
the Company acting in good faith and shall be evidenced by a Board Resolution
of the Board of Directors of the Company; provided, however, that
with respect to any price less than £1.5 million pounds sterling only the good
faith determination by the Company’s senior management shall be required. 

 

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

 

“Foreign Restricted Subsidiary” means any
Restricted Subsidiary that is organized under the laws of any jurisdiction
other than the United States of America, any state thereof or the District of
Columbia.

 

“Foreign Subsidiary” means, with respect to any
Person, any Subsidiary of such Person that is organized under the laws of any
jurisdiction other than the United States of America, any state thereof or the
District of Columbia.

 

“Four Quarter Period” has the meaning set forth
in the definition of the term “Consolidated Fixed Coverage Charge Ratio.”

 

“GAAP” means generally accepted accounting
principles in the United Kingdom as in effect on the Issue Date, including the
financial reporting standards issued by the Accounting Standards Board for application
in England and Wales, provided that the Company may make one election to
follow the generally accepted accounting principals in the United States (“US
GAAP”), in which event all references to GAAP in this Indenture shall mean
US GAAP. 

 

“Global Notes” has the meaning set forth in Section
2.01.

 

“Group” has the meaning set forth in the
definition of the term “Change of Control.”

 

“Guarantee” has the meaning set forth in Section
10.01.

 

12

 

“Guarantor” means (1) each of the Company and
the Company’s Restricted Subsidiaries existing on the Issue Date and (2) each
of the Company’s Restricted Subsidiaries that in the future executes a
supplemental indenture in which such Restricted Subsidiary agrees to be bound
by the terms of this Indenture as a Guarantor; provided that any Person
constituting a Guarantor as described above shall cease to constitute a
Guarantor when its respective Guarantee is released in accordance with the
terms of this Indenture. 

 

“Holder” means the Person in whose name a Note
is registered on the registrar’s books.

 

“Holdings” means Edgen/Murray, L.P., a limited
partnership organized under the laws of Delaware.

 

“IAI Global Notes” has the meaning set forth in
Section 2.01.

 

“incur” has the meaning set forth in Section
4.08.

 

“Indebtedness” means with respect to any
Person, without duplication:

 

(1)           all Obligations of such Person for borrowed
money;

 

(2)           all Obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments to the extent such
Obligations would appear as a liability upon the consolidated balance sheet of
such Person in accordance with GAAP;

 

(3)           all Capitalized Lease Obligations of such
Person;

 

(4)           all Obligations of such Person issued or
assumed as the deferred purchase price of property, all conditional sale
obligations and all Obligations under any title retention agreement (but
excluding trade accounts payable and other accrued liabilities arising in the
ordinary course of business that are not overdue by 90 days or more or are
being contested in good faith by appropriate proceedings and any deferred
purchase price represented by earn outs consistent with the Company’s past
practice) to the extent such Obligations would appear as a liability upon the
consolidated balance sheet of such Person in accordance with GAAP;

 

(5)           all Obligations for the reimbursement of any
obligor on any letter of credit, banker’s acceptance or similar credit
transaction, whether or not then due;

 

(6)           guarantees and other contingent obligations
in respect of Indebtedness referred to in clauses (1) through (5)
above and clause (8) below;

 

(7)           all Obligations of any other Person of the
type referred to in clauses (1) through (6) which are secured by
any Lien on any property or asset of such Person, the amount of any such
Obligation being deemed to be the lesser of the Fair Market Value of the
property or asset securing such Obligation or the amount of such Obligation;

 

(8)           all Interest Swap Obligations and all
Obligations under Currency Agreements and Commodity Agreements of such Person;
and

 

(9)           all Disqualified Capital Stock issued by
such Person with the amount of Indebtedness represented by such Disqualified
Capital Stock being equal to the greater of its

 

13

 

voluntary or
involuntary liquidation preference and its maximum fixed repurchase price, but
excluding accrued dividends, if any.

 

Notwithstanding the foregoing, Indebtedness shall not
include any Qualified Capital Stock.  For
purposes hereof, the “maximum fixed repurchase price” of any Disqualified
Capital Stock which does not have a fixed repurchase price shall be calculated
in accordance with the terms of such Disqualified Capital Stock as if such
Disqualified Capital Stock were purchased on any date on which Indebtedness
shall be required to be determined pursuant to this Indenture, and if such
price is based upon, or measured by, the Fair Market Value of such Disqualified
Capital Stock, such Fair Market Value shall be determined reasonably and in
good faith by the Board of Directors of the issuer of such Disqualified Capital
Stock. 

 

“Indemnified Party” has the meaning set forth
in Section 7.07.

 

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

 

“Indenture Documents” means, collectively, this
Indenture, the Notes, the Guarantees, and the Collateral Agreements.

 

“Independent Financial Advisor” means an
internationally-recognized accounting, appraisal or investment banking firm
that, in the judgment of the Board of Directors of the Company (including a
majority of the disinterested members thereof), is independent and qualified to
perform the task for which it is to be engaged. 

 

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

 

“Initial Purchaser” means Jefferies &
Company, Inc.

 

“Insolvency Event” means, with respect to any
Person, (i) the commencement by or against such Person of any case or
proceeding under any bankruptcy, insolvency, reorganization, liquidation,
examination, moratorium, dissolution, delinquency or similar law, or such
Person seeking the appointment or election of a receiver, conservator,
examiner, trustee, custodian or similar official for such Person or any substantial
part of its property, or the convening of any meeting of creditors for purposes
of commencing any such case or proceeding or seeking such an appointment or
election or the filing of documents with the court for the appointment of an
administrator or the service of a notice of intention to appoint an
administrator, (ii) the commencement of any such case or proceeding against
such Person seeking such an appointment or election, or the filing against such
Person of an application for a protective decree, which (A) is consented to or
not timely contested by such Person, (B) results in the entry of an order for
relief, such an appointment or election, the issuance of such a protective
decree or the entry of an order having a similar effect, or (C) is not
dismissed within 60 days, (iii) the making by such Person of a general
assignment for the benefit of creditors, (iv) the admission in writing by such
Person of its inability to pay its debts as they become due, or (v) any
governmental authority or agency or any person, agency or entity acting or
purporting to act under governmental authority shall have taken any action to
condemn, seize or appropriate, or to assume custody or control of, all or any
substantial part of the property of such Person, or shall have taken any action
to displace the management of such Person or to curtail its authority in the
conduct of the business of such Person.

 

“Institutional Accredited Investor” means an
institution that is an “accredited investor” as that term is defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act.

 

14

 

“Intercreditor Agreements” means, collectively,
the Senior Intercreditor Agreement and the Subordinated Intercreditor
Agreement.

 

“Interest Payment Date” means the stated
maturity of an installment of interest on the Notes.

 

“Interest Swap Obligations” means the
obligations of any Person pursuant to any arrangement with any other Person,
whereby, directly or indirectly, such Person is entitled to receive from time
to time periodic payments calculated by applying either a floating or a fixed
rate of interest on a stated notional amount in exchange for periodic payments
made by such other Person calculated by applying a fixed or a floating rate of
interest on the same notional amount and shall include, without limitation,
interest rate swaps, caps, floors, collars and similar agreements.

 

“Investment” in any Person means any direct or
indirect advance, loan (other than advances to customers in the ordinary course
of business that are recorded as accounts receivable on the balance sheet of
the lender) or other extensions of credit (including by way of guarantee or
similar arrangement) 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 for value of
Capital Stock, Indebtedness or other similar instruments issued by such
Person.  If the Company or any Restricted
Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person
that is a Restricted Subsidiary such that, after giving effect thereto, such
Person is no longer a Restricted Subsidiary, any Investment by the Company or
any Restricted Subsidiary in such Person remaining after giving effect thereto
will be deemed to be a new Investment at such time.  The acquisition by the Company or any
Restricted Subsidiary of a Person that holds an Investment in a third Person
will be deemed to be an Investment by the Company or such Restricted Subsidiary
in such third Person at such time. 
Except as otherwise provided for herein, the amount of an Investment
shall be its Fair Market Value at the time the Investment is made and without
giving effect to subsequent changes in value.

 

For purposes
of the definition of “Unrestricted Subsidiary,” the definition of “Restricted
Payment” and Section 4.09:

 

(i)            “Investment” shall
include the portion (proportionate to the Company’s equity interest in such
Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the
Company at the time that such Subsidiary is designated an Unrestricted
Subsidiary; provided, however, that upon a redesignation of such
Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue
to have a permanent “Investment” in an Unrestricted Subsidiary equal to an
amount (if positive) equal to (A) the Company’s “Investment” in such Subsidiary
at the time of such redesignation less (B) the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the Fair Market Value of the
net assets of such Subsidiary at the time of such redesignation; and

 

(ii)           any property
transferred to or from an Unrestricted Subsidiary shall be valued at its Fair
Market Value at the time of such transfer, in each case as determined in good
faith by the Board of Directors of the Company.

 

“Issue Date” means the date of original
issuance of the Notes.

 

“Issuer” means Pipe Acquisition Finance Plc, a
public limited company incorporated under the laws of England and Wales with
Registration Number 05644999 and its successors; provided that following
the dissolution or liquidation of the Issuer in compliance with Section 4.25
such term shall mean the Company.  

 

15

 

“JCP
Group” means (i) ING Furman Selz Investors III
L.P., ING Barings Global Leveraged Equity Plan Ltd., ING Barings U.S. Leveraged
Equity Plan LLC and FS Private Investments III LLC and any of their respective
Affiliates and (ii) any investment vehicle that is managed (whether through
ownership of securities having a majority of the voting power or through
management of investments) by any of the Persons listed in clause (i),
but excluding any portfolio companies of any Person listed in clause (i)
or (ii).                

 

“Junior
Lien Collateral Agent” means any person appointed as such by the
Junior Lien Debtholders.

 

“Junior
Lien Debt” means the Indebtedness permitted to be
incurred pursuant to Section 4.08 (including indebtedness constituting
Permitted Indebtedness).

 

“Junior
Lien Debtholders” means the holders of Junior Lien Debt.

 

“Legal Defeasance” has the meaning set forth in
Section 8.01.

 

“Legal Holiday” has the meaning set forth in Section
11.07.

 

“Lenders” has the meaning set forth in the
definition of the term “Working Capital Facility.”

 

“Lien” means any lien, mortgage, deed of trust,
pledge, security interest, charge or encumbrance of any kind (including any
conditional sale or other title retention agreement, any lease in the nature
thereof and any agreement to give any security interest).

 

“Liquidation and Assumption” has the meaning
set forth in Section 4.25.

 

“Management Agreement” means the management
agreement, to be entered into between the Company or any of its Restricted
Subsidiaries and Jefferies Capital Partners or any of its affiliates.

 

“Management Fees”
means the management fees payable pursuant to the Management Agreement.

 

“Management Investors and Related Trusts” means
Murray International Holdings Limited (and its affiliates), Daniel J. O’Leary,
David L. Laxton III, Robert L. Gilleland, Craig S. Kiefer, Roy J. Meredith,
Douglas J. Daly, Jr., Kenneth A. Cockburn, Daniel D. Keaton, Randall C.
Harless, Jeffrey L. Bikshorn, Robert N. Lee, William Hamilton, Patrick Boyle,
Michael Craig, and each trust created by any of the foregoing Persons for
estate planning purposes. 

 

“Maturity Date” means December 16, 2010.

 

“MIM” means Murray International Metals
Limited, a company incorporated under the laws of England and Wales.

 

“MIM Pte” means Murray International Metals
Pte. Limited, a company incorporated under the laws of Singapore and a
wholly-owned subsidiary of MIM.  

 

“Moody’s” means Moody’s Investor Services, Inc.

 

 “Net Cash
Proceeds” means, with respect to any Asset Sale, the proceeds in the form
of cash or Cash Equivalents including payments in respect of deferred payment
obligations when received in the form of cash or Cash Equivalents (other than
Cash Equivalents denominated in Singapore dollars or

 

16

 

United Arab Emirates dirhams) (other than the portion
of any such deferred payment constituting interest)  received by the Company or any of its
Restricted Subsidiaries from such Asset Sale net of:

 

(1)           the direct costs relating to such Asset
Sale, including, without limitation, legal, accounting and investment banking
fees and sales commissions;

 

(2)           all taxes and other costs and expenses
actually paid or estimated by the Company (in good faith) to be payable in cash
in connection with such Asset Sale;

 

(3)           repayment of Indebtedness that is secured by
the property or assets that are the subject of such Asset Sale and is required
to be repaid in connection with such Asset Sale; and

 

(4)           appropriate amounts to be provided by the
Company or any Restricted Subsidiary, as the case may be, as a reserve, in
accordance with GAAP, against any liabilities associated with such Asset Sale
and retained by the Company or any Restricted Subsidiary, as the case may be,
after such Asset Sale, including, without limitation, pension and other
post-employment benefit liabilities, liabilities related to environmental
matters and liabilities under any indemnification obligations associated with
such Asset Sale;

 

provided, however, that if, after the payment of all taxes with respect to
such Asset Sale, the amount of estimated taxes, if any, pursuant to clause
(2) above exceeded the tax amount actually paid in cash in respect of such
Asset Sale, the aggregate amount of such excess shall, at such time, constitute
Net Cash Proceeds.

 

“Net Proceeds Offer” shall have the meaning set
forth in Section 4.11.

 

“Net Proceeds Offer Amount” shall have the
meaning set forth in Section 4.11.

 

“Net Proceeds Offer Payment Date” shall have
the meaning set forth in Section 4.11.

 

“Net Proceeds Offer Trigger Date” shall have
the meaning set forth in Section 4.11.

 

“Newbridge Sale Leaseback” means the sale and
leaseback by MIM of the facility in Newbridge, Scotland.  

 

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

 

“Notes” has the meaning set forth in the preamble
to this Indenture and means the Initial Notes, the Additional Notes, if any,
and the Exchange Notes treated as single class of securities, as amended or
supplemental from time to time in accordance with the terms hereof, that are
issued pursuant to this Indenture.

 

“Obligations” means all obligations for
principal, premium, interest, Additional Interest, Additional Amounts,
penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness.

 

 “Offering
Circular” means the offering circular dated December 13, 2005, related to
the offer and sale of the Initial Notes.

 

“Officer” means any director or the secretary
of the Company.

 

17

 

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

 

 “Opinion of
Counsel” means a written opinion of counsel who shall be reasonably
acceptable to the Trustee.

 

“Original Currency” has the meaning set forth
in Section 11.15.

 

“Other Currency” has the meaning set forth in Section
11.15.

 

“Participating Member State” means each state
so described in any EMU Legislation

 

 “Paying
Agent” has the meaning set forth in Section 2.03.

 

“Payor” has the meaning set forth in Section
4.23.

 

“Permitted
Business” means any
business that is the same as or similar, reasonably related, complementary or
incidental to the business in which the Company and its Restricted Subsidiaries
are engaged on the Issue Date.

 

“Permitted Holders” means the JCP Group and its
Affiliates (excluding any portfolio companies of any such Person) and the
Management Investors and Related Trusts.

 

“Permitted Indebtedness” means, without
duplication, each of the following:

 

(1)           Indebtedness under the Notes issued in the
offering or in the Exchange Offer in an aggregate outstanding principal amount
not to exceed $130.0 million and the related Guarantees;

 

(2)           Indebtedness pursuant to the Working Capital
Facility providing for borrowings of up to £12.0 million pounds sterling by way
of cash advances and £15.0 million pounds sterling in the form of letters of
credit and forward foreign exchange contracts (with any unused amount for cash
advances being available for borrowing as letters of credit and forward foreign
exchange contracts), as such amount may be reduced from time to time as a result
of permanent reductions of the revolving commitments thereunder as provided in Section
4.11;

 

(3)           other Indebtedness of the Company and its
Restricted Subsidiaries outstanding on the Issue Date and Indebtedness
represented by the Newbridge Sale Leaseback;

 

(4)           Interest Swap Obligations of the Company or
any Restricted Subsidiary of the Company covering Indebtedness of the Company
or any of its Restricted Subsidiaries that are entered into for the purpose of
fixing or hedging interest rates with respect to any fixed or variable rate
Indebtedness that is permitted by this Indenture to be outstanding; provided,
that the notional amount of any such Interest Swap Obligation does not exceed
the principal amount of Indebtedness to which such Interest Swap Obligation
relates;

 

(5)           Indebtedness under Currency Agreements and
Commodity Agreements, in each case arising in the ordinary course of business
of the Company and its Restricted Subsidiaries; provided that in the
case of Currency Agreements which relate to Indebtedness, such Currency
Agreements do not increase the Indebtedness of the Company and its Restricted
Subsidiaries

 

18

 

outstanding
other than as a result of fluctuations in foreign currency exchange rates or by
reason of fees, indemnities and compensation payable thereunder;

 

(6)           intercompany Indebtedness of (a) the Issuer,
the Company or a Guarantor for so long as such Indebtedness is held by the
Issuer, the Company or a Guarantor and (b) any Restricted Subsidiary that is
not a Guarantor for so long as such Indebtedness is held by (i) the Issuer the
Company or any Guarantor and is permitted to be made by the Issuer, the Company
or such Guarantor in such Restricted Subsidiary pursuant to (A) clause (7)
or (15) of the definition of the term “Permitted Investment” or (B) as a
Restricted Payment pursuant to Section 4.09 or (ii) any other Restricted
Subsidiary that is not a Guarantor; provided
that if as of any date any Person other than the Issuer, the Company or a
Guarantor owns or holds any such Indebtedness or holds a Lien in respect of
such Indebtedness, such date shall be deemed the incurrence of Indebtedness not
constituting Permitted Indebtedness under this clause (6) by the issuer
of such Indebtedness;

 

(7)           Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument
inadvertently (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;

 

(8)           Indebtedness of the Company or any of its
Restricted Subsidiaries represented by letters of credit, surety bonds,
insurance obligations or other similar bonds for the account of the Company or
such 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;

 

(9)           obligations in respect of performance, bid
and surety bonds and completion guarantees provided by the Company or any
Restricted Subsidiary in the ordinary course of business;

 

(10)         Indebtedness represented by Capitalized Lease
Obligations and Purchase Money Indebtedness of the Company and its Restricted
Subsidiaries incurred in the ordinary course of business (including
Refinancings thereof that do not result in an increase in the aggregate
principal amount of Indebtedness of such Person as of the date of such proposed
Refinancing (plus the amount of any premium required to be paid under
the terms of the instrument governing such Indebtedness and plus the
amount of reasonable expenses incurred by the Company in connection with such
Refinancing)) not to exceed £3.0 million pounds sterling at any time
outstanding;

 

(11)         Refinancing Indebtedness;

 

(12)         Indebtedness of Restricted Subsidiaries of the
Company that are not Guarantors, the aggregate principal amount of which
Indebtedness outstanding at any time in reliance of this clause (12)
does not exceed, as to all such Restricted Subsidiaries, £3.0 million pounds
sterling;

 

(13)         Indebtedness represented by guarantees by the
Company or a Restricted Subsidiary of Indebtedness incurred by the Company or a
Restricted Subsidiary so long as the incurrence of such Indebtedness by the
Company or any such Restricted Subsidiary is otherwise permitted by the terms
of this Indenture;

 

(14)         Indebtedness arising from agreements of the
Company or a Restricted Subsidiary providing for indemnification, adjustment of
purchase price or similar obligations, in each case,

 

19

 

incurred in
connection with the disposition of any business, assets or a Restricted
Subsidiary, other than guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or a Restricted
Subsidiary for the purpose of financing such acquisition; provided 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 Subsidiary in connection with such disposition;

 

(15)         Indebtedness of the Company or any of its
Restricted Subsidiaries to the extent the net proceeds thereof are promptly
used to redeem the Notes in full or deposited to defease or discharge the
Notes, in each case, in accordance with this Indenture;

 

(16)         guarantees or indemnities given by the Company
or a Restricted Subsidiary for the liabilities or obligations of an employee,
officer or director of the Company or a Restricted Subsidiary in the ordinary
course of business in accordance with past practice if the maximum actual
contingent liability under all such guarantees or indemnities does not exceed £500,000
pounds sterling;

 

(17)         additional Indebtedness of the Company and its
Restricted Subsidiaries in an aggregate principal amount not to exceed £4.0
million pounds sterling at any time outstanding (which amount may, but need
not, be incurred in whole or in part under the Working Capital Facility); and

 

(18)         Indebtedness of any Restricted Subsidiary
represented by letters of credit, performance bonds or guarantees; provided
that any Indebtedness incurred pursuant to this clause (18) shall reduce
on a £ pound sterling for £ pound sterling basis the amount available to be
incurred under clause (2) for so long as such Indebtedness is
outstanding.

 

For purposes of determining compliance with Section
4.08, (a) the outstanding principal amount of any item of Indebtedness
shall be counted only once and (b) in the event that an item of Indebtedness
meets the criteria of more than one of the categories of Permitted Indebtedness
described in clauses (1) through (16) above or is entitled to be
incurred pursuant to the Consolidated Fixed Charge Coverage Ratio provisions of
such covenant, the Company shall be entitled, in its sole discretion, to
classify (or later reclassify) such item of Indebtedness in any manner that
complies with Section 4.08. 

 

“Permitted Investments” means: 

 

(1)           Investments by the Issuer, the Company or
any Restricted Subsidiary of the Company in (x) the Issuer or (y) any Person
that is or will become immediately after such Investment a Guarantor or that
will merge or consolidate with or into the Issuer, the Company or a Guarantor,
or that transfers or conveys all or substantially all of its assets to the
Issuer, the Company or a Guarantor;

 

(2)           Investments in the Issuer or the Company by
the Issuer or any Restricted Subsidiary of the Company; provided that
any Indebtedness evidencing such Investment is unsecured and subordinated,
pursuant to a written agreement, to the Company’s Obligations under the Notes
and this Indenture;

 

(3)           Investments in cash and Cash Equivalents;

 

(4)           Currency Agreements, Commodity Agreements
and Interest Swap Obligations, in each case, entered into (a) in the ordinary
course of the Company’s or its Restricted

 

20

 

Subsidiaries’
businesses, (b) not for speculative purposes and (c) otherwise in compliance
with this Indenture;

 

(5)           Investments in the Notes;

 

(6)           Investments in securities of trade creditors
or customers received pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of such trade creditors or
customers in exchange for claims against such trade creditors or customers;

 

(7)           Investments in Restricted Subsidiaries of
the Company that are not Guarantors by the Issuer, the Company or any
Guarantor; provided that the aggregate amount of such Investments
outstanding at any time in reliance of this clause (7) (after giving
effect to any such Investments or any portions thereof that are returned to the
Issuer, the Company or any Guarantor in cash on or prior to the date of such
calculation) shall not exceed £2.0 million pounds sterling;

 

(8)           Investments made by the Company or its
Restricted Subsidiaries as a result of consideration received in connection
with an Asset Sale made in compliance with Section 4.11;

 

(9)           Investments in existence on the Issue Date;

 

(10)         loans and advances, including advances for
travel and moving expenses, to employees, officers, directors of the Company or
any Restricted Subsidiary of the Company in the ordinary course of business for
bona  fide business purposes not in excess of £600,000 pounds
sterling at any one time outstanding;

 

(11)         advances to suppliers and customers in the
ordinary course of business;

 

(12)         receivables owing to the Company or any
Restricted Subsidiary if created or acquired in the ordinary course of business
and payable or dischargeable in accordance with customary trade terms as the
Company or such Restricted Subsidiary deems reasonable under the circumstances;

 

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

 

(14)         Investments consisting of prepaid expenses,
negotiable instruments held for collection and lease, utility and workers’
compensation, performance and other similar deposits made in the ordinary
course of business and consistent with past practice; and

 

(15)         additional Investments (including Investments
in any Restricted Subsidiaries that are not Guarantors) in an aggregate amount
not to exceed £3.0 million pounds sterling at any time outstanding.

 

“Permitted Liens” means the following types of
Liens:

 

(1)           Liens for taxes, assessments or governmental
charges or claims either (a) not yet delinquent or (b) contested in good faith
by appropriate proceedings and as to which the Company or its Restricted
Subsidiaries shall have set aside on its books such reserves as may be required
pursuant to GAAP;

 

21

 

(2)           statutory Liens of landlords and Liens of
carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other
Liens imposed by law or pursuant to customary reservations or retentions of
title incurred in the ordinary course of business for sums not yet delinquent
or being contested in good faith, if such reserve or other appropriate
provision, if any, as shall be required by GAAP shall have been made in respect
thereof;

 

(3)           Liens incurred or deposits made in the
ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, including any Lien
securing letters of credit issued in the ordinary course of business consistent
with past practice in connection therewith, or to secure the performance of
tenders, statutory obligations, surety and appeal bonds, bids, leases,
government contracts, performance and return-of-money bonds and other similar
obligations (exclusive of obligations for the payment of borrowed money);

 

(4)           any judgment Lien not giving rise to an
Event of Default;

 

(5)           easements, rights-of-way, zoning
restrictions and other similar charges or encumbrances in respect of real
property not interfering in any material respect with the ordinary conduct of
the business of the Company or any of its Restricted Subsidiaries;

 

(6)           any interest or title of a lessor under any
Capitalized Lease Obligation permitted pursuant to clause (10) of the
definition of “Permitted Indebtedness;” provided that such Liens do not
extend to any property or assets which is not leased property subject to such
Capitalized Lease Obligation;

 

(7)           Liens securing Purchase Money Indebtedness
permitted pursuant to clause (10) of the definition of “Permitted
Indebtedness;” provided, however,
that (a) the Indebtedness shall not exceed the cost of the property or assets
acquired, together, in the case of real property, with the cost of the
construction thereof and improvements thereto, and shall not be secured by a
Lien on any property or assets of the Company or any Restricted Subsidiary of
the Company other than such property or assets so acquired or constructed and
improvements thereto and (b) the Lien securing such Indebtedness shall be
created within 180 days of such acquisition or construction or, in the case of
a refinancing of any Purchase Money Indebtedness, within 180 days of such
refinancing;

 

(8)           Liens upon specific items of inventory or
other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or
other goods;

 

(9)           Liens securing reimbursement obligations
with respect to commercial letters of credit which encumber documents and other
property relating to such letters of credit and products and proceeds thereof;

 

(10)         Liens encumbering deposits made to secure
obligations arising from statutory, regulatory, contractual, or warranty
requirements of the Company or any of its Restricted Subsidiaries, including
rights of offset and set-off;

 

(11)         Liens securing Interest Swap Obligations which
Interest Swap Obligations relate to Indebtedness that is otherwise permitted
under this Indenture;

 

22

 

(12)         Liens securing Indebtedness under Currency
Agreements and Commodity Agreements, in each case, that are permitted under
this Indenture;

 

(13)         Liens securing Acquired Indebtedness incurred
in accordance with Section 4.08; provided that:

 

(A)          such Liens secured such
Acquired Indebtedness at the time of and prior to the incurrence of such
Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company
and were not granted in connection with, or in anticipation of, the incurrence
of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the
Company; and

 

(B)           such Liens do not
extend to or cover any property or assets of the Company or of any of its
Restricted Subsidiaries other than the property or assets that secured the
Acquired Indebtedness prior to the time such Indebtedness became Acquired
Indebtedness of the Company or a Restricted Subsidiary of the Company and are
no more favorable to the lienholders than those securing the Acquired
Indebtedness prior to the incurrence of such Acquired Indebtedness by the
Company or a Restricted Subsidiary of the Company;

 

(14)         Liens existing as of the Issue Date and
securing Indebtedness permitted to be outstanding under clause (3) of
the definition of the term “Permitted Indebtedness” to the extent and in the
manner such Liens are in effect on the Issue Date;

 

(15)         Liens securing the Notes and all other
monetary obligations under this Indenture and the Guarantees;

 

(16)         Liens securing Indebtedness under the Working
Capital Facility to the extent such Indebtedness is permitted under clause
(2) or (17) of the definition of the term “Permitted Indebtedness;”

 

(17)         Liens securing Refinancing Indebtedness which
is incurred to Refinance any Indebtedness which has been secured by a Lien
permitted under this paragraph and which has been incurred in accordance with Section
4.08 or clause (1), (3) or (11) of the definition of
the term “Permitted Indebtedness;” provided, however, that such
Liens: (i) are no less favorable to the Holders and are not more favorable to
the lienholders with respect to such Liens than the Liens in respect of the
Indebtedness being Refinanced; and (ii) do not extend to or cover any property
or assets of the Company or any of its Restricted Subsidiaries not securing the
Indebtedness so Refinanced;

 

(18)         Liens incurred in the ordinary course of
business of the Company or any of its Restricted Subsidiaries securing
Obligations (other than Obligations under the Working Capital Facility) that do
not exceed £1.5 million pounds sterling at any time outstanding; 

 

(19)         Liens securing Indebtedness which is
contractually subordinated to the Notes and which is incurred in accordance
with Section 4.08 (including Indebtedness constituting Permitted
Indebtedness); provided that (i) such Liens are
contractually subordinated pursuant to the Subordinated Intercreditor Agreement
to the Liens described in clause (15) above and (ii) such Indebtedness is
not incurred under the Working Capital Facility;

 

(20)         leases or subleases granted to Persons other
than the Company or any of its Restricted Subsidiaries in the ordinary course
of business, and not materially interfering with the ordinary course of
business of the Company or any of its Restricted Subsidiaries;

 

23

 

(21)         Liens under licensing agreements entered into
in the ordinary course of business by the Company of any of its Restricted
Subsidiaries for the use by the Company or any such Restricted Subsidiary of
intellectual property;

 

(22)         Liens arising out of conditional sale, title
retention, consignment or similar arrangements for the sale of goods entered
into by the Company or any of its Restricted Subsidiaries in the ordinary
course of business; provided that such Liens do not extend to or cover
any property or assets of the Company or any of its Restricted Subsidiaries
other than the goods that are the subject of any such conditional sale, title
retention, consignment or similar arrangement;

 

(23)         Liens securing Indebtedness of Foreign
Restricted Subsidiaries that are not Guarantors to the extent such Indebtedness
is (i) permitted under clause (12) or (16) of the definition of “Permitted
Indebtedness” or (ii) permitted to be incurred under Section 4.08 (other
than as Permitted Indebtedness); provided, however, that no asset
of the Company or any Guarantor shall be subject to any such Lien; and

 

(24)         Liens in favor of the Issuer, the Company or
any Guarantor.

 

“Person” means an individual, partnership,
company, corporation, limited liability company, unincorporated organization,
trust or joint venture, or a governmental agency or political subdivision
thereof.

 

“Physical Notes” has the meaning set forth in Section
2.14.

 

“Preferred Stock” of any Person means any
Capital Stock of such Person that has preferential rights to any other Capital
Stock of such Person with respect to dividends or redemptions or upon
liquidation.

 

“principal” of any Indebtedness (including the
Notes) means the principal amount of such Indebtedness plus the premium,
if any, on such Indebtedness.

 

 “Private
Placement Legend” means the legend set forth on the Initial Notes in the
form set forth in Exhibit A.

 

“pro forma” means, with respect to any
calculation made or required to be made pursuant to the terms of this
Indenture, a calculation made substantially in accordance with Article 11 of
Regulation S-X under the Securities Act, as determined by the Board of
Directors of the Company in consultation with its independent public
accountants.

 

“Public Equity Offering” means an underwritten
public offering of Common Stock of the Company or any holding company of the
Company or listing or admission to trading.

 

“Purchase Money Indebtedness” means
Indebtedness of the Company and its Restricted Subsidiaries incurred for the
purpose of financing all or any part of the purchase price, or the cost of
installation, construction or improvement, of property or equipment, provided,
that the aggregate principal amount of such Indebtedness does not exceed the
lesser of the Fair Market Value of such property or such purchase price or
cost.

 

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

 

24

 

“QIB Global Notes” has the meaning set forth in
Section 2.01.

 

“Qualified Capital Stock” means any Capital
Stock that is not Disqualified Capital Stock.

 

“Record Date” means any of the Record Dates
specified in the Notes, whether or not a Legal Holiday.

 

“Redemption Date” means, when used with respect
to any Note to be redeemed, the price fixed for redemption pursuant to this
Indenture and the Notes.

 

“Redemption Price” means, when used with
respect to any Note to be redeemed, the price fixed for redemption pursuant to
this Indenture and the Notes.

 

“Reference Date” has the meaning set forth in Section
4.09.

 

 “Refinance” means, in respect of any
security or Indebtedness, to refinance, extend, renew, refund, repay,
prepay, redeem, defease or retire, or to issue a security or Indebtedness in
exchange or replacement for, such security or Indebtedness in whole or in
part.  “Refinanced” and “Refinancing”
shall have correlative meanings.

 

“Refinancing Indebtedness” means any
Refinancing by the Company or any Restricted Subsidiary of the Company of
Indebtedness incurred in accordance with Section 4.08; (other than
pursuant to Permitted Indebtedness) or clauses (1), (3) or (11)
of the definition of Permitted Indebtedness, in each case that does not:

 

(1)           have an aggregate principal amount (or, if
such Indebtedness is issued with original issue discount, an aggregate offering
price) greater than the sum of (x) the aggregate principal amount of the
Indebtedness being Refinanced (or, if such Indebtedness being Refinanced is
issued with original issue discount, the aggregate accreted value) as of the
date of such proposed Refinancing plus (y) the amount of fees, expenses,
premium, defeasance costs and accrued but unpaid interest relating to the
Refinancing of such Indebtedness being Refinanced;

 

(2)           create Indebtedness with: (a) a Weighted
Average Life to Maturity that is less than the Weighted Average Life to
Maturity of the Indebtedness being Refinanced; or (b) a final maturity earlier
than the final maturity of the Indebtedness being Refinanced; or

 

(3)           affect the security, if any, for such
Refinancing Indebtedness (except to the extent that less security is granted to
holders of such Refinancing Indebtedness);

 

If such Indebtedness being Refinanced is
subordinate or junior by its terms to the Notes, then such Refinancing
Indebtedness shall be subordinate by its terms to the Notes at least to the
same extent and in the same manner as the Indebtedness being Refinanced.

 

“Register” has the meaning set forth in Section
2.03.

 

“Registrar” has the meaning set forth in Section
2.03.

 

“Registration Rights Agreement” means (i) with
respect to the Notes offered in this offering, the Registration Rights
Agreement, dated as of the Issue Date, between the Issuer, the Company, the
Guarantors and the Initial Purchaser and (ii) with respect to any Additional
Notes offered after the Issue Date, the registration rights agreement, dated as
of the date of the issuance thereof, between the Issuer, the

 

25

 

Company, the Guarantors and the Initial Purchaser
thereof, in each case, as the same may be amended or modified from time to time
in accordance with the terms thereof.

 

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

 

“Regulation S Global Note” has the meaning set
forth in Section 2.01.

 

“Relevant Jurisdiction” has the meaning set
forth in Section 4.23.

 

“Restricted Payment” has the meaning set forth
in Section 4.09.

 

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

 

“Restricted Subsidiary” of any Person means any
Subsidiary of such Person which at the time of determination is not an
Unrestricted Subsidiary.

 

“Rule 144A” means Rule 144A under the
Securities Act.

 

“S&P” means Standard & Poor’s Ratings
Group.

 

“SEC” means the Securities and Exchange
Commission.

 

“Secured Parties” means the Trustee and
Collateral Agent, each on behalf of itself and each on behalf of the Holders
and the Holders.

 

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

 

“Security Agreement” means the debenture(s)
creating fixed and floating charges dated as of the Issue Date, made by the
Company, the Issuer and MIM in favor of the Collateral Agent, as amended or
supplemented from time to time in accordance with its terms.

 

“Senior Intercreditor Agreement” means the
intercreditor agreement among the Administrative Agent, the Trustee, the
Collateral Agent, the Company, the Issuer and the Subsidiary Guarantors, dated
as of the Issue Date, as the same may be amended, supplemented or modified from
time to time.

 

“Significant Subsidiary” with respect to any
Person, means any Restricted Subsidiary of such Person that satisfies the
criteria for a “significant subsidiary” set forth in Rule 1-02(w) of Regulation
S-X under the Exchange Act.

 

“Singapore Security Agreement” means the
debenture(s) creating fixed and floating charges to be entered into by MIM Pte.
in favor of the Collateral Agent, as amended or supplemented from time to time
in accordance with its terms.  

 

“Subordinated Intercreditor Agreement” means
the intercreditor and subordination agreement among the Administrative Agent,
the Trustee, the Collateral Agent, the Junior Lien Collateral Agent and/or the
holders of Junior Lien Debt, the Company, the Issuer and the Subsidiary
Guarantors, substantially in the form of Exhibit G, as the same may be
amended, supplemented or modified from time to time.

 

26

 

“Subsidiary” with respect to any Person, means:

 

(1)           any company or corporation of which the
outstanding Capital Stock having at least a majority of the votes entitled to
be cast in the election of directors under ordinary circumstances shall at the
time be owned, directly or indirectly, by such Person; or 

 

(2)           any other Person of which at least a majority
of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person.

 

 “Surviving
Entity” shall have the meaning set forth in Section 5.01.

 

“Taxes” has the meaning set forth in Section
4.23.

 

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

 

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

 

 “Trust
Officer” means, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant treasurer, trust officer or any other
officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture.

 

“Trustee” means the party named as such in this
Indenture until a successor replaces it in accordance with the provisions of
this Indenture and thereafter means such successor.

 

“US GAAP” means accounting principles generally
accepted in the United States 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 may be
approved by a significant segment of the accounting profession of the United
States, which are in effect as of the Issue Date.

 

“Unrestricted Subsidiary” of any Person means:

 

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

 

(2)           any Subsidiary of an Unrestricted
Subsidiary.

 

The Board of Directors of the Company may designate
any Subsidiary (including any newly acquired or newly formed Subsidiary) other
than the Issuer to be an Unrestricted Subsidiary unless such Subsidiary owns
any Capital Stock of, or owns or holds any Lien on any property of, the Company
or any other Subsidiary of the Company that is not a Subsidiary of the
Subsidiary to be so designated, provided
that:

 

(1)           the Company certifies to the Trustee that
such designation complies with Section 4.09; and

 

27

 

(2)           each Subsidiary to be so designated and each
of its Subsidiaries has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable with respect to any Indebtedness pursuant to
which the lender has recourse to any of the assets of the Company or any of its
Restricted Subsidiaries and such recourse is not permitted to be incurred under
the Indenture.

 

The Board of Directors of the Company may designate
any Unrestricted Subsidiary to be a Restricted Subsidiary only if:

 

(1)           immediately after giving effect to such
designation, the Company is able to incur at least $1.00 of additional
Indebtedness (other than Permitted Indebtedness) in compliance with the Section
4.08; and

 

(2)           immediately before and immediately after
giving effect to such designation, no Default or Event of Default shall have
occurred and be continuing.

 

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

 

 “U.S.
Government Obligations” means direct obligations of, and obligations
guaranteed by, the United States of America for the payment of which the full
faith and credit of the United States of America is pledged.

 

“U.S. Legal Tender” means such coin or currency
of the United States which, as at the time of payment, shall be immediately
available legal tender for the payment of public and private debts.

 

“U.S. Person” means a Person who is a U.S.
person as defined in Regulation S. 

 

“Voting Stock” means, with respect to any
Person, securities of any class or classes of Capital Stock of such Person
entitling the holders thereof (whether at all times or only so long as no
senior class of stock has voting power by reason of any contingency) to vote in
the election of members of the Board of Directors (or equivalent governing
body) of such Person.

 

“Weighted Average Life to Maturity” means, when
applied to any Indebtedness at any date, the number of years obtained by
dividing (1) the then outstanding aggregate principal amount of such
Indebtedness into (2) the sum of the total of the products obtained by multiplying:

 

(A)    the amount of each then remaining
installment, sinking fund, serial maturity or other required payment of
principal, including payment at final maturity, in respect thereof, by

 

(B)    the number of years (calculated to the
nearest one-twelfth) which will elapse between such date and the making of such
payment.

 

“Wholly-Owned Restricted Subsidiary” of any
Person means any Restricted Subsidiary of such Person of which all the
outstanding Capital Stock (other than in the case of a Foreign Restricted
Subsidiary, directors’ qualifying shares or an immaterial amount of shares
required to be owned by other Persons pursuant to applicable law) are owned by
such Person or any Wholly Owned Restricted Subsidiary of such Person.

 

28

 

“Working Capital Facility” means the working
capital facility dated as of the date of the Acquisition, among the Company,
certain Subsidiaries of the Company and the lenders party thereto (together
with their successors and assigns, the “Lenders”) and The Governor and
Company of The Bank of Scotland, as administrative agent (in such capacity,
together with its successors and assigns, the “Administrative Agent”),
setting forth the terms and conditions of the senior credit facility, together
with the related documents thereto (including, without limitation, any
guarantee agreements and security documents), in each case as amended,
restated, modified, renewed, refunded, replaced (whether on or after
termination or otherwise) or refinanced (including by means of sales of debt
securities to institutional investors) in whole or in part from time to
time.  Without limiting the generality of
the foregoing, the term “Working Capital Facility” shall include any amendment,
amendment and restatement, renewal, extension, restructuring, supplement or
modification to any Working Capital Facility and all refundings, refinancings
and replacements of any Working Capital Facility, including any credit
agreement:

 

(1)           extending the maturity of any indebtedness
incurred thereunder or contemplated thereby,

 

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

 

(3)           increasing the amount of Indebtedness
incurred thereunder or available to be borrowed thereunder, provided
that on the date such Indebtedness is incurred, such Indebtedness would be
permitted under clause (2), (12) or (17) (either
individually or in the aggregate) of the definition of “Permitted Indebtedness,”
or

 

(4)           otherwise altering the terms and conditions
thereof in a manner not prohibited by the terms of the Indenture and whether by
the same or any other agent, lender or group of lenders (including by means of
sales of debt securities to institutional lenders).

 

SECTION
1.02.  Incorporation by
Reference of Trust Indenture Act. 
Whenever this Indenture refers to a provision of the TIA, such provision
is incorporated by reference in, and made a part of, this Indenture.  The following TIA terms used in this
Indenture have the following meanings:

 

“indenture securities” means the Notes.

 

“indenture security holder” means a Holder.

 

“indenture to be qualified” means this
Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

“obligor” on the indenture securities means
each of the Issuer, the Company or any other obligor on the Notes.

 

All other TIA terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by
SEC rule and not otherwise defined herein have the meanings assigned to them
therein.

 

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

 

29

 

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

 

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

 

(3)           “or”
is not exclusive;

 

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

 

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

 

(6)           when
the words “includes” or “including” are used herein, they shall be deemed to be
followed by the words “without limitation”;

 

(7)           all
references to Sections or Articles refer to Sections or Articles of this
Indenture unless otherwise indicated; and

 

(8)           unless
otherwise defined or the context otherwise requires, terms for which meanings
are provided in this Indenture shall have such meanings when used in each other
Indenture Document.

 

ARTICLE TWO

THE NOTES

 

SECTION
2.01.  Form and Dating.  The Initial Notes and the Additional Notes
and the Trustee’s certificate of authentication thereon shall be substantially
in the form of Exhibit A hereto (“Global Notes”).  The Exchange Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit
B hereto.  The Notes may have
notations, legends or endorsements required by law, stock exchange rule or DTC
rule or usage.  The Issuer and the
Trustee shall approve the form of the Notes and any notation, legend or
endorsement on them.  Each Note shall be
dated the date of its authentication.

 

The terms and provisions contained in the forms of the
Notes annexed hereto as Exhibit A and Exhibit B shall constitute,
and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Issuer, the Company, the Guarantors and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby.

 

Notes originally sold to QIBs shall be issued
initially in the form of one or more permanent global notes in registered form,
substantially in the form set forth in Exhibit A (the “QIB Global
Notes”), deposited with the Trustee, as custodian for DTC, duly executed by
the Issuer and authenticated by the Trustee as hereinafter provided and shall
bear the legend set forth in Exhibit C.

 

Notes offered and sold to Institutional Accredited
Investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act shall be issued initially in the form of one or more permanent global notes
in registered form, substantially in the form set forth in Exhibit A (the
“IAI Global Notes”), deposited with the Trustee, as custodian for DTC,
duly executed by the Issuer and authenticated by the Trustee as hereinafter
provided and shall bear the legend set forth in Exhibit C.

 

30

 

Notes offered and sold in offshore transactions in
reliance on Regulation S shall be issued initially in the form of one or
more permanent global notes in registered form, substantially in the form set
forth in Exhibit A (the “Regulation S Global Notes”), deposited
with the Trustee, as custodian for the Depository, and registered in the name
of the Depository or the nominee of the Depository for the accounts of
designated agents holding on behalf of Euroclear or Clearstream, duly executed
by the Issuer and authenticated by the Trustee as hereinafter provided and
shall bear the legend set forth in Exhibit C.

 

The provisions of the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Banking” and “Customer Handbook”
of Clearstream will be applicable to transfers of beneficial interests in the
Regulation S Global Note that are held by participants through Euroclear
or Clearstream.

 

The aggregate principal amount of any Global Note may
from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for DTC, as hereinafter provided.

 

The definitive Notes shall be typed, printed,
lithographed or engraved or produced by any combination of these methods or may
be produced in any other manner permitted by the rules of any securities
exchange on which the Notes may be listed, all as determined by the Officer
executing such Notes, as evidenced by their execution of such Notes.

 

SECTION
2.02.  Execution and
Authentication; Additional Notes; Aggregate Principal Amount.  An Officer (who shall have been duly
authorized by all requisite corporate action) shall sign the Notes for the
Issuer by manual or facsimile signature.

 

If an Officer whose signature is on a Note was an
Officer at the time of such execution but no longer holds that office or
position at the time the Trustee authenticates the Note, the Note shall
nevertheless be valid.

 

A Note shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on
the Note.  The signature shall be
conclusive evidence that the Note has been authenticated under this Indenture.

 

The Issuer may, subject to compliance with Section
4.08 hereof, issue Additional Notes in an unlimited amount under this
Indenture.

 

The Trustee shall authenticate (i) Initial Notes
for original issue in the aggregate principal amount not to exceed $130.0
million, (ii) Exchange Notes from time to time for issue only in exchange for a
like principal amount at maturity of Initial Notes, and (iii) one or more
series of Additional Notes in each case upon written orders of the Issuer in
the form of an Officers’ Certificate, which Officers’ Certificate shall, in the
case of any issuance of Additional Notes, certify that such issuance is in
compliance with Section 4.08.  In
addition, each Officers’ Certificate shall specify the amount of Notes to be
authenticated and the date on which the Notes are to be authenticated, whether
the Notes are to be Initial Notes, Exchange Notes or Additional Notes.  All Notes issued under this Indenture shall
vote and consent together on all matters as one class and no series of Notes
shall have the right to vote or consent as a separate class on any matter.

 

The Trustee may appoint an authenticating agent (the “Authenticating
Agent”) reasonably acceptable to the Issuer to authenticate Notes.  Unless otherwise provided in the appointment,
an Authenticating Agent may authenticate Notes whenever the Trustee may do
so.  Each reference in this

 

31

 

Indenture to authentication by the Trustee includes
authentication by such Authenticating Agent. 
An Authenticating Agent has the same rights as an Agent to deal with the
Issuer and Affiliates of the Issuer.

 

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

 

SECTION
2.03.  Registrar and Paying
Agent.  Pursuant to this Indenture,
the Issuer shall maintain an office or agency where Notes may be presented or
surrendered for payment notices and where demands to or upon the Issuer in
respect of the Notes and this Indenture may be served (each a “Paying Agent”)
and a transfer agent which shall be (a) in the Borough of Manhattan, The City
of New York, and (b) in Luxembourg, for so long as the Notes are listed on the
Euro MTF market of the Luxembourg Stock Exchange and its rules so require the
Issuer to maintain such a Paying Agent and (c) at the Issuer’s option, in
another Member State of the European Union.  

 

The Issuer will also maintain one or more offices or
agencies where Notes may be presented or surrendered for transfer or exchange
and where notices and demands to or upon the Issuer in respect of the Notes and
this Indenture may be served (each a “Registrar”) which shall be
initially be the office of the Trustee in the Borough of Manhattan, City of New
York with a transfer agent in (a) the Borough of Manhattan, City of New York,
(b) for so long as the Notes are listed on the Euro MTF market of the
Luxembourg Stock Exchange and its rules so require, Luxembourg, and (c) the
Issuer may maintain such a transfer agent in another Member State of the European
Union.   The initial transfer agents will
be the office of the Trustee in the Borough of Manhattan, City of New York and
the office of the Trustee in Luxembourg. 
Each Registrar and each transfer agent will maintain a register of the
Notes (the “Register”) reflecting ownership of Notes outstanding from
time to time and will make payments on and facilitate the transfer of Notes on
behalf of the Issuer.  Each transfer
agent shall perform the functions of a transfer agent.    The term “Paying Agent” includes any
additional Paying Agent.  Neither the
Issuer nor any Affiliate of the Issuer may act as Paying Agent.

 

The Issuer shall notify the Trustee in writing, in
advance, of the name and address of any such Agent and otherwise be reasonably
satisfactory to the Trustee.  If the
Issuer fails to maintain a Registrar or Paying Agent, or fails to give the
foregoing notice, the Trustee shall act as such.

 

The Paying Agent or Registrar may resign upon thirty
(30) days’ written notice to the Issuer. 
Upon the giving of 30 days’ prior notice to the Holders and the Trustee,
the Issuer may change the Paying Agents, the Registrars or the transfer
agents.  For so long as the Notes are
listed on the Euro MTF market of the Luxembourg Stock Exchange and its rules so
require, the Issuer will publish a notice of any change of Paying Agent or
Registrar in a newspaper having a general circulation in Luxembourg.  

 

SECTION
2.04.  Obligations of Paying
Agent.  The Issuer shall require each
Paying Agent other than the Trustee to agree in writing that such Paying Agent
shall hold, for the benefit of the Holders or the Trustee, all assets held by
the Paying Agent for the payment of principal of, or interest or Additional
Interest, if any, on, the Notes (whether such assets have been distributed to
it by the Issuer or any other obligor on the Notes), and the Issuer and the
Paying Agent shall notify the Trustee in writing of any Default by the Issuer
(or any other obligor on the Notes) in making any such payment.  The Issuer at any time may require a Paying
Agent to distribute all assets held by it to the Trustee and account for any
assets disbursed and the Trustee may at any time during the continuance of any
payment Default, upon written request to a Paying Agent, require such Paying
Agent to distribute all assets held by it to the Trustee and to account for any
assets distributed.  Upon receipt by the
Trustee of all assets that shall have been delivered by the Issuer to the
Paying Agent, the Paying Agent shall have no further liability for such assets.

 

32

 

SECTION
2.05.  Holder Lists.  The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of the Holders and shall otherwise comply with TIA
Section 312(a).  If the Trustee is
not the Registrar, the Issuer shall furnish or cause the Registrar to furnish
to the Trustee before each Record Date and at such other times as the Trustee
may request in writing a list as of such date and in such form as the Trustee
may reasonably request of the names and addresses of the Holders, which list
may be conclusively relied upon by the Trustee.

 

SECTION
2.06.  Transfer and Exchange.  Subject to the provisions of Sections 2.14
and 2.15, when Notes are presented to the Registrar with a request to
register the transfer of such Notes or to exchange such Notes for an equal
principal amount of Notes of other authorized denominations, the Registrar or
co-Registrar shall register the transfer or make the exchange as requested; provided,
however, that the Notes presented or surrendered for registration of
transfer or exchange shall be duly endorsed or accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Registrar or
co-Registrar, duly executed by the Holder thereof or his attorney duly
authorized in writing and such other documents as the Registrar or co-Registrar
may reasonably require.  To permit
registrations of transfers and exchanges, the Issuer shall issue and the
Trustee shall authenticate Notes at the Registrar’s or co-Registrar’s
request.  No service charge shall be made
for any registration of transfer or exchange, but the Issuer or the Trustee 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 exchanges or
transfers pursuant to Section 2.10, 3.06, 4.10, 4.11
or 9.05, in which event the Issuer shall be responsible for the payment
of such taxes).

 

The Registrar or co-Registrar shall not be required to
register the transfer or exchange of any Note (i) during a period
beginning at the opening of business fifteen (15) days before the mailing of a
notice of redemption of Notes and ending at the close of business on the day of
such mailing and (ii) selected for redemption in whole or in part pursuant
to Article Three, except the unredeemed portion of any Note being
redeemed in part.

 

Any Holder of a Global Note shall, by acceptance of
such Global Note, agree that transfers of beneficial interests in such Global
Note may be effected only through DTC, in accordance with this Indenture and
the Applicable Procedures.

 

SECTION
2.07.  Replacement Notes.  If a mutilated Note is surrendered to the
Trustee or if the Holder of a Note claims in writing that the Note has been
lost, destroyed or wrongfully taken, then, in the absence of written notice to
the Issuer upon its request or the Trustee that such Note has been acquired by
a protected purchaser, the Issuer shall issue and the Trustee shall
authenticate a replacement Note of like tenor and principal amount and bearing
a number not contemporaneously outstanding if the Trustee’s requirements are
met.  Except with respect to mutilated
Notes, if required by the Trustee or the Issuer, such Holder must provide an
affidavit of lost certificate and an indemnity bond or other indemnity,
sufficient in the judgment of both the Issuer and the Trustee, to protect the Issuer,
the Trustee or any Agent from any loss which any of them may suffer if a Note
is replaced.  The Issuer may charge such
Holder for its reasonable out-of-pocket expenses in replacing a Note, including
reasonable fees and expenses of its counsel and of the Trustee and its
counsel.  In case any mutilated, lost,
destroyed or wrongfully taken Note has become or is about to become due and
payable, the Issuer in its discretion may pay such Note instead of issuing a
new Note in replacement thereof.  Every
replacement Note shall constitute an additional obligation of the Issuer,
entitled to the benefits of this Indenture.

 

SECTION
2.08.  Outstanding Notes.  Notes outstanding at any time are all the
Notes that have been authenticated by the Trustee except those cancelled by it,
those delivered to it for cancellation and

 

33

 

those described in this Section 2.08 as not
outstanding.  Subject to the provisions
of Section 2.09, a Note does not cease to be outstanding because the
Company or any of its Affiliates holds the Note.

 

If a Note is replaced pursuant to Section 2.07
(other than a mutilated Note surrendered for replacement), it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a bona  fide
purchaser.  A mutilated Note ceases to be
outstanding upon surrender of such Note and replacement thereof pursuant to Section
2.07.

 

If on a Redemption Date or the Maturity Date the
Paying Agent holds U.S. Legal Tender or U.S. Government Obligations sufficient
to pay all of the principal and interest and Additional Interest, if and, due
on the Notes payable on that date and is not prohibited from paying such money
to the Holders thereof pursuant to the terms of this Indenture, then on and
after that date such Notes cease to be outstanding and interest and Additional
Interest, if applicable, on them ceases to accrue.

 

SECTION
2.09.  Treasury Notes; When
Notes Are Disregarded.  In
determining whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver, consent or notice, Notes owned by the
Issuer or any of its Affiliates shall be considered as though they are 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 which a Trust Officer of the Trustee actually knows are so owned shall be
so considered.  Notes so owned which have
been pledged in good faith may be regarded as outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Notes and that the pledgee is not one of the Issuer or any
other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor.  

 

SECTION
2.10.  Temporary Notes.  Until definitive Notes are ready for
delivery, the Issuer may prepare and execute and the Trustee shall authenticate
temporary Notes upon receipt of a written order of the Issuer in the form of an
Officers’ Certificate.  The Officers’
Certificate shall specify the amount of temporary Notes to be authenticated and
the date on which the temporary Notes are to be authenticated.  Temporary Notes shall be substantially in the
form of definitive Notes but may have variations that the Issuer considers
appropriate for temporary Notes.  Without
unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate
upon receipt of a written order of the Issuer pursuant to Section 2.02
definitive Notes in exchange for temporary Notes.  Until so exchanged, the temporary Notes shall
be entitled to the same benefits under this Indenture as definitive Notes.

 

SECTION
2.11.  Cancellation.  The Issuer at any time may deliver Notes
previously authenticated hereunder which the Issuer has acquired in any lawful
manner, to the Trustee for cancellation. 
The Registrar and the Paying Agent shall forward to the Trustee any
Notes surrendered to them for transfer, exchange or payment.  The Trustee, or at the direction of the
Trustee, the Registrar or the Paying Agent, and no one else, shall cancel all
Notes surrendered for transfer, exchange, payment or cancellation.  Subject to Section 2.07, the Issuer
may not issue new Notes to replace Notes that it has paid or delivered to the
Trustee for cancellation.  If the Issuer
shall acquire any of the Notes, such acquisition shall not operate as a
redemption or satisfaction of the Indebtedness represented by such Notes unless
and until the same are surrendered to the Trustee for cancellation pursuant to
this Section 2.11.  The Trustee
shall dispose of all cancelled Notes in accordance with customary procedures
or, at the written request of the Issuer, shall return the same to the Issuer.

 

SECTION
2.12.  CUSIP Numbers.  A “CUSIP” number shall be printed on
the Notes, and the Trustee shall use the CUSIP number in notices of redemption,
purchase or exchange as a 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 only

 

34

 

on the other identification numbers printed on the
Notes.  The Issuer shall promptly notify
the Trustee of any change in the CUSIP number.

 

SECTION
2.13.  Deposit of Moneys.  Prior to 11:00 a.m. New York City time on
each Interest Payment Date and the Maturity Date, the Issuer shall deposit with
the Paying Agent U.S. Legal Tender sufficient to make cash payments, if any,
due on such Interest Payment Date or the Maturity Date, as the case may be.

 

SECTION
2.14.  Book-Entry Provisions
for Global Notes.  (a)   The Global Notes initially shall (i) be
registered in the name of DTC or the nominee of DTC, (ii) be delivered to
the Trustee as custodian for DTC and (iii) bear legends as set forth in Exhibit
C.

 

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

 

(b)           Transfers of the Global Notes shall be limited
to transfers in whole, but not in part, to DTC, its successors or their
respective nominees.  Interests of
beneficial owners in the Global Notes may be transferred or exchanged in
accordance with the Applicable Procedures of DTC and the provisions of Section
2.15.  In addition, Notes in the form
of certificated Notes in registered form in substantially the form set forth in
Exhibit A hereto (the “Physical Notes”) shall be transferred
to all beneficial owners in exchange for their beneficial interests in the
Global Notes if (i) DTC notifies the Issuer that it is unwilling or unable
to continue as depository for the Global Notes and a successor Depository is
not appointed by the Issuer within ninety (90) days of such notice or
(ii) an Event of Default has occurred and is continuing and the Registrar
has received a request from DTC to issue Physical Notes.

 

(c)           Any beneficial interest in one of the Global
Notes that is transferred to a person who takes delivery in the form of an
interest in another Global Note shall, upon transfer, cease to be an interest
in such Global Note and become a beneficial interest in such other Global Note
and, accordingly, shall thereafter be subject to all transfer restrictions, if
any, and other procedures applicable to a beneficial interest in such other
Global Notes for as long as it remains such an interest.

 

(d)           In connection with any transfer or exchange of
a portion of the beneficial interest in the Global Note to beneficial owners
pursuant to clause (b) of this Section 2.14, the Registrar shall
(if one or more Physical Notes are to be issued) reflect on its books and
records the date and a decrease in the principal amount of the Global Note in
an amount equal to the principal amount of the beneficial interest in the
Global Note to be transferred, and the Issuer shall execute, and the Trustee
shall authenticate and deliver, one or more Physical Notes of like tenor and
aggregate principal amount.

 

(e)           In connection with the transfer of an entire
Global Note to beneficial owners pursuant to clause (b) of this Section
2.14, the Global Notes shall be deemed to be surrendered to the Trustee for
cancellation, and the Issuer shall execute, and the Trustee shall authenticate
and deliver, to each beneficial owner identified by DTC in exchange for its
beneficial interest in the Global Notes, an equal aggregate principal amount of
Physical Notes of authorized denominations.

 

35

 

(f)            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 Physical Notes, the principal amount of Notes
represented by such Global Note shall be reduced accordingly and an endorsement
will be made on such Global Note by the Trustee or by the Depositary at
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 will
made on such Global Notes by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.

 

(g)           Any Physical Note constituting a Restricted
Security delivered in exchange for an interest in the Global Note pursuant to clause
(b) or (c) shall, except as otherwise provided by clauses
(a)(i)(x) and (c) of Section 2.15, bear the legend regarding
transfer restrictions applicable to the Physical Notes set forth in Exhibit
A.

 

(h)           The Holder of a Global Note may grant proxies
and otherwise authorize any Person, including Agent Members and Persons that
may hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Indenture or the Notes.

 

SECTION
2.15.  Special Transfer Provisions.  (a)    Transfers to Non-QIB Institutional
Accredited Investors and Non-U.S. Persons. 
The following provisions shall apply with respect to the registration of
any proposed transfer of a Note constituting a Restricted Security to any
Institutional Accredited Investor which is not a QIB or to any Non-U.S. Person:

 

(i)            the
Registrar shall register the transfer of any Note constituting a Restricted
Security, whether or not such Note bears the Private Placement Legend, if
(x) the requested transfer is after December 16, 2007 or
(y) (1) in the case of a transfer to an Institutional Accredited
Investor which is not a QIB (excluding Non-U.S. Persons), the proposed
transferee has delivered to the Registrar a certificate substantially in the form
of Exhibit D hereto or (2) in the case of a transfer to a Non-U.S.
Person, the proposed transferor has delivered to the Registrar a certificate
substantially in the form of Exhibit E hereto; and

 

(ii)           if
the proposed transferor is an Agent Member holding a beneficial interest in the
Global Note, upon receipt by the Registrar of (x) the certificate, if any,
required by clause (i) above and (y) instructions given in
accordance with the Applicable Procedures and the Registrar’s procedures,

 

whereupon (1) the Registrar shall reflect on its
books and records the date and (if the transfer does not involve a transfer of
outstanding Physical Notes) a decrease in the principal amount of the Global
Note in an amount equal to the principal amount of the beneficial interest in the
Global Note to be transferred, and (2) the Issuer shall execute and the
Trustee shall authenticate and deliver one or more Physical Notes of like tenor
and principal amount.

 

(b)           Transfers to QIBs.  The following provisions shall apply with
respect to the registration of any proposed transfer of a Note constituting a
Restricted Security to a QIB (excluding transfers to Non-U.S. Persons):

 

(i)            the
Registrar shall register the transfer if such transfer is being made by a
proposed transferor who has checked the box provided for on the form of Note
stating, or has otherwise advised the Issuer and the Registrar in writing, that
the sale has been made in compliance with the provisions of Rule 144A to a
transferee who has signed the certification

 

36

 

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

 

(ii)           if
the proposed transferee is an Agent Member, and the Notes to be transferred
consist of Physical Notes which after transfer are to be evidenced by an
interest in the Global Note, upon receipt by the Registrar of instructions
given in accordance with the Applicable Procedures and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and
an increase in the principal amount of the Global Note in an amount equal to
the principal amount of the Physical Notes to be transferred, and the Trustee
shall cancel the Physical Notes so transferred.

 

(c)           Private Placement Legend.  Upon the transfer, exchange or replacement of
Notes not bearing the Private Placement Legend, the Registrar shall deliver
Notes that do not bear the Private Placement Legend.  Upon the transfer, exchange or replacement of
Notes bearing the Private Placement Legend, the Registrar shall deliver only
Notes that bear the Private Placement Legend unless (i) the circumstance contemplated
by clause (a)(i)(x) of this Section 2.15 exists or
(ii) there is delivered to the Registrar an Opinion of Counsel reasonably
satisfactory to the Issuer and the Trustee to the effect that neither such
legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act.  The Registrar shall not register a transfer
of any Note unless such transfer complies with the restrictions on transfer of
such Note set forth in this Indenture. 
In connection with any transfer of Notes, each Holder agrees by its
acceptance of the Notes to furnish the Registrar or the Issuer 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 a transaction not subject to, the registration requirements
of the Securities Act; provided that the Registrar shall not be required
to determine (but may rely on a determination made by the Company with respect
to) the sufficiency of any such certifications, legal opinions or other
information.

 

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

 

The Registrar shall retain copies of all letters,
notices and other written communications received pursuant to Section 2.14
or this Section 2.15.  The Issuer
shall have the right to inspect and make copies of all such letters, notices or
other written communications at any reasonable time upon the giving of
reasonable written notice to the Registrar.

 

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

 

37

 

Neither the Trustee nor any Agent shall have any
responsibility for any actions taken or not taken by DTC.

 

SECTION
2.16.  Transfers of Global
Notes and Physical Notes.  A transfer
of a Global Note or a Physical Note (including the right to receive principal
and interest and Additional Interest, if any, payable thereon) may be made only
by the Registrar’s entering the transfer in the Register.  Prior to such entry, the Issuer shall treat
the person in whose name such Note is registered as the owner of the Note for
all purposes.

 

ARTICLE THREE

REDEMPTION

 

SECTION
3.01.  Redemption.  (a)   Optional
Redemption on or after December 15, 2006. 
Except as described in Sections 3.01(b) and (c), the Notes
are not redeemable all or in part before December 15, 2006.  At any time on or after December 15, 2006,
the Issuer may redeem the Notes, at its option, at any time or from time to
time, upon not less than 30 nor more than 60 days’ notice, at the following
redemption prices (expressed as percentages of the principal amount thereof) if
redeemed during the twelve-month period commencing on December 15, of each of
the years set forth below, plus, in each case, accrued and unpaid
interest and Additional Interest, if any, and Additional Amounts, if any,
thereon to the Redemption Date:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2006

  	
   

  	
  103

  	
  %

  
	
  2007

  	
   

  	
  102

  	
  %

  
	
  2008

  	
   

  	
  101

  	
  %

  
	
  2009 and
  thereafter

  	
   

  	
  100

  	
  %

  

 

(b)           Optional Redemption Upon Equity Offerings.  At any time, or from time to time, on or
prior to December 15, 2006, the Issuer may, at its option, use an amount not to
exceed the net cash proceeds of one or more Equity Offerings to redeem up to
35% of the aggregate principal amount of the Notes (which includes Additional
Notes, if any) originally issued under this Indenture at a redemption price of
100% of the aggregate principal amount thereof, plus a premium equal to
the rate per annum on the Notes applicable on the date notice of redemption is
given, together with accrued and unpaid interest thereon and Additional
Interest, if any, and Additional Amounts, if any, to the date to the date of
redemption; provided  that:

 

(1)           at
least 65% of the aggregate principal amount of the Notes (which includes
Additional Notes, if any) originally issued under this Indenture shall remain
outstanding immediately after such Redemption Date; and

 

(2)           the
Issuer makes such redemption not more than 120 days after the consummation of
any such Equity Offering.

 

(c)           Redemption for Changes in Withholding
Taxes.  The Issuer may redeem the Notes, at
its option, in whole and not in part, at any time, at a redemption price equal
to 100% of the aggregate principal amount of the Notes plus accrued
interest (including, but not limited to, Additional Interest, if

 

38

 

any) to but excluding the redemption date if the
Company or any Guarantor has become, or would become, after taking reasonable
measures, if any; available to it to avoid it from being, obligated to pay on
the next date on which any amount would be payable under or with respect to the
Notes, any Additional Amounts as a result of any change or amendment to the
laws (or regulations promulgated thereunder) of the United Kingdom (or any
subdivision thereof or by any authority or agency therein or thereof having
power to tax), or any change in or amendment to any official position or
administration or assessing practices regarding the application or
interpretation of such laws or regulations, which change or amendment is
announced or becomes effective on or after the Issue Date. 

 

Prior to the distribution
of any notice of redemption pursuant to this Section 3.01(c), the Issuer
shall deliver to the Trustee a certificate stating that the Issuer is entitled
to effect such redemption and setting forth a statement of facts showing that
the conditions precedent to the right of the Issuer so to redeem have occurred,
and an Opinion of Counsel to the effect that the Issuer or any Guarantor, as
the case may be, has or will become obligated to pay Additional Amounts as a
result of such change or amendment.   

 

(d)           Notice of Redemption.  Notice of redemption will be mailed by
first-class mail at least 30 days but not more than 60 days before the
Redemption Date to each Holder to be redeemed at its registered address, provided, however that no notice of the optional redemption described
in Section 3.01(c) of this Indenture shall be given earlier than 90 days
prior to the earliest date on which the Issuer or such Guarantor would be
obliged to pay Additional Amounts were a payment in respect of such Notes then
due and payable.  If fewer than
all of the Notes are to be redeemed, at any time, selection of the Notes for
redemption will be made by the Trustee in compliance with the requirements of
the principal national securities exchange, if any, on which the Notes are
listed, or, if the Notes are not then listed on a national securities exchange,
on a pro  rata basis, by lot or by such method as the Trustee may
reasonably determine is fair and appropriate, provided that no Notes of a principal amount of $1,000 or
less shall be redeemed in part; and provided, further,
that any such partial redemption made
with the proceeds of an Equity Offering will be made only on a pro  rata
basis or on as nearly a pro  rata basis as is practicable (subject
to DTC procedures), unless such method is otherwise prohibited.  Notes
in denominations of $1,000 or more may be redeemed in part.

 

Except as set forth in this
Indenture, if monies for the redemption of the Notes called for redemption
shall have been deposited with the Paying Agent for redemption on such
Redemption Date sufficient to pay such Redemption Price plus accrued and
unpaid interest and Additional Interest, if any, , the Notes called for
redemption will cease to bear interest from and after such Redemption Date, and
the only remaining right of the Holders of such Notes will be to receive
payment of the Redemption Price plus accrued and unpaid interest and
Additional Interest, if any, as of the Redemption Date, upon surrender to the
Paying Agent of the Notes redeemed.  

 

(e)           Mandatory
Redemption.  The Company shall
not be required to make mandatory redemption or sinking fund payments with
respect to the Notes.

 

Each Officers’ Certificate provided for in this Section
3.01 shall be accompanied by an Opinion of Counsel stating that such
redemption shall comply with the conditions contained herein and in the Notes.

 

SECTION
3.02.  Selection of Notes to be
Redeemed.  If fewer than all of the
Notes are to be redeemed pursuant to Paragraph 5 of the Notes, selection
of the Notes for redemption will be made by the Trustee either:

 

39

 

(1)           in
compliance with the requirements of the Euro MTF Market of the Luxembourg Stock
Exchange for so long as the Notes are listed thereon; or

 

(2)           if
such Notes are not then listed the Euro MTF Market of the Luxembourg Stock
Exchange, on a pro  rata basis, by lot or by such method as the
Trustee may reasonably determine is fair and appropriate; provided that
no partial redemption will reduce the principal amount of a Note not redeemed
to less than $1,000; and provided, further, that if a partial
redemption is made with the proceeds of an Equity Offering then the selection
of the Notes or portions thereof for redemption shall be made by the Trustee
only on a pro rata basis or on as
nearly a pro  rata basis as is
practicable (subject to the procedures of DTC), unless such method is
prohibited.

 

The Trustee shall make the selection from the Notes
outstanding and not previously called for redemption and shall promptly notify
the Issuer in writing of the Notes selected for redemption and, in the case of
any Note selected for partial redemption, the principal amount at maturity
thereof, to be redeemed.  Notes in
denominations of $1,000 in principal amount at maturity may be redeemed only in
whole.  The Trustee may select for
redemption portions (equal to $1,000 in principal amount at maturity or any
integral multiple thereof) of the principal of Notes that have denominations
larger than $1,000.  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.  At least thirty (30) days but not more than
sixty (60) days before a Redemption Date, the Issuer shall mail or cause to be
mailed a notice of redemption by first class mail, postage prepaid, to each
Holder whose Notes are to be redeemed at its registered address, with a copy to
the Trustee and any Paying Agent.  At the
Issuer’s written request delivered at least ten (10) days before the notice of
redemption is to be given to the Holders (unless a shorter period shall be acceptable
to the Trustee), the Trustee shall give the notice of redemption in the Issuer’s
name and at the Issuer’s expense. 
Failure to give notice of redemption, or any defect therein to any
Holder of any Note selected for redemption shall not impair or affect the
validity of the redemption of any other Note.

 

Each notice of redemption shall identify the Notes to
be redeemed and shall state:

 

(1)           the
Redemption Date;

 

(2)           the
Redemption Price and the amount of accrued interest and Additional Interest, if
any, and Additional Amounts, if any, to be paid on the Redemption Date;

 

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

 

(4)           the
CUSIP number;

 

(5)           the
subparagraph of the Notes pursuant to which such redemption is being made;

 

(6)           the
place where such Notes called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price plus accrued interest and
Additional Interest, if any, to (but not including) the Redemption Date and
Additional Amounts, if any;

 

(7)           that,
unless the Issuer fails to deposit with the Paying Agent funds in satisfaction
of the applicable Redemption Price, interest Additional Interest, if any, on
Notes called for redemption ceases to accrue on and after the Redemption Date
in accordance with Section 3.05, and the only remaining right of the
Holders of such Notes is to receive payment of the Redemption Price plus
accrued interest and Additional Interest, if any, to (but not including) the

 

40

 

Redemption
Date, and Additional Amounts, if any, upon surrender to the Paying Agent of the
Notes redeemed;

 

(8)           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, and upon surrender of
such Note, a new Note or Notes in the aggregate principal amount equal to the
unredeemed portion thereof shall be issued; and

 

(9)           if
fewer than all the Notes are to be redeemed, the identification of the
particular Notes (or portion thereof) to be redeemed, as well as the aggregate
principal amount of Notes to be redeemed and the aggregate principal amount of
Notes to be outstanding after such partial redemption.

 

If any of the Notes to be redeemed is in the form of a
Global Note, then the Issuer shall modify such notice to the extent necessary
to accord with the procedures of DTC applicable to redemption.

 

SECTION
3.04.  Effect of Notice of
Redemption.  Once notice of
redemption is mailed in accordance with Section 3.03, Notes or portions
thereof called for redemption shall become irrevocably due and payable on the
Redemption Date and at the Redemption Price plus accrued interest and
Additional Interest, if any, to (but not including) the Redemption Date and
Additional Amounts, if any.  Upon
surrender to the Trustee or Paying Agent, such Notes or portions thereof called
for redemption shall be paid at the Redemption Price plus accrued
interest and Additional Interest, if any, thereon to (but not including) the
Redemption Date and Additional Amounts, if any, but installments of interest;
Additional Interest and Additional Amounts, if applicable, the maturity of
which is on or prior to the Redemption Date, shall be payable to Holders of
record at the close of business on the relevant Record Dates referred to in the
Notes.

 

SECTION
3.05.  Deposit of Redemption
Price.  Not later than 10:00 a.m.
local time in the place of payment on the Redemption Date, the Issuer shall
deposit with the Paying Agent U.S. Legal Tender sufficient to pay the
Redemption Price plus accrued interest and Additional Interest, if any,
to (but not including) the Redemption Date, and Additional Amounts, if any, of
all Notes or portions thereof to be redeemed on that date.

 

The Paying Agent shall promptly return to the Issuer
any U.S. Legal Tender so deposited which is not required for that purpose,
except with respect to monies owed as obligations to the Trustee pursuant to Article
Seven.

 

If the Issuer complies with the preceding paragraph,
then, unless the Issuer defaults in the payment of such Redemption Price plus
accrued interest and Additional Interest, if any, interest to (but not
including) the Redemption Date and Additional Amounts, if any, on the Notes to
be redeemed shall cease to accrue on and after the applicable Redemption Date,
whether or not such Notes are presented for payment.

 

SECTION
3.06.  Notes Redeemed in Part.  Upon surrender of a Note that is to be
redeemed in part, the Issuer shall issue and the Trustee shall authenticate for
the Holder at the expense of the Issuer a new Note or Notes equal in principal
amount to the unredeemed portion of the Note surrendered.

 

41

 

ARTICLE FOUR

COVENANTS

 

SECTION
4.01.  Payment of Notes.  The Issuer shall pay the principal of,
premium, if any, and interest and Additional Interest, if any, on, the Notes on
the dates and in the manner provided in the Notes and in this Indenture.  An installment of principal of, premium, if
any, and interest and Additional Interest, if any, on, the Notes shall be considered
paid on the date it is due if the Trustee or Paying Agent (other than the
Issuer or an Affiliate of the Issuer) holds on that date U.S. Legal Tender
designated for and sufficient to pay the installment in full and is not
prohibited from paying such money to the Holders pursuant to the terms of this
Indenture.

 

Notwithstanding anything to the contrary contained in
this Indenture, the Issuer may, to the extent it is required to do so by law,
deduct or withhold income or other similar taxes imposed by the United States
from principal or interest payments hereunder.

 

SECTION
4.02.  Maintenance of Office or
Agency.  The Issuer shall maintain
the office or agency required under Section 2.03.  The Issuer shall give prior written notice to
the Trustee of the location, and any change in the location, of such office or
agency.  If at any time the Issuer shall
fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office and the Issuer
hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

 

SECTION
4.03.  Corporate Existence.  Except as otherwise permitted by Article
Four, Article Five and Article Ten, the Company shall do or
cause to be done, at its own cost and expense, all things necessary to preserve
and keep in full force and effect its corporate existence and the limited
liability company (if applicable) or corporate existence of each of the
Restricted Subsidiaries in accordance with the respective organizational
documents of the Company (including, without limitation, its memorandum and
articles of association) and of each such Restricted Subsidiary and the
material rights (charter and statutory) and franchises of the Company and each
such Restricted Subsidiary; provided, however, that the Company
shall not be required to preserve, with respect to themselves, any material
right or franchise and, with respect to any of the Restricted Subsidiaries, any
such existence, material right or franchise, if the Board of Directors of the
Company shall determine in good faith that the preservation thereof is no
longer desirable in the conduct of the business of the Company and its
Restricted Subsidiaries, taken as a whole.

 

SECTION
4.04.  Payment of Taxes and
Other Claims.  The Company shall pay
or discharge or cause to be paid or discharged, before the same shall become
delinquent, all material taxes, assessments and governmental charges (including
withholding taxes and any penalties, interest and additions to taxes) levied or
imposed upon them or any of the Restricted Subsidiaries or their properties or
any of the Restricted Subsidiaries’ properties; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being or shall be contested in good faith by
appropriate proceedings diligently conducted for which adequate reserves, to
the extent required under GAAP, have been taken.

 

SECTION
4.05.  Maintenance of
Properties and Insurance.  (a)   The Company shall, and shall cause each of its
Restricted Subsidiaries to, maintain in good working order and condition in all
material respects (subject to ordinary wear and tear) their properties that are
used or useful in the conduct of their business and that are material to the
conduct of such business, and make all necessary repairs, renewals,
replacements, additions, betterments and improvements thereto; provided,
however, that nothing in this Section 4.05 shall prevent the
Company or any of its Restricted Subsidiaries from discontinuing the operation
and maintenance of any of their properties if such discontinuance is desirable
in the conduct of their businesses and is not disadvantageous in any material
respect to the Holders, in each case as

 

42

 

determined in the good faith judgment of the Board of
Directors or other governing body of the Company or the Restricted Subsidiary
concerned, as the case may be.

 

(b)           The Company shall maintain insurance
(including appropriate self-insurance) against loss or damage of the kinds
that, in the good faith judgment of the Company, are adequate and appropriate
for the conduct of the business of the Company and the Restricted Subsidiaries
in a prudent manner, with reputable insurers or with the government of the
United States or an agency or instrumentality thereof, in such amounts, with
such deductibles, and by such methods as shall be customary, in the good faith
judgment of the Company, for companies similarly situated in the industry in
which the Company and the Restricted Subsidiaries are engaged.

 

SECTION
4.06.  Compliance Certificate,
Notice of Default.  (a)    The Issuer and each Guarantor shall deliver
to the Trustee, within ninety (90) days after the end of the Issuer’s fiscal
year, an Officers’ Certificate stating that a review of its activities during
the preceding fiscal year has been made under the supervision of the signing
Officers (one of whom is the principal executive officer, principal financial
officer or principal accounting officer) with a view to determining whether it
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 such Officer’s actual knowledge the Issuer
during such preceding fiscal year has kept, observed, performed and fulfilled
each and every condition and covenant under this Indenture and no Default or
Event of Default occurred during such year and at the date of such certificate
there is no Default or Event of Default that has occurred and is continuing or,
if such signers do know of such default or Event of Default, the certificate
shall describe the default or Event of Default and its status with
particularity.  The Officers’ Certificate
shall also notify the Trustee should the Issuer elect to change the manner in
which it fixes its fiscal year end.

 

(b)           (i) If any Default or Event of Default has
occurred and is continuing or (ii) if any Holder has provided written
notice to the Issuer that such Holder seeks to exercise any remedy hereunder
with respect to a claimed Default under this Indenture or the Notes, the Issuer
shall deliver to the Trustee, at its address set forth in Section 11.02,
by registered or certified mail or by telegram, telex or facsimile transmission
followed by hard copy by registered or certified mail an Officers’ Certificate
specifying such event or notice, and the status thereof within ten (10)
Business Days of any such officer becoming aware of such occurrence.  

 

SECTION
4.07.  Waiver of Stay,
Extension or Usury Laws.  The Issuer
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 or extension law or any usury law or other law that
would prohibit or forgive the Issuer from paying all or any portion of the
principal of, premium, if any, or interest or Additional Interest, if any, on
the Notes as contemplated herein, wherever enacted, now or at any time
hereafter in force; and (to the extent that it may lawfully do so) the Issuer
hereby expressly waive all benefit or advantage of any such law, and covenant
that it shall not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law had been
enacted.

 

SECTION
4.08.  Limitation on Incurrence
of Additional Indebtedness.  The
Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, assume, guarantee, acquire, become
liable, contingently or otherwise, with respect to, or otherwise become
responsible for payment of (collectively, “incur”)
any Indebtedness (other than Permitted Indebtedness); provided,
however,
that the Issuer or any of its Restricted Subsidiaries that is or, upon such
incurrence, becomes a Guarantor may incur Indebtedness (including, without
limitation, Acquired Indebtedness) if on the date of the incurrence of such
Indebtedness the Consolidated Fixed Charge Coverage Ratio of the

 

43

 

Company will be, after giving effect to the incurrence
thereof greater than: (i) 2.0 to 1.0 prior to the first anniversary of the
Issue Date and (ii) 2.25 to 1.0 on and after the first anniversary of the Issue
Date.

 

The Company will not, and will not permit the Issuer
or any Guarantor to, directly or indirectly, incur any Indebtedness which by
its terms (or by the terms of any agreement governing such Indebtedness) is
contractually subordinated to any other Indebtedness of the Issuer or the
Company or such Guarantor unless such Indebtedness is also by its terms (or by
the terms of any agreement governing such Indebtedness) made contractually
subordinate to the Obligations of the Issuer or such Guarantor under (i) in the
case of the Company, the Notes and this Indenture or (ii) in the case of such
Guarantor, its Guarantee and this Indenture, in each case, on substantially identical terms; provided, however, that no Indebtedness will be deemed to be
contractually subordinated in right of payment to any other Indebtedness of the
Issuer, the Company or any Guarantor solely by virtue of being unsecured.

 

The accrual of interest, accrual
of dividends on Disqualified Capital
Stock, the accretion or amortization of original issue discount, the payment of
interest on any Indebtedness in the form of additional Indebtedness in
accordance with their terms, the reclassification of Preferred Stock as
Indebtedness due to a change in accounting principles, and the payment of
dividends on Disqualified Capital Stock in the form of additional shares of the
same class of Disqualified Capital Stock will not be deemed to be an incurrence
of Indebtedness or an issuance of Disqualified Capital Stock for purposes of
this  Section 4.08.
Notwithstanding any other provision of this Section 4.08, the maximum amount of Indebtedness that the
Company or any Restricted Subsidiary may incur pursuant to this Section
4.08 shall not be deemed to be exceeded
solely as a result of fluctuations in exchange rates or currency values.

 

The amount of any Indebtedness
outstanding as of any date will be:

 

(A)          the accreted value of
the Indebtedness, in the case of any Indebtedness issued with original issue
discount;

 

(B)           the principal amount of
the Indebtedness, in the case of any other Indebtedness; and

 

(C)           in respect of
Indebtedness of another Person secured by a Lien on the assets of the specified
Person without recourse to such Person or any of its assets (other than to the
assets that are the subject of such Lien), the lesser of:

 

(i)            the
Fair Market Value of such assets that are the subject of such Lien at the date
of determination; and

 

(ii)           the
amount of the Indebtedness of the other Person.

 

SECTION
4.09.  Limitation on Restricted
Payments.  The Company will not, and
will not cause or permit any of its Restricted Subsidiaries to, directly or
indirectly: 

 

(1)           declare
or pay any dividend or make any distribution (other than dividends or
distributions payable in Qualified Capital Stock of the Company and dividends
and distributions payable to the Company or another Restricted Subsidiary of
the Company) on or in respect of shares of Capital Stock of the Company or its
Restricted Subsidiaries to holders of such Capital Stock in their capacity as
such;

 

44

 

(2)           purchase,
redeem or otherwise acquire or retire for value any Capital Stock of the
Company or its Restricted Subsidiaries (other than any such Capital Stock held
by the Company or any Restricted Subsidiary);

 

(3)           make
any principal payment on, purchase, defease, redeem, prepay, decrease or
otherwise acquire or retire for value, prior to any scheduled final maturity,
scheduled repayment or scheduled sinking fund payment, any Indebtedness of the
Issuer, the Company or any Guarantor that is contractually subordinate or
junior in right of payment to the Notes or a Guarantee (excluding any
intercompany indebtedness held by the Issuer, the Company or any Guarantor); or

 

(4)           make
any Investment (other than Permitted Investments);

 

(each of the foregoing actions set forth in clauses
(1), (2), (3) and (4) being referred to as a “Restricted
Payment”), if at the time of such Restricted Payment or immediately after
giving effect thereto:

 

(i)            a
Default or an Event of Default shall have occurred and be continuing;

 

(ii)           the
Company is not able to incur at least $1.00 of additional Indebtedness (other
than Permitted Indebtedness) in compliance with Section 4.08; or

 

(iii)          the aggregate amount of Restricted Payments
(including such proposed Restricted Payment) made subsequent to the Issue Date
(the amount expended for such purposes, if other than in cash, being the Fair
Market Value of such property at the time of the making thereof) shall exceed
the sum of:

 

(A)          50% of the cumulative
Consolidated Net Income (or if cumulative Consolidated Net Income is a loss, minus
100% of such loss) of the Company earned during the period beginning on the
Issue Date and ending on the last day of the Company’s most recent fiscal
quarter ending prior to the date the Restricted Payment occurs for which
internal financial statements are available (the “Reference Date”)
(treating such period as a single accounting period); plus

 

(B)           100% of the aggregate
net cash proceeds received by the Company from any Person (other than a
Subsidiary of the Company) from the issuance and sale subsequent to the Issue
Date and on or prior to the Reference Date of Qualified Capital Stock of the
Company; plus

 

(C)           without duplication of
any amounts included in clause (iii)(B) above, 100% of the aggregate net
cash proceeds of any equity contribution received by the Company from a holder
of the Company’s Capital Stock subsequent to the Issue Date and on or prior to
the Reference Date; plus

 

(D)          100% of the aggregate
net cash proceeds received from the issuance of Indebtedness or shares of
Disqualified Capital Stock of the Company that have been converted into or
exchanged for Qualified Capital Stock of the Company subsequent to the Issue
Date and on or prior to the Reference Date; plus

 

(E)           an amount equal to the
sum of (i) the net reduction in the Investments (other than Permitted
Investments) made by the Company or any of its Restricted Subsidiaries in any
Person resulting from repurchases, repayments or redemptions of

 

45

 

such
Investments by such Person, proceeds realized on the sale of such Investment
and proceeds representing the return of capital, in each case received by the
Company or any of its Restricted Subsidiaries, and (ii) to the extent such
Person is an Unrestricted Subsidiary, the portion (proportionate to the Company’s
equity interest in such Subsidiary) of the Fair Market Value of the net assets
of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is
designated a Restricted Subsidiary; provided, however, that the
foregoing sum shall not exceed, in the case of any such Person or Unrestricted
Subsidiary, the amount of Investments (excluding Permitted Investments) previously
made (and treated as a Restricted Payment) by the Company or any of its
Restricted Subsidiaries in such Person or Unrestricted Subsidiary; plus

 

(F)           any cash dividends
received by the Company or any of its Restricted Subsidiaries after the Issue
Date from an Unrestricted Subsidiary of the Company, to the extent that such
cash dividends were not otherwise included in the calculation of cumulative
Consolidated Net Income; plus

 

(G)           100% of the Fair Market
Value as of the date of issuance of any shares of Qualified Capital Stock
issued by the Company as consideration for the purchase by the Issuer, the
Company or any Guarantor of all or substantially all of the assets of, or all
of the Capital Stock of, any Person (other than a Restricted Subsidiary of the
Company) engaged in a Permitted Business (including by means of a merger,
consolidation or other business combination permitted under this Indenture),
which Person shall become a Restricted Subsidiary of the Company that is or
will become immediately after such purchase a Guarantor in the case of where
such purchase is of all of the Capital Stock of such Person.

 

Notwithstanding the foregoing, the provisions set
forth in the immediately preceding paragraph do not prohibit:

 

(1)           the
payment of any dividend or other distribution or redemption within 60 days
after the date of declaration of such dividend or call for redemption if such
payment would have been permitted on the date of declaration or call for
redemption;

 

(2)           the
acquisition of any shares of Qualified Capital Stock of the Company, either (i)
solely in exchange for other shares of Qualified Capital Stock of the Company
or (ii) through the application of net proceeds of a sale for cash (other than
to a Subsidiary of the Company) of shares of Qualified Capital Stock of the
Company within 60 days after such sale;

 

(3)           the
acquisition of any Indebtedness of the Issuer, the Company or the Guarantors
that is subordinate or junior in right of payment to the Notes and Guarantees
either (i) solely in exchange for shares of Qualified Capital Stock of the
Company, or (ii) through the application of net proceeds of a sale for cash
(other than to a Subsidiary of the Company) within 60 days after such sale of
(a) shares of Qualified Capital Stock of the Company or (b) if no Default or
Event of Default would exist after giving effect thereto, Refinancing
Indebtedness;

 

(4)           an
Investment either (i) solely in exchange for shares of Qualified Capital Stock
of the Company or (ii) through the application of the net proceeds of a sale
for cash (other than to a Restricted Subsidiary of the Company) of shares of
Qualified Capital Stock of the Company within 60 days after such sale;

 

46

 

(5)           if
no Default or Event of Default has occurred and is continuing or would exist
after giving effect thereto, the repurchase or other acquisition of shares of
Capital Stock of the Company (or the dividend or distribution to a parent of
the Company to be used to repurchase or otherwise acquire Capital Stock of such
parent) from employees, former employees, directors or former directors of the
Company or any Restricted Subsidiary of the Company (or permitted transferees
of such employees, former employees, directors or former directors (or their respective
heirs or estates)), pursuant to the terms of the agreements (including
employment agreements) or plans (or amendments thereto) approved by the Board
of Directors of the Company under which such individuals purchase or sell or
are granted the option to purchase or sell, shares of such Capital Stock; provided, that the aggregate amount of all
such repurchases and other acquisitions (other than any such repurchase or
other acquisition of shares of such Capital Stock from (i) any employee whose
employment has been terminated by the Company or such Restricted Subsidiary or
(ii) any employee who has retired or resigned from the Company or such
Restricted Subsidiary) in any calendar year shall not exceed £300,000 pounds
sterling plus up to £300,000 pounds sterling of any unused amount
permitted under this clause (5) for the immediately preceding year;

 

(6)           repurchases
of Capital Stock deemed to occur upon exercise of stock options, warrants or
other similar rights if such Capital Stock represents a portion of the exercise
price of such options, warrants or other similar rights;

 

(7)           payments
or distributions to dissenting stockholders of Capital Stock of the Company
pursuant to applicable law, pursuant to or in connection with a consolidation,
merger or transfer of assets that complies with the provisions of this
Indenture applicable to mergers, consolidations and transfers of all or
substantially all of the property and assets of the Company or any of its
Restricted Subsidiaries;

 

(8)           (a)
the application of the proceeds from the issuance of the Notes on the Issue
Date as described in the “Use of Proceeds” section of the Offering Circular,
(b) the payment of dividends declared prior to the closing of the Acquisition
and (c) the payment of bonuses to employees in connection with the Acquisition;

 

(9)           if
no Default or Event of Default has occurred and is continuing or would exist
after giving effect thereto, the payment of Management Fees, provided, however,
that the aggregate amount of such Management Fee payments in any calendar year
shall not exceed £300,000 pounds sterling; 

 

(10)         any
dividend, distribution or other payments by any of the Company’s Subsidiaries
on its Capital Stock that is paid pro  rata to all holders of such
Capital Stock;

 

(11)         within
60 days after the completion of a Change of Control Offer pursuant to the
covenant described in Section 4.10 (including the repurchase of all
Notes validly tendered and not properly withdrawn in connection therewith), any
purchase or redemption of Indebtedness subordinated to the Notes required
pursuant to the terms thereof as a result of the related Change of Control at a
purchase or redemption price not to exceed 101% of the aggregate principal
amount thereof (or, if such Indebtedness was issued with original issue
discount, 101% of the accreted value thereof) to be so purchased or redeemed, plus
accrued and unpaid interest thereon, if any; provided, that (i) at the
time of such purchase or redemption, no Default or Event of Default shall have
occurred and be continuing or would exist after giving effect thereto, (ii) the
Company would be able to incur at least $1.00 of additional Indebtedness (other
than Permitted Indebtedness) in compliance with Section 4.08 after
giving pro forma effect to such Restricted

 

47

 

Payment
and (iii) such purchase or redemption is not made, directly or indirectly, from
the proceeds of (or made in anticipation of) any issuance of Indebtedness by
the Company or any of its Restricted Subsidiaries other than Refinancing
Indebtedness which is Permitted Indebtedness;

 

(12)         (a)  if no Default or Event
of Default has occurred and is continuing or would exist after giving effect
thereto, the acquisition of any shares of
Disqualified Capital Stock of the Company in exchange for other shares of
Disqualified Capital Stock of the Company or with the net cash proceeds from an
issuance of Disqualified Capital Stock of the Company within 60 days of such
issuance, in each case that is permitted to be issued under Section 4.08
and (b) the declaration and payment of regularly scheduled or accrued dividends
to holders of any class or series of Disqualified Capital Stock issued on or
after the Issue Date in accordance with the covenant described above under Section
4.08; 

 

(13)         distributions or payments to Holdings in respect of Corporate Overhead
Allocations not to exceed £150,000 pounds sterling in the aggregate in any
twelve month period on and after the Issue Date, provided, however,
that any amounts not used in any such twelve month period may be carried
forward to the next succeeding twelve month period until used; and 

 

(14)         if
no Default or Event of Default has occurred and is continuing or would exist
after giving effect thereto, Restricted Payments not otherwise permitted
pursuant to Section 4.09 in an aggregate amount pursuant to this clause (14)
not to exceed £1.5 million pounds sterling on and after the Issue Date; provided,
however, that the amount of Restricted Payments pursuant to this clause
(14) shall not exceed £600,000 pounds sterling prior to December 15,
2006.  

 

In determining the aggregate amount of Restricted
Payments made subsequent to the Issue Date in accordance with clause (iii)
of the first paragraph of this Section 4.09, amounts expended pursuant
to clauses (1), (2)(ii), (3)(ii)(a), (4)(ii) (but only to the extent any
Investment made pursuant to such clause (4)(ii) was in an Unrestricted
Subsidiary or a Person that became an Unrestricted Subsidiary of the Company in
connection with such Investment), (11) and (14) of the second
paragraph of this Section 4.09 shall be included in such calculation.

 

For purposes of determining compliance with Section
4.09, in the event that a Restricted Payment meets the criteria of more
than one of the exceptions described in (1) through (14) of the second
paragraph of this Section 4.09 or is entitled to be made pursuant to the
first paragraph of Section 4.09, the Issuer shall be permitted, in the
Issuer’s sole discretion, to classify or reclassify such Restricted Payment in
any manner that complies with Section 4.09.

 

Promptly following the end of each fiscal quarter
during which any Restricted Payment in excess of £3.0 million pounds sterling
was made, the Issuer shall deliver to the Trustee an Officers’ Certificate
stating that such Restricted Payment complies with this Indenture and if the
Fair Market Value of any assets or securities that were required to be valued
by Section 4.09 exceeded £3.0 million pounds sterling, a Board
Resolution evidencing the determination of such Fair Market Value by the Board
of Directors shall be delivered to the Trustee.

 

SECTION
4.10.  Repurchase upon Change
of Control.  (a)  Upon
the occurrence of a Change of Control, each Holder will have the right to
require that the Issuer purchase all or a portion (in integral multiples of
$1,000) of such Holder’s Notes using immediately available funds pursuant to
the offer described below (the “Change of Control Offer”),
at a purchase price in cash equal to 101% of the principal amount thereof on
the date of purchase, plus accrued and unpaid interest and Additional
Interest, if any, and Additional Amounts, if any, to the date of purchase.

 

48

 

(b)           Within 30 days following the date upon which
the Change of Control occurred, the Issuer must send, by registered first-class
mail, an offer to each Holder, with a copy to the Trustee, which offer shall
govern the terms of the Change of Control Offer.  The notice to the Holders shall contain all
instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Change of Control Offer. 
Such notice shall state:

 

(1)           that
the Change of Control Offer is being made pursuant to this Section 4.10
and that, to the extent lawful, all Notes validly tendered and not withdrawn
shall be accepted for payment;

 

(2)           the
purchase date (including the amount of accrued interest and Additional
Interest, if any), which must be no earlier than 30 days nor later than 60 days
from the date such notice is mailed, other than as may be required by law (the “Change
of Control Payment Date”).

 

(3)           that
any Note not tendered shall continue to accrue interest and Additional
Interest, if applicable;

 

(4)           that,
unless the Issuer default in making payment therefor, any Note accepted for
payment pursuant to the Change of Control Offer shall cease to accrue interest
and Additional Interest, if applicable, after the Change of Control Payment
Date;

 

(5)           that
Holders electing to have a Note purchased pursuant to a Change of Control Offer
will be required to surrender the Note, with the form entitled “Option of
Holder to Elect Purchase” on the reverse of the Note completed, to the paying
agent at the address specified in the notice prior to the close of business on
the third Business Day prior to the Change of Control Payment Date;

 

(6)           that
Holders shall be entitled to withdraw their election if the Paying Agent
receives, not later than five (5) Business Days prior to the Change of Control
Payment Date, a telegram, telex, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Notes the Holder delivered
for purchase and a statement that such Holder is withdrawing its election to
have such Notes purchased;

 

(7)           that
Holders whose Notes are purchased only in part shall be issued new Notes in a
principal amount equal to the unpurchased portion of the Notes surrendered; provided
that each Note purchased and each new note issued shall be in an original
principal amount of $1,000 or integral multiples thereof, and such new Notes
will be issued in the name of the Holder thereof upon cancellation of the
original Note (or appropriate adjustments to the amount and beneficial
interests in a Global Note will be made); and

 

(8)           the
circumstances and relevant facts regarding such Change of Control.

 

If any of the Notes subject to the Change of Control
Offer is in the form of a Global Note, then the Issuer shall modify such notice
to the extent necessary to comply with the procedures of the Depositary
applicable to repurchases.

 

On or before the Change of Control Payment Date, the
Issuer shall, to the extent lawful (i) accept for payment Notes or
portions thereof properly tendered pursuant to the Change of Control Offer,
(ii) deposit with the Paying Agent U.S. Legal Tender sufficient to pay the
purchase price plus accrued interest and Additional Interest, if any, of
all Notes or portions thereof so tendered and (iii) deliver or cause to be
delivered to the Trustee the Notes so accepted together with an Officers’
Certificate stating

 

49

 

the aggregate principal amount of Notes or portions
thereof being purchased by the Issuer. 
The Paying Agent shall promptly mail to the Holders so tendered the
purchase price for such Notes and the Issuer shall promptly issue and the
Trustee shall promptly (but in any case not later than five (5) days after the
Change of Control Payment Date) 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; provided that each
such new Note shall be in a principal amount of $1,000 or an integral multiple
thereof.  Any Notes not so accepted shall
be promptly mailed by the Issuer to the Holders thereof.  For purposes of this Section 4.10, the
Trustee shall act as the Paying Agent.

 

Any amounts remaining after the purchase of Notes
pursuant to a Change of Control Offer shall be returned by the Trustee to the
Issuer.

 

Neither the Board of Directors of the Issuer nor the
Trustee may waive the Issuer’s obligation to offer to purchase the Notes
pursuant to this Section 4.10.

 

The Issuer will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the
repurchase of Notes pursuant to a Change of Control Offer. To the extent that
the provisions of any securities laws or regulations conflict with the
provisions of Section 4.10 of this Indenture, the Issuer shall comply
with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under the provisions of Section 4.10 of
this Indenture by virtue thereof. 

 

The Issuer will 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
Issuer and purchases all Notes validly tendered and not properly withdrawn
under such Change of Control Offer.

 

SECTION
4.11.  Limitation on Asset
Sales.  The Company will not, and
will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale
unless:

 

(1)           the Company or the applicable Restricted Subsidiary,
as the case may be, receives consideration at the time of such Asset Sale at
least equal to the Fair Market Value of the assets sold or otherwise disposed
(and if such Fair Market Value exceeds £3.0 million pounds sterling, a Board
Resolution evidencing the determination of such Fair Market Value by the Board
of Directors shall be delivered to the Trustee);

 

(2)           at least 75% of the consideration received by the
Company or the Restricted Subsidiary, as the case may be, from such Asset Sale
is in the form of cash or Cash Equivalents (other than Cash Equivalents
denominated in Singapore dollars or United Arab Emirate dirhams) and is received
at the time of such disposition; provided that the amount of any liabilities (as shown on the
most recent applicable balance sheet) of the Company or such Restricted
Subsidiary (other than liabilities that are by their terms subordinated to the
Notes) that are assumed by the transferee of any such assets shall be deemed to
be cash for purposes of this provision so long as the documents governing such
liabilities provide that there is no further recourse to the Company or any of
its Subsidiaries with respect to such liabilities; and

 

(3)           within 360 days of receipt thereof by the Company or
any of its Restricted Subsidiaries, the Company shall apply, or cause such
Restricted Subsidiary to apply, the Net Cash Proceeds relating to such Asset
Sale either:

 

(A)          to repay Indebtedness under the Working Capital
Facility and permanently reduce the commitments thereunder;

 

50

 

(B)           to make an investment in property, plant, equipment or
other non-current assets that replace the properties and assets that were the
subject of such Asset Sale or that will be used or useful in a Permitted
Business (including expenditures for maintenance, repair or improvement of
existing properties and assets) or the acquisition of all of the Capital Stock
of a Person engaged in a Permitted Business; or

 

(C)           a combination of repayment and investment permitted by
the foregoing clauses (3)(A) and (3)(B).

 

Pending the final application of Net Cash Proceeds,
the Company may temporarily reduce borrowings under the Working Capital
Facility or invest such Net Cash Proceeds in Cash Equivalents (other than Cash
Equivalents denominated in Singapore dollars or United Arab Emirates dirhams).
On the 361st day after an Asset Sale or such earlier date, if any, as the Board
of Directors of the Company or of such Restricted Subsidiary determines not to
apply the Net Cash Proceeds relating to such Asset Sale as set forth in clauses
(3)(A), (3)(B) or (3)(C) of the preceding paragraph (each, a “Net
Proceeds Offer Trigger Date”), such aggregate amount of
Net Cash Proceeds which have not been applied on or before such Net Proceeds
Offer Trigger Date as permitted in clauses (3)(A), (3)(B) and (3)(C)
of the preceding paragraph (each, a “Net Proceeds Offer Amount”)
shall be applied by the Company or such Restricted Subsidiary to make an offer
to purchase (the “Net Proceeds Offer”) on a date (the “Net
Proceeds Offer Payment Date”) not less than 30 nor more
than 60 days following the applicable Net Proceeds Offer Trigger Date, from all
Holders and all holders of other Applicable Indebtedness containing provisions
similar to those set forth in Section 4.11, on a pro rata basis, the maximum principal amount of Notes and
such other Applicable Indebtedness that may be purchased with the Net Proceeds
Offer Amount at a price equal to 100% of the principal amount thereof (or if
such Indebtedness was issued with original issue discount, 100% of the accreted
value), plus accrued and unpaid interest and Additional Interest thereon,
if any, to the date of purchase and Additional Amounts, if any; provided,
however, that if at any time any non-cash
consideration received by the Company or any Restricted Subsidiary of the
Company, as the case may be, in connection with any Asset Sale is converted
into or sold or otherwise disposed of for cash (other than interest received
with respect to any such non-cash consideration), then such conversion or
disposition shall be deemed to constitute an Asset Sale hereunder on the date
of such conversion or disposition, as the case may be, and the Net Cash
Proceeds thereof shall be applied in accordance with Section 4.11.

 

The Company may defer any Net Proceeds Offer until
there is an aggregate unutilized Net Proceeds Offer Amount equal to or in
excess of £3.0 million pounds sterling resulting from one or more Asset Sales
in which case the accumulation of such amount shall constitute a Net Proceeds
Offer Trigger Date (at which time, the entire unutilized Net Proceeds Offer
Amount, and not just the amount in excess of £3.0 million pounds sterling,
shall be applied as required pursuant to the immediately preceding paragraph).
Upon the completion of each Net Proceeds Offer, the Net Proceeds Offer Amount
will be reset at zero.

 

In the event of the transfer of substantially all (but
not all) of the property and assets of the Company and its Restricted
Subsidiaries as an entirety to a Person in a transaction permitted under Section
5.01, which transaction does not constitute a Change of Control, the
successor entity shall be deemed to have sold the properties and assets of the
Company and its Restricted Subsidiaries not so transferred for purposes of Section
4.11, and shall comply with the provisions of Section 4.11 with
respect to such deemed sale as if it constituted an Asset Sale. In addition,
the Fair Market Value of such properties and assets of the Company or its
Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash
Proceeds for purposes of Section 4.11.

 

Each notice of a Net Proceeds Offer shall be mailed
first class, postage prepaid, to the record Holders as shown on the register of
Holders within 20 days following the Net Proceeds Offer Trigger

 

51

 

Date, with a copy to the Trustee, and shall comply
with the procedures set forth in this Indenture. Upon receiving notice of the
Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part
in integral multiples of $1,000 in exchange for cash. To the extent Holders
properly tender Notes in an amount exceeding the Net Proceeds Offer Amount,
Notes of tendering Holders will be purchased on a pro  rata basis
(based on amounts tendered). A Net Proceeds Offer shall remain open for a
period of 20 Business Days or such longer period as may be required, or such
shorter period as may be permitted, by law.

 

The Company will comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection
with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent
that the provisions of any securities laws or regulations conflict with Section
4.11 of this Indenture, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under Section 4.11 of this Indenture by virtue of such
compliance.

 

SECTION
4.12.  Limitation on Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.  The Company will not, and will not cause or
permit any of its Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or permit to exist or become effective any encumbrance or
restriction on the ability of any Restricted Subsidiary of the Company to:

 

(1)           pay
dividends or make any other distributions on or in respect of its Capital
Stock;

 

(2)           make
loans or advances or to pay any Indebtedness or other obligation owed to the
Company or any other Restricted Subsidiary of the Company; or

 

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

 

except for such encumbrances or restrictions
existing under or by reason of:

 

(A)          applicable law, rule or
regulation;

 

(B)           this Indenture, the Notes,
the Guarantees, the Collateral Agreements and the Intercreditor Agreements;

 

(C)           customary
non-assignment provisions of any contract, lease or license of any Restricted
Subsidiary of the Company to the extent such provisions restrict the transfer
of the lease or the property leased thereunder;

 

(D)          any instrument governing
Acquired Indebtedness, which encumbrance or restriction is not applicable to
any Person, or the properties or assets of any Person, other than the Person or
the properties or assets of the Person so acquired;

 

(E)           the Working Capital
Facility (and all replacements or substitutions thereof on terms no more
adverse to the Holders and not more materially restrictive to the Company and
its Restricted Subsidiaries);

 

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

 

52

 

(G)           restrictions on the
transfer of assets subject to any Lien permitted under this Indenture;

 

(H)          restrictions imposed by
any agreement to sell assets or Capital Stock permitted under this Indenture to
any Person pending the closing of such sale;

 

(I)            provisions in joint
venture agreements and other similar agreements (in each case relating solely
to the respective joint venture or similar entity or the equity interests
therein) entered into in the ordinary course of business;

 

(J)            restrictions contained
in the terms of the Purchase Money Indebtedness or Capitalized Lease
Obligations not incurred in violation of this Indenture; provided,
that such restrictions relate only to the assets financed with such
Indebtedness;

 

(K)          restrictions in other
Indebtedness incurred in compliance with the covenant described under Section
4.08 (including Indebtedness constituting Permitted Indebtedness); provided
that such restrictions, taken as a whole, are, in the good faith judgment of
the Company’s Board of Directors, no more materially restrictive with respect
to such encumbrances and restrictions than those contained in the existing
agreements referenced in clauses (B), (E) and (F) above;

 

(L)           restrictions on cash or
other deposits imposed by customers under contracts or other arrangements
entered into or agreed to in the ordinary course of business; or

 

(M)         an agreement governing
Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred
pursuant to an agreement referred to in clauses (B), (D) and (F)
above; provided, however,
that the provisions relating to such encumbrance or restriction contained in
any such Indebtedness are no less favorable to the Company in any material
respect as determined by the Board of Directors of the Company in their
reasonable and good faith judgment than the provisions relating to such
encumbrance or restriction contained in agreements referred to in such clauses
(B), (D) and (F).

 

SECTION
4.13.  Limitation on Issuances
and Sales of Capital Stock of Subsidiaries. 
The Company will not permit or cause any of its Restricted Subsidiaries
to issue or sell any Capital Stock (other than to the Company or to a Wholly
Owned Restricted Subsidiary of the Company) or permit any Person (other than
the Company or a Wholly Owned Restricted Subsidiary of the Company) to own or
hold any Capital Stock of any Restricted Subsidiary of the Company or any Lien
or security interest therein (other than as required by applicable law or a
Permitted Lien described in clause (1), (13), (15), (16) or (17)
of the definition thereof; provided that an additional limitation to the
limitations set forth in such clause (17) shall be that the Indebtedness
that was being Refinanced was only secured by a Permitted Lien described in clause
(13) of the definition thereof); provided,
however, that this provision shall not prohibit (1)
any issuance or sale if, immediately after giving effect thereto, such
Restricted Subsidiary would no longer constitute a Restricted Subsidiary and
any Investment in such Person remaining after giving effect to such issuance or
sale would have been permitted to be made under the Section 4.09 if made
on the date of such issuance or sale, (2) the sale of all of the Capital Stock
of a Restricted Subsidiary in compliance with the provisions of Section 4.11
or (3) issuances of director’s qualifying shares or sales to foreign nationals
of shares of Capital Stock of Restricted Subsidiaries to the extent required by
applicable law.

 

SECTION
4.14.  Limitation on Liens.  The Company will not, and will not cause or
permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, assume or permit or suffer to exist any

 

53

 

Liens of any kind against or upon any property or
assets of the Company or any of its Restricted Subsidiaries whether owned on
the Issue Date or acquired after the Issue Date, or any proceeds therefrom, or
assign or otherwise convey any right to receive income or profits therefrom,
except for Permitted Liens.

 

Notwithstanding anything to the contrary in the
immediately preceding paragraph, the Company will not, and will not cause or
permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, assume or permit or suffer to exist any Liens of any kind against or
upon any Capital Stock issued by a Subsidiary of the Company that is held by
the Company or any of its Restricted Subsidiaries whether on or after the Issue
Date or any right related thereto (other than Permitted Liens described in clauses
(1), (13), (15), (16) and (17) of the definition thereof; provided
that an additional limitation to the limitations set forth in such clause
(17) shall be that the Indebtedness that was being Refinanced was only
secured by a Permitted Lien described in clause (13) of the definition
thereof).

 

SECTION
4.15.  Limitations on
Transactions with Affiliates.  (a)   The Company will not, and will not permit any
of its Restricted Subsidiaries to, directly or indirectly, enter into or permit
to exist any transaction or series of related transactions (including, without
limitation, the purchase, sale, lease or exchange of any property or the
rendering of any service) with, or for the benefit of, any of its Affiliates
(each an “Affiliate Transaction”), other than

 

(x)            Affiliate Transactions
permitted under paragraph (b) below, and

 

(y)           Affiliate Transactions
on terms that are no 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 of the Company or such Restricted Subsidiary.

 

Each Affiliate Transaction (and each series
of related Affiliate Transactions which are similar or part of a common plan)
involving aggregate payments or other property with a Fair Market Value in
excess of 

£3.0 million pounds sterling shall be approved by a majority of the members of
the Board of Directors of the Company (including a majority of the
disinterested members thereof), such approval to be evidenced by a Board
Resolution filed with the Trustee that states that such Board of Directors has
determined that such transaction complies with the foregoing provisions. If the
Company or any Restricted Subsidiary of the Company enters into an Affiliate
Transaction (or a series of related Affiliate Transactions related to a common
plan) that involves an aggregate Fair Market Value of more than £6.0 million
pounds sterling, the Company shall, prior to the consummation thereof, obtain a
favorable opinion as to the fairness of the financial terms of such transaction
or series of related transactions to the Company or the relevant Restricted
Subsidiary, as the case may be, from an Independent Financial Advisor and file
the same with the Trustee.

 

(b)           The restrictions set forth in the first
paragraph of Section 4.15 shall not apply to:

 

(1)           reasonable
fees and compensation (including directors’ fees) paid to and indemnity
provided on behalf of, officers, directors, employees or consultants of the
Company or any Restricted Subsidiary of the Company as determined in good faith
by the Company’s Board of Directors or senior management;

 

(2)           transactions
exclusively between or among the Company and any of its Restricted Subsidiaries
or exclusively between or among such Restricted Subsidiaries, provided,
that such transactions are not otherwise prohibited by this Indenture;

 

54

 

(3)           any
agreement as in effect as of the Issue Date or any transaction contemplated
thereby and any amendment thereto or any replacement agreement thereto so long
as any such amendment or replacement agreement is not more disadvantageous to
the Holders in any material respect than the original agreement as in effect on
the Issue Date;

 

(4)           Permitted
Investments described in clauses (9), (10) and (13) of the
definition thereof and Restricted Payments permitted by this Indenture;

 

(5)           any
merger or other transaction with an Affiliate solely for the purpose of reincorporating
the Company in another jurisdiction or creating a holding company of the
Company; 

 

(6)           any
employment, stock option, stock repurchase, employee benefit compensation,
business expense reimbursement, severance, termination or other employment-related
agreements, arrangements or plans entered into by the Company or any of its
Restricted Subsidiaries in the ordinary course of business;

 

(7)           issuances or sales of Qualified Capital Stock of the
Company to its Affiliates and employees, officers and directors of the Company
or any Restricted Subsidiary of the Company; 

 

(8)           the Management Agreement and
payment of Management Fees pursuant thereto, provided, however,
that the aggregate amount of such Management Fee payments in any calendar year
shall not exceed £300,000 pounds
sterling; 

 

(9)           sales of goods by the Company or a Subsidiary of the Company to Edgen, or
by Edgen to the Company or a Subsidiary of the Company, in each case in the
ordinary course of business of the Company or such Subsidiary of the Company
and Edgen, provided that the terms of such sales are no 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 of
the Company or such Subsidiary, and provided  further that such
goods are being sold pursuant to a transaction in which the Company or a
Subsidiary of the Company or Edgen, as the case may be, is purchasing such
goods with a view to either promptly selling them on to its customers or
establishing or replenishing inventories for existing or new products; and

 

(10)         the provision of commercial banking or lending services, investment
banking or other similar services by Affiliates (but not JCP Group) on terms
that are no less favorable than those that might reasonably have been obtained
at such time on an arm’s-length basis from a Person that is not an Affiliate of
the Company and that are approved in good faith by a majority of the members of
the Board of Directors.

 

SECTION
4.16.  Additional Subsidiary
Guarantees.  If the Company or any of
its Restricted Subsidiaries acquires or creates another Restricted Subsidiary
after the Issue Date (other than an Unrestricted Subsidiary), then the Company
shall cause such Domestic Restricted Subsidiary (unless otherwise prohibited by
law (but, in such a case, the Company shall (i) use its reasonable best efforts
to overcome the relevant legal limit precluding the giving of a joint and
several guarantee and (ii) in the case of a financial assistance or similar
prohibition, will procure that the relevant Restricted Subsidiary undertakes
all whitewash or similar procedures which are legally permitted including
without limitation, if applicable, complying with the procedures required by
Sections 155 to 158 (inclusive) of the Companies Act 1985 (U.K.) and delivering
to the Collateral Agent a certificate from the Company’s auditor substantially
in the form of FRAG 26/94 (unamended) dated as of the date of such Restricted
Subsidiary’s giving of the related financial assistance)) to:

 

55

 

(1)           execute
and deliver to the Trustee a supplemental indenture substantially in the form
of Exhibit F hereto and endorse a notation of guarantee substantially in
the form included in Exhibit A hereto pursuant to which such Restricted
Subsidiary shall unconditionally guarantee on a senior secured basis all of the
Issuer’s obligations under the Notes and this Indenture on the terms set forth
in this Indenture;

 

(2)           take
such actions necessary or as the Collateral Agent reasonably determines to be
advisable to grant to the Collateral Agent for the benefit of the Holders a
perfected security interest in the assets of such new Restricted Subsidiary
which are of the type that constitute Collateral under the Collateral
Agreements, subject to the Permitted Liens and the terms of the Senior
Intercreditor Agreement, including the filing or recordation of any instruments
in such jurisdictions as may be required by the Collateral Agreements or by law
or as may be reasonably requested by the Collateral Agent;

 

(3)           take
such further action and execute and deliver such other documents specified in
this Indenture as necessary or as otherwise reasonably requested by the Trustee
or the Collateral Agent to effectuate the foregoing; and

 

(4)           deliver
to the Trustee an Opinion of Counsel that such supplemental indenture and any
other documents required to be delivered have been duly authorized, executed
and delivered by such Restricted Subsidiary and constitute legal, valid,
binding and enforceable obligations of such Restricted Subsidiary.

 

Thereafter, such Restricted Subsidiary shall
be a Guarantor for all purposes of this Indenture.

 

SECTION
4.17.  Impairment of Security
Interest.  Subject to the Senior
Intercreditor Agreement, none of the Issuer, the Company or any Guarantor will
take or omit to take any action which would adversely affect or impair in any
material respect the Liens in favor of the Collateral Agent with respect to the
Collateral other than transactions otherwise permitted by the Indenture.
Neither the Company nor any Guarantor will enter into any agreement that
requires the proceeds received from any sale of Collateral to be applied to
repay, redeem, defease or otherwise acquire or retire any Indebtedness of any
Person, other than as permitted by this Indenture, the Notes, the Intercreditor
Agreements and the Collateral Agreements. The Company shall, and shall cause
the Issuer and each Guarantor to, at their sole cost and expense, execute and
deliver all such agreements and instruments, as necessary, or as the Collateral
Agent or the Trustee shall reasonably request to more fully or accurately
describe the property intended to be Collateral or the obligations intended to
be secured by the Collateral Agreements. The Company shall, and shall cause the
Issuer and each Guarantor to, at its sole cost and expense, file any such
notice filings or other agreements or instruments as may be reasonably
necessary or desirable under applicable law to perfect the Liens created by any
Collateral Agreement to the extent required by such the Collateral Agreement,
subject to Permitted Liens.       

 

SECTION
4.18.  Undertakings with
Respect to MIM Pte.  The Company shall cause MIM Pte. (unless
otherwise prohibited by law (but, in such a case, the Company shall (i) use its
reasonable best efforts to overcome the relevant legal limit precluding the
giving of a joint and several guarantee and (ii) in the case of a financial
assistance or similar prohibition under the laws of Singapore, will procure
that MIM Pte. undertakes all whitewash or similar procedures which are legally
permitted under the laws of Singapore)) to:

 

(1)           execute
and deliver to the Trustee a supplemental indenture in form reasonably satisfactory
to the Trustee pursuant to which MIM Pte. shall unconditionally guarantee on a

 

56

 

senior
secured basis all of the Issuer’s obligations under the Notes and the Indenture
on the terms set forth in the Indenture;

 

(2)           take
such actions necessary or as the Collateral Agent reasonably determines to be
advisable to grant to the Collateral Agent for the benefit of the Holders a
perfected security interest in the assets of MIM Pte. which are of the type
that constitute Collateral under the Singapore Security Agreement, subject to
the Permitted Liens and the terms of the Senior Intercreditor Agreement,
including the filing or recordation of any instruments in such jurisdictions as
may be required by the Singapore Security Agreement or by law or as may be
reasonably requested by the Collateral Agent;

 

(3)           take
such further action and execute and deliver such other documents specified in
the Indenture, as necessary, or as otherwise reasonably requested by the Trustee
or the Collateral Agent to effectuate the foregoing; and

 

(4)           deliver
to the Trustee an Opinion of Counsel that such supplemental indenture and any
other documents required to be delivered have been duly authorized, executed
and delivered by MIM Pte. and constitute legal, valid, binding and enforceable
obligations of MIM Pte.

 

Thereafter, MIM Pte. shall be a Guarantor for all
purposes of this Indenture.

 

Notwithstanding anything to the contrary in this
Indenture, the failure of the Company or MIM Pte. to satisfy any of the actions
set forth in clauses (1) through (4) of the immediately preceding
paragraph shall not result in an Event of Default; provided, however,
that if the Company or MIM Pte. shall fail to satisfy all of the actions set
forth in clauses (1) through (4) of the immediately preceding
paragraph for a period within 40 days after the date of the Indenture, then
Additional Interest shall accrue on the principal amount of the Notes at the
per annum rate then applicable in respect of Additional Interest plus an
additional margin of 0.25% per annum for the 90 day period commencing on the
Issue Date, such additional margin increasing by an additional 0.25% per annum
at the beginning of each subsequent 90-day period; provided, however,
that the amount of such additional margin accruing shall not exceed 1.00% per
annum; provided  further, however, that additional margin shall
cease to accrue on the date that MIM Pte. shall have satisfied all of the
actions set forth in clauses (1) through (4) of the immediately
preceding paragraph.

 

Any amounts of Additional Interest that have accrued
pursuant to the immediately preceding paragraph above will be payable in cash
on the same original interest payment dates as the Notes.  

 

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

 

SECTION
4.20.  Reports to Holders.  Whether or not required by the rules and
regulations of the Securities and Exchange Commission (the “SEC”),
so long as any Notes are outstanding, the Company will furnish to the Trustee
and, upon request, to the Holders:

 

(1)           all
quarterly and annual financial information that would be required to be
contained in a filing with the SEC on Forms 6-K and 20-F if the Company were
required to file such Forms, including a (i) “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” that describes the
financial condition and results of operations of the Company and its
consolidated Subsidiaries (showing in reasonable detail, either on the face of
the

 

57

 

financial
statements or in the footnotes thereto and in Management’s Discussion and
Analysis of Financial Condition and Results of Operations, the financial
condition and results of operations of the Company and its Restricted
Subsidiaries separate from the financial condition and results of operations of
the Unrestricted Subsidiaries of the Company, if any), and, (ii) with respect
to the annual information only, a report thereon by the Company’s certified
independent accountants; and

 

(2)           all
other reports that would be required to be filed with the SEC on Form 6-K if
the Company were required to file such reports, 

 

in
each case within the time periods specified in the SEC’s rules and regulations.

 

Notwithstanding the foregoing, the Company may satisfy
such requirements prior to the effectiveness of the registration statement
contemplated by the Registration Rights Agreement by filing with the SEC such
registration statement within the time period required for such filing as
specified in the Registration Rights Agreement, to the extent that any such
registration statement contains substantially the same information as would be
required to be filed by the Company if it were subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, and by providing the
Trustee and Holders with such Registration Statement (and any amendments
thereto) promptly following the filing thereof. 
Subject to Section 314 of the TIA, the Company’s reporting obligations
with respect to this paragraph and clauses (1) and (2) of the
immediately preceding paragraph shall be satisfied in the event the Company
files such reports with the SEC and such reports are publicly accessible via
the EDGAR system (unless the SEC will not accept such filing or any Holder
reasonably requests such reports be furnished to it).  In addition, for so long as the Notes are
listed on the Euro MTF market of the Luxembourg Stock Exchange and the rules of
the exchange so require, all such reports will be available at the office of
the Luxembourg Paying Agent.  

 

In addition, following the consummation of the
Exchange Offer, whether or not required by the rules and regulations of the
SEC, the Company will file a copy of all such information and reports with the
SEC for public availability within the time periods specified in the SEC’s
rules and regulations (unless the SEC will not accept such a filing). In
addition, the Company has agreed that, prior to the consummation of the
Exchange Offer, for so long as any Notes remain outstanding, it will furnish to
the Holders upon its request, the information required to be delivered pursuant
to Rule 144(A)(d)(4) under the Securities Act.

 

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

 

SECTION
4.21.  Payments for Consent.  The Company will not, and will 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 for or as an
inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture, the Notes, any Collateral Agreement or the
Intercreditor Agreements unless such consideration is offered to be paid or is
paid to all Holders 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
4.22.  Additional Interest.  If Additional Interest becomes payable by the
Issuer pursuant to the Registration Rights Agreement or pursuant to Section
4.18, the Issuer shall deliver to the Trustee an Officers’ Certificate
stating (i) the amount of Additional Interest due and payable, (ii) the

 

58

 

Section of the Registration Rights Agreement or this
Indenture pursuant to which Additional Interest is due and payable and (iii)
the date on which Additional Interest is payable.  Unless and until a Responsible Officer of the
Trustee receives such an Officers’ Certificate, the Trustee may assume without
inquiry that no Additional Interest is payable; provided, that the failure of the Issuer to deliver to the
Trustee such Officers’ Certificate shall not relieve the Issuer of its
obligation to pay any such Additional Interest when due and payable.

 

SECTION
4.23.  Additional Amounts.  All payments made by the Issuer or any
Guarantor as well as all payments made by a trustee (each, a “Payor”)
pursuant to Article 8 hereof under or with respect to the Notes or any
Guarantee will be made free and clear of and without withholding or deduction
for or on account of any present or future tax, duty, levy, impost, assessment
or other governmental charge (including penalties, interest and other
liabilities related thereto) (collectively, “Taxes”) imposed or levied
by or on behalf of any government or political subdivision or territory or
possession of any government or authority or agency or authority therein or
thereof having the power to tax in any jurisdiction in which the Issuer or any
Guarantor (including their permitted successors and assigns) is then
incorporated, engaged in business or resident for tax purposes or any
jurisdiction by or through which payment is made (each, a “Relevant
Jurisdiction”) unless such Payor is required to withhold or deduct Taxes by
law or by the official interpretation or administration thereof.

 

If a Payor is so required to withhold or deduct any
amount of interest for or on account of Taxes from any payment made under or
with respect to the Notes or any Guarantee such Payor will pay such additional
amounts of interest (“Additional Amounts”) as may be necessary such that
the net amount received in respect of such payment by each Holder (including
Additional Amounts) after such withholding or deduction will not be less than
the amount the Holder would have received if such Taxes had not been required
to be so withheld or deducted; provided that no Additional Amounts will
be payable with respect to a payment made to a Holder to the extent 

 

(a)           any such Taxes would not have been imposed but
for the existence of any present or former connection between such Holder and
the Relevant Jurisdiction imposing such Taxes otherwise than merely by the
acquisition, ownership or disposition of any Note or receiving any payment in
respect thereof or the exercise or enforcement of any rights under any Notes or
the Guarantees or 

 

(b)           such withholding or deduction is imposed on a
payment to an individual and is required to be made pursuant to European Council
Directive 2003/48/EC or any other Directive implementing the conclusions of the
ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income
or any law implementing or complying with, or introduced in order to conform
to, such Directive (such amounts described in clause (a) above and this clause
(b), “Excluded Taxes”).  Each
Payor will also (i) make such withholding or deduction and (ii) remit the full
amount deducted or withheld to the relevant authority in accordance with
applicable law.

 

The Payor will furnish to the Holders of the Notes,
within 30 days after the date the payment of any Taxes is due pursuant to
applicable law, certified copies of tax receipts evidencing such payment by
such Payor.  Each of the Issuer and each
Guarantor will indemnify and hold harmless each Holder for the amount of (i)
any Taxes (other than Excluded Taxes) not withheld or deducted by a Payor and
levied or imposed and paid by such Holder as a result of payments made under or
with respect to the Notes or any Guarantee, (ii) any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto,
and (iii) any Taxes imposed with respect to any reimbursement under clause
(i) or (ii) above.

 

At least 30 days prior to each date on which any
payment under or with respect to the Notes is due and payable, if a Payor is
aware that it will be obligated to pay Additional Amounts with respect to

 

59

 

such payment, such Payor will deliver to the Trustee
an Officers’ Certificate stating the fact that such Additional Amounts will be
payable, the amounts so payable and will set forth such other information
necessary to enable the Trustee to pay such Additional Amounts to Holders on
the payment date.  Whenever in the
Indenture there is mentioned, in any context, the payment of principal (and
premium, if any), interest or any other amount payable under or with respect to
any Note or any Guarantee, such mention shall be deemed to include mention of
the payment of Additional Amounts provided for in this section to the extent
that, in such context, Additional Amounts are, were or would be payable in
respect thereof.

 

The Issuer or the Guarantors, as the case may be, will
pay any stamp, transfer, court or documentary taxes, or any other excise or
property taxes, charges or similar levies which arise from the original
execution, delivery or registration of the Notes, the initial resale thereof by
the Initial Purchaser and the enforcement of the Notes, the Guarantees or the
Collateral Agreements following the occurrence of any Event of Default with
respect to the Notes.

 

The foregoing provisions will survive any termination,
defeasance or discharge of the Notes and shall apply mutatis mutandis to any jurisdiction in which any successor
Person to the Issuer or any Guarantor, as the case may be, is organized,
incorporated, engaged in business, resident for tax purposes, or otherwise
subject to taxation on a net income basis or any political sub-divisions or taxing
authority or agency thereof or therein.

 

SECTION
4.24.  Activities of Pipe
Acquisition Finance Plc.  Prior to
the Liquidation and Assumption, the Finance Corporation will not engage in any
business activity other than its compliance with its obligations under the
Indenture.  Without limiting the
generality of the immediately preceding sentence, the Finance Corporation will
not:

 

(a)           create, incur, assume or suffer to exist any
Indebtedness (other than Indebtedness evidenced by the Notes) and Indebtedness
owed to the Company or any Restricted Subsidiary;

 

(b)           create, assume, or suffer to exist any Lien
upon, or grant any options or other rights with respect to, any of their
respective revenues, property, or other assets, whether now owned or hereafter
acquired (other than pursuant to this Indenture);

 

(c)           except as provided in Sections 4.25 and
the final paragraph of Section 5.01 of this Indenture, wind-up,
liquidate or dissolve itself (or suffer to exist any of the foregoing),
consolidate or amalgamate with or merge into or with any other Person, or
convey, sell, transfer, lease or otherwise dispose of all or any part of their
respective assets, in one transaction or a series of transactions, to any
Person or Persons;

 

(d)           create, incur, assume or suffer to exist any
Investment in any Person (other than in respect of any additional equity
Investments in any Subsidiary Guarantor or Permitted Investments described in clause
(3) and (5) of the definition of “Permitted Investments”); or

 

(e)           permit to be taken any action that would
result in a Change in Control.

 

Following the Liquidation and Assumption, this
covenant shall no longer apply.  

 

SECTION
4.25.  Undertakings with
Respect to the Liquidation and Assumption. 
As soon as reasonably practicable following the consummation of the
Exchange Offer but only in the event that the Finance Corporation or the
Company shall not have received Opinions of Counsel from United States counsel
and United Kingdom counsel in form and substance satisfactory to each of them
and the Trustee,

 

60

 

confirming that the Liquidation and Assumption
(defined below) could result in any adverse tax consequences for United States
federal income tax purposes or United Kingdom tax purposes to the Finance
Corporation, the Company, the Subsidiaries, Holdings, the Permitted Holders or
the beneficial owners of the Notes, the Finance Corporation shall propose and
the Company shall approve the solvent voluntary dissolution or liquidation of
the Finance Corporation, and the Finance Corporation shall assign, and the
Company shall assume, all of Finance Corporation’s assets, liabilities, rights
and obligations, including, without limitation, Finance Corporation’s
obligations under this Indenture, the Collateral Agreements, the Registration
Rights Agreement and the Notes (together, the “Liquidation and Assumption”).  Each of the Finance Corporation and the
Company agree to take such actions and execute such documents as are necessary
to effect the Liquidation and Assumption. 
Upon and for any period following the effectiveness of the Liquidation
and Assumption, the Company shall assume the obligations as the issuer of the
Notes, and all references in this Indenture to the “Issuer” shall thereafter
refer to the Company. 

 

SECTION
4.26.  Undertakings of the
Company with Respect to Whitewash Filings. 
The Company shall, within five (5) Business Days following the Issue
Date, properly complete all filings required by Sections 155 to 158 inclusive
of the Companies Act 1985 (U.K.) in respect of the Company’s execution and
delivery of its Guarantee and Security Agreement, including filing certified
copies of all applicable board and members’ resolutions, statutory declarations
and statutory auditors’ reports with the Registrar of Companies (U.K.).

 

ARTICLE FIVE

SUCCESSOR CORPORATION

 

SECTION
5.01.  Merger, Consolidation
and Sale of Assets.  The Issuer and
the Company will not, in a single transaction or series of related
transactions, consolidate or merge with or into any Person, or sell, assign,
transfer, lease, convey or otherwise dispose of (or cause or permit any
Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey
or otherwise dispose of) all or substantially all of the Issuer or the Company’s
assets (determined on a consolidated basis for the Company and the Company’s
Restricted Subsidiaries) to any Person unless:

 

(1)           either:

 

(A)          the Company or the
Issuer shall be the surviving or continuing company or corporation; or

 

(B)           the Person (if other
than the Company or the Issuer) formed by such consolidation or into which the
Company or the Issuer is merged or the Person which acquires by sale,
assignment, transfer, lease, conveyance or other disposition the properties and
assets of the Issuer or the Company and of the Company’s Restricted
Subsidiaries substantially as an entirety (the “Surviving Entity”):

 

(x)  shall be a company incorporated under the
laws of the United States, any state thereof or the District of Columbia or any
Member State of the European Union; and

 

(y)  shall expressly assume, (i) by supplemental
indenture (in form and substance reasonably satisfactory to the Trustee),
executed and delivered to the Trustee, the due and punctual payment of the
principal of, and premium, if any,

 

61

 

interest
and Additional Interest, if any, and Additional Amounts, if any, on, (x) in the
case of the Issuer, all of the Notes, or (y) in the case of the Company, the
Guarantee given by the Company, (ii) (x) in the case of the Issuer, the
performance of every covenant of the Notes to be performed or observed
thereunder, (y) in the case of the Company, the Guarantee, as applicable, this
Indenture and the Registration Rights Agreement and (iii) by amendment,
supplement or other instrument, executed and delivered to the Trustee, all
obligations of the Company or the Issuer under the Collateral Agreements, and
in connection therewith shall cause such instruments to be filed and recorded in
such jurisdictions and take such other actions as may be required by applicable
law to perfect or continue the perfection of the Lien created under the
Collateral Agreements on the Collateral owned by or transferred to the
surviving entity;

 

(2)           immediately
after giving effect to such transaction and the assumption contemplated by clause
(1)(b)(y) above (including giving effect to any Indebtedness and Acquired
Indebtedness incurred or anticipated to be incurred in connection with or in
respect of such transaction), the Company or such Surviving Entity, as the case
may be, shall be able to incur at least $1.00 of additional Indebtedness (other
than Permitted Indebtedness) in compliance with Section 4.08; 

 

(3)           immediately
after giving effect to such transaction and the assumption contemplated by clause
(1)(b)(y) above (including, without limitation, giving effect to any
Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred
and any Lien granted in connection with or in respect of the transaction), no
Default or Event of Default shall have occurred or be continuing; and

 

(4)           the
Company or the Surviving Entity shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, sale, assignment, transfer, lease, conveyance or other disposition and,
if a supplemental indenture is required in connection with such transaction,
such supplemental indenture comply with the applicable provisions of this
Indenture and that all conditions precedent in this Indenture relating to such
transaction have been satisfied.

 

For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or
more Restricted Subsidiaries of the Company the Capital Stock of which
constitutes all or substantially all of the properties and assets of the
Company, shall be deemed to be the transfer of all or substantially all of the
properties and assets of the Company.

 

Each Guarantor (other than (x) the Company or (y) any Guarantor whose
Guarantee is to be released in accordance with the terms of the Guarantee and
this Indenture in connection with any transaction complying with the provisions
of Section 5.01 and Section 4.11) will not, and the Company will
not cause or permit any Guarantor to, consolidate with or merge with or into
any Person, other than the Company or any other Guarantor unless:

 

(1)           the
entity formed by or surviving any such consolidation or merger (if other than
the Guarantor) or to which such sale, lease, conveyance or other disposition
shall have been made assumes (a) by supplemental indenture, executed and
delivered to the Trustee, all of the obligations of the Guarantor under the
Guarantee and the performance of every covenant of the Guarantee, this
Indenture and the Registration Rights Agreement and (b) by amendment,
supplement or other instrument executed and delivered to the Trustee and the
Collateral Agent,

 

62

 

all
obligations of the Guarantor under the Collateral Agreements and in connection
therewith shall cause such instruments to be filed and recorded in such
jurisdictions and take such other actions as may be required by applicable law
to perfect or continue the perfection of the Lien created under the Collateral
Agreements on the Collateral owned by or transferred to the surviving entity;
and

 

(2)           immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing.

 

Any merger or consolidation of (i) a Guarantor with
and into the Company (with the Company being the surviving entity) or another
Guarantor or (ii) a Guarantor or the Company with an Affiliate organized or
existing solely for the purpose of reincorporating such Guarantor or the
Company under the laws of the United States, any state thereof or the District
of Columbia or any Member State of the European Union need only comply with:

 

(A)          in the case of a merger
or consolidation described in clause (4)(2)(ii) of the first paragraph
of Section 5.01; and

 

(B)           (x) clause (1)(b)(y)
of the first paragraph of Section 5.01and (y) clause (2) of the
immediately preceding paragraph.

 

Notwithstanding the
foregoing, the Issuer may be liquidated at any time provided that:

 

(C)           in connection with such
liquidation, all assets and liabilities of the Issuer are acquired and assumed
by the Company;

 

(D)           by supplemental
indenture (in form and substance reasonably satisfactory to the Trustee)
executed and delivered to the Trustee, the Company assumes the due and punctual
payment of the principal of, and premium, if any, interest and Additional
Interest, if any, and Additional Amounts, if any, on all of the Notes and the performance
of every covenant of the Notes, the Indenture and the Registration Rights
Agreement on the part of the Issuer to be performed or observed thereunder as
if the Company were the Issuer and from the date of such a supplemental
indenture the term Issuer whenever used in the Indenture shall mean the
Company; and

 

(E)           clause (4) of
the first paragraph of this Section 5.01 is complied with.

 

SECTION
5.02.  Successor Entity
Substituted.  Upon any consolidation,
combination or merger or any transfer of all or substantially all of the assets
of the Company or the Issuer in accordance with the provisions of Section
5.01, in which the Company or the Issuer is not surviving or the continuing
company or corporation, the successor Person formed by such consolidation or
into which the Company or the Issuer is merged or to which such conveyance,
lease or transfer is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company or the Issuer under this
Indenture and the Notes with the same effect as if such surviving entity had
been named as such. Upon such substitution, the Company or the Issuer and any
Guarantors that remain Subsidiaries of the Company shall be released from their
obligations under this Indenture and the Guarantees.

 

63

 

ARTICLE SIX

DEFAULT AND REMEDIES

 

SECTION
6.01.  Events of Default.  The following events are defined as “Events
of Default”:

 

(1)           the
failure to pay interest or Additional Interest, if any, on any Notes when the
same becomes due and payable and the default continues for a period of 30 days;

 

(2)           the
failure to pay the principal of or premium, if any, on any Notes, when such
principal becomes due and payable, at maturity, upon redemption or otherwise
(including the failure to make a payment to purchase Notes validly tendered and
not properly withdrawn pursuant to a Change of Control Offer or a Net Proceeds
Offer);

 

(3)           the
failure by the Company or any of its Restricted Subsidiaries to comply with Section
4.10 and Section 5.01;

 

(4)           the
failure by the Company or any of its Restricted Subsidiaries for 45 days after
notice to the Company by the Trustee or the Holders of at least 25% in
outstanding principal amount of the Notes to comply with Section 4.08, Section
4.09 and Section 4.11, and remedy the default arising from the
failure by the Company or any such Restricted Subsidiary to so comply;

 

(5)           the
failure by the Company or any of its Restricted Subsidiaries for 60 days after
notice to the Company by the Trustee or the Holders of at least 25% in
outstanding principal amount of the Notes to comply with any of the other
agreements in this Indenture or any Collateral Agreement and remedy the default
arising from the failure by the Company or any such Restricted Subsidiary to so
comply;

 

(6)           the
failure to pay at final maturity (giving effect to any applicable waivers,
amendments, grace periods and any extensions thereof) the principal amount of
any Indebtedness of the Company or any Restricted Subsidiary of the Company, or
the acceleration of the final stated maturity of any such Indebtedness (which
acceleration is not rescinded, annulled or otherwise cured within 20 days from
the date of acceleration) if the aggregate principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness in default
for failure to pay principal at final maturity or which has been accelerated
(in each case with respect to which the 20-day period described above has
elapsed), aggregates £3.0 million pounds sterling or more at any time;

 

(7)           one
or more judgments in an aggregate amount in excess of £3.0 million pounds
sterling shall have been rendered against the Company or any of its Restricted
Subsidiaries (other than any judgment to the extent a reputable and solvent
third party insurer has not disclaimed coverage) and such judgments remain
undischarged, unpaid or unstayed for a period of 60 days after such judgment or
judgments become final and non-appealable;

 

(8)           an
Insolvency Event occurs with respect to the Issuer, the Company or any of its
Significant Subsidiaries;

 

(9)           any
Collateral Agreement at any time for any reason shall cease to be in full force
and effect in all material respects, or ceases to give the Collateral Agent the
Liens, rights, powers and privileges purported to be created thereby with
respect to Collateral having an aggregate Fair Market Value of more than £3.0
million pounds sterling, superior to and prior to the rights of all third
Persons therein other than the holders of Permitted Liens and subject to no
other Liens except as expressly permitted by the applicable Collateral
Agreement, and such failure shall continue for a period of 45 days;

 

64

 

(10)         the
Issuer or any of the Guarantors, directly or indirectly, contest in any manner
the effectiveness, validity, binding nature or enforceability of any Collateral
Agreement; or

 

(11)         the
Guarantee of the Company or any Guarantee of a Significant Subsidiary ceases to
be in full force and effect or the Guarantee of the Company or any Guarantee of
a Significant Subsidiary is declared to be null and void and unenforceable the
Guarantee of the Company or any Guarantee of a Significant Subsidiary is found
to be invalid or any Guarantor denies its liability under its Guarantee (other
than by reason of release of a Guarantor in accordance with the terms of this
Indenture).

 

SECTION
6.02.  Acceleration.  (a)  If an Event of Default (other than an
Event of Default specified in Section 6.01(8) with respect to the
Issuer) shall occur and be continuing and has not been waived, the Trustee or
the Holders of at least 25% in principal amount of outstanding Notes may
declare the principal of and premium, if any, accrued interest and Additional
Interest, if any, on all the Notes to be due and payable by notice in writing
to the Company and the Trustee specifying the Event of Default and that it is a
“notice of acceleration” (the “Acceleration Notice”),
and the same shall become immediately due and payable.

 

(b)           If an Event of Default specified in Section
6.01(8) with respect to the Issuer occurs and is continuing, then all
unpaid principal of, and premium, if any, and accrued and unpaid interest and
Additional Interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder.

 

(c)           At any time after a declaration of
acceleration with respect to the Notes as described in the preceding
paragraphs, the Holders of a majority in principal amount of the Notes may
rescind and cancel such declaration and its consequences: 

 

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

 

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

 

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

 

(4)           in
the event of the cure or waiver of an Event of Default of the type described in
Section 6.01(9), the Trustee shall have received an Officers’
Certificate that such Event of Default has been cured or waived.  

 

(d)           No such rescission shall affect any subsequent
Event of Default or impair any right consequent thereto.

 

SECTION
6.03.  Other Remedies.  If an Event of Default occurs and is
continuing, each of the Trustee and the Collateral Agent may pursue any
available remedy by proceeding at law or in equity to collect the payment of
principal of, premium, if any, or interest or Additional Interest, if any, on
the Notes or, subject to the Intercreditor Agreements, to enforce the
performance of any provision of the Notes, this Indenture or any of the other
Indenture Documents.

 

65

 

Each of the Trustee and the Collateral Agent 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, the Collateral Agent or any Holder in exercising
any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of
Default.  No remedy is exclusive of any
other remedy.  All available remedies are
cumulative to the extent permitted by law.

 

SECTION
6.04.  Waiver of Past Defaults.  Subject to Sections 2.09, 6.02(c),
6.07 and 9.02, the Holders of a majority in principal amount of
the Notes may waive any existing Default or Event of Default and its
consequences, except (other than as provided in Section 6.02(c)) a
default in the payment of the principal of or premium, if any, interest, or
Additional Interest, if any, on any Notes. 
When a Default or Event of Default is waived, it is cured and ceases to
exist.

 

SECTION
6.05.  Control by Majority.  Subject to Section 2.09, the
Intercreditor Agreements and applicable law, the Holders of a majority in
principal amount of the outstanding Notes may direct the time, method and place
of conducting any proceeding for exercising any remedy available to the Trustee
or the Collateral Agent, as the case may be, or exercising any trust or power
conferred on the Trustee or the Collateral Agent, as the case may be,
including, without limitation, any remedies provided for in Section 6.03.  Subject to Section 7.01 and 7.02(f),
however, the Trustee or the Collateral Agent, as the case may be, may
refuse to follow any direction (which direction, if sent to the Trustee or the
Collateral Agent, as the case may be, shall be in writing) that the Trustee or
the Collateral Agent, as the case may be, reasonably believes conflicts with
any applicable law, the Intercreditor Agreements or any of the other Indenture
Documents, that the Trustee or the Collateral Agent, as the case may be,
determines may be unduly prejudicial to the rights of another Holder, or that
may subject the Trustee or the Collateral Agent, as the case may be, to
personal liability; provided that the Trustee or the Collateral Agent,
as the case may be, may take any other action deemed proper by the Trustee or
the Collateral Agent, as the case may be, which is not inconsistent with such
direction (which direction, if sent to the Trustee or the Collateral Agent, as
the case may be, shall be in writing).

 

SECTION
6.06.  Limitation on Suits.  A Holder may not pursue any remedy with
respect to this Indenture or the Notes unless:

 

(1)           the
Holder gives to the Trustee written notice of a continuing Event of Default;

 

(2)           subject
to Section 2.09, Holders of at least
25% in principal amount of the outstanding Notes make a written request to the
Trustee to institute proceedings in respect of that Event of Default;

 

(3)           such
Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee
against any loss, liability or expense to be incurred in compliance with such
request;

 

(4)           the
Trustee does not comply with the request within sixty (60) days after receipt
of the request and the offer of indemnity; and

 

(5)           during
such sixty (60) day period the Holders of a majority in principal amount of the
outstanding Notes do not give the Trustee a written direction which, in the
opinion of the Trustee, is inconsistent with the request.

 

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

 

66

 

SECTION
6.07.  Rights of Holders to
Receive Payment.  Notwithstanding any
other provision of this Indenture, the right of any Holder to receive payment
of principal of, premium, if any, and interest and Additional Interest, if any,
on a Note, on or after the respective due dates expressed in such Note, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

 

SECTION
6.08.  Collection Suit by
Trustee or Collateral Agent.  If an
Event of Default specified in Section 6.01(1) or (2) occurs and
is continuing, subject to the Intercreditor Agreements, the Trustee or the
Collateral Agent may recover judgment (i) in its own name and (ii) (x) in the
case of the Trustee, as trustee of an express trust or (y) in the case of the
Collateral Agent, as collateral agent on behalf of each of the Secured Parties,
in each case against the Issuer or any other obligor on the Notes for the whole
amount of principal of, premium, if any, and accrued interest and Additional
Interest, if any, remaining unpaid on, the Notes, together with interest on
overdue principal and, to the extent that payment of such interest is lawful,
interest on overdue installments of interest and Additional Interest, if any,
at the rate set forth in Section 4.01 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,
the Collateral Agent and their respective agents and counsel and any other
amounts due any such Person under the Collateral Agreements and Section 7.07.

 

SECTION
6.09.  Trustee May File Proofs
of Claim.  The Trustee and the
Collateral Agent are 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 or the Collateral Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, the
Collateral Agent, their respective agents and counsel) and the Holders allowed
in any judicial proceedings relating to the Issuer or any other obligor upon
the Notes, any of their respective creditors or any of their respective
property and, subject to the Intercreditor Agreements, shall be entitled and
empowered to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same, and any Custodian in
any such judicial proceedings is hereby authorized by each Holder to make such
payments to the Trustee or Collateral Agent and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to
the Trustee or Collateral Agent any amount due to it for the reasonable
compensation, expenses, taxes, disbursements and advances of the Trustee, the
Collateral Agent, their respective agents and counsel, and any other amounts
due any such Person under the Collateral Agreements and Section 7.07.  The Issuer’s payment obligations under this Section
6.09 shall be secured in accordance with the provisions of Section 7.07.  Nothing herein contained shall be deemed to
authorize the Trustee or Collateral Agent to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder
thereof, or to authorize the Trustee or the Collateral Agent, as the case may
be, to vote in respect of the claim of any Holder in any such proceeding.

 

SECTION
6.10.  Priorities.  If the Trustee collects any money or property
pursuant to this Article Six, it shall pay out the money in the
following order:

 

First:  to the Trustee, the Collateral Agent, the
Paying Agent and the Registrar for amounts due under Section 7.07
(including payment of all compensation expense, all liabilities incurred and
all advances made by the Trustee or the Collateral Agent, as the case may be,
and the costs and expenses of collection);

 

Second:  if the Holders are forced to proceed against
the Issuer directly without the Trustee or the Collateral Agent, to Holders for
their collection costs;

 

67

 

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

 

Fourth:  to the Issuer or any other obligor on the
Notes, as their interests may appear, or as a court of competent jurisdiction
may direct.

 

The Trustee, upon prior written notice to the Issuer,
may fix a record date and payment date for any payment to Holders pursuant to
this Section 6.10.

 

SECTION
6.11.  Undertaking for Costs.  All parties to this Indenture agree, and each
Holder by its acceptance of its Note shall be deemed to have agreed, that in
any suit for the enforcement of any right or remedy under this Indenture or in
any suit against the Trustee or the Collateral Agent, as the case may be, for
any action taken or omitted by it as Trustee or the Collateral Agent, as the
case may be, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having
due regard to the merits and good faith of the claims or defenses made by the
party litigant.  This Section 6.11
does not apply to a suit by the Trustee or the Collateral Agent, as the case
may be, a suit by a Holder pursuant to Section 6.07, or a suit by a
Holder or Holders of more than 10% in principal amount of the outstanding
Notes.

 

SECTION 6.12. 
Restoration of Rights and Remedies.  If the Trustee, the Collateral Agent or any
Holder has instituted any proceedings to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee, the Collateral Agent
or to such Holder, then and in every such case, subject to any determination in
such proceeding, the Company, the Trustee, the Collateral Agent and the Holders
shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee, the Collateral
Agent and the Holders shall continue as though no such proceeding has been
instituted.

 

ARTICLE SEVEN

TRUSTEE

 

SECTION
7.01.  Duties of Trustee.  The duties and responsibilities of the
Trustee shall be as provided by the TIA and as set forth herein.

 

(A)          If an Event of Default
has occurred and is continuing, the Trustee shall exercise such rights and
powers vested in it by this Indenture and use the same degree of care and skill
in its exercise thereof 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:

 

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

 

68

 

(2)           in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; provided,
however, in case of any such
certificates or opinions furnished to the Trustee which by the provisions
hereof are required to be furnished to the Trustee, the Trustee shall examine
the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture.

 

(C)           Notwithstanding
anything to the contrary herein contained, the Trustee may not be relieved from
liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that:

 

(1)           this
clause (c) does not limit the effect of clause (b) of this Section
7.01;

 

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

 

(3)           the
Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section
6.05.

 

(D)          No provision of this
Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any liability (financial or otherwise).  The Trustee shall be under no obligation to
exercise any of its rights or powers under this Indenture Documents at the
request, order or direction of any Holders unless such Holders have offered to
the Trustee security and indemnity reasonably satisfactory to the Trustee
against the costs and expenses which may be incurred by it (including repayment
of its own funds) in compliance with such request, order or direction.

 

(E)           Whether or not therein
expressly so provided, every provision of this Indenture that in any way
relates to the Trustee is subject to clauses (a), (b), (c)
and (d) of this Section 7.01.

 

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

 

(G)           The Trustee will not be
liable if prevented or delayed in performing any of its obligations by reason
of any present or future law applicable to it, by any governmental regulatory
authority.

 

SECTION
7.02.  Rights of Trustee.  Subject to Section 7.01:

 

(a)           The Trustee may conclusively rely and shall be
fully protected in acting or refraining from acting upon any resolution,
certificate, statement instrument, opinion, report, request direction, consent,
order, bond, note or other paper or document (whether in original or facsimile
form) believed by it to be genuine and to have been signed or presented by the
proper Person.  The Trustee need not
investigate any fact or matter stated in the document.

 

(b)           Before the Trustee acts or refrains from acting,
it may consult with counsel of its selection and may require an Officers’
Certificate or an Opinion of Counsel, or both, which shall conform to Sections
11.04 and 11.05.  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 advice of the Trustee’s counsel or any
Opinion of Counsel shall be full and complete

 

69

 

authorization
and protection from liability in respect of any action taken, suffered or
omitted by the Trustee 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
that it takes or omits to take in good faith which it reasonably believes to be
authorized or within its rights or powers under this Indenture.

 

(e)           The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, notice, request, direction, consent, order,
bond, debenture, or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled, upon reasonable notice
to the Issuer, to examine the books, records and premises of the Issuer,
personally or by agent or attorney and to consult with the officers and
representatives of the Issuer, including the Issuer’s accountants and attorneys
at the expense of the Issuer and shall incur no liability of any kind by reason
of such inquiry or investigation.  Except
as expressly stated herein to the contrary, in no event shall the Trustee have
any responsibility to ascertain whether there has been compliance with any of
the covenants or provisions of Articles Four or Five hereof.

 

(f)            The Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties
hereunder.

 

(g)           Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Issuer shall be
sufficient if signed by an Officer of the Issuer and any resolution of the
Board of Directors shall be sufficient if evidenced by a copy of such
resolution certified by an Officer of the Issuer to have been duly adopted and
in full force and effect on the date hereof.

 

(h)           The Trustee shall not be deemed to have notice
or be charged with knowledge of any Default or Event of Default unless the
Trustee shall have received from the Issuer, any Guarantor or any other obligor
upon the Notes or from any Holder written notice thereof at its address set
forth in Section 11.02 hereof, and such notice references the Notes and
this Indenture.

 

(i)            The rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder, and each agent, custodian and
other Person employed to act hereunder.

 

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

 

(k)           The permissive right of the Trustee to take
any action under this Indenture Documents shall not be construed as a duty to
so act.

 

70

 

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

 

(m)          In
no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee or Collateral Agent has
been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

(n)           The
Trustee shall have no duty to inquire as to the performance of the covenants of
the Company.

 

(o)           The
Trustee is entitled to assume without enquiry that the Issuer has performed in
accordance with all of the provisions in the Indenture, unless notified to the
contrary.

 

(p)           Whether
or not expressly provided in any other provision herein, the rights,
privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its rights to be indemnified and all other
rights provided in Section 7.01, this Section 7.02 and Section
7.03, are extended to, and shall be enforceable by the Trustee in each of
its capacities in which they may serve, and to each Agent, custodian and other
person employed by the Trustee to act hereunder.

 

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 Issuer, any Subsidiary of the Issuer or their
respective Affiliates with the same rights it would have if it were not
Trustee.  Any Agent may do the same with
like rights.  However, the Trustee must comply
with Sections 7.10 and 7.11 of this Indenture, and the Trustee is
subject to TIA Sections 310(b) and 311.

 

SECTION
7.04.  Trustee’s Disclaimer.  Each of the Trustee makes no representation
as to the validity, adequacy or sufficiency of this Indenture, the Notes or the
Collateral Agreements, and it shall not be accountable for the Issuer’s use of
the proceeds from the Notes, and it shall not be responsible for any statement
of the Issuer in this Indenture, the Notes, the Collateral Agreements or any
other documents in connection with the issuance of the Notes other than the Trustee’s
certificate of authentication, which shall be taken as the statement of Issuer,
and the Trustee assumes no responsibility for their correctness.

 

Beyond the exercise of reasonable care in the custody
thereof and the fulfillment of its obligations under this Indenture and the
Collateral Agreements, the Trustee shall have no duty as to any Collateral in
its possession or control or in the possession or control of any agent or
bailee or any income thereon or as to preservation of rights against prior parties
or any other rights pertaining thereto. 
The Trustee shall be deemed to have exercised reasonable care in the
custody of the Collateral in its possession if the Collateral is accorded
treatment substantially equal to that which it accords its own property.

 

The Trustee makes no representations as to and shall
not be responsible for the existence, genuineness, value, sufficiency or
condition of any of the Collateral or as to the security afforded or intended
to be afforded thereby, hereby or by any Collateral Agreement, or for the
validity, perfection, priority or enforceability of the Liens or security
interests in any of the Collateral created or intended to be created by any of
the Collateral Agreements, whether impaired by operation of law or by reason of
any action or omission to act on its part hereunder, except to the extent such
action or omission constitutes gross negligence or willful misconduct on the
part of the Trustee, for the validity or sufficiency of the

 

71

 

Collateral, any Collateral Agreements or any agreement
or assignment contained in any thereof, for the validity of the title of the
Company or any Guarantor to the Collateral, for insuring the Collateral or for
the payment of taxes, charges, assessments or Liens upon the Collateral or
otherwise as to the maintenance of the Collateral.

 

SECTION
7.05.  Notice of Default.  If a Default or an Event of Default occurs
and is continuing and if a Trust Officer has actual knowledge or has received
written notice from the Issuer or any Holder, the Trustee shall mail to each
Holder, with a copy to the Issuer, notice of the Default or Event of Default
within ninety (90) days thereof.  Except
in the case of a Default or an Event of Default in payment of principal of,
premium, if any, or interest and Additional Interest, if any, on, any Note,
including an accelerated payment and the failure to make payment on the Change
of Control Payment Date pursuant to a Change of Control Offer and, except in
the case of a failure to comply with Article Five, the Trustee may
withhold the notice if and so long as its Board of Directors, the executive
committee of its Board of Directors or a committee of its directors and/or
Trust Officers in good faith determines that withholding the notice is in the
interest of the Holders.

 

SECTION
7.06.  Reports by
Trustee to Holders.  Within sixty
(60) days after each May 15, beginning with May 15, 2006, the Trustee shall, to
the extent that any of the events described in TIA Section 313(a) occurred
within the previous twelve months, but not otherwise, mail to each Holder a
brief report dated as of such date that complies with TIA Section 313(a).  The Trustee also shall comply with TIA
Sections 313(b) and (c).

 

A copy of each report at the time of its mailing to
Holders shall be mailed to the Issuer and filed by the Trustee with the SEC and
each stock exchange or market, if any, on which the Notes are listed or quoted.

 

The Issuer shall promptly notify the Trustee if the
Notes become listed or quoted on any stock exchange or market and the Trustee
shall comply with TIA Section 313(d) and any delisting thereof.

 

SECTION
7.07.  Compensation
and Indemnity.  The Issuer and the
Guarantors, jointly and severally, shall pay to the Trustee (the “Indemnified
Party”) from time to time such compensation for its services as Trustee, as
the case may be, as shall from time to time be agreed in writing.  The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust.  The Issuer shall reimburse the Indemnified
Party upon request for all reasonable out-of-pocket expenses incurred or made
by it in connection with the performance of its duties under, as the case may
be, the Indenture Documents.  Such
expenses shall include the reasonable fees and expenses of the Indemnified
Party’s agents and counsel.

 

The Issuer and the Guarantors, jointly and severally,
hereby agree to indemnify the Indemnified Party for, and to hold it harmless
against, any loss, cost, claim, damage, liability or expense (including taxes)
incurred by it except for such actions to the extent caused by any negligence,
bad faith or willful misconduct on the part of the Indemnified Party, arising
out of or in connection with the Indenture Documents and the Intercreditor
Agreements, or the administration of this trust, including the reasonable costs
and expenses of enforcing this Indenture or the other Indenture Documents
against the Issuer or any Guarantor (including this Section 7.07) and
defending itself. against any claim or liability in connection with the
exercise or performance of any of its rights, powers or duties hereunder or
thereunder (including the reasonable fees and expenses of counsel).  The Trustee shall notify the Issuer promptly
of any claim asserted against it for which the Trustee may seek indemnity
hereunder or under the other Indenture Documents.  Failure by the Trustee to so notify the
Issuer shall not relieve the Issuer of its obligations hereunder.  At the Indemnified Party’s sole discretion,
the Issuer shall defend the claim and the Indemnified Party shall cooperate and
may participate in the defense; provided that any settlement of a

 

72

 

claim shall be approved in writing by the Indemnified
Party, which consent shall not be unreasonably be withheld.  Alternatively, the Indemnified Party may at
its option have separate counsel of its own choosing and the Issuer shall pay
the reasonable fees and expenses of such counsel; provided that the
Issuer shall not be required to pay such fees and expenses if it assumes the
Indemnified Party’s defense and there is no conflict of interest between the
Issuer and the Indemnified Party in connection with such defense as reasonably
determined by the Indemnified Party.  The
Issuer need not pay for any settlement made without its written consent, which
consent shall not be unreasonably withheld.

 

To secure the Issuer’s and each Guarantor’s payment
obligations in this Section 7.07, the Indemnified Party shall have a
lien prior to the Notes on all Collateral held or collected by the Trustee or
the Collateral Agent, in its capacity as such, except assets or money held in
trust to pay principal of or interest and Additional Interest, if any, on
particular Notes which have been called for redemption.

 

When an Indemnified Party incurs expenses or renders
services after an Event of Default specified in Section 6.01(8) or (9)
occurs, such expenses (including the reasonable fees and expenses of its
counsel) and the compensation for such services are intended to constitute
expenses of administration under any Bankruptcy Code.

 

The obligations of the Issuer and the Guarantors under
this Section 7.07 shall survive the satisfaction and discharge of this
Indenture, termination of the Collateral Agreements or the other Indenture
Documents or the resignation or removal of the Trustee or the Collateral Agent.

 

The Trustee shall comply with the provisions of TIA
Section 312(b)(2) to the extent applicable.

 

SECTION
7.08.  Replacement of Trustee.  The Trustee may resign by so notifying the
Issuer.  The Holders of a majority in
aggregate principal amount of the outstanding Notes may remove the Trustee by
so notifying the Issuer and the Trustee in writing and may appoint a successor
Trustee.  The Company, by a Board
Resolution, may remove the Trustee if:

 

(1)           the
Trustee fails to comply with Section 7.10;

 

(2)           the
Trustee is adjudged bankrupt or insolvent;

 

(3)           a
receiver or other public officer takes charge of the Trustee or its property;
or

 

(4)           the
Trustee becomes incapable of acting with respect to the Notes.

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Issuer shall notify each
Holder in writing of such event and shall promptly appoint a successor
Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in aggregate
principal amount of the outstanding Notes may appoint a successor Trustee to
replace the successor Trustee appointed by the Issuer.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Issuer and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all rights, powers, trusts, duties and obligations of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such Trustee so ceasing to act hereunder subject
nevertheless to its lien, if any, provided for in Section 7.07.  Upon request of the Issuer or the successor
Trustee, such retiring Trustee shall at the expense of the Issuer and upon
payment of the charges of the Trustee then unpaid, execute and deliver an
instrument transferring to such successor

 

73

 

Trustee all the rights, powers and trusts of the
retiring Trustee, and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.

 

If a successor Trustee does not take office within
thirty (30) days after the retiring Trustee resigns or is removed, the retiring
Trustee, at the Issuer’s expense, the Company or the Holders of at least 10% in
principal amount of the outstanding Notes may appoint a successor Trustee.

 

If the Trustee fails to comply with Section 7.10,
any Holder who satisfies the requirements of TIA Section 310(b) may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

The Issuer shall give notice of any resignation and
any removal of the Trustee and each appointment of a successor Trustee to all
Holders in writing.  Each notice shall
include the name of the successor Trustee and the address of its Corporate
Trust Office.

 

SECTION
7.09.  Successor
Trustee by Merger, Etc.  If the
Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another Person, the
resulting, surviving or transferee Person without any further act shall, if
such resulting, surviving or transferee Person is otherwise eligible hereunder,
be the successor Trustee; provided, however, that such Person
shall be otherwise qualified and eligible under this Article Seven.

 

In case any Notes have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Notes so authenticated with the same effect as if such
successor Trustee had itself authenticated such Notes.

 

SECTION
7.10.  Eligibility;
Disqualification.  (A) 
This Indenture shall always have a Trustee who satisfies the
requirements of TIA Sections 310(a)(1), (2), (3) and (5).  The Trustee (or, in the case of a corporation
included in a bank holding company system, the related bank holding company)
shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition.  In addition, if the Trustee is a corporation
included in a bank holding company system, the Trustee, independently of such
bank holding company, shall meet the capital requirements of TIA
Section 310(a)(2).  The Trustee
shall comply with TIA Section 310(b); provided, however,
that there shall be excluded from the operation of TIA Section 310(b)(1)
any indenture or indentures under which other securities, or certificates of
interest or participation in other securities, of the Issuer are outstanding if
the requirements for such exclusion set forth in TIA Section 310(b)(1) are
met.  The provisions of TIA
Section 310 shall apply to the Issuer, as obligor of the Notes.

 

(B)           If the Trustee has or
acquires a conflicting interest within the meaning of the TIA, the Trustee
shall either eliminate such interest or resign, to the extent and in the manner
provided by, and subject to the provisions of, the TIA and this Indenture.

 

SECTION
7.11.  Preferential
Collection of Claims Against Issuer. 
The Trustee shall comply with 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.  Trustee as
Paying Agent and Collateral Agent. 
References to the Trustee in Sections 7.01(f), 7.02, 7.03,
7.04, 7.07, 7.08 and the first paragraph of Section
7.09 shall include the Trustee in its role as Paying Agent, as Registrar
and as Collateral Agent.

 

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

 

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

 

ARTICLE EIGHT

SATISFACTION AND DISCHARGE OF INDENTURE

 

SECTION
8.01.  Legal
Defeasance and Covenant Defeasance.  (a)  The Issuer may, at its option and at
any time, elect to have either paragraph (b) or paragraph (c)
below be applied to the outstanding Notes upon compliance with the applicable
conditions set forth in paragraph (d).

 

(b)           Upon the Issuer’s exercise under paragraph
(a) of the option applicable to this paragraph (b), the Issuer
and the Guarantors shall be deemed to have been released and discharged from
their obligations with respect to the outstanding Notes, the Guarantees and the
Collateral Agreements on the date the applicable conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”).  For this purpose, such Legal Defeasance means
that the Issuer shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes, which shall thereafter be
deemed to be “outstanding” only for the purposes of the Sections and matters
under this Indenture referred to in clauses (i) and (ii) below,
and the Issuer and the Guarantors shall be deemed to have satisfied all their
other obligations under such Notes and this Indenture, the Guarantees and the
Collateral Agreements, except for the following 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 paragraph
(d) below and as more fully set forth in such paragraph payments in respect
of the principal of, and premium, if any, interest and Additional Interest, if
any, on such Notes when such payments are due, (ii) obligations listed in Section
8.03, subject to compliance with this Section 8.01 and (iii) the
rights, powers, trusts, duties and immunities of the Trustee and the Issuer’s
obligations in connection therewith.  The
Issuer may exercise its option under this paragraph
(b) notwithstanding the prior exercise of its option under paragraph
(c) below with respect to the Notes. 

 

(c)           Upon the Issuer’s exercise under paragraph
(a) of the option applicable to this paragraph
(c), the Issuer and its Restricted Subsidiaries shall be released
and discharged from their obligations under any covenant contained in Sections
4.04 through 4.06, Sections 4.08 through 4.26 (provided
that the release and discharge of the Issuer’s obligations under Sections
4.22 and 4.23 shall in no way relieve the Issuer of its obligation
to pay any Additional Interest and Additional Amounts when due and payable) and
Section 5.01(2), with respect to the outstanding Notes on and after the
date the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed to be not “outstanding”
for the purpose of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder
(it being understood that such Notes shall not be deemed outstanding for
accounting purposes).  For this purpose,
such Covenant Defeasance means that, with respect to the outstanding Notes and
Guarantees, the Issuer 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

 

75

 

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, but, except as specified above, the remainder of this Indenture and
such Notes shall be unaffected thereby. 
In addition, upon the Issuer’s exercise under paragraph (a)
hereof of the option applicable to this paragraph (c), subject to the
satisfaction of the conditions set forth in paragraph (d) below, Sections 6.01(3) (solely as pertains
to Section 4.10 and Section 5.01(2)), 6.01(4), 6.01(5)
(solely as pertains to Sections 4.04 through 4.06, Sections
4.08 through 4.26 (provided that the release and
discharge of the Issuer’s obligations under Section 4.22 and 4.23
shall in no way relieve the Issuer of its obligation to pay any Additional
Interest and Additional Amounts when due and payable) and Section 5.01(2)), and Section 6.01(6) through Section
6.01(12) shall not constitute Events of Default; provided  however,
that in the case of Sections 6.01(8) and 6.01(9), to the extent
the events described therein occur within the nine month period following the
Issuer’s exercise under paragraph (a) of the option applicable to this paragraph
(c), such events will constitute Events of Default.

 

(d)           The following shall be the conditions to
application of either paragraph (b) or paragraph (c) above to the
outstanding Notes:

 

(1)           The
Issuer or the Company shall have irrevocably deposited in trust with the
Trustee, pursuant to an irrevocable trust and security agreement in form and
substance reasonably satisfactory to the Trustee, U.S. Legal Tender or
non-callable U.S. Government Obligations or a combination thereof, in such
amounts and at such times as are sufficient, in the opinion of a
internationally recognized firm of independent public accountants, to pay the
principal of, and premium, if any, interest and Additional Interest, if any,
and Additional Amounts, if any, on the outstanding Notes on the stated dates
for payment or redemption, as the case may be; provided, however,
that the Trustee (or other qualifying trustee) shall have received an
irrevocable written order from the Issuer instructing the Trustee (or other
qualifying trustee) to apply such U.S. Legal Tender or the proceeds of such
U.S. Government Obligations to said payments with respect to the Notes to
maturity or redemption;

 

(2)           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
failure to comply with Section 4.08 or Section 4.14 or Section
4.17 arising in connection with the borrowing of funds to fund the deposit
referenced in clause (1) above and the granting of any Lien securing
such borrowing) or insofar as Defaults or Events of Default from bankruptcy or
insolvency events are concerned, at any time in the period ending on the 91st
day after the date of such deposit;

 

(3)           Such
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default hereunder (other than a Default or Event
of Default resulting from the failure to comply with Section 4.08 or Section
4.14 or Section 4.17 arising in connection with the borrowing of
funds to fund the deposit referenced in clause (1) above and the
granting of any Lien securing such borrowing) or any other material agreement
or instrument to which the Issuer, the Company or any of it Subsidiaries is a party
or by which the Issuer, the Company or any of its Subsidiaries is bound;

 

(4)           (i)
In the event the Issuer elects paragraph (b) above, the Issuer or
the Company shall deliver to the Trustee an Opinion of Counsel in the United
States of America, in form and substance reasonably satisfactory to the
Trustee, to the effect that (A) the Issuer or the Company has received
from, or there has been published by, the United States Internal Revenue
Service a ruling or (B) since the Issue Date, there has been a change in
the applicable United States federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall

 

76

 

state
that, Holders shall not recognize income, gain or loss for United States
federal income tax purposes as a result of such Legal Defeasance contemplated
hereby and shall be subject to United States federal income tax in 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 or (ii) in the event the Issuer
elects paragraph (c) above, the Issuer or the Company shall deliver to
the Trustee an Opinion of Counsel in the United States, in form and substance
reasonably satisfactory to the Trustee, to the effect that Holders shall not
recognize income, gain or loss for federal income tax purposes as a result of
such Covenant Defeasance contemplated hereby and shall be subject to federal
income tax in 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;

 

(5)           The
Issuer or the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit under clause (1) was not made by
the Issuer or the Company with the intent of preferring the Holders over any
other creditors of the Issuer or the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Issuer or others;

 

(6)           The
Issuer or the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions
precedent specified herein relating to the defeasance contemplated by this Section
8.01 have been complied with. 

 

Notwithstanding the foregoing, the Opinion of Counsel
required by Section 8.01(d)(4)(i) above with respect to a Legal
Defeasance need not be delivered if all Notes not theretofore delivered to the
Trustee for cancellation (1) have become due and payable or (2) shall become
due and payable on the maturity date within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Issuer or the Company.

 

In the event all or any
portion of the Notes are to be redeemed through such irrevocable trust, the
Issuer must make arrangements reasonably satisfactory to the Trustee, at the
time of such deposit, for the giving of the notice of such redemption or
redemptions by the Trustee in the name and at the expense of the Issuer.

 

SECTION
8.02.  Satisfaction
and Discharge.  In addition to the
Issuer’s rights under Section 8.01, this Indenture (subject to Section
8.03), and all Liens in connection with the issuance of the Notes, shall be
discharged and shall cease to be in further effect (except as to surviving
rights or registration of transfer or exchange of the Notes, as expressly
provided for in this Indenture) as to all outstanding Notes when:

 

(1)           either:

 

(a)           all
the Notes theretofore authenticated and delivered (except lost, stolen or
destroyed Notes which have been replaced or paid and Notes for whose payment
money has theretofore been deposited in trust or segregated and held in trust
by the Issuer or the Company and thereafter repaid to the Issuer or the Company
or discharged from such trust) have been delivered to the Trustee for
cancellation; or

 

(b)           all
Notes not theretofore delivered to the Trustee for cancellation (i) have become
due and payable, (ii) will become due and payable at their stated maturity within
one year or (iii) are to be called for redemption within one year under
arrangements reasonably satisfactory to the Trustee, and the Issuer or the
Company has irrevocably deposited or caused to be deposited with the Trustee
funds in an amount sufficient to pay

 

77

 

and
discharge the entire Indebtedness on the Notes not theretofore delivered to the
Trustee for cancellation, for principal of, premium, if any, interest and
Additional Interest, if any, on the Notes to the date of deposit together with
irrevocable instructions from the Issuer or the Company directing the Trustee
to apply such funds to the payment thereof at maturity or redemption, as the
case may be;

 

(2)           the
Issuer or the Company has paid all other sums due and payable under this
Indenture and the Collateral Agreements by the Issuer; and

 

(3)           the
Issuer or the Company has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel stating that all conditions precedent under this
Indenture relating to the satisfaction and discharge of this Indenture have
been complied with.

 

SECTION
8.03.  Survival of
Certain Obligations. 
Notwithstanding the satisfaction and discharge of this Indenture and of
the Notes referred to in Section 8.01 or 8.02, the respective
obligations of the Issuer and the Trustee under Sections  2.03, 2.04,
2.05, 2.06, 2.07, 2.08, and 2.10, Sections
7.07 and 7.08 and Sections 8.05, 8.06 and 8.07
shall survive until the Notes are no longer outstanding, and thereafter the
obligations of the Issuer and the Trustee under Sections 7.07, 8.04,
8.05, 8.06 and 8.07 shall survive such satisfaction and
discharge.

 

SECTION
8.04.  Acknowledgment of
Discharge by Trustee.  Subject to Section
8.07, after (i) the conditions of Section 8.01 or 8.02
have been satisfied, (ii) the Issuer has paid or caused to be paid all
other sums payable hereunder by the Issuer and (iii) the Issuer has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent referred to in clause (i)
above relating to the satisfaction and discharge of this Indenture have been
complied with, the Trustee, upon written request, shall acknowledge in writing
the discharge of the Issuer’s obligations under this Indenture except for those
surviving obligations specified in Section 8.03 and the Collateral Agent
shall execute and deliver to the Issuer any document reasonably requested by
the Issuer to effect or evidence any release and discharge of Lien or
Collateral Agreement contemplated by Section 12.05.

 

SECTION
8.05.  Application of Trust
Moneys.  The Trustee shall hold any
U.S. Legal Tender or U.S. Government Obligations deposited with it in the
irrevocable trust established pursuant to Section 8.01.  The Trustee shall apply the deposited U.S.
Legal Tender or the U.S. Government Obligations, together with earnings
thereon, through the Paying Agent, in accordance with this Indenture and the
terms of the irrevocable trust agreement established pursuant to Section 8.01,
to the payment of principal of, premium, if any, and interest and Additional
Interest, if any, on the Notes.  Anything
in this Article Eight to the contrary notwithstanding, the Trustee shall
deliver or pay to the Issuer from time to time upon the Issuer’s request any
U.S. Legal Tender or U.S. Government Obligations held by it as provided in Section
8.01(d) which, in the opinion of a nationally-recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof that would then
be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance.

 

The Issuer shall pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 8.01 or 8.02 or the
principal, premium, if any, and interest and Additional Interest, if any,
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of outstanding Notes.

 

SECTION
8.06.  Repayment to the Issuer;
Unclaimed Money.  Subject to Sections
7.07, 8.01 and 8.02, the Trustee and the Paying Agent shall
promptly pay to the Issuer upon written request from the Issuer any excess U.S.
Legal Tender or U.S. Government Obligations held by them at any time.  The

 

78

 

Trustee and the Paying Agent shall pay to the Issuer,
upon receipt by the Trustee or the Paying Agent, as the case may be, of a
written request from the Issuer any money held by it for the payment of
principal, premium, if any, or interest and Additional Interest, if any, that
remains unclaimed for two years after payment to the Holders is required,
without interest thereon; provided, however, that the Trustee and
the Paying Agent before being required to make any payment may, but need not,
at the expense of the Issuer cause to be published once in a newspaper of
general circulation in the City of New York or mail to each Holder entitled to
such money notice that such money remains unclaimed and that after a date
specified therein, which shall be at least thirty (30) days from the date of
such publication or mailing, any unclaimed balance of such money then remaining
shall be repaid to the Issuer, without interest thereon.  After payment to the Issuer, Holders entitled
to money must look solely to the Issuer for payment as general creditors unless
an applicable abandoned property law designated another Person, and all
liability of the Trustee or Paying Agent with respect to such money shall
thereupon cease.

 

SECTION
8.07.  Reinstatement.  If the Trustee or Paying Agent is unable to
apply any U.S. Legal Tender or U.S. Government Obligations in accordance with Section
8.01 or 8.02 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 Issuer’s and each Guarantor’s
obligations under this Indenture and each other Indenture Document to which
such Person is a party shall be revived and reinstated as though no deposit had
occurred pursuant to Section 8.01 or 8.02 until such time as the
Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender or
U.S. Government Obligations in accordance with Section 8.01 or 8.02;
provided, however, that if the Issuer has made any payment of
premium, if any, or interest and Additional Interest, if any, on or principal
of any Notes because of the reinstatement of its obligations, the Issuer 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 NINE

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

SECTION
9.01.  Without Consent of
Holders.  From time to time, the
Issuer, the Company, the Guarantors, the Trustee and, if such amendment,
modification or supplement relates to any Collateral Agreement or the
Intercreditor Agreements, the Collateral Agent, without the consent of the
Holders, may amend, modify or supplement this Indenture, the Notes, the
Guarantees, the Collateral Agreements and the Intercreditor Agreements:

 

(1)           to
cure any ambiguity, defect or inconsistency contained therein;

 

(2)           to
provide for uncertificated Notes in addition to or in place of certificated
Notes;

 

(3)           to
provide for the assumption of the Issuer’s or the Company’s or a Guarantor’s
obligations to Holders in accordance with Section 5.01;

 

(4)           to
make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the legal rights of any such Holder
under this Indenture, the Notes, the Guarantees or the Collateral Agreements;

 

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

 

79

 

(6)           to
allow any Subsidiary or any other Person to guarantee the Notes;

 

(7)           to
release a Guarantor as permitted by this Indenture and the relevant Guarantee;
or

 

(8)           if
necessary, in connection with any addition or release of Collateral permitted
under the terms of this Indenture or Collateral Agreements, so long as such
amendment, modification or supplement does not, in the opinion of the Trustee
and, if such amendment, modification or supplement relates to any Collateral
Agreement, the Collateral Agent, adversely affect the rights of any of the
Holders in any material respect. In formulating its opinion on such matters,
each of the Trustee and, if such amendment, modification or supplement relates
to any Collateral Agreement, the Collateral Agent, will be entitled to rely on
such evidence as it deems appropriate, including, without limitation, solely on
an Opinion of Counsel. 

 

After an amendment, modification, waiver or supplement
under this Section 9.01 becomes effective, the Company or the Issuer
shall mail to the Holders affected thereby a notice briefly describing the
amendment, modification, waiver or supplement. 
Any failure of the Company or the Company to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such amendment, modification, waiver or supplement or constitute an Event
of Default hereunder. 

 

SECTION
9.02.  With Consent of Holders.  The Issuer, the Company and the Guarantors,
when authorized by a Board Resolution, and the Trustee, or the Collateral
Agent, as applicable, together, with the written consent of the Holder or
Holders of at least a majority in aggregate principal amount of the outstanding
Notes, may amend, modify or supplement this Indenture, the Notes, the
Guarantees and the Collateral Agreements without notice to any other
Holders.  The Holder or Holders of a
majority in aggregate principal amount of the outstanding Notes may waive
compliance by the Issuer with any provision of this Indenture, any Collateral
Agreement or the Notes without notice to any other Holder.  However, no amendment, modification, supplement or waiver, including a waiver pursuant
to Section 6.04, shall without the consent of each Holder of each Note
affected thereby:

 

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

 

(2)           reduce
the rate of or change or have the effect of changing the time for payment of
interest, including default interest or Additional Interest, on any Notes;

 

(3)           reduce
the principal of or change or have the effect of changing the fixed maturity of
any Notes, or change the date on which any Notes may be subject to redemption
or reduce the Redemption Price therefor;

 

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

 

(5)           make
any change in provisions of this Indenture protecting the right of each Holder
to receive payment of principal of, premium, if any, interest and Additional
Interest, if any, on such Note on or after the due date thereof or to bring
suit to enforce such payment, or permitting Holders of a majority in principal amount
of Notes to waive Defaults or Events of Default;

 

(6)           amend,
change or modify in any material respect the obligation of the Issuer to make
and consummate a Change of Control Offer after the occurrence of a Change of
Control, or

 

80

 

make
and consummate a Net Proceeds Offer with respect to any Asset Sale that has
been consummated or modify any of the provisions or definitions with respect
thereto;

 

(7)           modify
or change any provision of this Indenture or the related definitions affecting
the ranking of the Notes or any Guarantee or any Lien created under any
Collateral Agreement in a manner which adversely affects the Holders;

 

(8)           release
any Guarantor from any of its obligations under its Guarantee or this Indenture
otherwise than in accordance with the terms of this Indenture;

 

(9)           release
all or substantially all of the Collateral otherwise than in accordance with
the terms of this Indenture and the Collateral Agreements; or

 

(10)         make
any change to Section 9.01 or this Section 9.02.

 

It shall not be necessary for the consent of the
Holders under this Section 9.02 to approve the particular form of any
proposed amendment, supplement or waiver, but it shall be sufficient if such
consent approves the substance thereof.

 

After an amendment, supplement or waiver under this Section
9.02 becomes effective, the Company shall mail to the Holders 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 amendment, supplement or waiver.

 

SECTION
9.03.  Compliance with TIA.  Every amendment, waiver or supplement of this
Indenture, the Notes, the Collateral Agreements or the Guarantees shall comply
with the TIA as then in effect.

 

SECTION
9.04.  Revocation and Effect of
Consents.  Until an amendment, waiver
or supplement becomes effective (which may be prior to any such amendment,
waiver or supplement becoming operative), a consent to it by a Holder is a
continuing consent by the Holder 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.  Subject to the following paragraph, any such
Holder or subsequent Holder may revoke the consent as to such Holder’s Note or
portion of such Note by written notice to the Trustee and the Issuer received
before the date on which the Trustee and if such amendment, waiver or
supplement relates to any Collateral Agreement, the Collateral Agent, receives
written consents from the Holders of a requisite percentage in principal amount
of the outstanding Notes or receives an Officers’ Certificate certifying that
the Holders of the requisite principal amount of Notes have consented (and not
theretofore revoked such consent) to the amendment, supplement or waiver.  An amendment, waiver or supplement shall
become effective upon receipt by the Trustee or the Collateral Agent, as the
case may be, of written consents from the Holders of the requisite percentage
in principal amount of the outstanding Notes or such Officers’ Certificate,
whichever first occurs, and the execution thereof by the Trustee or the
Collateral Agent, as the case may be.

 

The Issuer may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to consent to
any amendment, supplement or waiver.  If
a record date is fixed, then notwithstanding the last sentence of the
immediately preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only those Persons, shall be
entitled to revoke any consent previously given, whether or not such Persons
continue to be Holders after such record date. 
No such consent shall be valid or effective for more than ninety (90)
days after such record date.

 

81

 

After an amendment, supplement or waiver becomes
effective, it shall bind every Holder unless it makes a change described in any
of clauses (1) through (10) of Section 9.02, in which
case, the amendment, supplement or waiver shall bind only each Holder of a Note
who has consented to it and every subsequent Holder of a Note or portion of a
Note that evidences the same debt as the consenting Holder’s Note; provided
that any such waiver shall not impair or affect the right of any Holder to
receive payment of principal of, premium, if any, and interest and Additional
Interest, if any, on a Note, on or after the respective due dates expressed in
such Note, or to bring suit for the enforcement of any such payment on or after
such respective dates without the consent of such Holder.

 

SECTION
9.05.  Notation on or Exchange
of Notes.  If an amendment,
supplement or waiver changes the terms of a Note, the Trustee may require the
Holder of the Note to deliver the Note to the Trustee.  The Trustee at the written direction of the
Issuer may place an appropriate notation on the Note about the changed terms
and return it to the Holder and the Trustee may place an appropriate notation
on any Note thereafter authenticated. 
Alternatively, if the Issuer or the Trustee so determines, the Issuer in
exchange for the Note shall issue and the Trustee shall authenticate a new Note
that reflects the changed terms.  Failure
to make an appropriate notation, or issue a new Note, shall not affect the
validity and effect of such amendment, supplement or waiver.  Any such notation or exchange shall be made at
the sole cost and expense of the Issuer. 
Failure to make the appropriate notation or issue a new Note shall not
effect the validity and effect of such amendment, supplement or waiver.

 

SECTION
9.06.  Trustee to Sign
Amendments, Etc.  The Trustee and/or the
Collateral Agent, as applicable, shall execute any amendment, supplement or
waiver authorized pursuant to this Article Nine; provided that
the Trustee or the Collateral Agent, as the case may be, may, but shall not be
obligated to, execute any such amendment, supplement or waiver which adversely
affects the rights, duties or immunities of the Trustee or the Collateral
Agent, as the case may be, under this Indenture or any Collateral
Agreement.  The Trustee or the Collateral
Agent, as the case may be, shall be provided with, and shall be fully protected
in relying upon, an Opinion of Counsel and an Officers’ Certificate each
stating that the execution of any amendment, supplement or waiver authorized
pursuant to this Article Nine is authorized or permitted by this
Indenture.  Such Opinion of Counsel shall
also state that the amendment or supplement is a valid and enforceable
obligation of the Issuer.  Such Opinion
of Counsel shall not be an expense of the Trustee or the Collateral Agent, as
the case may be, and shall be paid for by the Issuer.

 

SECTION
9.07.  Conformity with Trust
Indenture Act.  Every supplemental
indenture executed pursuant to this Article Nine shall conform to the
requirements of the TIA as then in effect.

 

ARTICLE TEN

GUARANTEE

 

SECTION
10.01.  Guarantee.  Each Guarantor hereby fully, irrevocably and
unconditionally, jointly and severally guarantees to the extent not otherwise
prohibited by law (such guarantee, as amended or supplemented from time to
time, to be referred to herein as the “Guarantee”), to each of the
Holders, the Trustee and the Collateral Agent and their respective successors
and assigns that (i) the principal of, premium, if any and interest and
Additional Interest, if any, and Additional Amounts, if any, on the Notes shall
be promptly paid in full when due, subject to any applicable grace period,
whether upon redemption pursuant to the terms of the Notes, by acceleration or
otherwise, and interest on the overdue principal (including interest accruing
at the then applicable rate provided in the Indenture Documents after the
occurrence of any Event of Default set forth in Section 6.01(8), whether
or not a claim for post-filing or post-petition interest is allowed under
applicable law following the institution of a

 

82

 

proceeding under bankruptcy, insolvency or similar
laws), if any, and interest on any interest and Additional Interest, if any, to
the extent lawful, of the Notes and all other obligations of the Issuer to the
Holders, the Trustee and the Collateral Agent hereunder, thereunder or under
any Collateral Agreement shall be promptly paid in full or performed, all in
accordance with the terms hereof, thereof and of the Collateral Agreements; and
(ii) in case of any extension of time of payment or renewal of any of the
Notes or of any such other obligations, the same shall be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal,
subject to any applicable grace period, whether at stated maturity, by
acceleration or otherwise, subject, however, in the case of clauses (i)
and (ii) above, to the limitations set forth in Section 10.03.  The Guarantee of each Guarantor shall rank
senior in right of payment to all subordinated Indebtedness of such Guarantor
and equal in right of payment with all other senior obligations of such
Guarantor.  Each Guarantor hereby agrees
that its obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes, this Indenture, or any Collateral
Agreement, the absence of any action to enforce the same, any waiver or consent
by any of the Holders with respect to any provisions hereof or thereof, any
release of any other Guarantor, the recovery of any judgment against the
Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a
Guarantor.  Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, protest, notice and all demands whatsoever
and covenants that this Guarantee shall not be discharged except by complete
performance of the obligations contained in the Notes, this Indenture and in
this Guarantee.  In the event that any
Guarantor is incorporated under the laws of the United States, any state
thereof or the District of Columbia (a “US Guarantor”), the obligations
of each such US Guarantor are limited to the maximum amount which, after giving
effect to all other contingent and fixed liabilities of such US Guarantor and
after giving effect to any collections from or payments made by or on behalf of
any other US Guarantor in respect of the obligations of such other US Guarantor
under its Guarantee or pursuant to its contribution obligations under this
Indenture, shall result in the obligations of such US Guarantor under the
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under
United States federal or state law.  The
net worth of any Guarantor for such purpose shall include any claim of such
Guarantor against the Issuer for reimbursement and any claim against any other
Guarantor for contribution.  Guarantees
of Guarantors who are not US Guarantors limited to the extent, if any, required
by applicable law.  Each Guarantor may
consolidate with or merge into or sell its assets to the Issuer or another
Guarantor without limitation in accordance with Sections 5.01, 4.11
and 10.04.  If any Holder, the
Collateral Agent or the Trustee is required by any court or otherwise to return
to the Issuer, any Guarantor, or any custodian, trustee, liquidator or other
similar official acting in relation to the Issuer or any Guarantor, any amount
paid by the Issuer or any Guarantor to the Trustee, the Collateral Agent or
such Holder, this Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect. 
Each Guarantor further agrees that, as between each Guarantor, on the
one hand, and the Holders, the Collateral Agent and the Trustee, on the other
hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article Six for the purposes of this
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 acceleration of such obligations as provided in Article Six,
such obligations (whether or not due and payable) shall forthwith become due
and payable by each Guarantor for the purpose of this Guarantee.

 

SECTION
10.02.  Release of a Guarantor.  A Guarantor will be automatically and
unconditionally released from its Guarantee (and may subsequently dissolve)
without any action required on the part of the Trustee or any Holder:

 

(1)           if
(a) all of the Capital Stock issued by such Guarantor or all or substantially
all of the assets of such Guarantor are sold or otherwise disposed of
(including by way of merger or consolidation and, in the case of a sale of
Capital Stock, whether directly by transfer of Capital Stock issued by that
Guarantor or indirectly by transfer of Capital

 

83

 

Stock
of other Subsidiaries that, directly or indirectly, own Capital Stock issued by
such Guarantor) to a Person other than the Company or any other Guarantor or
(b) such Guarantor ceases to be a Restricted Subsidiary, and the Issuer
otherwise complies, to the extent applicable, with Section 4.11;

 

(2)           if
the Issuer designates such Guarantor as an Unrestricted Subsidiary in
accordance with Section 4.09;

 

(3)           if
the Issuer exercises its legal defeasance option or its covenant defeasance
option as described below under Section 8.01; or

 

(4)           upon
satisfaction and discharge of this Indenture as described in Section 8.02 or
payment in full in cash of the principal of, and premium, if any, accrued and
unpaid interest and Additional Interest, if any, and Additional Amounts, if
any, on, the Notes and all other Obligations that are then due and payable.

 

At the Issuer’s request and expense, the Trustee will
execute and deliver an instrument evidencing such release. A Guarantor may also
be released from its obligations under its Guarantee in connection with a
permitted amendment of this Indenture. 
Any Guarantor not so released remains liable for the full amount of its
Guarantee as provided in this Article Ten.

 

SECTION
10.03.  Limitation of Guarantor’s
Liability.  Each US Guarantor will
and, by its acceptance hereof, each of the Holders do confirm that it is the
intention of all such parties that the guarantee by such US Guarantor pursuant
to its Guarantee not constitute a fraudulent transfer or conveyance for purposes
of any Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar United States Federal or state law.  To effectuate the foregoing intention, the
Holders and such US Guarantor hereby irrevocably agree that the obligations of
such US Guarantor under the Guarantee shall be limited to the maximum amount as
shall, after giving effect to all other contingent and fixed liabilities of
such US Guarantor and after giving effect to any collections from or payments made
by or on behalf of any other US Guarantor in respect of the obligations of such
other US Guarantor under its Guarantee or pursuant to Section 10.05,
result in the obligations of such US Guarantor under the Guarantee not
constituting such fraudulent transfer or conveyance.  The Guarantee of any Guarantor who is not a
US Guarantor will be limited to the extent, if any, required by applicable
law.  

 

SECTION
10.04.  Guarantors May
Consolidate, etc., on Certain Terms. 
Each Guarantor (other than any Guarantor whose Guarantee is to be
released in accordance with the terms of the Guarantee and this Indenture in
connection with any transaction complying with this Section 10.04 and Section
4.11) will not, and the Issuer will not cause or permit any Guarantor to, consolidate
with or merge with or into any Person, other than the Issuer or any other
Guarantor unless:

 

(1)           the
entity formed by or surviving any such consolidation or merger (if other than
the Guarantor) or to which such sale, lease, conveyance or other disposition
shall have been made is a corporation or limited liability company organized
and existing under the laws of the United States or any State thereof or the
District of Columbia;

 

(2)           such
entity assumes (a) by supplemental indenture (in form and substance reasonably
satisfactory to the Trustee), executed and delivered to the Trustee, all of the
obligations of the Guarantor under the Guarantee and the performance of every
covenant of the Guarantee and this Indenture and (b) by amendment, supplement or
other instrument (in form and substance satisfactory to the Trustee and the
Collateral Agent) executed and delivered to the Trustee and the Collateral
Agent, all obligations of the Guarantor under the Collateral

 

84

 

Agreements
and in connection therewith shall cause such instruments to be filed and
recorded in such jurisdictions and take such other actions as may be required
by applicable law to perfect or continue the perfection of the Lien created under
the Collateral Agreements on the Collateral owned by or transferred to the
surviving entity; and

 

(3)           immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing.

 

This Section 10.04 will not apply to:

 

(a)            any
merger or consolidation of a Guarantor with and into the Issuer (with the
Company being the surviving entity) or another Guarantor or; or

 

(b)           any
merger or consolidation of a Guarantor or the Issuer with an Affiliate
organized solely for the purpose of reincorporating such Guarantor or the
Issuer in another jurisdiction in the United States or any state thereof or the
District of Columbia.

 

SECTION
10.05.  Contribution.  In order to provide for just and equitable
contribution among the Guarantors, the Guarantors agree, inter se, that each
Guarantor that makes a payment or distribution under a Guarantee shall be
entitled to a pro  rata contribution from each other Guarantor
hereunder based on the net assets of each other Guarantor.  The preceding sentence shall in no way affect
the rights of the Holders to the benefits of this Indenture, the Notes or the
Guarantees.

 

SECTION
10.06.  Waiver of Subrogation.  Each 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.

 

SECTION
10.07.  Waiver of Stay,
Extension or Usury Laws.  Each
Guarantor covenants to the extent permitted by law 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 or extension law or any usury law or other law that
would prohibit or forgive such Guarantor from performing its Guarantee as
contemplated herein, wherever enacted, now or at any time hereafter in force;
and each Guarantor hereby expressly waives to the extent permitted by law all
benefit or advantage of any such law, and covenants that it shall not hinder,
delay or impede the execution of any power herein granted to the Trustee, but
shall suffer and permit the execution of every such power as though no such law
had been enacted.

 

SECTION
10.08.  Execution and Delivery
of Guarantees.  To evidence the
Guarantees set forth in Section 10.1 hereof, each of the Guarantors
agrees that a notation of Guarantee substantially in the form included in Exhibit
A hereto shall be endorsed on each Note authenticated and delivered by the
Trustee and that a supplemental indenture substantially in the form of Exhibit
F hereto shall be executed on behalf of each of the Guarantors by an
Officer thereof in accordance with Section 4.16 hereof.

 

Each of the Guarantors agree that the Guarantees set
forth in this Article Ten shall remain in full force and effect and
apply to all the Notes notwithstanding any failure to endorse on each Note a
notation of the Guarantees.  If an
Officer whose signature is on a Note or a notation of Guarantee no longer holds
that office at the time the Trustee authenticates the Note on which the
Guarantees are endorsed, the Guarantees shall be valid nevertheless.  The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of
the Guarantees set forth in this Indenture on behalf of the Guarantors.

 

85

 

ARTICLE ELEVEN

MISCELLANEOUS

 

SECTION
11.01.  Trust Indenture Act
Controls.  If any provision of this
Indenture limits, qualifies, or conflicts with another provision which is
required to be included in this Indenture by the TIA, the required provision
shall control.  Any provision of the TIA
which is required to be included in a qualified Indenture, but not expressly
included herein, shall be deemed to be included by this reference.

 

SECTION
11.02.  Notices.  Any notices or other communications required
or permitted hereunder shall be in writing, and shall be sufficiently given if
made by hand delivery, by telecopier or registered or certified mail, postage
prepaid, return receipt requested, addressed as follows:

 

if to the
Issuer:

Pipe Acquisition Finance Plc

Murray Works 

Newbridge,
Industrial Estate

Newbridge, Midlothian EH28 8PP

Scotland

Attention:
Directors

Facsimile Number:  +44 131 333 4477

 

if to the
Trustee:

The Bank of New York

One Canada Square

London

E14 5AL

Attn:  Corporate Trust Administration

Facsimile Number:  +44 (0) 207 964 6399 

 

if to the Collateral Agent:

 

The Bank of
New York

One Canada Square

London

E14 5AL

Attn:  Corporate Trust Administration

Facsimile Number:  +44 (0) 207 964 6399 

 

Each of the Issuer, the Trustee and the Collateral
Agent by written notice to each other may designate additional or different
addresses for notices to such Person. 
Any notice or communication to the Issuer, the Trustee or the Collateral
Agent shall be deemed to have been given or made as of the date so delivered if
personally delivered; when answered back, if telexed; when receipt is
acknowledged, if faxed; and five (5) calendar days after mailing if sent by
registered or certified mail, postage prepaid (except that a notice of change
of address or a notice sent by mail to the Trustee shall not be deemed to have
been given until actually received by the addressee).

 

86

 

Any notice or communication mailed to a Holder shall
be mailed to such Holder by first class mail or other equivalent means at such
Holder’s address as it appears on the registration books of the Registrar and
shall be sufficiently given to such Holder if so mailed within the time
prescribed.

 

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, it is duly given, whether or not the
addressee receives it.

 

SECTION
11.03.  Communications by
Holders with Other Holders.  Holders
may communicate pursuant to TIA Section 312(b) with other Holders with
respect to their rights under this Indenture, any Collateral Agreement, any
Guarantee or the Notes.  The Issuer, the
Trustee, the Collateral Agent, the Registrar and any other Person shall have
the protection of TIA Section 312(c).

 

SECTION
11.04.  Certificate and Opinion
as to Conditions Precedent.  Upon any
request or application by the Issuer or any Guarantor to the Trustee or the
Collateral Agent, as the case may be, to take any action under this Indenture,
any Collateral Agreement or any other Indenture Document, the Issuer shall
furnish to the Trustee or the Collateral Agent, as the case may be, upon
request:

 

(1)           an
Officers’ Certificate, in form and substance reasonably satisfactory to the
Trustee or the Collateral Agent, as the case may be, stating that, in the
opinion of the signers, all conditions precedent to be performed by the Issuer
or the applicable Guarantor (as the case may be), if any, provided for in this
Indenture, any Collateral Agreement or any other Indenture Document relating to
the proposed action have been complied with; and

 

(2)           an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent to be performed by the Issuer or the applicable Guarantor
(as the case may be), if any, provided for in this Indenture relating to the
proposed action have been complied with.

 

SECTION
11.05.  Statements Required in
Certificate or Opinion.  Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture, any Collateral Agreement or any other Indenture
Document, other than the Officers’ Certificate required by Section 4.06(1),
shall include:

 

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

 

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

 

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

 

(4)           a
statement as to whether or not, in the opinion of each such Person, such
condition or covenant has been complied with.

 

SECTION
11.06.  Rules by Trustee,
Paying Agent, Registrar.  The Trustee
may make reasonable rules in accordance with the Trustee’s customary practices
for action by or at a meeting of Holders. 
The Paying Agent or Registrar may make reasonable rules for its
functions.

 

87

 

SECTION
11.07.  Appointment of Security
Trustee.  The parties agree that the
Trustee shall also be acting in its capacity as security trustee for the
purpose of the Security Agreement which is subject to the laws of England and
Wales.

 

SECTION
11.08.  Legal Holidays.  A “Legal Holiday” used with respect to
a particular place of payment is a Saturday, a Sunday or a day on which banking
institutions in New York, New York or at such place of payment are not required
to be open.  If a payment date is a Legal
Holiday at such place, payment may be made at such place on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue for the
intervening period.

 

SECTION
11.09.  Governing Law.  THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS.  EACH OF THE PARTIES
HERETO IRREVOCABLY APPOINTS CT CORPORATION SYSTEM, 111 EIGHTH AVENUE, NEW YORK,
NEW YORK 10011 AS ITS AGENT FOR SERVICE OF PROCESS AND AGREES TO SUBMIT TO THE
JURISDICTION OF THE U.S. FEDERAL OR STATE COURTS LOCATED IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES, THE COLLATERAL
AGREEMENTS OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE AND FOR ACTIONS
BROUGHT UNDER U.S. FEDERAL AND STATE SECURITIES LAWS.

 

SECTION
11.10.  No Adverse Interpretation of Other
Agreements.  This Indenture may not
be used to interpret another indenture, loan or debt agreement of the Company
or any of its Subsidiaries.  Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

 

SECTION
11.11.  No Recourse Against Others.  No past, present or future director, officer,
employee, incorporator, agent, stockholder or Affiliate of the Issuer, the
Company or a Guarantor, as such, shall have any liability for any obligations
of the Issuer, the Company or the Guarantors under the Notes, the Guarantees,
this Indenture or the Collateral Agreements or for any claim based on, in
respect 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.

 

SECTION
11.12.  Successors.  All agreements
of the Issuer and the Guarantors in this Indenture, the Notes, and the
Guarantees shall bind their successors. 
All agreements of each of
the Trustee and the Collateral Agent in this Indenture shall bind their
respective successors.  With respect to
any respective successor or assignee of the Trustee, the parties agree that
where such successor or assignee has expressly assumed such capacity, such
successor or assignee will also be acting in its capacity as security trustee
for the purpose of the Security Agreement which is subject to the laws of
England and Wales.

 

SECTION
11.13.  Duplicate Originals.  All parties
may sign any number of copies of this Indenture.  Each signed copy shall be an original, but
all of them together shall represent the same agreement.

 

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

 

88

 

SECTION
11.15.  Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE,
THE NOTES, THE GUARANTEES, THE COLLATERAL AGREEMENTS OR THE TRANSACTIONS
CONTEMPLATED BY THIS INDENTURE.

 

SECTION
11.16.  Judgment Currency.  If, for the purposes of obtaining judgment in
any court, it is necessary to convert a sum due under the Indenture, the Notes
or the Guarantees in any currency (the “Original Currency”) into another
currency (the “Other Currency”), the parties agree, to the fullest
extent that they may effectively do so, that the rate of exchange used shall be
that at which, in accordance with normal banking procedures, the Trustee could
purchase the Original Currency with the Other Currency on the Business Day
preceding the day on which final judgment is given or, if permitted by
applicable law, on the day on which the judgment is paid or satisfied.

 

The obligations of the Issuer, the Company and the
Guarantors in respect of any sum due in the Original Currency under this
Indenture, the Notes or the Guarantees shall, notwithstanding any judgment in
any Other Currency, be discharged only to the extent that on the Business Day
following receipt by the Trustee of any sum adjudged to be so due in the Other
Currency, the Trustee may, in accordance with normal banking procedures,
purchase the Original Currency with such Other Currency.  If the amount of the Original Currency so
purchased is less than the sum originally due in the Original Currency, the
Company and the Guarantors agree, to the fullest extent permitted by law, as a
separate obligation and notwithstanding the judgment, to indemnify the Trustee
and each Holder against any loss.

 

ARTICLE TWELVE

SECURITY

 

SECTION
12.01.  Grant of Security
Interest.  (A)  The
due and punctual payment of the principal of, premium, if any, interest and
Additional Interest, if any, on the Notes and amounts due hereunder and under
the Guarantees when and as the same shall be due and payable, whether on an
Interest Payment Date, by acceleration, purchase, repurchase, redemption or
otherwise, and interest on the overdue principal of, premium, if any, and
interest (to the extent permitted by law), if any, on the Notes and the
performance of all other Obligations of the Issuer and the Guarantors to the
Holders, the Collateral Agent or the Trustee under this Indenture, the
Collateral Agreements, the Guarantees and the Notes shall be secured as
provided in the Collateral Agreements. 
Notwithstanding anything to the contrary herein, no Collateral shall
consist of any Excluded Assets.

 

(B)           Each Holder, by its
acceptance of a Note, consents and agrees to the terms of each Collateral
Agreement and Intercreditor Agreements, as the same may be in effect or may be
amended from time to time in accordance with their respective terms, and
authorizes and directs the Collateral Agent to enter into this Indenture, the
Intercreditor Agreements and the Collateral Agreements and to perform its
obligations and exercise its rights thereunder in accordance therewith.  The Issuer shall, and shall cause each of its
Domestic Restricted Subsidiaries to, do or cause to be done, at its sole cost
and expense, all such actions and things as may be required by the provisions
of the Collateral Agreements, to assure and confirm to the Collateral Agent the
security interests in the Collateral contemplated by the Collateral Agreements,
as from time to time constituted, so as to render the same available for the
security and benefit of this Indenture and of the Notes and Guarantees secured
hereby, according to the intent and purpose herein and therein expressed and
subject to the Intercreditor Agreements, including taking all commercially
reasonable actions required or as may be reasonably requested by the Collateral
Agent to cause the Collateral Agreements to create and maintain, as security
for the Obligations contained in this

 

89

 

Indenture, the Notes, the Collateral Agreements and
the Guarantees valid and enforceable, perfected (to the extent required therein) security interests in and on all the
Collateral, in favor of the Collateral Agent, superior to and prior to the
rights of all third Persons other than as set forth in the Senior Intercreditor
Agreement, and subject to no other Liens, in each case, except as expressly
provided herein or therein.  If required
for the purpose of meeting the legal requirements of any jurisdiction in which
any of the Collateral may at the time be located, the Issuer, the Trustee and
the Collateral Agent shall have the power to appoint, and shall take all
reasonable action to appoint, one or more Persons approved by the Trustee and
reasonably acceptable to the Issuer to act as co-Collateral Agent with respect
to any such Collateral, with such rights and powers limited to those deemed
necessary for the Issuer, the Trustee or the Collateral Agent to comply with
any such legal requirements with respect to such Collateral, and which rights
and powers shall not be inconsistent with the provisions of this Indenture or
any Indenture Document. The Issuer shall from time to time promptly pay all
reasonable financing and continuation statement recording and/or filing
fees, charges and taxes relating to this Indenture, the Collateral Agreements
and any amendments hereto or thereto and any other instruments of further
assurance required pursuant hereto or thereto.

 

SECTION
12.02.  Opinions.  (A)  The Issuer shall furnish to the Trustee, at
such time as required by TIA Section 314(b) an Opinion of Counsel either (i)
stating that, in the opinion of such counsel, this Indenture and the
Collateral Agreements, financing statements and fixture filings then executed
and delivered, as applicable, and all other instruments of further assurance or
amendment then executed and delivered have been properly recorded, registered
and filed to the extent necessary to perfect the security interests created by
this Indenture and the Collateral Agreements and reciting the details of such
action or referring to prior Opinions of Counsel in which such details are
given, and stating that as to such Collateral Agreements and such other
instruments, such recording, registering and filing are the only recordings,
registerings and filings necessary to perfect such security interest and that
no re-recordings, re-registerings, or re-filings are necessary to maintain such
perfection, and further stating that all financing statements and continuation
statements have been filed are necessary fully to preserve and protect the
rights of and perfect such security interests of the Trustee for the benefit of
itself and the Holders, under the Collateral Agreements or (ii) stating that,
in the Opinion of such Counsel, no such action is necessary to perfect any
security interest created under this Indenture, the Notes or any of the
Collateral Agreements as intended by this Indenture, the Notes or any such
Collateral Agreement.

 

(B)           The Issuer shall
furnish to the Trustee and the Collateral Agent (if other than the Trustee), on
or within three months of the last day of each fiscal year, commencing on the
last day of the fiscal year ending subsequent to the Issuance Date, an Opinion
of Counsel either (i) stating that, in the opinion of such counsel, all action
necessary to perfect or continue the perfection of the security interests
created by the Collateral Agreements and reciting the details of such action or
referring to prior Opinions of Counsel in which such details are given have
been taken or (ii) stating that, in the Opinion of such Counsel, no such action
is necessary to perfect or continue the perfection of any security interest
created under any of the Collateral Agreements.

 

SECTION
12.03.  Release of Collateral.  (A)  The Collateral Agent shall not at any time
release Collateral from the security interests created by the Collateral
Agreements unless such release is in accordance with the provisions of this
Indenture and the applicable Collateral Agreements.

 

(B)           The release of any
Collateral from the terms of the Collateral Agreements shall not be deemed to
impair the security under this Indenture in contravention of the provisions
hereof if and to the extent the Collateral is released pursuant to this
Indenture and the Collateral Agreements. 
To the extent applicable, the Issuer shall cause TIA Section 314(d)
relating to the release of property from the security interests created by this
Indenture and the Collateral Agreements to be complied with.  Any certificate or opinion required by TIA
Section 314(d) may be made by an Officer of the Issuer, except in cases where

 

90

 

TIA Section 314(d) requires that such certificate or
opinion be made by an independent Person, which Person shall be an independent
engineer, appraiser or other expert approved by the Trustee in the exercise of
reasonable care.  A Person is “independent”
if such Person (a) is in fact independent, (b) does not have any direct
financial interest or any material indirect financial interest in the Issuer or
in any Affiliate of the Issuer and (c) is not an officer, employee, promoter,
underwriter, trustee, partner or director or person performing similar
functions to any of the foregoing for the Issuer.  The Trustee shall be entitled to receive and
conclusively rely upon a certificate provided by any such Person confirming
that such Person is independent within the foregoing definition.

 

(C)           Notwithstanding any
provision to the contrary herein, Collateral comprised of accounts receivable,
and inventory or the proceeds of the foregoing, or cash shall be subject to
release upon sales of such inventory, collection of the proceeds of such
accounts receivable, and withdrawals of cash from the Issuer’s deposit accounts
in the ordinary course of business.  If
requested in writing by the Issuer, the Trustee shall instruct the Collateral
Agent to execute and deliver such documents, instruments or statements and to
take such other action as the Issuer may reasonably request to evidence or
confirm that the Collateral falling under this Section 12.03 has
been released from the Liens of each of the Collateral Agreements.

 

SECTION
12.04.  Specified Releases of
Collateral.  Subject to Section 12.03,
Collateral may be released from the Lien and security interest created by the
Collateral Agreements at any time or from time to time in accordance with the
provisions of the Collateral Agreements, or as provided hereby.  Upon the request of the Issuer pursuant to an
Officers’ Certificate certifying that all conditions precedent hereunder have
been met and without the consent of any Holder, the Issuer and the Guarantors
will be entitled to releases of assets included in the Collateral from the
Liens securing the obligations under the Notes and the Guarantees under any one
or more of the following circumstances:

 

(1)           to
enable the Issuer (or a Guarantor) to consummate asset sales or dispositions
that are not Asset Sales or that are Asset Sales permitted under Section
4.11;

 

(2)           with
the consent of the Holders of not less than a majority of the aggregate
principal amount of Notes outstanding pursuant to Section 9.02;

 

(3)           if
any Subsidiary that is a Guarantor is released from its Guarantee in accordance
with the terms of this Indenture, such Subsidiary’s assets will also be
released;

 

(4)           if
the Issuer exercise its legal defeasance option or covenant defeasance option
as described above under Section 8.01;

 

(5)           upon
satisfaction and discharge of this Indenture in accordance with Section 8.02
or payment in full in cash of the principal of and premium, if any, and accrued
and unpaid interest and Additional Interest, if any, and Additional Amounts, if
any, on the Notes and all other Obligations under this Indenture and the other
Indenture Documents that are then due and payable; or

 

(6)           if
such release is required under the Senior Intercreditor Agreement.

 

Upon receipt of such Officers’ Certificate and any
necessary or proper instruments of termination, satisfaction or release
prepared by the Company, the Collateral Agent shall execute, deliver or
acknowledge such instruments or releases provided to it to evidence the release
of any Collateral permitted to be released pursuant to this Indenture or the
Collateral Agreements.

 

91

 

SECTION 12.05.  Release upon Satisfaction or Defeasance of
All Outstanding Obligations.  The
Liens on, and pledges of, all Collateral will also be terminated and released
upon (i) payment in full of the principal of, premium, if any, on, and
accrued and unpaid interest and Additional Interest, if any, on the Notes and
all other Obligations hereunder, the Guarantees and the Collateral Agreements
that are due and payable at or prior to the time such principal, premium, if
any, and accrued and unpaid interest and Additional Interest, if any, are paid,
(ii) a satisfaction and discharge of this Indenture as described above
under Section 8.02 and (iii) the occurrence of a Legal Defeasance
or Covenant Defeasance as described above under Section 8.01.

 

SECTION
12.06.  Form and Sufficiency of
Release.  In the event that the
Issuer or any Guarantor has sold, exchanged, or otherwise disposed of or
proposes to sell, exchange or otherwise dispose of any portion of the
Collateral that may be sold, exchanged or otherwise disposed of by such Issuer
or such Guarantor, and such Issuer or such Guarantor requests in writing the
Collateral Agent to furnish a written disclaimer, release or quit-claim of any
interest in such property under this Indenture and the Collateral Agreements,
the Collateral Agent shall execute, acknowledge and deliver to the Issuer or
such Guarantor (in proper form prepared by the Issuer or such Guarantor) such
an instrument promptly after satisfaction of the conditions set forth herein
for delivery of any such release. 
Notwithstanding the preceding sentence, all purchasers and grantees of
any property or rights purporting to be released herefrom shall be entitled to
rely upon any release executed by the Collateral Agent hereunder as sufficient
for the purpose of this Indenture and as constituting a good and valid release
of the property therein described from the Lien of this Indenture or of the
Collateral Agreements.

 

SECTION
12.07.  Purchaser Protected.  No purchaser or grantee of any property or
rights purporting to be released herefrom shall be bound to ascertain the
authority of the Trustee or the Collateral Agent to execute the release or to
inquire as to the existence of any conditions herein prescribed for the
exercise of such authority; nor shall any purchaser or grantee of any property
or rights permitted by this Indenture to be sold or otherwise disposed of by
the Issuer be under any obligation to ascertain or inquire into the authority
of the Issuer to make such sale or other disposition.

 

SECTION
12.08.  Authorization of
Actions to Be Taken by the Collateral Agent Under the Collateral Agreements.  The Bank of New York is hereby appointed
Collateral Agent.  Subject to the
provisions of the applicable Collateral Agreements and the applicable
Intercreditor Agreement, each Holder, by acceptance of its Note(s) agrees that
(a) the Collateral Agent shall execute and deliver the Collateral Agreements
and act in accordance with the terms thereof, (b) the Collateral Agent may, in
its sole discretion and without the consent of the Trustee or the Holders, take
all actions it deems necessary or appropriate in order to (i) enforce any of
the terms of the Collateral Agreements and (ii) collect and receive any and all
amounts payable in respect of the Obligations of the Issuer and the Guarantors
hereunder and under the Notes, the Guarantees and the Collateral Agreements and
(c) to the extent permitted by this Indenture, the Collateral Agent shall have
power to institute and to maintain such suits and proceedings as it may deem
expedient to prevent any impairment of the Collateral by any act that may be
unlawful or in violation of the Collateral Agreements or this Indenture, and
suits and proceedings as the Collateral Agent may deem expedient to preserve or
protect its interests and the interests of the Trustee and the Holders in the
Collateral (including the power to institute and maintain suits or proceedings
to restrain the enforcement of or compliance with any legislative or other
governmental enactment, rule or order that may be unconstitutional or otherwise
invalid if the enforcement of, or compliance with, such enactment, rule or
order would impair the security interest thereunder or be prejudicial to the
interests of the Collateral Agent, the Holders or the Trustee).  Notwithstanding the foregoing, the Collateral
Agent may, at the expense of the Issuer, request the direction of the Holders
with respect to any such actions and upon receipt of the written consent of the
Holders of at least a majority in aggregate principal amount of the outstanding
Notes, shall take such actions; provided that all actions so taken
shall, at all times, be in conformity with the requirements of the
Intercreditor Agreements.

 

92

 

SECTION
12.09.  Authorization of
Receipt of Funds by the Trustee Under the Collateral Agreements.  The Collateral Agent is authorized to receive
any funds for the benefit of itself, the Trustee and the Holders distributed
under the Collateral Agreements and to the extent not prohibited under the
Senior Intercreditor Agreement, for turnover to the Trustee to make further
distributions of such funds to itself, the Trustee and the Holders in
accordance with the provisions of Section 6.10 and the other provisions
of this Indenture.

 

SECTION
12.10.  Intercreditor Agreements.  This Article Twelve and the Collateral
Agreements are subject to the terms, limitations and conditions set forth in
each of the Intercreditor Agreements.

 

SECTION
12.11.  Force Majeure.  In no event shall the Trustee or Collateral
Agent be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee or Collateral Agent shall use
reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

93

 

SIGNATURES

 

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

 

	
   

  	
  PIPE ACQUISITION FINANCE PLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  DANIEL J. O'LEARY

  	
   

  
	
   

  	
   

  	
  Name: DANIEL J.
  O'LEARY

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PIPE ACQUISITION
  LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  DANIEL J. O'LEARY

  	
   

  
	
   

  	
   

  	
  Name: DANIEL J.
  O'LEARY

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MURRAY
  INTERNATIONAL METALS LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  KENNETH A. COCKBURN

  	
   

  
	
   

  	
   

  	
  Name: KENNETH A.
  COCKBURN

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK, as Trustee and Collateral

  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   CHARLOTTE FRICKER

  	
   

  
	
   

  	
   

  	
  Name: CHARLOTTE
  FRICKER

  
	
   

  	
   

  	
  Title: ASSISTANT
  VICE PRESIDENT

  

 

A-1

 

EXHIBIT A

 

[FORM OF INITIAL NOTE]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS.  NEITHER THIS NOTE NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS
SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

 

THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF,
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S.
PURCHASER AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN
INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1),
(2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, AND (2) AGREES
TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE OR ANY INTEREST OR PARTICIPATION
HEREIN, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS
TWO YEARS (OR SUCH OTHER PERIOD AS MAY HEREAFTER BE PROVIDED UNDER RULE 144(K)
UNDER THE SECURITIES ACT PERMITTING RESALES OF RESTRICTED SECURITIES BY
NON-AFFILIATES WITHOUT RESTRICTION) AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH THE ISSUER (AS HEREINAFTER DEFINED) OR ANY
AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) FOR SO
LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PURCHASERS THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (D) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE
MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THE NOTE FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES
AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S,
OR TRANSFER AGENT’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR
TRANSFER PURSUANT TO CLAUSE (C), (D) OR (F) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE
FORM APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND DELIVERED BY THE
TRANSFEROR TO THE TRUSTEE OR TRANSFER AGENT. 

 

A-2

 

PIPE ACQUISITION FINANCE PLC

 

SENIOR SECURED FLOATING RATE
NOTES DUE 2010

 

	
  CUSIP No.

  	
   

  	
   

  
	
  No.

  	
   

  	
  $

  

 

Pipe Acquisition Finance
Plc, a company incorporated under the laws of England and Wales (the “Issuer”,
which term includes any successors under the Indenture hereinafter referred
to), for value received promises to pay to Cede & Co., or registered
assigns, the principal sum of                    
DOLLARS ($[      ]) on December 15, 2010.

 

Interest Rate:  LIBOR plus 6.250%

 

Interest Payment Dates:  June 15 and December 15, commencing June 15,
2006.

 

Record Dates:  June 1 and December 1.

 

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

 

IN WITNESS WHEREOF, the
Issuer has caused this Note to be signed manually or by facsimile by its duly
authorized officer. 

 

 

	
   

  	
  PIPE ACQUISITION FINANCE PLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

 

Dated:  December
16, 2005

 

A-3

 

TRUSTEE CERTIFICATE OF
AUTHENTICATION

 

This is one of the Senior
Secured Floating Rate Notes due 2010 referred to in the within-mentioned
Indenture.

 

	
   

  	
  THE BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: December 16, 2005

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

A-4

 

(REVERSE OF NOTE)

 

Senior Secured
Floating Rate Note due 2010

 

(a)           Interest.  Pipe Acquisition Finance Plc, a company
incorporated under the laws of England and Wales (the ”Issuer”,
which term includes any successors under the Indenture hereinafter referred
to), promises to pay interest on the principal amount of this Note at the rate
per annum shown above.  Interest on the
Note will accrue from the most recent date on which interest has been paid or,
if no interest has been paid, from and including the date of issuance.  Interest on this Note will accrue, with
respect to the period from and including the Issue Date to but excluding the
first interest payment date after the Issue Date and each successive six-month
period from and including each interest payment date to but excluding the
following interest payment date (each, an “Interest Accrual Period”), at
a rate equal to LIBOR (as defined below) plus a margin of 625 basis points per
annum.  Additional Interest may accrue on
this Note in certain circumstances pursuant to the Registration Rights
Agreement and Section 4.18 of the Indenture.

 

The Company will appoint
the Trustee or another financial institution (the “Calculation Agent”)
to calculate the interest rate for the Notes. 
“LIBOR” will be determined by the Calculation Agent in accordance
with the following provisions:

 

(2)           LIBOR
for any Interest Accrual Period will be equal to the rate, as determined by the
Calculation Agent, for six-month U.S. dollar deposits which appears on the
Telerate Page 3750 as of 11:00 a.m., London time, on the applicable LIBOR
Determination Date (as defined below) as reported by Bloomberg Financial
Markets Commodities News.  “LIBOR Determination
Date” means, with respect to any Interest Accrual Period, the second London
Banking Day prior to the first day of such Interest Accrual Period.  “London Banking Day” means any day on
which commercial banks are open for business, including dealings in foreign
exchange and foreign currency deposits, in London.

 

(3)           If,
on any LIBOR Determination Date, such rate does not appear on the Telerate Page
3750, the Calculation Agent will determine the arithmetic mean of the offered
quotations of the Reference Banks (as defined below) to prime banks in the
London interbank market for U.S. dollar deposits for the relevant term by
reference to requests for quotations as of approximately 11:00 a.m., London
time, on such LIBOR Determination Date made by the Calculation Agent to the
Reference Banks.  If, on the LIBOR
Determination Date, at least two of the Reference Banks provide such
quotations, LIBOR will equal such arithmetic mean.  If, on any LIBOR Determination Date, only one
or none of the Reference Banks provide such quotations, LIBOR will be deemed to
be the arithmetic mean of the offered quotations that the leading banks in New
York City selected by the Calculation Agent, after consultation with the
Company, are quoting on the relevant LIBOR Determination Date for U.S. dollar
deposits for the relevant term, to the principal London offices of leading
banks in the London interbank market.

 

(4)           If
the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR with
respect to such Interest Accrual Period will be LIBOR as calculated on the
immediately preceding LIBOR Determination Date.

 

For the purpose of clause
(ii) above, all percentages resulting from such calculations will be rounded,
if necessary, to the nearest one thirty-second of a percentage point and, for
purposes of clause

 

A-5

 

(iii) above, all percentages resulting from such
calculations will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point.

 

As used herein:

 

“Reference Banks”
means four major banks in the London interbank market selected by the
Calculation Agent.

 

“Telerate Page 3750”
means the display page currently so designated on the Moneyline Telerate
Service or such other page as may replace such page on such service for the
purpose of displaying comparable rates.

 

 [FOR REGULATION S TEMPORARY GLOBAL NOTES
INSERT: Until this Regulation S Temporary Global Note is exchanged for one or
more Regulation S Permanent Global Notes, the Holder hereof shall not be
entitled to receive payments of interest hereon; until so exchanged in full,
this Regulation S Temporary Global Note shall in all other respects be entitled
to the same benefits as other Notes under the Indenture.]

 

(a)           Additional Amounts.          All payments made by the
Issuer or any Guarantor as well as all payments made by a trustee (each, a “Payor”)
pursuant to Article Eight of the Indenture under or with respect to the Notes
or any Guarantee will be made free and clear of and without withholding or
deduction for or on account of any Taxes imposed or levied by or on behalf of
any government or political subdivision or territory or possession of any
government or authority or agency or authority therein or thereof having the
power to tax in any jurisdiction in which the Issuer or any Guarantor
(including their permitted successors and assigns) is then incorporated,
engaged in business or resident for tax purposes or any jurisdiction by or through
which payment is made (each, a “Relevant Jurisdiction”) unless such
Payor is required to withhold or deduct Taxes by law or by the official
interpretation or administration thereof.

 

If a Payor is so required
to withhold or deduct any amount of interest for or on account of Taxes from
any payment made under or with respect to the Notes or any Guarantee such Payor
will pay such additional amounts of interest (“Additional Amounts”) as
may be necessary such that the net amount received in respect of such payment
by each Holder (including Additional Amounts) after such withholding or
deduction will not be less than the amount the Holder would have received if
such Taxes had not been required to be so withheld or deducted; provided that
no Additional Amounts will be payable with respect to a payment made to a
Holder to the extent 

 

(b)           any such Taxes would not have been imposed but
for the existence of any present or former connection between such Holder and
the Relevant Jurisdiction imposing such Taxes otherwise than merely by the
acquisition, ownership or disposition of any Note or receiving any payment in
respect thereof or the exercise or enforcement of any rights under any Notes or
the Guarantees or 

 

(c)           such withholding or deduction is imposed on a
payment to an individual and is required to be made pursuant to European
Council Directive 2003/48/EC or any other Directive implementing the
conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the
taxation of savings income or any law implementing or complying with, or
introduced in order to conform to, such Directive (such amounts described in
clauses (a) and (b) above, “Excluded Taxes”).  

 

Each Payor will also (i)
make such withholding or deduction and (ii) remit the full amount deducted or
withheld to the relevant authority in accordance with applicable law.

 

A-6

 

The Payor will furnish to
the Holders of the Notes, within 30 days after the date the payment of any
Taxes is due pursuant to applicable law, certified copies of tax receipts
evidencing such payment by such Payor. 
Each of the Issuer and each Guarantor will indemnify and hold harmless
each Holder for the amount of (i) any Taxes (other than Excluded Taxes) not
withheld or deducted by a Payor and levied or imposed and paid by such Holder
as a result of payments made under or with respect to the Notes or any
Guarantee, (ii) any liability (including penalties, interest and expenses)
arising therefrom or with respect thereto, and (iii) any Taxes imposed with
respect to any reimbursement under clauses (i) or (ii) above.

 

(a)           Additional Interest.             In the event MIM Pte.
fails to satisfy the provisions of Section 4.18 of the Indenture,
Additional Interest shall accrue the Notes at the per annum rate then
applicable in respect of Additional Interest plus an additional margin of .25%
per annum for the 90 day period commencing on the Issue Date, such additional
margin increasing by an 0.25% per annum at the beginning of each subsequent
90-day period; provided, however, that the amount of such additional margin
shall cease to accrue on the date MIM Pte. satisfies Section 4.18 of the
Indenture.  Any amounts of Additional
Interest that have accrued pursuant to this Section 3 will be payable in
cash on the same original interest payment dates as the Notes.  

 

(b)           Method of Payment.  The Issuer shall pay interest on the Notes
(except defaulted interest) to the Persons who are the registered Holders at
the close of business on the Record Date immediately preceding the Interest
Payment Date even if the Notes are cancelled on registration of transfer or
registration of exchange after such Record Date, and on or before such Interest
Payment Date.  Holders must surrender Notes
to a Paying Agent to collect principal payments.  The Issuer shall pay principal and interest
in money of the United States that at the time of payment is legal tender for
payment of public and private debts (“U.S. Legal Tender”).  However, the Issuer may pay principal and
interest by check payable in such U.S. Legal Tender.  The Issuer may deliver any such interest
payment to the Paying Agent or to a Holder at the Holder’s registered address.

 

(c)           Paying Agent and
Registrar.  The Issuer will maintain
a transfer agent and Paying Agent in (a) the Borough of Manhattan, The City of
New York and (b)  in Luxembourg, for so
long as the Notes are listed on the Euro MTF market of the Luxembourg Stock
Exchange and its rules so require the Issuer to maintain such a Paying
Agent.  The Issuer initially appoints the
Trustee as Registrar and transfer agent. 
In addition, the Issuer may, at its option, maintain both a Paying Agent
and a transfer agent in another Member State of the European Union.  Upon 30 days’ written notice to the Holders
and the Trustee, the Issuer may change the Paying Agents, Registrars or
transfer agents.  Neither the Company nor
any Affiliate of the Company may act as Paying Agent.

 

(d)           Indenture.  The Notes were issued under an Indenture,
dated as of December 16, 2006 (the “Indenture”), by and among the
Issuer, the Guarantors named therein and the Trustee.  The terms
of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the
Indenture until such time as the Indenture is qualified under the TIA, and
thereafter as in effect on the date on which the Indenture is qualified under
the TIA.  Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and Holders of Notes
are referred to in the Indenture and the TIA for a statement of such
terms.  The Notes are senior secured
obligations of the Issuer.  Each Holder,
by accepting a Note, agrees to be bound by all of the terms and provisions of
the Indenture, as the same may be amended from time to time.  Capitalized terms herein are used as defined
in the Indenture unless otherwise defined herein.  

 

(e)           Redemption. 

 

A-7

 

(d)           Optional Redemption on or after December
15, 2006.  Except as described in Sections
7(a), 7(b) and 7(c), the Notes are not redeemable before
December 15, 2006.  At any time on or
after December 15, 2006, the Issuer may redeem the Notes, at its option, in
whole or in part, at any time or from time to time, upon not less than 30 nor
more than 60 days’ notice, at the following redemption prices (expressed as
percentages of the principal amount thereof) if redeemed during the
twelve-month period commencing on December 15, of each of the years set forth
below, plus, in each case, accrued and unpaid interest and Additional Interest,
if any, and Additional Amounts, if any, thereon to the Redemption Date:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2006

  	
   

  	
  103

  	
  %

  
	
  2007

  	
   

  	
  102

  	
  %

  
	
  2008

  	
   

  	
  101

  	
   

  
	
  2009 and
  each year thereafter

  	
   

  	
  100

  	
  %

  

 

(e)           Optional Redemption Upon Equity Offerings.  At any time, or from time to time, on or
prior to December 15, 2006, the Issuer may, at its option, use an amount not to
exceed the net cash proceeds of one or more Equity Offerings to redeem up to
35% of the aggregate principal amount of the Notes (which includes Additional
Notes, if any) originally issued under the Indenture at a redemption price of 100% of the aggregate principal amount
thereof, plus a premium equal to the rate per annum on the Notes
applicable on the date notice of redemption is given, together with accrued and
unpaid interest thereon and Additional Interest, if any, and Additional
Amounts, if any, to the to the Redemption Date. 
In order to effect the foregoing redemption with the proceeds of any
Equity Offering,

 

(1)           at least 65% of the aggregate principal amount of the Notes (which
includes Additional Notes, if any) originally issued under the Indenture shall
remain outstanding immediately after such Redemption Date; and

 

(2)           the Issuer makes such redemption not more than 120 days after the
consummation of any such Equity Offering.

 

(f)            Redemption for Changes in Withholding
Taxes.  The Issuer may redeem the
Notes, at its option, in whole and not in part, at any time at a redemption
price equal to 100% of the aggregate principal amount of the Notes plus accrued
interest (including, but not limited to, Additional Interest, if any) to but
excluding the redemption date if the Issuer or any Guarantor has become, or
would become, after taking reasonable measures, if any, available to it to
avoid it from being, obligated to pay on the next date on which any amount
would be payable under or with respect to the Notes, any Additional Amounts as
a result of any change or amendment to the laws (or regulations promulgated
thereunder) of the United Kingdom (or any subdivision thereof or by any
authority or agency therein or thereof having power to tax), or any change in
or amendment to any official position or administration or assessing practices
regarding the application or interpretation of such laws or regulations, which
change or amendment is announced or becomes effective on or after the Issue
Date.   

 

(g)           Notice of Redemption.  Notice of redemption will be mailed by
first-class mail at least 30 days but not more than 60 days before the
Redemption Date to each Holder to be redeemed at its registered address,
provided, however that no notice of the optional redemption described in Section
7(c) shall be given earlier than 90 days prior to the earliest date on
which the Issuer or such Guarantor would be obliged to pay Additional Amounts
were a payment in respect of such Notes then due and payable.  If fewer than all of the Notes are to be
redeemed, at any time, selection of the Notes for redemption will be

 

A-8

 

made by the Trustee in compliance with the
requirements of the Euro MTF market of the Luxembourg Stock Market for so long
as the Notes are listed thereon, or, if the Notes are not then listed on the
Euro MTF market of the Luxembourg Stock Market, on a pro rata basis, by lot or
by such method as the Trustee may reasonably determine is fair and appropriate,
provided that no
Notes of a principal amount of $1,000 or less shall be redeemed in part;
and provided, further, that any such partial redemption made with the proceeds of an Equity Offering will be
made only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures),
unless such method is otherwise prohibited.  Notes
in denominations of $1,000 or more may be redeemed in part.

 

Except as set forth in the Indenture, if monies for
the redemption of the Notes called for redemption shall have been deposited
with the Paying Agent for redemption on such Redemption Date sufficient to pay
such Redemption Price plus accrued and unpaid interest and Additional Interest,
if any, and Additional Amounts, if any, the Notes called for redemption will
cease to bear interest from and after such Redemption Date, and the only
remaining right of the Holders of such Notes will be to receive payment of the
Redemption Price plus accrued and unpaid interest and Additional Interest, if
any, and Additional Amounts, if any, as of the Redemption Date upon surrender
to the Paying Agent of the Notes redeemed.

 

(h)           Mandatory Redemption.  The Company shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes.

 

(a)           Offers to Purchase.  Sections 4.10 and 4.11 of the
Indenture provide that upon the occurrence of a Change of Control and after
certain Asset Sales and subject to further limitations contained therein, the
Issuer will make an offer to purchase certain amounts of the Notes in
accordance with the procedures set forth in the Indenture. 

 

(b)           Registration Rights.  Pursuant to the Registration Rights Agreement
among the Issuer, the Guarantors party thereto and the Initial Purchaser of the
Initial Notes, the Issuer will be obligated to consummate an exchange
offer.  Upon such exchange offer, the
Holders of the Initial Notes shall have the right, subject to compliance with
securities laws, to exchange such Initial Notes for Senior Secured Floating
Rate Notes due 2010, which have been registered under the Securities Act, in
like principal amount and having terms identical in all material respects to
the Initial Notes.  The Holders of the
Initial Notes shall be entitled to receive certain additional interest payments
in the event such exchange offer is not consummated and upon certain other
conditions, all pursuant to and in accordance with the terms of the
Registration Rights Agreement.

 

(c)           Denominations;
Transfer; Exchange.  The Notes are in
registered form, without coupons, in denominations of $1,000 and integral
multiples thereof.  A Holder shall
register the transfer of or exchange of Notes in accordance with the
Indenture.  The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any taxes, fees or similar governmental charges payable in
connection therewith as permitted by the Indenture.  The
Registrar shall not be required to register the transfer or exchange of any
Note (i) during a period beginning at the opening of business fifteen (15)
days before the mailing of a notice of redemption of Notes and ending at the
close of business on the day of such mailing and (ii) selected for
redemption in whole or in part pursuant to Article Three of the Indenture,
except the unredeemed portion of any Note being redeemed in part.

 

(d)           Persons Deemed
Owners.  The registered Holder of a
Note shall be treated as the owner of it and the Notes of which it is composed
for all purposes.

 

A-9

 

(e)           Unclaimed Money.  If money for the payment of principal or
interest remains unclaimed for two years, the Trustee and the Paying Agent may
pay the money without interest thereon back to the Issuer.  After that, all liability of the Trustee and
such Paying Agent with respect to such money shall cease.

 

(f)            Discharge Prior to
Redemption or Maturity.  If the
Issuer at any time deposits with the Trustee U.S. Legal Tender or U.S.
Government Obligations sufficient to pay the principal of and interest on the
Notes to redemption or stated maturity and complies with the other provisions
of the Indenture relating thereto, the Issuer shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, except
for the rights of Holders to receive payments in respect of the principal of,
and premium, if any, interest and Additional Interest, if any, on the Notes
when such payments are due from the deposits referred to above.

 

(g)           Amendment;
Supplement; Waiver.  Subject to
certain exceptions, the Indenture, the Notes or the Guarantees may be amended
or supplemented with the written consent of the Holders of at least a majority
in aggregate principal amount of the Notes then outstanding, and any existing
Default or Event of Default or noncompliance with any provision of the
Indenture, the Notes or the Guarantees may be waived with the written consent
of the Holders of a majority in aggregate principal amount of the Notes then
outstanding.  Without consent of any
Holder, the parties thereto may amend or supplement the Indenture, the Notes or
the Guarantees to, among other things, cure any ambiguity, defect or
inconsistency, provide for uncertificated Notes or Guarantees in addition to or
in place of certificated Notes or Guarantees, comply with the TIA, or comply
with Article Five of the Indenture or make any other change that does not
adversely affect the rights of any Holder of a Note.

 

(h)           Restrictive
Covenants.  The Indenture imposes
certain limitations on the ability of the Company, the Issuer, the Guarantors
and the Restricted Subsidiaries to, among other things, incur additional
Indebtedness or grant Liens, make payments in respect of their Capital Stock or
certain Indebtedness, enter into transactions with Affiliates, create dividend
or other payment restrictions affecting Subsidiaries, merge or consolidate with
any other Person, sell, assign, transfer, lease, convey or otherwise dispose of
all or substantially all of its assets or adopt a plan of liquidation.  Such limitations are subject to a number of
important qualifications and exceptions. 
The Issuer must annually report to the Trustee on compliance with such
limitations.

 

(i)            Successors.  When a successor assumes, in accordance with
the Indenture, all the obligations of its predecessor under the Notes, the
Guarantees and the Indenture, the predecessor will be released from those
obligations.

 

(j)            Defaults and
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 Notes then outstanding may declare all the
Notes to be due and payable in the manner, at the time and with the effect
provided in the Indenture.  Holders of
Notes may not enforce the Indenture except as provided in the Indenture.  The Trustee is not obligated to enforce the
Indenture or the Notes unless it has received indemnity satisfactory to
it.  The Indenture permits, subject to
certain limitations therein provided, Holders of a majority in aggregate
principal amount of the Notes then outstanding to direct the Trustee in its
exercise of any trust or power.  The
Trustee may withhold from Holders of Notes notice of any continuing Default or
Event of Default (except a Default in payment of principal or interest and
except in the case of a failure to comply with Article Five of the Indenture)
if it determines that withholding notice is in their interest.

 

A-10

 

(k)           Trustee Dealings
with Issuer.  Subject to the terms of
the TIA and the Indenture, the Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Notes and may
otherwise deal with the Issuer, the Subsidiaries or their respective Affiliates
as if it were not the Trustee.  

 

(l)            No Recourse Against
Others.  No past, present or future director, officer, employee, incorporator,
agent, stockholder or Affiliate of the Issuer or a Guarantor, as such, shall
have any liability for any obligations of the Issuer or the Guarantors under
the Notes, the Guarantees, the Indenture or the Collateral Agreements or for
any claim based on, in respect of, such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of the Notes.

 

(m)          Notation of Guarantee.  Subject to the terms and conditions of
Article Ten of the Indenture, payment of principal, interest and Additional
Interest, if any (including interest on overdue principal and overdue interest,
if lawful) and Additional Amounts, if any, is unconditionally guaranteed,
jointly and severally, by each of the Guarantors to the extent not otherwise
prohibited by law. 

 

(n)           Intercreditor
Agreement.  Each Holder, by its
acceptance of its Note, agrees to be bound by the terms of the Intercreditor
Agreements and all such replacement Intercreditor Agreements and each of the
Guarantors, if any, and the Holders hereby authorize the Trustee and the
Collateral Agent to bind the Holders to the extent provided in the
Intercreditor Agreement.

 

(o)           Authentication.  This Note shall not be valid until the
Trustee or Authenticating Agent manually signs the certificate of
authentication on this Note.

 

(p)           Governing Law.  THIS NOTE, THE GUARANTEES, THE COLLATERAL
AGREEMENTS AND THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS.  EACH OF THE PARTIES
HERETO IRREVOCABLY APPOINTS CT CORPORATION SYSTEM, 111 EIGHTH AVENUE, NEW YORK,
NEW YORK 10011 AS ITS AGENT FOR SERVICE OF PROCESS AND AGREES TO SUBMIT TO THE
JURISDICTION OF THE U.S. FEDERAL OR STATE COURTS LOCATED IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS NOTE AND FOR ANY ACTIONS BROUGHT UNDER U.S. FEDERAL AND STATE
SECURITIES LAWS.

 

(q)           Waiver of Jury Trial.  Each of the parties hereto and the Holders
(by their acceptance of the Note) hereby irrevocably waives, to the fullest
extent permitted by law, any and all right to trial by jury in any action or
proceeding arising out of or in connection with the Indenture, this Note, the
Guarantees, the Collateral Agreements or the transactions contemplated by the
Indenture.

 

A-11

 

(r)            Judgment Currency.   If, for the purposes of obtaining judgment
in any court, it is necessary to convert a sum due under the Indenture, the
Notes or the Guarantees in any currency (the “Original Currency”) into
another currency (the “Other Currency”), the rate of exchange used shall
be that at which, in accordance with normal banking procedures, the Trustee
could purchase the Original Currency with the Other Currency on the business
day preceding the day on which final judgment is given or, if permitted by
applicable law, on the day on which the judgment is paid or satisfied.

 

(s)           Security.  The Issuer’s and Guarantors’ obligations
under the Notes are secured by Liens on the Collateral pursuant to the terms of
the Collateral Agreements.  The actions
of the Trustee and the Holders of the Notes secured by such Liens and the
application of proceeds from the enforcement of any remedies with respect to
such Collateral are limited pursuant to the terms of the Collateral Agreements.

 

(t)            Abbreviations and
Defined Terms.  Customary
abbreviations may be used in the name of a Holder of a Note 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).

 

(u)           CUSIP Numbers.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Issuer has
caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon, and any such redemption shall not be affected by any defect in
or omission of such numbers.

 

The Issuer will furnish to any Holder of a Note upon
written request and without charge a copy of the Indenture.  Requests may be made to: Pipe Acquisition
Finance Plc, Murray Works, Newbridge, Industrial Estate, Newbridge, Midlothian
EH28 899, Scotland.

 

A-12

 

ASSIGNMENT
FORM

 

If you the Holder want to
assign this Note, fill in the form below and have your signature guaranteed:

 

	
  I or we assign and transfer this Note to:

  
	
   

  
	
   

  
	
   

  
	
   

  

(Print or type name, address and zip code and

social security or tax ID number of assignee)

 

and irrevocably appoint                                                                                                                                                                       

agent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for
him.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
							

 

In connection with any
transfer of this Note occurring prior to the date which is the earlier of
(i) the date of the declaration by the SEC of the effectiveness of a
registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), covering resales of this Note (which effectiveness shall not have
been suspended or terminated at the date of the transfer) and (ii) December 16,
2007, the undersigned confirms that it has not utilized any general solicitation
or general advertising in connection with the transfer and that this Note is
being transferred:

 

[Check One]

 

(a)                                  to
the Issuer or a subsidiary thereof; or

 

(b)                                 pursuant
to and in compliance with Rule 144A under the Securities Act; or

 

(c)                                  to
an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3)
or (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which
letter can be obtained from the Trustee); or

 

(d)                                 outside
the United States to a person other than a “U.S. person” in compliance with
Rule 904 of Regulation S under the Securities Act; or

 

(e)                                  pursuant
to the exemption from registration provided by Rule 144 under the Securities
Act; or

 

(f)                                    pursuant
to an effective registration statement under the Securities Act.

 

Unless one of the boxes is checked, the Trustee will
refuse to register any of the Notes evidenced by this certificate in the name
of any person other than the registered Holder thereof; provided that if
box (3), (4) or (5) is checked, the Issuer or the Trustee may require, prior to
registering any such transfer of the Notes, in its sole discretion, such legal
opinions, certifications (including an investment letter in the case of box

 

A-13

 

(3) or (4)) and other information as the Trustee or
the Issuer has reasonably requested 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.

 

If none of the foregoing
boxes is checked, the Trustee or Registrar shall not be obligated to register
this Note in the name of any person other than the Holder hereof unless and
until the conditions to any such transfer of registration set forth herein and
in Section 2.15 of the Indenture shall have been satisfied.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

  	
  (Sign exactly as your name appears on

  the other side of this Note)

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
							

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

 

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of
Rule 144A under the Securities Act and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing
representations in order to claim the exemption from registration provided by
Rule 144A.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NOTICE: To be executed by an executive officer

  
						

 

A-14

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have
this Note purchased by the Issuer pursuant to Section 4.10 or 4.11
of the Indenture, check the appropriate box:

 

Section
4.10  [         ]

 

Section
4.11  [         ]

 

If you want to elect to have
only part of this Note purchased by the Issuer pursuant to Section 4.10
or 4.11 of the Indenture, state the amount you elect to have purchased
(in denominations of $1,000 only, except if you have elected to have all of
your Notes purchased):

 

	
  $

  	
   

  	
   

  

 

	
  Dated:

  	
   

  	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
  NOTICE:

  	
  The signature on this assignment must
  correspond with the name as it appears upon the face of the within Note in
  every particular without alteration or enlargement or any change whatsoever
  and be guaranteed by the endorser’s bank or broker.

  

 

 

	
   

  	
   

  	
  Social Security or

  	
   

  	
   

  
	
   

  	
   

  	
  Tax ID No            :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature Guarantee:

  	
   

  	
   

  
								

 

A-15

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

 

The following
exchanges of an interest in this Global Note for an interest in another Global
Note or for a Physical Note, or exchanges of an interest in another Global Note
or a Physical Note for an interest in this Global Note, have been made:

 

 

	
   

  	
   

  	
  Amount of

  Decrease in

  Principal Amount

  of this Global Note

  	
   

  	
  Amount of

  Increase in

  Principal Amount

  of this Global Note

  	
   

  	
  Principal Amount of

  this Global Note

  Following Such

  Decrease or Increase

  	
   

  	
  Signature of

  Authorized Officer

  of Trustee or Note

  Custodian

  	
   

  
	
  Date of
  Exchange

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

I-1

 

GUARANTEE

 

Each Guarantor
listed below (which term “Guarantor” includes any successors or assigns under
the Indenture, dated the date hereof, among Pipe Acquisition Finance Plc, a
company incorporated under the laws of England and Wales, or any successor
company thereto (the “Issuer”) and The Bank of New York, as trustee (the “Indenture”),
as supplemented by any supplemental indentures thereto), has executed a
supplemental indenture in substantially the form attached as Exhibit F to the
Indenture and each Guarantor hereby fully, irrevocably and unconditionally,
jointly and severally, unconditionally and irrevocably guarantees, to the
extent not otherwise prohibited by law (such guarantee, as amended or
supplemented from time to time, to be referred to herein as the “Guarantee”),
to each of the Holders, the Trustee and the Collateral Agent and their
respective successors and assigns that (i) the principal of, premium, if
any and interest and Additional Interest, if any, and Additional Amounts, if
any on the Notes shall be promptly paid in full when due, subject to any applicable
grace period, whether upon redemption pursuant to the terms of the Notes, by
acceleration or otherwise, and interest on the overdue principal (including
interest accruing at the then applicable rate provided in the Indenture
Documents after the occurrence of any Event of Default set forth in Section
6.01(8) of the Indenture, whether or not a claim for post-filing or
post-petition interest is allowed under applicable law following the
institution of a proceeding under bankruptcy, insolvency or similar laws), if
any, and interest on any interest and Additional Interest, if any, to the
extent lawful, of the Notes and all other obligations of the Issuer to the
Holders, the Trustee and the Collateral Agent hereunder, thereunder or under
any Collateral Agreement shall be promptly paid in full or performed, all in
accordance with the terms hereof, thereof and of the Collateral Agreements; and
(ii) in case of any extension of time of payment or renewal of any of the
Notes or of any such other obligations, the same shall be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal,
subject to any applicable grace period, whether at stated maturity, by
acceleration or otherwise, subject, however, in the case of clauses (i)
and (ii) above, to the limitations set forth in Section 10.03 of
the Indenture.  

 

The
obligations of each Guarantor to the Holders and to the Trustee pursuant to
this Guarantee and the Indenture are expressly set forth in Article Ten of the
Indenture and reference is hereby made to such Indenture for the precise terms
of this Guarantee.

 

No direct or
indirect stockholder, incorporator, controlling Person, employee, officer or
director, as such, past, present or future of the Issuer, the Guarantors or any
successor entity shall have any personal liability in respect of the Issuer’s
obligations or the obligations of the Guarantors under this Indenture, the
Notes, the Guarantees, the Registration Rights Agreement, the collateral
Agreements or the Intercreditor Agreements solely by reason of his, her or its
status as such stockholder, incorporator, controlling Person, employee, officer
or director, except that this provision shall in no way limit the obligation of
any Guarantor pursuant to any Guarantee of the Notes.  This is a continuing Guarantee and shall
remain in full force and effect and shall be binding upon each Guarantor and
its successors and assigns until full and final payment of all of the Issuer’s
obligations under the Notes and Indenture or until released or legally defeased
in accordance with the Indenture and shall inure to the benefit of the
successors and assigns of the Trustee and the Holders, and, in the event of any
transfer or assignment of rights by any Holder or the Trustee, the rights and
privileges herein conferred upon that party shall automatically extend to and
be vested in such transferee or assignee, all subject to the terms and
conditions hereof. This is a Guarantee of payment and performance and not of
collectibility.   This Guarantee shall
not be valid or obligatory for any purpose until the certificate of
authentication on the Note upon which this Guarantee is noted shall have been
executed by the Trustee under the Indenture by the manual signature of one of
its authorized officers.

 

The
obligations of each Guarantor under this Guarantee shall be limited to the
extent necessary to insure that it does not constitute a fraudulent conveyance
under applicable United States law.  

 

I-2

 

THE TERMS OF
ARTICLE TEN OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

 

Capitalized
terms used herein have the same meanings given in the Indenture unless
otherwise indicated.

 

 

[signature page follows]

 

I-3

 

IN WITNESS
WHEREOF, each Guarantor has caused this instrument to be duly executed.

 

 

	
  Dated: December 16, 2005

  	
   

  	
   

  
	
   

  	
  PIPE ACQUISITION LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MURRAY INTERNATIONAL METALS LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

I-4

 

EXHIBIT B

 

[FORM OF EXCHANGE NOTE]

 

B-1

 

PIPE ACQUISITION FINANCE PLC

 

SENIOR SECURED FLOATING RATE
NOTES DUE 2010

 

	
  CUSIP No.

  	
   

  	
   

  
	
  No.

  	
   

  	
  $

  

 

Pipe Acquisition Finance
Plc, a company incorporated under the laws of England and Wales (the “Company”,
which term includes any successors under the Indenture hereinafter referred
to), for value received promises to pay to Cede & Co., or registered
assigns, the principal sum of                   
DOLLARS ($[      ]) on December 15, 2010.

 

Interest Rate:  LIBOR plus 6.250%

 

Interest Payment Dates:  June 15 and December 15, commencing June 15,
2006.

 

Record Dates:  June 1 and December 1.

 

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

 

IN WITNESS WHEREOF, the
Company has caused this Note to be signed manually or by facsimile by its duly
authorized officer. 

 

 

	
   

  	
  PIPE ACQUISITION FINANCE PLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

 

Dated:  December
16, 2005

 

B-2

 

TRUSTEE CERTIFICATE OF
AUTHENTICATION

 

This is one of the Senior
Secured Floating Rate Notes due 2010 referred to in the within-mentioned
Indenture.

 

	
   

  	
  THE BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: December 16, 2005

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

B-3

 

(REVERSE OF NOTE)

 

Senior Secured
Floating Rate Note due 2010

 

(v)           Interest.  Pipe Acquisition Finance Plc, a company
incorporated under the laws of England and Wales (the ”Issuer”,
which term includes any successors under the Indenture hereinafter referred
to), promises to pay interest on the principal amount of this Note at the rate
per annum shown above.  Interest on the
Note will accrue from the most recent date on which interest has been paid or,
if no interest has been paid, from and including the date of issuance.  Interest on this Note will accrue, with
respect to the period from and including the Issue Date to but excluding the
first interest payment date after the Issue Date and each successive six-month
period from and including each interest payment date to but excluding the
following interest payment date (each, an “Interest Accrual Period”), at
a rate equal to LIBOR (as defined below) plus a margin of 625 basis points per
annum.   Additional Interest may accrue
on the Notes in certain circumstances pursuant to Section 4.18 of the
Indenture.

 

The Company will appoint
the Trustee or another financial institution (the “Calculation Agent”)
to calculate the interest rate for the Notes. 
“LIBOR” will be determined by the Calculation Agent in accordance
with the following provisions:

 

(2)           LIBOR
for any Interest Accrual Period will be equal to the rate, as determined by the
Calculation Agent, for six-month U.S. dollar deposits which appears on the
Telerate Page 3750 as of 11:00 a.m., London time, on the applicable LIBOR
Determination Date (as defined below) as reported by Bloomberg Financial
Markets Commodities News.  “LIBOR
Determination Date” means, with respect to any Interest Accrual Period, the
second London Banking Day prior to the first day of such Interest Accrual
Period.  “London Banking Day”
means any day on which commercial banks are open for business, including
dealings in foreign exchange and foreign currency deposits, in London.

 

(3)           If,
on any LIBOR Determination Date, such rate does not appear on the Telerate Page
3750, the Calculation Agent will determine the arithmetic mean of the offered
quotations of the Reference Banks (as defined below) to prime banks in the
London interbank market for U.S. dollar deposits for the relevant term by
reference to requests for quotations as of approximately 11:00 a.m., London
time, on such LIBOR Determination Date made by the Calculation Agent to the
Reference Banks.  If, on the LIBOR
Determination Date, at least two of the Reference Banks provide such
quotations, LIBOR will equal such arithmetic mean.  If, on any LIBOR Determination Date, only one
or none of the Reference Banks provide such quotations, LIBOR will be deemed to
be the arithmetic mean of the offered quotations that the leading banks in New
York City selected by the Calculation Agent, after consultation with the
Company, are quoting on the relevant LIBOR Determination Date for U.S. dollar
deposits for the relevant term, to the principal London offices of leading
banks in the London interbank market.

 

(4)           If
the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR with
respect to such Interest Accrual Period will be LIBOR as calculated on the
immediately preceding LIBOR Determination Date.

 

For the purpose of clause
(ii) above, all percentages resulting from such calculations will be rounded,
if necessary, to the nearest one thirty-second of a percentage point and, for
purposes of clause

 

B-4

 

(iii) above, all percentages resulting from such
calculations will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point.

 

As used herein:

 

“Reference Banks”
means four major banks in the London interbank market selected by the Calculation
Agent.

 

“Telerate Page 3750”
means the display page currently so designated on the Moneyline Telerate
Service or such other page as may replace such page on such service for the
purpose of displaying comparable rates.

 

 [FOR REGULATION S TEMPORARY GLOBAL NOTES
INSERT: Until this Regulation S Temporary Global Note is exchanged for one or
more Regulation S Permanent Global Notes, the Holder hereof shall not be
entitled to receive payments of interest hereon; until so exchanged in full,
this Regulation S Temporary Global Note shall in all other respects be entitled
to the same benefits as other Notes under the Indenture.]

 

(a)           Additional Amounts.          All payments made by the
Issuer or any Guarantor as well as all payments made by a trustee (each, a “Payor”)
pursuant to Article Eight of the Indenture under or with respect to the Notes
or any Guarantee will be made free and clear of and without withholding or
deduction for or on account of any Taxes imposed or levied by or on behalf of
any government or political subdivision or territory or possession of any
government or authority or agency or authority therein or thereof having the
power to tax in any jurisdiction in which the Issuer or any Guarantor
(including their permitted successors and assigns) is then incorporated,
engaged in business or resident for tax purposes or any jurisdiction by or
through which payment is made (each, a “Relevant Jurisdiction”) unless
such Payor is required to withhold or deduct Taxes by law or by the official
interpretation or administration thereof.

 

If a Payor is so required
to withhold or deduct any amount of interest for or on account of Taxes from
any payment made under or with respect to the Notes or any Guarantee such Payor
will pay such additional amounts of interest (“Additional Amounts”) as
may be necessary such that the net amount received in respect of such payment
by each Holder (including Additional Amounts) after such withholding or
deduction will not be less than the amount the Holder would have received if
such Taxes had not been required to be so withheld or deducted; provided that
no Additional Amounts will be payable with respect to a payment made to a
Holder to the extent 

 

(i)            any such Taxes would not have been imposed
but for the existence of any present or former connection between such Holder
and the Relevant Jurisdiction imposing such Taxes otherwise than merely by the
acquisition, ownership or disposition of any Note or receiving any payment in
respect thereof or the exercise or enforcement of any rights under any Notes or
the Guarantees or 

 

(j)            such withholding or deduction is imposed on a
payment to an individual and is required to be made pursuant to European
Council Directive 2003/48/EC or any other Directive implementing the
conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the
taxation of savings income or any law implementing or complying with, or
introduced in order to conform to, such Directive (such amounts described in
clauses (a) and (b) above, “Excluded Taxes”).  

 

Each Payor will also (i)
make such withholding or deduction and (ii) remit the full amount deducted or
withheld to the relevant authority in accordance with applicable law.

 

B-5

 

The Payor will furnish to
the Holders of the Notes, within 30 days after the date the payment of any
Taxes is due pursuant to applicable law, certified copies of tax receipts
evidencing such payment by such Payor. 
Each of the Issuer and each Guarantor will indemnify and hold harmless
each Holder for the amount of (i) any Taxes (other than Excluded Taxes) not
withheld or deducted by a Payor and levied or imposed and paid by such Holder
as a result of payments made under or with respect to the Notes or any
Guarantee, (ii) any liability (including penalties, interest and expenses)
arising therefrom or with respect thereto, and (iii) any Taxes imposed with
respect to any reimbursement under clauses (i) or (ii) above.

 

(a)           Additional Interest.             In the event MIM Pte.
fails to satisfy the provisions of Section 4.18 of the Indenture,
Additional Interest shall accrue the Notes at the per annum rate then
applicable in respect of Additional Interest plus an additional margin of .25%
per annum for the 90 day period commencing on the Issue Date, such additional
margin increasing by an 0.25% per annum at the beginning of each subsequent
90-day period; provided, however, that the amount of such additional margin
shall cease to accrue on the date MIM Pte. satisfies Section 4.18 of the
Indenture.  Any amounts of Additional
Interest that have accrued pursuant to this Section 3 will be payable in
cash on the same original interest payment dates as the Notes.  

 

(b)           Method of Payment.  The Issuer shall pay interest on the Notes
(except defaulted interest) to the Persons who are the registered Holders at
the close of business on the Record Date immediately preceding the Interest
Payment Date even if the Notes are cancelled on registration of transfer or
registration of exchange after such Record Date, and on or before such Interest
Payment Date.  Holders must surrender
Notes to a Paying Agent to collect principal payments.  The Issuer shall pay principal and interest
in money of the United States that at the time of payment is legal tender for
payment of public and private debts (“U.S. Legal Tender”).  However, the Issuer may pay principal and
interest by check payable in such U.S. Legal Tender.  The Issuer may deliver any such interest
payment to the Paying Agent or to a Holder at the Holder’s registered address.

 

(c)           Paying Agent and
Registrar.  The Issuer will maintain
a transfer agent and Paying Agent in (a) the Borough of Manhattan, The City of
New York and (b)  in Luxembourg, for so
long as the Notes are listed on the Euro MTF market of the Luxembourg Stock
Exchange and its rules so require the Issuer to maintain such a Paying
Agent.  The Issuer initially appoints the
Trustee as Registrar and transfer agent. 
In addition, the Issuer may, at its option, maintain both a Paying Agent
and a transfer agent in another Member State of the European Union.  Upon 30 days’ written notice to the Holders
and the Trustee, the Issuer may change the Paying Agents, Registrars or
transfer agents.  Neither the Company nor
any Affiliate of the Company may act as Paying Agent.

 

(d)           Indenture.  The Notes were issued under an Indenture,
dated as of December 16, 2006 (the “Indenture”), by and among the
Issuer, the Guarantors named therein and the Trustee.  The terms
of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the
Indenture until such time as the Indenture is qualified under the TIA, and
thereafter as in effect on the date on which the Indenture is qualified under
the TIA.  Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and Holders of Notes
are referred to in the Indenture and the TIA for a statement of such
terms.  The Notes are senior secured
obligations of the Issuer.  Each Holder,
by accepting a Note, agrees to be bound by all of the terms and provisions of
the Indenture, as the same may be amended from time to time.  Capitalized terms herein are used as defined
in the Indenture unless otherwise defined herein.  

 

(e)           Redemption. 

 

B-6

 

(k)           Optional Redemption on or after December
15, 2006.  Except as described in Sections
7(a), 7(b) and 7(c), the Notes are not redeemable before
December 15, 2006.  At any time on or
after December 15, 2006, the Issuer may redeem the Notes, at its option, in
whole or in part, at any time or from time to time, upon not less than 30 nor
more than 60 days’ notice, at the following redemption prices (expressed as
percentages of the principal amount thereof) if redeemed during the
twelve-month period commencing on December 15, of each of the years set forth
below, plus, in each case, accrued and unpaid interest and Additional Interest,
if any, and Additional Amounts, if any, thereon to the Redemption Date:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2006

  	
   

  	
  103

  	
  %

  
	
  2007

  	
   

  	
  102

  	
  %

  
	
  2008

  	
   

  	
  101

  	
   

  
	
  2009 and
  each year thereafter

  	
   

  	
  100

  	
  %

  

 

(l)            Optional Redemption Upon Equity Offerings.  At any time, or from time to time, on or
prior to December 15, 2006, the Issuer may, at its option, use an amount not to
exceed the net cash proceeds of one or more Equity Offerings to redeem up to
35% of the aggregate principal amount of the Notes (which includes Additional
Notes, if any) originally issued under the Indenture at a redemption price of 100% of the aggregate principal amount
thereof, plus a premium equal to the rate per annum on the Notes
applicable on the date notice of redemption is given, together with accrued and
unpaid interest thereon and Additional Interest, if any, and Additional
Amounts, if any, to the to the Redemption Date. 
In order to effect the foregoing redemption with the proceeds of any
Equity Offering,

 

(1)           at least 65% of the aggregate principal amount of the Notes (which
includes Additional Notes, if any) originally issued under the Indenture shall
remain outstanding immediately after such Redemption Date; and

 

(2)           the Issuer makes such redemption not more than 120 days after the
consummation of any such Equity Offering.

 

(m)          Redemption for Changes in Withholding Taxes.  The Issuer may redeem the Notes, at its
option, in whole and not in part, at any time at a redemption price equal to
100% of the aggregate principal amount of the Notes plus accrued interest
(including, but not limited to, Additional Interest, if any) to but excluding
the redemption date if the Issuer or any Guarantor has become, or would become,
after taking reasonable measures, if any, available to it to avoid it from
being, obligated to pay on the next date on which any amount would be payable
under or with respect to the Notes, any Additional Amounts as a result of any
change or amendment to the laws (or regulations promulgated thereunder) of the
United Kingdom (or any subdivision thereof or by any authority or agency
therein or thereof having power to tax), or any change in or amendment to any
official position or administration or assessing practices regarding the
application or interpretation of such laws or regulations, which change or
amendment is announced or becomes effective on or after the Issue Date.   

 

(n)           Notice of Redemption.  Notice of redemption will be mailed by
first-class mail at least 30 days but not more than 60 days before the
Redemption Date to each Holder to be redeemed at its registered address,
provided, however that no notice of the optional redemption described in Section
7(c) shall be given earlier than 90 days prior to the earliest date on
which the Issuer or such Guarantor would be obliged to pay Additional Amounts
were a payment in respect of such Notes then due and payable.  If fewer than all of the Notes are to be
redeemed, at any time, selection of the Notes for redemption will be

 

B-7

 

made by the Trustee in compliance with the requirements
of the Euro MTF Market of the Luxembourg Stock Market for so long as the Notes
are listed thereon, or, if the Notes are not then listed on the Euro MTF Market
of the Luxembourg Stock Exchange, on a pro rata basis, by lot or by such method
as the Trustee may reasonably determine is fair and appropriate, provided
that no Notes of a
principal amount of $1,000 or less shall be redeemed in part; and provided,
further, that any such partial
redemption made with the proceeds of an Equity Offering will be made only on a pro rata basis or on as nearly a pro rata
basis as is practicable (subject to DTC procedures), unless such method is
otherwise prohibited.  Notes in denominations of $1,000 or more may
be redeemed in part.

 

Except as set forth in the Indenture, if monies for
the redemption of the Notes called for redemption shall have been deposited
with the Paying Agent for redemption on such Redemption Date sufficient to pay
such Redemption Price plus accrued and unpaid interest and Additional Interest,
if any, and Additional Amounts, if any, the Notes called for redemption will
cease to bear interest from and after such Redemption Date, and the only
remaining right of the Holders of such Notes will be to receive payment of the
Redemption Price plus accrued and unpaid interest and Additional Interest, if
any, and Additional Amounts, if any, as of the Redemption Date upon surrender
to the Paying Agent of the Notes redeemed.

 

(o)           Mandatory Redemption.  The Company shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes.

 

(a)           Offers to Purchase.  Sections 4.10 and 4.11 of the
Indenture provide that upon the occurrence of a Change of Control and after
certain Asset Sales and subject to further limitations contained therein, the
Issuer will make an offer to purchase certain amounts of the Notes in
accordance with the procedures set forth in the Indenture. 

 

(b)           Denominations;
Transfer; Exchange.  The Notes are in
registered form, without coupons, in denominations of $1,000 and integral
multiples thereof.  A Holder shall
register the transfer of or exchange of Notes in accordance with the
Indenture.  The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any taxes, fees or similar governmental charges payable in
connection therewith as permitted by the Indenture.  The
Registrar shall not be required to register the transfer or exchange of any
Note (i) during a period beginning at the opening of business fifteen (15)
days before the mailing of a notice of redemption of Notes and ending at the
close of business on the day of such mailing and (ii) selected for
redemption in whole or in part pursuant to Article Three of the Indenture,
except the unredeemed portion of any Note being redeemed in part.

 

(c)           Persons Deemed
Owners.  The registered Holder of a
Note shall be treated as the owner of it and the Notes of which it is composed
for all purposes.

 

(d)           Unclaimed Money.  If money for the payment of principal or
interest remains unclaimed for two years, the Trustee and the Paying Agent may
pay the money without interest thereon back to the Issuer.  After that, all liability of the Trustee and
such Paying Agent with respect to such money shall cease.

 

B-8

 

(e)           Discharge Prior to
Redemption or Maturity.  If the
Issuer at any time deposits with the Trustee U.S. Legal Tender or U.S.
Government Obligations sufficient to pay the principal of and interest on the
Notes to redemption or stated maturity and complies with the other provisions
of the Indenture relating thereto, the Issuer shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, except
for the rights of Holders to receive payments in respect of the principal of,
and premium, if any, interest and Additional Interest, if any, on the Notes
when such payments are due from the deposits referred to above.

 

(f)            Amendment;
Supplement; Waiver.  Subject to
certain exceptions, the Indenture, the Notes or the Guarantees may be amended
or supplemented with the written consent of the Holders of at least a majority
in aggregate principal amount of the Notes then outstanding, and any existing
Default or Event of Default or noncompliance with any provision of the
Indenture, the Notes or the Guarantees may be waived with the written consent
of the Holders of a majority in aggregate principal amount of the Notes then
outstanding.  Without consent of any
Holder, the parties thereto may amend or supplement the Indenture, the Notes or
the Guarantees to, among other things, cure any ambiguity, defect or
inconsistency, provide for uncertificated Notes or Guarantees in addition to or
in place of certificated Notes or Guarantees, comply with the TIA, or comply
with Article Five of the Indenture or make any other change that does not
adversely affect the rights of any Holder of a Note.

 

(g)           Restrictive
Covenants.  The Indenture imposes
certain limitations on the ability of the Company, the Issuer, the Guarantors
and the Restricted Subsidiaries to, among other things, incur additional
Indebtedness or grant Liens, make payments in respect of their Capital Stock or
certain Indebtedness, enter into transactions with Affiliates, create dividend
or other payment restrictions affecting Subsidiaries, merge or consolidate with
any other Person, sell, assign, transfer, lease, convey or otherwise dispose of
all or substantially all of its assets or adopt a plan of liquidation.  Such limitations are subject to a number of
important qualifications and exceptions. 
The Issuer must annually report to the Trustee on compliance with such
limitations.

 

(h)           Successors.  When a successor assumes, in accordance with
the Indenture, all the obligations of its predecessor under the Notes, the
Guarantees and the Indenture, the predecessor will be released from those
obligations.

 

(i)            Defaults and
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 Notes then outstanding may declare all the
Notes to be due and payable in the manner, at the time and with the effect
provided in the Indenture.  Holders of
Notes may not enforce the Indenture except as provided in the Indenture.  The Trustee is not obligated to enforce the
Indenture or the Notes unless it has received indemnity satisfactory to
it.  The Indenture permits, subject to
certain limitations therein provided, Holders of a majority in aggregate principal
amount of the Notes then outstanding to direct the Trustee in its exercise of
any trust or power.  The Trustee may
withhold from Holders of Notes notice of any continuing Default or Event of
Default (except a Default in payment of principal or interest and except in the
case of a failure to comply with Article Five of the Indenture) if it
determines that withholding notice is in their interest.

 

(j)            Trustee Dealings
with Issuer.  Subject to the terms of
the TIA and the Indenture, the Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Notes and may
otherwise deal with the Issuer, the Subsidiaries or their respective Affiliates
as if it were not the Trustee.  

 

B-9

 

(k)           No Recourse Against
Others.  No past, present or future director, officer, employee, incorporator,
agent, stockholder or Affiliate of the Issuer or a Guarantor, as such, shall
have any liability for any obligations of the Issuer or the Guarantors under
the Notes, the Guarantees, the Indenture or the Collateral Agreements or for
any claim based on, in respect of, such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of the Notes.

 

(l)            Notation of
Guarantee.  Subject to the terms and
conditions of Article Ten of the Indenture, payment of principal, interest and
Additional Interest, if any (including interest on overdue principal and
overdue interest, if lawful) and Additional Amounts, if any, is unconditionally
guaranteed, jointly and severally, by each of the Guarantors to the extent not
otherwise prohibited by law. 

 

(m)          Intercreditor
Agreement.  Each Holder, by its
acceptance of its Note, agrees to be bound by the terms of the Intercreditor
Agreements and all such replacement Intercreditor Agreements and each of the
Guarantors, if any, and the Holders hereby authorize the Trustee and the
Collateral Agent to bind the Holders to the extent provided in the Intercreditor
Agreement.

 

(n)           Authentication.  This Note shall not be valid until the
Trustee or Authenticating Agent manually signs the certificate of
authentication on this Note.

 

(o)           Governing Law.  THIS NOTE, THE GUARANTEES, THE COLLATERAL
AGREEMENTS AND THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS.  EACH OF THE PARTIES
HERETO IRREVOCABLY APPOINTS CT CORPORATION SYSTEM, 111 EIGHTH AVENUE, NEW YORK,
NEW YORK 10011 AS ITS AGENT FOR SERVICE OF PROCESS AND AGREES TO SUBMIT TO THE
JURISDICTION OF THE U.S. FEDERAL OR STATE COURTS LOCATED IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS NOTE AND FOR ANY ACTIONS BROUGHT UNDER U.S. FEDERAL AND STATE
SECURITIES LAWS.

 

(p)           Waiver of Jury Trial.  Each of the parties hereto and the Holders
(by their acceptance of the Note) hereby irrevocably waives, to the fullest
extent permitted by law, any and all right to trial by jury in any action or
proceeding arising out of or in connection with the Indenture, this Note, the
Guarantees, the Collateral Agreements or the transactions contemplated by the
Indenture.

 

(q)           Judgment Currency.   If, for the purposes of obtaining judgment
in any court, it is necessary to convert a sum due under the Indenture, the
Notes or the Guarantees in any currency (the “Original Currency”) into
another currency (the “Other Currency”), the rate of exchange used shall
be that at which, in accordance with normal banking procedures, the Trustee
could purchase the Original Currency with the Other Currency on the business
day preceding the day on which final judgment is given or, if permitted by
applicable law, on the day on which the judgment is paid or satisfied.

 

(r)            Security.  The Issuer’s and Guarantors’ obligations
under the Notes are secured by Liens on the Collateral pursuant to the terms of
the Collateral Agreements.  The actions
of the Trustee and the Holders of the Notes secured by such Liens and the
application of proceeds from the enforcement of any remedies with respect to
such Collateral are limited pursuant to the terms of the Collateral Agreements.

 

B-10

 

(s)           Abbreviations and
Defined Terms.  Customary
abbreviations may be used in the name of a Holder of a Note 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).

 

(t)            CUSIP Numbers.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Issuer has
caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon, and any such redemption shall not be affected by any defect in
or omission of such numbers.

 

The Issuer will furnish to any Holder of a Note upon
written request and without charge a copy of the Indenture.  Requests may be made to: Pipe Acquisition
Finance Plc, Murray Works, Newbridge, Industrial Estate, Newbridge, Midlothian
EH28 899, Scotland.

 

B-11

 

ASSIGNMENT
FORM

 

If you the Holder want to
assign this Note, fill in the form below and have your signature guaranteed:

 

	
  I or we assign and transfer this Note to:

  
	
   

  
	
   

  
	
   

  
	
   

  

(Print or type name, address and zip code and

social security or tax ID number of assignee)

 

and irrevocably appoint                                                                                                                                                                              

agent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for
him.

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name
  appears on

  the other side of this Note)

  
	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  	
   

  
							

 

In connection with any
transfer of this Note occurring prior to the date which is the earlier of
(i) the date of the declaration by the SEC of the effectiveness of a
registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), covering resales of this Note (which effectiveness shall not have
been suspended or terminated at the date of the transfer) and (ii) December 16,
2007, the undersigned confirms that it has not utilized any general
solicitation or general advertising in connection with the transfer and that
this Note is being transferred:

 

[Check One]

 

(a)                                  to
the Issuer or a subsidiary thereof; or

 

(b)                                 pursuant
to and in compliance with Rule 144A under the Securities Act; or

 

(c)                                  to
an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3)
or (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which
letter can be obtained from the Trustee); or

 

(d)                                 outside
the United States to a person other than a “U.S. person” in compliance with
Rule 904 of Regulation S under the Securities Act; or

 

(e)                                  pursuant
to the exemption from registration provided by Rule 144 under the Securities
Act; or

 

(f)                                    pursuant
to an effective registration statement under the Securities Act.

 

B-12

 

Unless one of the boxes is checked, the Trustee will
refuse to register any of the Notes evidenced by this certificate in the name
of any person other than the registered Holder thereof; provided that if
box (3), (4) or (5) is checked, the Issuer or the Trustee may require, prior to
registering any such transfer of the Notes, in its sole discretion, such legal
opinions, certifications (including an investment letter in the case of box (3)
or (4)) and other information as the Trustee or the Issuer has reasonably
requested 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.

 

If none of the foregoing
boxes is checked, the Trustee or Registrar shall not be obligated to register
this Note in the name of any person other than the Holder hereof unless and
until the conditions to any such transfer of registration set forth herein and
in Section 2.15 of the Indenture shall have been satisfied.

 

	
  Dated:

  	
   

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name
  appears on

  the other side of this Note)

  
	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  	
   

  
							

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

 

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of
Rule 144A under the Securities Act and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  NOTICE:  To be
  executed by an executive officer

  
						

 

B-13

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have
this Note purchased by the Issuer pursuant to Section 4.10 or 4.11
of the Indenture, check the appropriate box:

 

Section
4.10  [         ]

 

Section
4.11  [         ]

 

If you want to elect to have
only part of this Note purchased by the Issuer pursuant to Section 4.10
or 4.11 of the Indenture, state the amount you elect to have purchased
(in denominations of $1,000 only, except if you have elected to have all of
your Notes purchased):

 

	
  $

  	
   

  	
   

  

 

	
  Dated:

  	
   

  	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
  NOTICE:

  	
  The signature on this assignment must
  correspond with the name as it appears upon the face of the within Note in
  every particular without alteration or enlargement or any change whatsoever
  and be guaranteed by the endorser’s bank or broker.

  

 

 

	
   

  	
   

  	
  Social Security or

  	
   

  	
   

  
	
   

  	
   

  	
  Tax ID No            :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature Guarantee:

  	
   

  	
   

  
								

 

B-14

 

EXHIBIT C

 

[FORM OF LEGEND FOR GLOBAL
NOTES]

 

Any Global Note authenticated
and delivered hereunder shall bear a legend (which would be in addition to any
other legends required in the case of a Restricted Security) in substantially
the following form:

 

[If
a Regulation S Temporary Global Note, insert: THE RIGHTS ATTACHING TO THIS
REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING
ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS
DEFINED HEREIN).  NEITHER THE HOLDER NOR
THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE
ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.]

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY
OR A SUCCESSOR DEPOSITORY.  THIS NOTE IS
NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS
A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR THEIR AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

C-1

 

EXHIBIT D

 

Form of Certificate To Be

Delivered in Connection with

Transfers to Non-QIB Accredited Investors

 

                    ,
          

 

The Bank of New York

One Canada Square

London

E14 5AL

Attn:  Corporate Trust Administration 

 

Re:                               Senior Secured Floating Rate Notes due
2010 (the “Notes”)
of Pipe Acquisition Finance Plc, a company incorporated under the laws of
England and Wales (the “Issuer,” which term includes any successor
entity)

 

Ladies and Gentlemen:

 

In connection with our
proposed purchase of $                   
aggregate principal amount of the Notes, we confirm that:

 

1.             We have received a copy of the Offering Circular (the “Offering
Circular”), dated December 16, 2005, relating to the Notes and such other
information as we deem necessary in order to make our investment decision.  We acknowledge that we have read and agreed
to the matters stated in the section entitled “Notice to Investors” of the
Offering Circular.

 

2.             We understand that any subsequent transfer of the
Notes is subject to certain restrictions and conditions set forth in the
Indenture dated as of December 16, 2005 relating to the Notes (the “Indenture”)
and the undersigned agrees to be bound by, and not to resell, pledge or
otherwise transfer the Notes except in compliance with, such restrictions and
conditions and the Securities Act of 1933, as amended (the “Securities Act”).

 

3.             We understand that the offer and sale of the Notes
have not been registered under the Securities Act, and that the Notes 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 or otherwise transfer any Notes prior to the date which is within two
years after the original issuance of the Notes or the last date on which the
Note is owned by the Issuer or any affiliate of the Issuer, we will do so only
(i) to the Issuer or any of its subsidiaries, (ii) inside the United
States in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act),
(iii) inside the United States to an institutional “accredited investor”
(as defined below) provided that, prior to such transfer, the transferee
furnishes (or has furnished

 

D-1

 

on its behalf by a U.S.
broker-dealer) to you a signed letter containing certain representations and
agreements relating to the restrictions on transfer of the Notes, substantially
in the form of this letter, (iv) outside the United States in accordance
with Rule 904 of Regulation S under the Securities Act, (v) pursuant to
the exemption from registration provided by Rule 144 under the Securities Act
(if available) or (vi) pursuant to an effective registration statement
under the Securities Act, and we further agree to provide to any person
purchasing any of the Notes from us a notice advising such purchaser that
resales of the Notes are restricted as stated herein.

 

4.             Either (1) we are not, and will not transfer the notes
to, an entity holding “plan assets”, within the meaning of 29 C.F.R.
2510.3-101, of any “employee benefit plan” within the meaning of Section 3(3)
of the Employee Retirement Security Act of 1974, as amended (“ERISA”) or any “plan”
within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended
or (2) our purchase and holding of the notes will not result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code (or any
substantially similar applicable law).

 

5.             We understand that, on any proposed resale of any
Notes, we will be required to furnish to you and the Issuer such certification,
legal opinions and other information as you and the Issuer 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.

 

6.             We are an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
Act) and have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear
the economic risk of our or their investment, as the case may be.

 

7.             We are acquiring the Notes purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

 

8.             We are not acquiring Notes with a view to any distribution
thereof in a transaction that would violate the Securities Act or the
securities laws of any state of the United States or any other applicable
jurisdiction; provided that the disposition of our property and the property of
any accounts for which we are acting as fiduciary shall remain at all times
within our and their control.

 

You and the Issuer 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, and we agree to notify you promptly if any of our representations or
warranties herein cease to be accurate and complete.

 

D-2

 

This letter shall be
governed by, and construed in accordance with, the laws of the State of New
York without regard to principles of conflicts of laws.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signature

  
				

 

D-3

 

EXHIBIT E

 

Form of Certificate To Be

Delivered in Connection with

Transfers Pursuant to Regulation S

 

The Bank of New York

One Canada Square

London

E14 5AL

Attn:  Corporate Trust Administration 

 

Re:          Senior Secured Floating Rate Notes due
2010 (the “Notes”) of Pipe Acquisition Finance Plc, a company
incorporated under the laws of England and Wales (the “Issuer,” which
term includes any successor entity)

 

Ladies and Gentlemen:

 

In connection with our proposed sale of $                         
aggregate principal amount of the Notes, we confirm that such sale has been
effected pursuant to and in accordance with Regulation S under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, we represent that:

 

1.             the offer of the Notes was not made to a person in the
United States;

 

2.             either (a) at the time the buy offer was originated,
the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States,
or (b) the transaction was executed in, on or through the facilities of a
designated off-shore securities market and neither we nor any person acting on
our behalf knows that the transaction has been pre-arranged with a buyer in the
United States;

 

3.             no directed selling efforts have been made in the
United States in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S, as applicable;

 

4.             the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act; and

 

5.             we have advised the transferee of the transfer
restrictions applicable to the Notes.

 

E-1

 

You and the Issuer are
entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered
hereby.  Terms used in this certificate have
the meanings set forth in Regulation S.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signature

  
				

 

E-2

 

EXHIBIT F

 

FORM OF SUPPLEMENTAL INDENTURE

 

TO BE DELIVERED BY GUARANTORS

 

Supplemental Indenture (this “Supplemental Indenture”), dated as
of  [               ]
[   ], 20[   ], among the parties identified in
the signature page of this Supplemental Indenture as a Guaranteeing Subsidiary
(each a “Guaranteeing Subsidiary”) of the Company, and The Bank of New
York, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, Pipe Acquisition Finance Plc, a company incorporated under the
laws of England and Wales (the “Issuer”) has heretofore executed and
delivered to the Trustee an indenture (the “Indenture”), dated as of
December 16, 2005, providing for the issuance of Senior Secured Floating Rate
Notes due 2010 (the “Notes”);

 

WHEREAS, Section 4.16 of the Indenture provides that under
certain circumstances each Guaranteeing Subsidiary shall execute and deliver to
the Trustee a supplemental indenture and a Guarantee pursuant to which any
newly-acquired or created Guarantor shall unconditionally guarantee all of the
Issuer’s obligations under the Notes and the Indenture on the terms and
conditions set forth therein and herein and in such Guarantee; and

 

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

 

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

 

1.             Capitalized
Terms.  Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture.

 

2.             Joinder
to Indenture.  Each of the
Guaranteeing Subsidiaries hereby agree to become bound by the terms, conditions
and other provisions of the Indenture with all attendant rights, duties and
obligations stated therein, with the same force and effect as if originally
named as a Guarantor therein and as if such Guaranteeing Subsidiary executed
the Indenture on the date thereof.

 

3.             Agreement
to Guarantee.  Each Guarantor hereby
fully, irrevocably and unconditionally, jointly and severally, unconditionally
and irrevocably guarantees (such guarantee, as amended or supplemented from
time to time, to be referred to herein as the “Guarantee”), to the
extent not otherwise prohibited by law, to each of the Holders, the Trustee and
the Collateral Agent and their respective successors and assigns that
(i) the principal of, premium, if any and interest and Additional Interest,
if any, and Additional Amounts, if any, on the Notes shall be promptly paid in
full when due, subject to any applicable grace period, whether upon redemption
pursuant to the terms of the Notes, by acceleration or otherwise, and interest
on the overdue principal (including interest accruing at the then applicable
rate provided in the Indenture Documents after the occurrence of any Event of
Default set forth in Section 6.01(8)

 

F-1

 

of the Indenture, whether or not a claim for post-filing or
post-petition interest is allowed under applicable law following the
institution of a proceeding under bankruptcy, insolvency or similar laws), if
any, and interest on any interest and Additional Interest, if any, to the
extent lawful, of the Notes and all other obligations of the Issuer to the
Holders, the Trustee and the Collateral Agent hereunder, thereunder or under
any Collateral Agreement shall be promptly paid in full or performed, all in accordance
with the terms hereof, thereof and of the Collateral Agreements; and
(ii) in case of any extension of time of payment or renewal of any of the
Notes or of any such other obligations, the same shall be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal,
subject to any applicable grace period, whether at stated maturity, by
acceleration or otherwise, subject, however, in the case of clauses (i)
and (ii) above, to the limitations set forth in Section 10.03 of
the Indenture. 

 

The obligations of each Guaranteeing Subsidiary to the Holders and to
the Trustee pursuant to this Supplemental Indenture and the Indenture are
expressly set forth in Article Ten of the Indenture and reference is hereby
made to such Indenture for the precise terms of the Guarantee.

 

No past, present or future director, officer, employee, incorporator,
agent, stockholder or Affiliate of the Issuer or a Guarantor, as such, shall
have any liability for any obligations of the Company or the Guarantors under
the Notes, the Guarantees, the Indenture or the Collateral Agreements or for
any claim based on, in respect of, such obligations or their creation.

 

The Guarantee executed and delivered hereby is a continuing Guarantee
and shall remain in full force and effect and shall be binding upon each
Guarantor and its successors and assigns until full and final payment of all of
the Company’s obligations under the Notes and Indenture or until released or
legally defeased in accordance with the Indenture and shall inure to the
benefit of the successors and assigns of the Trustee and the Holders, and, in
the event of any transfer or assignment of rights by any Holder or the Trustee,
the rights and privileges herein conferred upon that party shall automatically
extend to and be vested in such transferee or assignee, all subject to the
terms and conditions hereof.  This is a
Guarantee of payment and performance and not of collectibility.

 

The obligations of each Guaranteeing Subsidiary under its Subsidiary
Guarantee shall be limited to the extent necessary to insure that it does not
constitute a fraudulent conveyance under applicable United States law.

 

THE TERMS OF ARTICLE TEN OF THE INDENTURE ARE INCORPORATED HEREIN BY
REFERENCE.

 

4.             GOVERNING
LAW.  THIS SUPPLEMENTAL INDENTURE
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.  EACH OF THE PARTIES HERETO IRREVOCABLY
APPOINTS CT CORPORATION SYSTEM, 111 EIGHTH AVENUE, NEW YORK, NEW YORK 10011 AS
ITS AGENT FOR SERVICE OF PROCESS AND AGREES TO SUBMIT TO THE JURISDICTION OF
THE U.S. FEDERAL OR STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE
CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENTAL INDENTURE AND FOR ACTIONS BROUGHT UNDER U.S. FEDERAL AND STATE
SECURITIES LAWS.

 

5.             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.

 

F-2

 

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

 

[signature page follows]

 

F-3

 

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

 

 

	
  Dated: [              ]

  	
  GUARANTEEING
  SUBSIDIARIES:

  
	
   

  	
   

  	
   

  
	
   

  	
  [                                                            ]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE TRUSTEE:

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

F-4

 

Exhibit G

to the Indenture

 

 

INTERCREDITOR
AND SUBORDINATION AGREEMENT

 

 

dated
as of               ,
200   

by
and among

THE
BANK OF NEW YORK,

as Collateral Agent, Trustee

and Priority Security Collateral Agent,

[WORKING
CAPITAL FACILITY AGENT],

as Administrative Agent, Security Trustee 

and Priority Security Collateral Agent,

[JUNIOR SECURITY COLLATERAL AGENT],

as Junior Security Collateral Agent,

 

and

 

THE COMPANIES NAMED HEREIN

as Obligors

 

 

 

INTERCREDITOR AND SUBORDINATION AGREEMENT

 

This
Intercreditor and Subordination Agreement, dated as of           
      , 200    (as the same may be
amended, modified or supplemented from time to time, this “Agreement”),
is made as a deed by and among: (i) THE BANK OF NEW YORK, as trustee under the
Indenture (as defined below) for the benefit of the holders from time to time
of the Note Obligations (in such capacity, including any successor thereto in
such capacity, the “Trustee”) and as collateral agent under the Indenture
for the benefit of the holders from time to time of the Note Obligations (in
such capacity, including any successor thereto in such capacity, the “Collateral
Agent”), (ii) [WORKING CAPITAL FACILITY AGENT], as administrative agent (in
such capacity, including any successor thereto in such capacity, the “Administrative
Agent”) and as security trustee (in such capacity, including any successor
thereto in such capacity, the “Security Trustee”) under the Working
Capital Facility (as defined below) for the benefit of the lenders party
thereto from time to time (collectively, the “Lenders”), (iii) [JUNIOR
SECURITY COLLATERAL AGENT], as agent (in such capacity, including any successor
thereto in such capacity, the “Junior Security Collateral Agent”) for
the benefit of the holders from time to time of the Junior Security Obligations
and (iv) PIPE ACQUISITION LIMITED (the “Company”) and the other companies named in Schedule 1
(collectively, the “Obligors” and each an “Obligor”).  

 

RECITALS

 

WHEREAS,
pursuant to a [INSERT WORKING CAPITAL FACILITY DOCUMENT], dated as of [                
    ], 200   , as such agreement may be
amended, restated, modified, supplemented, renewed, refunded, replaced or
refinanced from time to time, entered into by the Obligors party thereto, the
Lenders, the Administrative Agent and the Security Trustee and such Obligors
have entered into the Working Capital Facility Security Documents pursuant to
which such Obligors have conferred on the Security Trustee a Security in the
Collateral;

 

WHEREAS,
pursuant to an Indenture, dated as of December 16, 2005 (as the same may be
amended, restated, modified, supplemented, renewed, refunded, replaced or
refinanced from time to time, the “Indenture”), by and among the Obligor
that is the party thereto as the “Issuer” thereunder (the “Issuer”), the
other Obligors party thereto as the “Guarantors” thereunder, the Trustee and
the Collateral Agent, one or more of the Obligors have entered into the Note
Security Documents pursuant to which they have conferred on the Collateral
Agent a Security in the Collateral, which Security is subordinate to the
Working Capital Facility Security thereon to the extent provided in the Senior
Intercreditor Agreement;

 

WHEREAS,
pursuant to [INSERT CREDIT DOCUMENT], dated as of [                        
     , 200   ] (as the same may be
amended, restated, modified, supplemented, renewed, refunded, replaced or
refinanced from time to time, the “Subordinated Agreement”), by and
among the Obligors party thereto, and the Junior Security Collateral Agent,
such Obligors have entered into the Junior Security Collateral Documents
pursuant to which they have conferred on the Junior Security Collateral Agent a
Security in the Collateral, which Security is subordinate to the Priority Security
thereon pursuant to the terms hereof;

 

WHEREAS, the
parties hereto desire to enter into this Agreement to confirm their relative
rights with respect to the Collateral as provided in this Agreement;

 

NOW THEREFORE,
in consideration of the premises, covenants and agreements as herein set forth
and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

 

ARTICLE 1.

DEFINITIONS

 

For purposes
of this Agreement, the terms listed in this Article 1 shall have the
respective meanings set forth in this Article 1.  All other capitalized terms used herein and
not defined herein shall have the meaning ascribed thereto in the Indenture or
the Working Capital Facility, as the case may be.

 

“Additional
Notes” means any Notes issued under the Indenture after the date of the
Indenture, as part of the same series as the Initial Notes.

 

“Administrator”
means a person appointed under Schedule B1 of the Insolvency Act 1986 to manage
an Obligor’s affairs, business and/or property.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person.  For purposes of
this definition, “control,” as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise.  For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings.

 

“Board of
Directors” means, as to any Person, the board of directors or similar
governing body of such Person or any duly authorized committee thereof.

 

“Board Resolution” means, with
respect to any Person, a copy of a resolution certified by the Secretary or an
Assistant Secretary of such Person to have been duly adopted by the Board of
Directors of such Person and to be in full force and effect on the date of such
certification.

 

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

 

“Capital
Lease Obligation” means, at the time any determination is to be made, the
amount of the liability in respect of a capital lease that would at that time
be required to be capitalized on a balance sheet prepared in accordance with
GAAP.

 

“Capital Stock” means:

 

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

 

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

 

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

 

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

 

2

 

“Collateral”
means all properties and assets at any time owned or acquired by any of the
Obligors upon which a Security securing the Obligations is conferred or
purported to be conferred by any Priority Security Collateral Documents.

 

“Commodity
Agreement” means any hedging agreement or other similar agreement or
arrangement designed to protect the Company or any Restricted Subsidiary of the
Company against fluctuations in commodity prices.

 

“Currency
Agreement” means any foreign exchange contract, currency swap agreement or
other similar agreement or arrangement designed to protect the Company or any
Restricted Subsidiary of the Company against fluctuations in currency values.

 

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

 

“Discharge
of the Priority Security Obligations” means termination of all commitments
to extend credit that would constitute Priority Security Debt, payment in full
in cash of the principal of and interest and premium (if any) on all Priority
Security Debt (except undrawn letters of credit), discharge or cash
collateralization (at the lower of (1) 105% of the aggregate undrawn
amount and (2) the percentage of the aggregate undrawn amount required for
release of the Security conferred by the terms of the applicable Priority
Security Document) of all letters of credit outstanding under any Priority
Security Debt, and payment in full in cash of all other Priority Security
Obligations (except Unasserted Contingent Obligations) that are outstanding and
unpaid at the time the Priority Security Debt is Discharged.  “Discharged” shall have the correlative
meaning.

 

“Disqualified
Capital Stock” means that portion of any Capital Stock which, by its terms
(or by the terms of any security into which it is convertible or for which it
is exchangeable at the option of the holder thereof), or upon the happening of
any event (other than an event that would constitute a Change of Control (as
defined in the Indenture and/or the Working Capital Facility)), matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
is redeemable at the sole option of the holder thereof (except in each case,
upon the occurrence of a Change of Control (as defined in the Indenture and/or
the Working Capital Facility)) on or prior to the first anniversary of the
final maturity date of the Notes for cash or is convertible into or
exchangeable for debt securities of the Company or its Subsidiaries at any time
prior to such anniversary.

 

A “distribution”
or “payment” may consist of a distribution, payment or other transfer of
assets by or on behalf of any Obligor (including, without limitation, a
redemption, repurchase or other acquisition of Junior Security Debt) from any
source, of any kind or character, whether in cash, securities or other
property, by set-off or otherwise.

 

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

 

“Event of
Default” means an event of default under any of the Secured Debt Documents.

 

“Fair
Market Value” means, with respect to any asset or property, the price which
could be negotiated in an arm’s length transaction, for cash, between a willing
seller and a willing and able buyer, neither of whom is under undue pressure or
compulsion to complete the transaction. Fair Market Value shall be determined
by the Board of Directors of the Company acting in good faith and shall be
evidenced by a Board Resolution of the Board of Directors of the Company; provided,
however, that with respect to any

 

3

 

price less
than UK£1.5 million only the good faith determination by the Company’s senior
management shall be required.

 

“GAAP”
means generally accepted accounting principles in the United Kingdom as in
effect on the date of the Indenture, including the financial reporting
standards issued by the Accounting Standards Board for application in England
and Wales, provided that the Company may make one election to follow the
generally accepted accounting principals in the United States (“US GAAP”),
in which event all references to GAAP in this Agreement shall mean US GAAP.

 

“Guarantee”
means, as the case may be, a Working Capital Facility Guarantee, a Note
Guarantee or a Junior Security Guarantee.

 

“Guarantor”
means the Company, if applicable, and/or any Subsidiary of the Company that
executes a Guarantee in accordance with the provisions of the applicable
Secured Debt Document and its successors and assigns, in each case, until the
Guarantee of such Person has been released in accordance with the provisions of
such Secured Debt Document.

 

“Initial
Notes” means the first $130.0 million aggregate principal amount of Notes
issued under the Indenture on the date of the Indenture.

 

“Insolvency
Law” means any bankruptcy, insolvency, reorganization, liquidation,
examination, moratorium, dissolution, delinquency or similar law.

 

“Insolvency or Liquidation Proceeding” means:

 

(1)           any case commenced by or against the
Company or any other Obligor under any Insolvency Law, any other proceeding for
the reorganization, liquidation, examination, moratorium, dissolution or
adjustment or marshalling of the assets or liabilities of the Company or any
other Obligor, any receivership or assignment for the benefit of creditors
relating to the Company or any other Obligor or any similar case or proceeding
relative to the Company or any other Obligor or its creditors, as such, in each
case whether or not voluntary;

 

(2)           any liquidation, dissolution,
examination, moratorium, dissolution, marshalling of assets or liabilities or
other winding up of or relating to the Company or any other Obligor, in each
case whether or not voluntary and whether or not involving bankruptcy or
insolvency; or

 

(3)           any other proceeding of any type or
nature in which substantially all claims of creditors of the Company or any
other Obligor are determined and any payment or distribution is or may be made
on account of such claims. 

 

“Interest Swap Obligations” means the obligations of any Person
pursuant to any arrangement with any other Person,
whereby, directly or indirectly, such Person is entitled to receive from time
to time periodic payments calculated by applying either a floating or a fixed
rate of interest on a stated notional amount in exchange for periodic payments
made by such other Person calculated by applying a fixed or a floating rate of
interest on the same notional amount and shall include, without limitation,
interest rate swaps, caps, floors, collars and similar agreements.

 

4

 

“Junior
Security” means a Security conferred by a Junior Security Collateral
Document by the Company or any other Obligor to the Junior Security Collateral
Agent (or any other holder, or representative of holders, of Junior Security
Obligations) upon any property or assets of the Company or such Obligor to
secure Junior Security Obligations.

 

“Junior Security
Collateral Documents” means one or more debentures, security agreements,
pledge agreements, collateral assignments, mortgages, collateral agency
agreements, control agreements, deeds of trust or other similar agreements
executed and delivered by the Company or any other Obligor conferring (or
purporting to confer) a Junior Security on Collateral, in each case, as
amended, modified, renewed, restated or replaced, in whole or in part, from
time to time, in accordance with its terms.

 

“Junior
Security Debt” means indebtedness incurred pursuant to the Subordinated
Agreement.

 

“Junior
Security Documents”  means,
collectively, the Subordinated Agreement, the Junior Security Guarantees, the
Junior Security Collateral Documents and all agreements governing, securing or
relating to any Junior Security Obligations.

 

“Junior
Security Guarantee” means the guarantee by each Guarantor of any Obligor’s
obligations under the Junior Security Documents, if any, executed pursuant to
the provisions thereof.

 

“Junior
Security Obligations” means Junior Security Debt and all other Obligations
in respect thereof.

 

“Legal
Holiday” means a day (other than a Saturday or Sunday) on which banks are
generally open for business in Edinburgh and London.

 

“Liquidated
Damages” means all liquidated damages then owing pursuant to the
Registration Rights Agreement.

 

“Note Debt”
means:

 

(1)           the Initial Notes; and

 

(2)           any Additional Notes that are permitted
to be incurred under the Indenture.

 

“Note
Documents” means, collectively, the Indenture, the Notes (including any
Additional Notes), the Note Guarantees, the Note Security Documents, the Senior
Intercreditor Agreement and all agreements governing, securing or relating to
any Note Obligations.

 

“Note
Guarantee” means the guarantee by each Note Guarantor of the Issuer’s
obligations under the Indenture and on the Notes, executed pursuant to the
provisions of the Indenture.

 

“Note
Security” means a Security conferred by a Note Security Document by the
Issuer or any other Obligor to the Collateral Agent (or any other holder, or
representative of holders, of Note Obligations) upon any property or assets of
the Issuer or such Obligor to secure Note Obligations.

 

“Note
Obligations” means Note Debt and all other Obligations in respect thereof.

 

“Notes”
means the Senior Secured Floating Rate Notes due 2010 (including without
limitation, Additional Notes).

 

“Note Security Documents”
means one or more debentures, security agreements, pledge agreements,
collateral assignments, mortgages, collateral agency agreements, control
agreements, deeds of trust or other similar agreements executed and delivered
by the Issuer or

 

5

 

any other Obligor conferring
(or purporting to confer) a Note Security on Collateral, in each case, as amended,
modified, renewed, restated or replaced, in whole or in part, from time to
time, in accordance with its terms.

 

“Obligations”
means all obligations for principal, premium, interest, Additional Interest (as
defined in the Registration Rights Agreement), penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any indebtedness.

 

“Obligor”
means the Company, any Guarantor and any other Person that at any time is a
borrower with respect to, or guarantees or provides collateral security or
credit support for any Working Capital Facility Obligations or Note
Obligations.

 

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

 

“Officers’
Certificate” means (1) with respect to any Obligor, a certificate
signed on behalf of such Obligor by two Officers of such Obligor, one of whom
must be the principal executive officer, the principal financial officer, the
treasurer, or the principal accounting officer of such Obligor, and
(2) with respect to any Priority Security Collateral Agent, a certificate
signed on behalf of such Priority Security Collateral Agent by one Officer of
such Priority Security Collateral Agent.

 

“Permitted
Junior Securities” means Equity Interests in the Company or debt securities
of the Company that are subordinated to all Priority Security Obligations and
any debt securities issued in exchange for Priority Security Obligations to
substantially the same extent as, or to a greater extent than, the Junior
Security Obligations are subordinated to Priority Security Obligations.

 

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

 

“Preferred
Stock” means any Equity Interest with preferential right of payment
(i) of dividends or (ii) upon liquidation, dissolution or winding up
of the issuer of such Equity Interest.

 

“Priority
Security” means a Security conferred by a Priority Security Collateral
Document by the Company or any other Obligor to any holder, or representative
of holders, of Priority Security Obligations upon any property or assets of the
Company or such Obligor to secure Priority Security Obligations.

 

“Priority
Security Collateral Agent” means, as the case may be, the Security Trustee
or the Collateral Agent or both, and, after all Priority Security Obligations
in respect of the Working Capital Facility and Indenture have been Discharged,
a single representative of all holders of Priority Security most recently
designated by the Company in an Officers’ Certificate delivered to the Junior
Security Collateral Agent or the successor of such representative in its
capacity as such.

 

“Priority
Security Collateral Documents” means the Notes Security Documents and the
Working Capital Facility Security Documents.

 

“Priority Security Debt” means, collectively, the Working
Capital Facility Debt and the Note Debt.

 

“Priority
Security Documents” means the Working Capital Facility, the Indenture, the
Priority Security Collateral Documents, the Senior Intercreditor Agreement and
all other agreements governing, securing or relating to any Priority Security
Obligations (other than this Agreement).

 

6

 

“Priority
Security Obligation” means the Priority Security Debt and all other
Obligations of the Company or any Obligor under the Priority Security
Documents.

 

“Qualified
Capital Stock” means any Capital Stock that is not Disqualified Capital
Stock.

 

“Receiver”
means a receiver or receiver and manager or administrative receiver of the
whole or any part of the assets of an Obligor which from time to time are, or
are expressed to be, the subject of the Security created or purported to be
created pursuant to any Priority Security Collateral Documents or any Junior
Security Collateral Document.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of
December 16, 2005, among the Issuer, the Guarantors party thereto and the other
parties named on the signature pages thereof or any other registration rights
agreement, as each such agreement may be amended, modified or supplemented from
time to time and, with respect to any Additional Notes, one or more
registration rights agreements among the Issuer, the Guarantors party thereto
and the other parties thereto, as such agreement(s) may be amended, modified or
supplemented from time to time, relating to rights given by the Issuer to the
purchasers of Additional Notes to register such Additional Notes under the
Securities Act of 1933, as amended.

 

“Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is
not an Unrestricted Subsidiary.

 

“Secured Debt” means, collectively, Priority Security Debt and
Junior Security Debt.

 

“Secured
Debt Documents” means the Priority Security Documents and the Junior
Security Documents.

 

“Secured
Obligations” means the Secured Debt and all other Obligations of the
Company or any other Obligor under the Secured Debt Documents.

 

“Security”
means, with respect to any asset, means any mortgage, charge, pledge, lien or
other security interest granted over such asset securing any obligation of any
person, or any other agreement or arrangement having a similar effect.

 

“Senior
Intercreditor Agreement” means the Intercreditor Agreement, dated as of [             
   ], 200 , entered into by the Administrative Agent, the
Security Trustee, the Trustee, the Collateral Agent, the Company and the other
Obligors party thereto, a copy of which is attached hereto as Annex A,
as the same may be amended, restated, or otherwise modified from time to time.

 

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

 

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

 

7

 

(2)           any partnership (a) the sole general
partner or the managing general partner of which is such Person or a Subsidiary
of such Person or (b) the only general partners of which are that Person
or one or more Subsidiaries of that Person (or any combination thereof).

 

“Unasserted
Contingent Obligations” means, at any time, Obligations for taxes, costs,
indemnifications, reimbursements, damages and other liabilities in respect of
which no claim or demand for payment has been made at such time (except
(i)  principal of, accrued interest and accrued premium (if any) on, and
accrued fees (including, without limitation, accrued prepayment fees) relating
to, any indebtedness, (ii) contingent obligations to reimburse the issuer
of an outstanding letter of credit for amounts that may be drawn or paid
thereunder and (iii) any such contingent claims or demands as to which
either Priority Security Collateral Agent or any holder of Priority Security Obligations
has then notified the Company in good faith that it believes to be owing by any
Obligor).

 

“Unrestricted
Subsidiary” means any Subsidiary of the Company designated by the Board of
Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution
of the Board of Directors, and any Subsidiary of such Unrestricted Subsidiary,
in accordance with the terms and conditions of the Indenture.

 

“Working
Capital Facility” means the [INSERT WORKING CAPITAL FACILITY DOCUMENT],
dated as of [              
    ], 200 , among the Obligors party thereto, the
Lenders, the Administrative Agent and the Security Trustee, setting forth the
terms and conditions of the senior credit facility, together with the related
documents thereto (including, without limitation, any guarantee agreements and
security documents), in each case as amended, restated, modified, renewed,
refunded, replaced (whether on or after termination or otherwise) or refinanced
(including by means of sales of debt securities to institutional investors) in
whole or in part from time to time. Without limiting the generality of the
foregoing, the term “Working Capital Facility” shall include any amendment,
amendment and restatement, renewal, extension, restructuring, supplement or
modification to any Working Capital Facility and all refundings, refinancings
and replacements of any Working Capital Facility, including any working capital
facility: (1) extending the maturity of any indebtedness incurred thereunder or
contemplated thereby, (2) adding or deleting borrowers or guarantors
thereunder, so long as borrowers and issuers thereunder include one or more of
the Obligors and its Subsidiaries and their respective successors and assigns,
(3) increasing the amount of indebtedness incurred thereunder or available to
be borrowed thereunder, or (4) otherwise altering the terms and conditions
thereof and whether by the same or any other agent, lender or group of lenders
(including by means of sales or debt securities to institutional lenders).

 

“Working
Capital Facility Debt” means all Obligations as defined in the Working
Capital Facility, excluding any prepayment fee or early termination fee
under the Working Capital Facility.

 

“Working
Capital Facility Documents” means, collectively, the Working Capital Facility,
the Working Capital Facility Guarantees, the Working Capital Facility Security
Documents, the Senior Intercreditor Agreement and all agreements governing,
securing or relating to any Working Capital Facility Obligations.

 

“Working
Capital Facility Guarantee” means the guarantee by each Guarantor of any
Obligor’s obligations under the Working Capital Facility, executed pursuant to
the provisions thereof.

 

“Working
Capital Facility Security” means a Security conferred by a Working Capital
Facility Security Document by any Obligor to the Security Trustee (or any other
holder, or representative of holders, of Working Capital Facility Obligations)
upon any property or assets of such Obligor to secure Working Capital Facility
Obligations.

 

8

 

“Working
Capital Facility Obligations” means all Obligations as defined in the
Working Capital Facility, including any prepayment fee or early termination fee
under the Working Capital Facility.

 

“Working Capital Facility
Security Documents” means one or more debentures, security agreements,
pledge agreements, collateral assignments, mortgages, collateral agency
agreements, control agreements, deeds of trust or other similar agreements
executed and delivered by any Obligor conferring (or purporting to confer) a
Working Capital Facility Security on Collateral, in each case, as amended,
modified, renewed, restated or replaced, in whole or in part, from time to
time, in accordance with its terms.

 

ARTICLE 2.

INTERCREDITOR RELATIONS

 

Section 2.1  Agreement for the Benefit of Holders of
the Priority Security.  The Junior
Security Collateral Agent agrees, and each holder of Junior Security
Obligations agrees, that (1) the Junior Security is, to the extent and in
the manner provided in this Article 2, junior and subordinate in ranking
to all of the Priority Security, whenever conferred or attaching, upon any
present or future Collateral and (2) the Priority Security, whenever
conferred or attaching, upon any present or future Collateral, will be prior
and senior to the Junior Security.

 

Section 2.2  Ranking.  Notwithstanding (1) anything to the
contrary contained in the Junior Security Collateral Documents, (2) the
time of incurrence of any Secured Obligations, (3) the time, order or
method of attachment of the Junior Security or the Priority Security,
(4) the time or order of filing or recording of financing statements or
other documents filed or recorded to perfect any Security on any Collateral,
(5) the time of taking possession or control over any Collateral,
(6)  that any Priority Security may not have been perfected, (7) that
any Priority Security may be or have become subordinated, by equitable
subordination or otherwise, to any other Security, or (8) any other circumstance
of any kind or nature whatsoever, whether similar or dissimilar to any of the
foregoing, the Junior Security will in all circumstances be junior and
subordinate in ranking to all of the Priority Security, whenever conferred,
upon any present or future Collateral, and the Priority Security, whenever
conferred, upon any present or future Collateral will be prior and superior to
the Junior Security.

 

Section 2.3  Collateral Sharing with Additional
Priority Security Obligations.  Any
Additional Notes issued under the Indenture and permitted to be incurred under
the Working Capital Facility or additional indebtedness issued under the
Working Capital Facility and permitted to be incurred under the Indenture will
be treated as Priority Security Obligations for all purposes hereunder.

 

Section 2.4  Restriction on Enforcement of the Junior
Security.

 

(a)           So long as any Priority Security Obligations exist
that have not been Discharged, the holders of the Priority Security will have
the exclusive right to enforce, foreclose, collect or realize upon any
Collateral.  Subject to Section 2.14
and the second set of clauses (1) through (4) set forth
below, the holders of Junior Security Obligations will not authorize or
instruct the Junior Security Collateral Agent, and the Junior Security
Collateral Agent will not, and will not authorize or direct any Person acting
for it, or any holder of Junior Security Obligations, to exercise any right or
remedy with respect to any Junior Security (including any right of set-off)

 

9

 

or take any action to
enforce, collect or realize upon any Junior Security (by sale or otherwise),
including without limitation, any right, remedy or action to:

 

(1)           take possession of or control over any
Collateral;

 

(2)           exercise any collection rights in respect
of any Collateral or retain any proceeds of accounts and other obligations
receivable paid to it directly by any account debtor;

 

(3)           foreclose upon any Collateral (including
by the exercise of any right of set-off) or take or accept any transfer of
title in lieu of foreclosure upon any Collateral;

 

(4)           enforce any claim to the proceeds of
insurance upon any Collateral;

 

(5)           deliver any notice, claim or demand
relating to the Collateral to any Person (including any securities
intermediary, depositary bank or landlord) in the possession or control of any
Collateral or acting as bailee, custodian or agent for any holder of the
Priority Security in respect of any Collateral;

 

(6)           appoint a Receiver for the orderly sale
or liquidation of any Collateral;

 

(7)           appoint an Administrator;

 

(8)           exercise any right of set-off or
combination of accounts or by way of attachment by the Junior Security
Collateral Agent or any such holder of Junior Security Obligations against any
Collateral;

 

(9)           crystallise any floating charge in any
Junior Security Collateral Document;

 

(10)         otherwise enforce any remedy available
upon default for the enforcement of any Junior Security on the Collateral;

 

(11)         deliver any notice or commence any proceeding
(other than an Insolvency or Liquidation Proceeding) for any of the foregoing
purposes; or

 

(12)         seek relief in any Insolvency or
Liquidation Proceeding permitting it to do any of the foregoing;

 

except that, in any event,
any such right or remedy may be exercised and any such action may be taken,
authorized or instructed:

 

(1)           without any condition or restriction
whatsoever, so long as no Priority Security Obligations exist that have not
been Discharged;

 

(2)           as necessary to redeem any Collateral in
a creditor’s redemption permitted by law or to deliver any notice or demand
necessary to enforce any right to claim, take or receive proceeds of Collateral
remaining at any time when no Priority Security Obligations exist that have not
been Discharged in the event of foreclosure or other enforcement of any prior
Security;

 

10

 

(3)           as necessary to perfect, or maintain the
perfection or priority of, a Security on any Collateral by any method of
perfection except through possession or control; or

 

(4)           as necessary to prove, preserve or
protect (but not enforce) the Junior Security, in each case, subject to the
provisions of the Junior Security Collateral Documents.

 

(b)           Subject to Section 2.14, so long as there
are any Priority Security Obligations existing that have not been Discharged,
none of the holders of Junior Security Obligations or the Junior Security
Collateral Agent will:

 

(1)           request judicial relief, in an Insolvency
or Liquidation Proceeding or in any other court, that would hinder, delay,
limit or prohibit the lawful exercise or enforcement of any right or remedy
otherwise available to the holders of the Priority Security in respect of the
Priority Security or that would limit, invalidate, avoid or set aside any
Priority Security or Priority Security Collateral Document or subordinate the
Priority Security to the Junior Security or confer the Junior Security equal
ranking with the Priority Security;

 

(2)           oppose or otherwise contest any motion
for relief from the automatic stay or from any injunction against foreclosure
or enforcement of the Priority Security made by any holder of the Priority
Security in any Insolvency or Liquidation Proceeding;

 

(3)           oppose or otherwise contest any lawful
exercise by any holder of the Priority Security of the right to credit bid
Priority Security Obligations at any sale in foreclosure of the Priority
Security;

 

(4)           oppose or otherwise contest any other
request for judicial relief made in any court by any holder of the Priority
Security relating to the lawful enforcement of any Priority Security; or

 

(5)           challenge the enforceability, perfection
or the validity of the Priority Security Obligations or the Priority Security.

 

(c)           All proceeds of Collateral received by the Junior
Security Collateral Agent or any holder of Junior Security Obligations at any
time when any Priority Security Obligations exist that have not been Discharged
and after (i) the commencement of any Insolvency or Liquidation Proceeding in
respect of the Company or any other Obligor, (ii) any Priority Security Debt
has become due and payable in full (whether at maturity, upon acceleration or
otherwise) or (iii) any Priority Security Collateral Agent or holder of the
Priority Security has commenced an enforcement of any or all of the Priority
Security by reason of a default under the Priority Security Documents, will be
held by the Junior Security Collateral Agent for the account of the applicable
holders of the Priority Security and remitted to the applicable Priority Lien
Collateral Agent upon demand by such Priority Lien Collateral Agent.  To the extent provided by applicable law, the
Junior Security will remain attached to and, subject to this Article 2,
enforceable against all proceeds so held or remitted.

 

11

 

(d)           Except as set forth in Section 2.4(c), and
to the extent permitted under Article 3, all payments received by the
Junior Security Collateral Agent, the holders of Junior Security Obligations
and the other holders of Junior Security Obligations will be free from the
Priority Security and all other Security thereon except the Junior Security.

 

Section 2.5  Insolvency or Liquidation Proceedings.

 

(a)           The provisions of this Article 2 will be
applicable both before and after the filing of any petition by or against any
Obligor under any Insolvency Law and all converted or succeeding cases in
respect thereof, and all references herein to any Obligor shall be deemed to
apply to the trustee for such Obligor and such Obligor as a
debtor-in-possession.  The relative
rights of secured creditors in or to any distributions from or in respect of
any Collateral or proceeds of Collateral shall continue after the filing of such
petition on the same basis as prior to the date of such filing, subject to any
court order approving the financing of, or use of cash collateral by any
Obligor as a debtor-in-possession.  If,
in any Insolvency or Liquidation Proceeding and at any time any Priority
Security Obligations exist that have not been Discharged, the requisite holders
(as determined by such Insolvency or Liquidation Proceeding) of Priority
Security Obligations:

 

(1)           consent to any order for use of cash
collateral or agree to the extension of any Priority Security Obligations
(including, without limitation, any debtor-in-possession financing) to any
Obligor;

 

(2)           consent to any order conferring any
priming Security, replacement Security, cash payment or other relief on account
of Priority Security Obligations as adequate protection (or its equivalent) for
the interests of the holders of the Priority Security in the property subject
to such Priority Security; and

 

(3)           consent to any order relating to a sale
of assets of the Company or any other Obligor;

 

then, the holders of Junior
Security Obligations and the Junior Security Collateral Agent will not oppose
or otherwise contest the entry of such order (except that any order approving a
sale of assets or the bidding procedures for any sale of assets may be opposed
or otherwise contested by them based on any ground that may be asserted by a
holder of unsecured claims), so long as none of the holders of Priority
Security Obligations, either Priority Security Collateral Agent or any
representative acting for one or more of the holders of Priority Security
Obligations in any respect opposes or otherwise contests any request made by
the holders of Junior Security Obligations for the grant to the Junior Security
Collateral Agent, for the benefit of the holders of Junior Security Obligations
and as adequate protection (or its equivalent) for the Junior Security
Collateral Agent’s interest in the Collateral under the Junior Security, of a
subordinate Security on any property upon which a Security is (or is to be)
conferred under the order to secure the Priority Security Obligations
co-extensive in all respects with, but subordinated (as set forth in this Article
2) in all respects to, such Security and all of the Priority Security on
the property.

 

(b)           The holders of Junior Security Obligations and the
Junior Security Collateral Agent will not file or prosecute in any Insolvency
or Liquidation Proceeding any motion for adequate protection (or any comparable
request for relief) based upon their interests in the Collateral under the Junior
Security, except that:

 

(1)           they may freely seek and obtain relief
conferring a subordinate Security co-extensive in all respects with, but
subordinated (as set forth in this Article 2) in all respects to, all
Security conferred in such Insolvency or Liquidation Proceeding to the holders
of Priority Security Obligations;

 

12

 

(2)           they may assert rights in connection with
the confirmation of any plan of reorganization or similar dispositive
restructuring plan; and

 

(3)           they may freely seek and obtain any
relief upon a motion for adequate protection or for relief from the automatic
stay (or any comparable relief), without any condition or restriction
whatsoever, at any time when no Priority Security Obligations exist that have
not been Discharged.

 

(c)           If, in any Liquidation or Insolvency Proceeding, debt
obligations of the reorganized debtor secured by Security on any property of
the reorganized debtor are distributed, both on account of Priority Security
Obligations and on account of the Junior Security Obligations, then, to the
extent the debt obligations distributed on account of the Priority Security
Obligations and on account of the Junior Security Obligations are secured by
Security on the same property or type of property, the provisions of this Article
2 will survive the distribution of such debt obligations pursuant to such
plan and will apply with like effect to the Security securing such debt
obligations.

 

Section 2.6  Release of Collateral upon Sale or Other
Disposition.  At any time Priority
Security Obligations exist that have not been Discharged, the Junior Security
will be released in part with respect to any asset constituting Collateral
(whether or not any Insolvency or Liquidation Proceeding is pending at the
time):

 

(a)           upon delivery by the Company (or any Priority Security
Collateral Agent) to the Junior Security Collateral Agent of an Officers’
Certificate certifying that the asset has been (or concurrently with the
release of the Junior Security thereon will be) sold, transferred or otherwise
disposed of by the Company or any other Obligor to a Person other than the
Company, any of the Company’s Restricted Subsidiaries or any other Obligor in a
transaction permitted by either the Working Capital Facility or the Indenture,
at the time of sale or disposition;

 

(b)           upon delivery by the Company to the Junior Security
Collateral Agent of an Officers’ Certificate certifying that the asset is owned
or has been acquired by a Guarantor that has been released from its Junior
Security Guarantee (including by virtue of a Subsidiary Guarantor becoming an
Unrestricted Subsidiary); provided that any subsequent guarantee or
reinstated guarantee made by such Guarantor shall be subject to the Junior
Security Collateral Documents;

 

(c)           upon delivery by the Company of the required Officers’
Certificate to the Junior Security Collateral Agent in accordance with the
provisions of the applicable Junior Security Collateral Documents relating to
the release of the Junior Security subject to such Junior Security Collateral
Documents; and

 

(d)           upon delivery by the Company (or any Priority Security
Collateral Agent) to the Junior Security Collateral Agent of an Officers’
Certificate certifying that the asset has been (or concurrently with the
release of the Junior Security thereon will be) sold, transferred or otherwise
disposed of (i) by any Priority Security Collateral Agent in a foreclosure
or other enforcement proceeding or (ii) by an Obligor in lieu of a sale by
any Priority Security Collateral Agent in a foreclosure or enforcement
proceeding.

 

13

 

The Junior
Security Collateral Agent promptly will execute and deliver an instrument
confirming such release in customary terms reasonably acceptable to the
Priority Security Collateral Agents.  If
the Junior Security Collateral Agent fails to do so, each Priority Security
Collateral Agreement is hereby irrevocably authorized and empowered, with full
power of substitution, to deliver each such instrument in the name of the
Junior Security Collateral Agent. 

 

Section 2.7  Release of Junior Security Guarantees upon
Sale or Other Disposition.  At any
time Priority Security Obligations exist that have not been Discharged, the
Junior Security Guarantee of a Guarantor will be released (whether or not an
Insolvency or Liquidation Proceeding is then pending):

 

(a)           in connection with any sale or other disposition of
all or substantially all of the assets of that Guarantor (including by way of
merger or consolidation) to a Person that is not (either before or after giving
effect to such transaction) the Company or a Restricted Subsidiary of the
Company;

 

(b)           in connection with any sale or other disposition of
all of the Capital Stock of that Guarantor (whether directly by transfer of
Capital Stock issued by that Guarantor or indirectly by transfer of Capital
Stock of other Subsidiaries that, directly or indirectly, own Capital Stock
issued by that Guarantor) to a Person that is not (either before or after
giving effect to such transaction) the Company or a Restricted Subsidiary of
the Company;

 

(c)           if the Company designates any Restricted Subsidiary
that is a Guarantor to be an Unrestricted Subsidiary in accordance with the
applicable provisions of the Priority Security Documents; or

 

(d)           to the extent such Guarantor is released from its
Guarantee under any of the Priority Security Documents.

 

Section 2.8  Amendment of Junior Security Collateral
Documents.

 

(a)           At any time when any Priority Security Obligations
exist that have not been Discharged, the Junior Security Collateral Agent will
not enter into, and the holders of Junior Security Obligations will not
authorize or direct, any amendment of or supplement to any Junior Security
Collateral Document (i) relating to any Collateral that would make such Junior
Security Collateral Document inconsistent in any material respect with the
comparable provisions of the Priority Security Collateral Documents upon such
Collateral or (ii) if such amendment or supplement is prohibited by the terms
of the Working Capital Facility or the Indenture.

 

(b)           For the purposes of Section 2.8(a), any
provision granting rights or powers to the Junior Security Collateral Agent
relating to any Collateral that are not granted to the holders of the Priority
Security securing Priority Security Obligations will constitute a material
inconsistency unless prior to or at such time, the holders of Secured
Obligations are granted such additional rights or powers with respect to such Collateral
at the time of the conferring of such Security.

 

14

 

(c)           For the purposes of Section 2.8(a), the
Junior Security Collateral Agent shall be entitled conclusively to presume that
Priority Security Obligations exist that have not been Discharged until each of
the Priority Security Collateral Agents has delivered a notice in writing to
the Junior Security Collateral Agent stating that no Priority Security
Obligations exist that have not been Discharged, and the Junior Security
Collateral Agent may rely conclusively on any such written notice delivered by
each Priority Security Collateral Agent. 
The Junior Security Collateral Agent shall have no duty to determine whether
or not Priority Security Obligations exist that have not been Discharged.

 

Section 2.9  Waiver of Certain Subrogation,
Marshalling, Appraisal and Valuation Rights.

 

(a)           To the fullest extent permitted by law, the holders of
Junior Security Obligations and the Junior Security Collateral Agent agree not
to assert or enforce at any time any Priority Security Obligations exist that
have not been Discharged:

 

(1)           any right of subrogation to the rights or
interests of holders of the Priority Security (as priority holders of Security)
(or any claim or defense based upon impairment of any such right of
subrogation);

 

(2)           any right of marshalling accorded to a
subordinate holder of Security, as against the holders of the Priority Security
(as priority holders of Security), under equitable principles; or

 

(3)           any statutory right of appraisal or
valuation accorded under any applicable state law to a subordinate holder of
Security in a proceeding to foreclose a Priority Security.

 

(b)           None of the Lenders, the Administrative Agent, the
Security Trustee (including in its capacity as a Priority Security Collateral
Agent), the holders of Notes, the Trustee, the Collateral Agent (including in
its capacity as a Priority Security Collateral Agent) or the other holders of
the Priority Security or Priority Security Obligations will have any duty
whatsoever, express or implied, fiduciary or otherwise, to any holder of Junior
Security Obligations or the Junior Security.

 

(c)           To the maximum extent permitted by law, each of the
holders of Junior Security Obligations and the Junior Security Collateral Agent
waives any claim it may at any time have against the Lenders, the
Administrative Agent, the Security Trustee (including in its capacity as a
Priority Security Collateral Agent), the holders of Notes, the Trustee, the
Collateral Agent (including in its capacity as a Priority Security Collateral
Agent) and any other holders of the Priority Security or the Priority Security
Obligations with respect to or arising out of any action or failure to act or
any error of judgment or negligence on the part of the Lenders, the
Administrative Agent, the Security Trustee (including in its capacity as a
Priority Security Collateral Agent), the holders of Notes, the Trustee, the
Collateral Agent (including in its capacity as a Priority Security Collateral
Agent) or the other holders of the Priority Security or the Priority Security
Obligations or their respective directors, officers, employees or agents with
respect to any exercise of rights or remedies in respect of the Priority Security
or the Priority

 

15

 

Security Obligations or
under the Priority Security Documents or any transaction relating to the
Collateral other than any claim resulting from the gross negligence or willful
misconduct of such parties. 

 

Section 2.10  Limitation on Certain Relief and Defenses.

 

(a)           The Junior Security will not be forfeited,
invalidated, discharged or otherwise affected or impaired by any breach of any
obligation of the holders of Junior Security Obligations or the Junior Security
Collateral Agent set forth in this Article 2.

 

(b)           The Priority Security will not be forfeited,
invalidated, discharged or otherwise affected or impaired by any breach of any
obligation of the Priority Security Collateral Agents set forth in this Article
2.

 

Section 2.11  Reinstatement.  If the payment of any amount applied to any
Priority Security Obligations secured by any Priority Security is later avoided
or rescinded (including by settlement of any claim for avoidance or rescission)
or otherwise set aside, then to the fullest extent lawful, all claims for the
payment of such amount as Priority Security Obligations and, to the extent
securing such claims, all such Priority Security will be reinstated and
entitled to the benefits of this Article 2.

 

Section 2.12  Amendment; Waiver.

 

(a)           No amendment or supplement to the provisions of this
Agreement will:

 

(1)           be effective unless set forth in a
writing signed by the Junior Security Collateral Agent (acting on behalf of the
holders of Junior Security Obligations);

 

(2)           become effective at any time any Priority
Security Obligations exist that have not been Discharged unless such amendment
or supplement is consented to in a writing signed by the Priority Security
Collateral Agents and, to the extent required under the applicable Priority
Loan Documents, as such Priority Security Collateral Agents shall act upon the
direction or with the consent of the requisite Lenders under the Working
Capital Facility and the requisite holders of Note Obligations under the
Indenture.

 

(b)           Any such amendment or supplement that imposes any
obligation upon any Obligor or adversely affects the rights of any Obligor
under Section 2.3 will become effective only with the consent of such
Obligor.

 

(c)           No waiver of any of the provisions of this Agreement
will in any event be effective unless set forth in a writing signed and
consented to, as required for an amendment under this Section 2.12, by
the party to be bound thereby.

 

16

 

(d)           Notwithstanding the provisions of Section 2.12(a),
(b) or (c), without the consent of any holder of Junior Security
Obligations, each Obligor and the Priority Security Collateral Agents may amend
or supplement this Agreement to:

 

(1)           cure any ambiguity, defect or
inconsistency; or

 

(2)           make any change that would provide any
additional rights or benefits to the holders of the Junior Security Obligations
or that does not adversely affect the rights under this Agreement of any such
holder.

 

Section 2.13  Enforcement.

 

(a)           The provisions of this Article 2 are intended
for the sole benefit of, and may be enforced solely by, the holders of the
Priority Security and the Priority Security Obligations granted and outstanding
from time to time; provided that:

 

(1)           the provisions of Section 2.3 are
intended for the sole benefit of the Obligors and the holders of Additional
Notes or additional indebtedness incurred under the Working Capital Facility
after the date hereof and may be enforced by the Company and the holders of
Additional Notes or additional indebtedness incurred under the Working Capital
Facility after the date hereof solely upon the terms and conditions set forth
in Section 2.3;

 

(2)           the provisions of Sections 2.4(d),
2.16, 2.17 and 2.18 are intended for the sole benefit of,
and may be enforced solely by, the holders of Junior Security Obligations
outstanding from time to time and the Junior Security Collateral Agent.

 

(b)           Except with respect to any exceptions contained
therein applicable to the holders of Junior Security Obligations and/or the
Junior Security Collateral Agent, the obligations of the holders of Junior
Security Obligations and the Junior Security Collateral Agent set forth in Sections 2.4,
2.5, 2.6, 2.7, 2.8, 2.9 and 2.10 and Article
3:

 

(1)           are intended for the sole benefit of the
holders of Priority Security Obligations and the Priority Security Collateral
Agents and may be enforced only by either Priority Security Collateral Agent;
and

 

(2)           will terminate, unconditionally and
(subject to Sections 2.11 and 2.15) forever, upon either of
(a) the Discharge of all Priority Security Obligations or (b) except
with respect to Article 3, the release of the Junior Security in whole
in accordance with the terms of the Junior Security Documents.

 

(c)           No right to enforce the ranking agreements or any
other obligation set forth in this Agreement may be impaired by any act or
failure to act by the Company or any other Obligor, the Junior Security
Collateral Agent or any holder of Junior Security Obligations or by the failure
of the Company or any other Obligor, the Junior Security Collateral Agent or
any holder of Junior Security Obligations to comply with this Agreement.

 

17

 

(d)           The obligations of the holders of Junior Security
Obligations, the Trustee, the Collateral Agent (including in its capacity as a
Priority Security Collateral Agent), the Junior Security Collateral Agent, the
Lenders, the Administrative Agent, the Security Trustee (including in its
capacity as a Priority Security Collateral Agent) under this Agreement are
continuing obligations that may be terminated only by an amendment that becomes
effective as set forth in Section 2.12.

 

(e)           Except for the Persons identified in this Section
2.13, to the extent and as to the obligations set forth in this Section
2.13, no other Person will be entitled to rely on, have the benefit of or
enforce the Security ranking agreements or any other obligation set forth in
this Article 2.

 

Section 2.14  Relative Rights.  This Article 2 defines the relative
rights, as holders of Security, of holders of the Junior Security and holders
of the Priority Security.  Subject to Article
3, nothing in this Agreement will:

 

(1)           impair, as between the Company or any
other Obligor and holders of Junior Security Obligations, the obligation of the
Company or any other Obligor, which is absolute and unconditional, to pay
principal of, premium and interest on the Junior Security Obligations in
accordance with the terms thereof or to perform any other obligation of the
Company or any other Obligor under the Junior Security Documents;

 

(2)           impair, as between the Company or any
other Obligor and the Junior Security Collateral Agent, the obligation of the
Company or any other Obligor, which is absolute and unconditional, to pay the
fees and reasonable expenses of the Junior Security Collateral Agent to the
extent set forth in the Junior Security Documents or as otherwise agreed to in
writing between the Company or any other Obligor, on the one hand, and the
Junior Security Collateral Agent, on the other hand;

 

(3)           affect the relative rights of holders of
Junior Security Obligations and creditors of the Company or any of its
Restricted Subsidiaries or any other Obligor (other than holders of the
Priority Security);

 

(4)           restrict the right of any holder of
Junior Security Obligations to sue for payments that are then due and owing
(but not enforce any judgment in respect thereof against any Collateral other
than (x) the enforcement of any judgment in respect of any other action not
specifically prohibited by Section 2.4 or Section 2.5 or (y) in a
manner consistent with the rights of a holder of an unsecured claim);

 

(5)           prevent the Junior Security Collateral
Agent or any holder of Junior Security Obligations from exercising against the
Company or any other Obligor any of its other available remedies upon a Default
or Event of Default not specifically prohibited by Section 2.4 or 2.5;

 

(6)           restrict the right of, the Junior Security
Collateral Agent or any holder of Junior Security Obligations to take any
lawful action in an Insolvency or Liquidation Proceeding not specifically
prohibited by Section 2.4 or 2.5; or

 

18

 

(7)           govern the respective rights and remedies
of the Priority Security Collateral Agents, the Lenders and/or holders of the
Note Obligations among each other (it being confirmed that such rights and
remedies are governed by the Senior Intercreditor Agreement).

 

Section 2.15  Additional Priority Security Obligations.  If at any time following a Discharge of the
Priority Security Obligations, the Company or any Restricted Subsidiary incurs
new Priority Security Obligations, the Company shall deliver forthwith an Officers’
Certificate, and/or the Priority Security Collateral Agent in respect of, or
any holder of, such new Priority Security Obligations may deliver a written
notice to the Junior Security Collateral Agent stating that new Priority
Security Obligations has been incurred and identifying the Priority Security
Obligations so incurred.

 

Section 2.16  Option to Purchase Priority Security
Obligations.

 

(a)           Any Person or Persons at any time or from time to time
designated by a holder or holders of the Junior Security Debt, voting as a
single class (an “Eligible Purchaser”) will have the right (without any
obligation) to purchase, at any time during the exercise period described in Section 2.16(c),
all, but not less than all, of the principal of and interest on and all
prepayment or acceleration penalties and premiums in respect of all Priority
Security Obligations outstanding at the time of purchase and all other Priority
Security Obligations (except Unasserted Contingent Obligations) then
outstanding, together with all Security securing such Priority Security
Obligations and all Guarantees and other supporting obligations relating to
such Priority Security Obligations:

 

(1)           for a purchase price equal to:  (A) (i) in the case of Working Capital
Facility Obligations then outstanding (other than letters of credit), 100% of
the principal amount and accrued interest outstanding on such Working Capital
Facility Obligations on the date of purchase plus all other Working Capital
Facility Obligations (except any Unasserted Contingent Obligations) then
outstanding, and (ii) in the case of each outstanding letter of credit
then outstanding as Working Capital Facility Obligations, 100% of the
reimbursement obligation in respect of such letter of credit as and when such
letter of credit is funded, plus accrued interest and/or fees thereon as and
when due, and all Working Capital Facility Obligations (other than Unasserted
Contingent Obligations) relating to such letter of credit that are outstanding
as and when such letter of credit is funded (the amounts payable under
clause (ii), collectively, the “Acquired L/C Obligations”) and (B)
in the case of Note Debt then outstanding, 100% of the principal amount and
accrued interest (including any Additional Interest) outstanding on such Note
Debt on the date of purchase plus all other Note Obligations (except any
Unasserted Contingent Obligations) then outstanding;

 

(2)           with such purchase price payable in cash
on the date of purchase against transfer to an Eligible Purchaser or its
nominee or transferee (without recourse and without any representation or
warranty whatsoever, whether as to the enforceability of any Priority Security
Obligations or the validity, enforceability, perfection, priority or

 

19

 

sufficiency
of any Security securing or Guarantee or other supporting obligation for any
Priority Security Obligations or as to any other matter whatsoever, except only
the representation and warranty that the transferor owns free and clear of all
Security and encumbrances (other than participation interests not prohibited by
the Working Capital Facility), and has good right to convey, whatever claims
and interests it may have in respect of Priority Security Obligations and any
such Security, Guarantees and supporting obligations pursuant to the Priority
Security Documents); provided that the purchase price in respect of any
outstanding letter of credit that remains unfunded on the date of purchase will
be payable as and when such letter of credit is funded (i) first
from the cash collateral account described in paragraph (3) below,
until the amounts contained therein have been exhausted, and (ii) thereafter
directly by the purchaser; and

 

(3)           in the case of Working Capital Facility
Obligations, with such purchase accompanied by a deposit of cash collateral
under the dominion and control of the Security Trustee or its designee in an
amount equal to the lower of (1) 105% of the aggregate undrawn amount and
(2) the percentage of the aggregate undrawn amount required for release of
Security conferred by the terms of the applicable Working Capital Facility
Document, as security for the purchaser’s purchase of the Acquired L/C
Obligations, subject to the agreement that if any such letter of credit
(A) is cancelled and returned to the issuer thereof, (B) expires in
accordance with its terms or (C) is drawn in its full face amount, the
Security Trustee or its designee holding such cash collateral will promptly
return to the Eligible Purchaser an amount equal to the excess, if any, of
(i) the amount deposited as cash collateral in respect of such letter of
credit, over (ii) the amount equal to 100% of the reimbursement obligation
in respect of such letter of credit as and when such letter of credit is
cancelled, expires or is funded, as the case may be, plus accrued interest
and/or fees thereon, and all other Working Capital Facility Obligations (other
than Unasserted Contingent Obligations) relating to such letter of credit that
are outstanding as and when such letter of credit is cancelled, expires or is
funded, as the case may be.

 

(b)           The right to exercise the purchase option described in
Section 2.16(a) will be exercisable and legally enforceable upon at
least three Business Days’ prior written notice of exercise at any time during
the exercise period set forth in Section 2.16(c) given to each Priority
Security Collateral Agent by (and at the sole option of) an Eligible Purchaser.

 

(c)           The right to exercise the right to purchase the
Priority Security Obligations as described in this Section 2.16 may
be exercised during each period that begins on the last date on which the
Junior Security Collateral Agent receives notice from each of the Security
Trustee (in its capacity as a Priority Security Collateral Agent) and the
Collateral Agent (in its capacity as a Priority Security Collateral Agent) that
all of the outstanding Priority Security Obligations has been accelerated and
ends on the 20th Business Day after receipt by the Junior Security Collateral
Agent of such notice.  Each of the
Priority Security Collateral Agents will use commercially reasonable efforts to
deliver any such notice to the Junior Security Collateral Agent.

 

(d)           The obligations of the holders of Priority Security
Obligations to sell their respective Priority Security Obligations under this Section
2.16 are several and not joint and

 

20

 

several.  To the extent any such Person (a “Defaulting
Holder”) breaches its obligation to sell its Priority Security Obligations
under this Section 2.16, nothing in this Section 2.16 will be
deemed to require either Priority Security Collateral Agent or any other
holders of Priority Security Obligations to purchase such Defaulting Holder’s
Priority Security Obligations for resale to the holders of Junior Security
Obligations and in all cases, the Priority Security Collateral Agents and each
of the holders of Priority Security Obligations complying with the terms of
this Section 2.16 will not be deemed to be in default of this
Agreement or otherwise be deemed liable for the actions or inactions of any
Defaulting Holder; provided that in the event there exists a Defaulting
Holder as described in this clause (d), any Eligible Purchaser may
purchase the Priority Security Obligations less the amount of the Priority
Security Obligations held by such Defaulting Holder.

 

Section 2.17  Delivery of Collateral and Proceeds of
Collateral.  If no Priority Security
Obligations exist that have not been Discharged, the applicable Priority
Security Collateral Agent will, to the extent permitted by applicable law,
deliver to (1) the Junior Security Collateral Agent, or (2) such
other Person as a court of competent jurisdiction may otherwise direct,
(a) any Collateral held by, or on behalf of, such Priority Security
Collateral Agent or any holder of Priority Security Obligations, and
(b) all proceeds of Collateral held by, or on behalf of, such Priority
Security Collateral Agent or any holder of Priority Security Obligations, whether
arising out of an action taken to enforce, collect or realize upon any
Collateral or otherwise.  Such Collateral
and such proceeds will be delivered without recourse and without any
representation or warranty whatsoever as to the enforceability, perfection, priority
or sufficiency of any Security securing, or Guarantee or other supporting
obligation for, any Priority Security Obligations or Junior Security
Obligations, together with any necessary endorsements or as a court of
competent jurisdiction may otherwise direct.

 

Section 2.18  Delivery of Notices to Banks.  Upon the Discharge of the Priority Security
Obligations, the applicable Priority Security Collateral Agent shall deliver a
notice in writing to the Junior Security Collateral Agent and each bank with
which a deposit account is maintained that is, or immediately prior to such
Discharge of Priority Security Obligations was, subject to a Priority Security,
stating that the Priority Security Obligations have been paid in full and
Discharged.

 

ARTICLE 3.

PAYMENT SUBORDINATION

 

Section 3.1  Agreement to Subordinate.  The Company and each other Obligor agrees,
and each holder of Junior Security Obligations agrees, that the payment of
Junior Security Obligations is subordinated in right of payment, to the extent
and in the manner set forth in this Article 3, to the prior payment in
full in cash of all Priority Security Obligations, whether outstanding on the
date of this Agreement or thereafter incurred and that the subordination is for
the benefit of the holders of Priority Security Obligations.  The provisions of this Article 3 shall
constitute a continuing offer to all Persons that, in reliance upon such
provisions, become holders of, or continue to hold Priority Security
Obligations, and they or each of them may enforce the

 

21

 

rights of holders of Priority Security Obligations
hereunder, subject to the terms and provisions hereof.  As used in this Article 3, with respect to
the Working Capital Facility Obligations the phrase “payment in full in cash of
all Priority Security Obligations” shall mean the payment in full in cash of
all Working Capital Facility Obligations and the termination of any commitment
to lend or otherwise provide financial accommodations under the Working Capital
Facility.

 

Section 3.2  Payments Received in the Ordinary Course.  Notwithstanding anything herein to the
contrary, except as provided in Sections 3.3, 3.4, 3.5 and
3.6, or as otherwise provided in Section 2.4(c), the holders of
Junior Security Obligations shall be entitled to receive and retain payments
made by any Obligor to the extent required pursuant to the Junior Security
Documents. 

 

Section 3.3  Payments in Connection with Insolvency or
Liquidation Proceedings.  Upon any
distribution to creditors of the Company and/or any other Obligor in a
liquidation or dissolution of the Company and/or any other Obligor or in an
Insolvency or Liquidation Proceeding relating to the Company and/or any other
Obligor or any of their respective property, an assignment for the benefit of
creditors or any marshalling of the Company’s and/or any other Obligor’s assets
and liabilities, (1) the holders of Priority Security Obligations will be
entitled to receive payment in full in cash, including interest after the
commencement of any such proceeding at the rate specified in the applicable
Priority Security Document, before the holders of Junior Security Obligations
will be entitled to receive any payment with respect to the Junior Security
Obligations (except that holders of Junior Security Obligations may receive and
retain Permitted Junior Securities) and (2) until all Priority Security
Obligations are paid in full in cash, any distribution to which the holders of
Junior Security Obligations would be entitled but for this Article 3
shall be made to the holders of Priority Security Obligations (except that
holders of Junior Security Obligations may receive and retain Permitted Junior
Securities) as their interests appear. 

 

Section 3.4  Default on Priority Security Obligation.  Neither the Company nor any other Obligor may
make any payment or distribution with respect to any Junior Security
Obligations (except that holders of Junior Security Obligations may receive and
retain Permitted Junior Securities) to the Junior Security Collateral Agent or
any holder of Junior Security Obligations until all principal and other
obligations with respect to the Priority Security Obligations have been paid in
full in cash, if:

 

(a)           a Default in the payment of the principal (including
reimbursement obligations in respect of letters of credit) of, premium, if any,
or interest on or commitment, letter of credit or administrative fees relating
to, any Priority Security Obligations occurs and is continuing beyond any applicable
period of grace in the Working Capital Facility, the Indenture or other
Priority Security Document governing such Priority Security Obligations; or

 

(b)           any other Default occurs and is continuing with
respect to Priority Security Obligations that permits holders of the Priority
Security Obligations to which that Default relates to accelerate its maturity
and the Junior Security Collateral Agent receives a notice of such Default (a “Payment
Blockage Notice”) from the Priority Security Collateral Agent(s) entitled
to

 

22

 

provide such notice (it
being agreed that the Priority Security Collateral Agent sending such Payment
Blockage Notice shall also deliver a copy thereof to the other Priority
Security Collateral Agent concurrently with delivery to the Junior Security
Collateral Agent); provided that to the extent both Priority Security
Collateral Agents are entitled to provide such notice, the delivery of notice
from one Priority Security Collateral Agent will be sufficient to commence the
prohibitions on payments to the holders of Junior Security Obligations
described in this Section 3.4 (and the delivery of such notice shall not
preclude the other Priority Security Collateral Agent from delivering notice of
the same Default to the Junior Security Collateral Agent).

 

Payments on
the Junior Security Obligations may and shall be resumed (1) in the case of a
payment Default described in clause (a) above, upon the date on which
that Default is cured or waived and (2) in case of a nonpayment Default
described in clause (b) above, upon the earlier of (x) the date on which
that nonpayment Default is cured or waived, or ceases to exist under the
Priority Security Documents, (y) the date on which the holders of Junior Security
Obligations have received notice from each Priority Security Collateral Agent
that gave the applicable Payment Blockage Notice terminating such Payment
Blockage Notice or (z) 180 days after the date on which the first applicable
Payment Blockage Notice is received, unless the maturity of any Priority
Security Obligations has been accelerated. 
The restriction on payments on the Junior Security Obligations resulting
from the delivery of a Payment Blockage Notice described in clause (b)
above shall only be effective for a period not exceeding 180 days in any
360-day period.  No nonpayment Default
that existed or was continuing on the date of delivery of any Payment Blockage
Notice to the Junior Security Collateral Agent shall be, or be made, the basis for
a subsequent Payment Blockage Notice by the same Priority Security Collateral
Agent that delivered such Payment Blockage Notice unless that Default shall
have been waived or cured for a period of not less than 90 days.  

 

Section 3.5  Acceleration of Junior Security
Obligations.  Notwithstanding any
other provision of this Agreement or any other Junior Security Document, any
acceleration of the Junior Security Obligations (other than as a result of an
Insolvency or Liquidation Proceeding) shall not be effective until (1) written
notice of such acceleration has been provided to each of the Collateral Agent
and the Security Trustee and (2) the occurrence of (A) the passage of 45 days
since such notice was received by each of the Collateral Agent and the Security
Trustee or (B) the Priority Security Obligations held by each of the holders of
Notes and the Lenders has been accelerated.

 

Section 3.6  When Distribution Must Be Paid Over.  In the event that the Junior Security
Collateral Agent or any holder of Junior Security Obligations receives any
payment of any Junior Security Obligations at a time when such payment is
prohibited by Section 3.3 or 3.4 hereof, such payment shall be
held by the Junior Security Collateral Agent or such holder of Junior Security Obligations,
in trust for the benefit of, and shall be paid forthwith over and delivered to,
the holders of Priority Security Obligations as their interests may appear for
application to the payment of all Priority Security Obligations remaining
unpaid to the extent necessary to pay such Priority Security Obligations in
full in accordance with the terms of the Priority Security Documents, after
giving effect to any concurrent payment or distribution to or for the holders
of Priority Security Obligations.

 

Section 3.7  Subordination May Not Be Impaired by
Company or any other Obligor.  No
right of any holder of Priority Security Obligations to enforce the
subordination of the Junior

 

23

 

Security Obligations shall be impaired by any act or
failure to act by the Company, any other Obligor or any holder of Junior
Security Obligations or by the failure of the Company, any other Obligor or any
holder of Junior Security Obligations to comply with this Agreement. 

 

Section 3.8  Authorization to Effect Subordination.  Each holder of Junior Security Obligations,
by such holder’s acceptance thereof, authorizes and directs the Junior Security
Collateral Agent on such holder’s behalf to take such action as may be
necessary or appropriate to effectuate the subordination as provided in this Article
3, and appoints the Junior Security Collateral Agent to act as such holder’s
attorney-in-fact for any and all such purposes. If the Junior Security
Collateral Agent does not file a proper proof of claim or proof of debt in the
form required in any Insolvency or Liquidation Proceeding at least 30 days
before the expiration of the time to file such claim, subject to the Senior
Intercreditor Agreement, the Security Trustee, or if none exists, the
Collateral Agent, is hereby authorized to file an appropriate claim for and on
behalf of the holders of the Junior Security Obligations.

 

Section 3.9  No Waiver of Subordination Provisions.

 

(a)           No right of any present or future holder of any Priority
Security Obligations to enforce subordination as herein provided shall at any
time in any way be prejudiced or impaired by any act or failure to act by any
such holder.

 

(b)           Without in any way limiting the generality of
paragraph (a) of this Section 3.9, the holders of Priority Security
Obligations may, at any time and from time to time, without the consent of or
notice to the Junior Security Collateral Agent or any holder of Junior Security
Obligations, without incurring responsibility to any holder of Junior Security
Obligations and without impairing or releasing the subordination provided in
this Article 3 or the obligations hereunder of the holders of Junior
Security Obligations to the holders of Priority Security Obligations, do any
one or more of the following: (i) change the manner, place or terms of payment
or extend the time of payment of, or amend, renew or alter, any Priority
Security Obligations or any instrument evidencing the same or any agreement
under which Priority Security Obligations is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing Priority Security Obligations; (iii) release any Person liable in any
manner for the collection of Priority Security Obligations; and (iv) exercise
or refrain from exercising any rights against the Company, any other Obligor or
any other Person.

 

ARTICLE 4.

MISCELLANEOUS

 

Section 4.1  Amendments, Modifications, and Waivers;
Cumulative Remedies.  No amendment,
modification or waiver of any provision of this Agreement shall be effective
unless the same shall be in writing and signed by each of the parties hereto,
and then such amendment, modification or waiver shall be effective only in the
specific instance and for the specific purpose for which it is given.  No failure to exercise, nor any delay in
exercising, on the part of any party of, any right, power or privilege
hereunder shall operate as a waiver thereof. 
No single

 

24

 

or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. 
The rights and remedies provided herein are cumulative, may be exercised
singly or concurrently and are not exclusive of any other rights or remedies
provided by law.

 

Section 4.2  Successors and Assigns.  The provisions of this Agreement shall be
binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns, including, without limitation, any person or
entity that succeeds to the role of the Trustee, the Collateral Agent
(including in its capacity as a Priority Security Collateral Agent), the
Administrative Agent, the Security Trustee (including in its capacity as a
Priority Security Collateral Agent) or the Junior Security Collateral Agent.

 

Section 4.3  Notices.  All notices, requests and demands to or upon
the respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered (including by a nationally
recognized over-night delivery service), or three (3) Business Days after being
deposited in the mail, if sent by registered or certified mail, postage
prepaid, or, in the case of telecopy notice, when received, addressed as
follows:

 

If to the
Collateral Agent or the Trustee:

 

The Bank of
New York

101 Barclay Street

Floor 8W

New York, New York  10286

Attn:  Corporate Trust Administration

Facsimile Number:  (212) 815-5707

 

With a copy
to:

 

Jefferies
& Company, Inc. 

520
Madison Avenue, 12th Floor 

New
York, New York 10022 

Attn:  Lloyd H. Feller, Esq.

Facsimile
Number:

 

Mayer,
Brown, Rowe & Maw LLP

1675
Broadway

New
York, New York 10019-5820

Attn:
Ronald S. Brody, Esq.

Facsimile
Number: 212-262-1910

 

25

 

If to the
Security Trustee or the Administrative Agent:

 

[                                ]

[                                ]

[                                ]

[                                ]

Telecopier
No.: [                                ]

 

With a copy
to:

 

[                                ]

[                                ]

[                                ]

[                                ]

Telecopier
No.: [                                ]

 

If to the
Junior Security Collateral Agent:

 

[                                ]

[                                ]

[                                ]

[                                ]

Telecopier
No.: [                                ]

 

Any party may
hereafter notify the other parties hereto of a change in its notice address,
which shall not be effective until actually received by the addressee.

 

Section 4.4  Counterparts.  This Agreement may be executed in one or more
duplicate counterparts and when signed by all of the parties listed below shall
constitute a single binding agreement.

 

Section 4.5  Senior Intercreditor Agreement.  Notwithstanding anything herein to the
contrary, to the extent either Priority Security Collateral Agent is granted
any right or remedy with respect to the Collateral (including, without
limitation, the right (1) to give any notice to the Junior Security Collateral
Agent, (2) to prohibit the Junior Security Collateral Agent from acting in any
manner, or (3) to vote any claim on behalf of the Junior Security Collateral
Agent, in each case accordance with the terms hereof), the exercise of any such
right or remedy by such Priority Security Collateral Agent hereunder is subject
to the provisions of the Senior Intercreditor Agreement.  In the event of any conflict between the
terms of this Agreement and the Senior Intercreditor Agreement with respect to
the exercise of such right or remedy, the terms of the Senior Intercreditor
Agreement shall govern and control.  Each
of the Priority Security Collateral Agents agrees to make commercially
reasonable efforts to notify the Junior Security Collateral Agent of any
amendment, restatement or other modification to the Senior Intercreditor
Agreement.

 

26

 

Section 4.6  Acknowledgment of Junior Security
Collateral Agent.  The Junior
Security Collateral Agent hereby acknowledges it has received and reviewed a
copy of each of the Priority Security Documents as in effect on the date
hereof.   

 

Section 4.7  Governing Law and Jurisdiction.

 

(a)           This Agreement is governed by, and construed in
accordance with the law of England.

 

(b)           For the benefit of the Administrative Agent, the
Security Trustee, the Trustee and the Collateral Agent, each other party hereto
irrevocably submits to the non-exclusive jurisdiction of the English courts for
the purpose of hearing and determining any dispute arising out of this
Agreement and for the purpose of enforcement of any judgment against its
assets.

 

(c)           Nothing in this Section 4.7 limits the rights
of the Administrative Agent, the Security Trustee, the Trustee or the
Collateral Agent to bring proceeding against another party hereto in connection
with this Agreement:

 

(1)           in any other court of competent
jurisdiction; or 

 

(2)           concurrently in more than one
jurisdiction.

 

Section 4.8  Specific Performance.  The parties hereto agree that irreparable
damage would occur, and that monetary damages would not be a sufficient remedy,
in the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached (or threatened
to be breached).  Each of the parties
shall be entitled to, and no other party hereto shall, directly or indirectly,
oppose or otherwise contest any motion or other legal action brought to:

 

(1)           obtain, an injunction or injunctions or
other equitable relief as a remedy to prevent breaches (or threatened breaches)
of this Agreement; and

 

(2)           enforce specifically the terms and
provisions of this Agreement in any court of the United States or any state
having jurisdiction, without proof of actual damages or a requirement that bond
be posted.

 

The remedies
described in this Agreement are in addition to any other remedy to which any of
the parties is entitled at law or in equity or otherwise.

 

Section 4.9  Entire Agreement.  This Agreement integrates all the terms and
conditions mentioned herein or incidental hereto and supersedes all oral
negotiations and prior writings in respect to the subject matter hereof.  In the event of any conflict between the
terms, conditions and provisions of this Agreement and any such agreement,
document or instrument, the terms, conditions and provisions of this Agreement
shall prevail.

 

27

 

Section 4.10  Severability.  In case any one or more of the provisions
contained or incorporated by reference in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby, and the parties hereto shall enter into good faith
negotiations to replace the invalid, illegal or unenforceable provision with a
view to obtaining the same commercial effect as this Agreement would have had
if such provision had been legal, valid and enforceable.

 

Section 4.11  Perpetuity.  The perpetuity period applicable to the
trusts contained in or arising from this Agreement shall be 80 years from the
date hereof.

 

[REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK]

 

28

 

SCHEDULE 1

 

The
Obligors

 

	
  Name

  	
   

  	
  Registered Office

  	
   

  	
  Company Number

  
	
  Pipe Acquisition Limited

  	
   

  	
  160 Queen Victoria Street

  London

  EC4V 4QQ

  	
   

  	
  05501083

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Murray International Metals Limited

  	
   

  	
  95 High Street

  Edgware

  Middlesex

  HA8 7DB

  	
   

  	
  01241058

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pipe Acquisition Finance PLC

  	
   

  	
  160 Queen Victoria Street

  London

  EC4V 4QQ

  	
   

  	
  05644999

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [                                ]

  	
   

  	
  [                                ]

  	
   

  	
  [             ]

  
	
   

  	
   

  	
  [                                ]

  	
   

  	
   

  
	
   

  	
   

  	
  [                                ]

  	
   

  	
   

  

 

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as a deed
by their respective officers or representatives hereunto duly authorized as of
the day and year first above written.

 

SECURITY TRUSTEE, ADMINISTRATIVE AGENT

AND PRIORITY SECURITY COLLATERAL AGENT

EXECUTED as a deed for and on behalf of

 

[WORKING CAPITAL FACILITY AGENT], as Security Trustee,

Administrative Agent, and Priority Security Collateral Agent by:-

 

	
   

  	
   

  	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
  Director/Secretary

  	
   

  	
   

  

 

COLLATERAL AGENT, TRUSTEE AND

PRIORITY SECURITY COLLATERAL AGENT

 

EXECUTED as a deed for and on behalf of

THE BANK OF NEW YORK, as Collateral Agent, Trustee and

Priority Security Collateral Agent by:-

 

	
   

  	
   

  	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
  Director/Secretary

  	
   

  	
   

  

 

JUNIOR SECURITY COLLATERAL AGENT

 

EXECUTED as a deed for and on behalf of

 

[                                                                    ]
by:-

 

	
   

  	
   

  	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
  Director/Secretary

  	
   

  	
   

  

 

S-1

 

OBLIGORS

 

EXECUTED as a deed for and on behalf of

PIPE ACQUISITION LIMITED by:-

 

 

	
   

  	
   

  	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
  Director/Secretary

  	
   

  	
   

  

 

 

EXECUTED as a deed for and on behalf of

MURRAY INTERNATIONAL METALS LIMITED by:-

 

 

	
   

  	
   

  	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
  Director/Secretary

  	
   

  	
   

  

 

 

EXECUTED as a deed for and on behalf of

PIPE ACQUISITION FINANCE PLC by:-

 

 

	
   

  	
   

  	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
  Director/Secretary

  	
   

  	
   

  

 

 

[[                                                                 ]
by:-

 

	
   

  	
   

  	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
  Director/Secretary

  	
   

  	
   

  

 

S-2

 

Annex A

 

Senior Intercreditor
Agreement

 

 

 

 

IndentureExhibit 4.5

 

Execution Copy

 

SUPPLEMENTAL INDENTURE

 

Supplemental Indenture (this “Supplemental Indenture”), dated as
of  January 25, 2006, by and among
the party identified in the signature page of this Supplemental Indenture as a
Guaranteeing Subsidiary (the “Guaranteeing Subsidiary”), Pipe
Acquisition Finance Plc (the “Issuer”), Pipe Acquisition Limited (the “Company”),
Murray International Metals Limited (“MIM Ltd.”) and The Bank of New
York, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer, a company incorporated under the laws of England
and Wales has heretofore executed and delivered to the Trustee an indenture
(the “Indenture”), dated as of December 16, 2005, providing for the
issuance of Senior Secured Floating Rate Notes due 2010 (the “Notes”);

 

WHEREAS, Section 4.18 of the Indenture provides that the
Guaranteeing Subsidiary shall execute and deliver to the Trustee under the
circumstances set forth therein a supplemental indenture and a Guarantee
pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee
all of the Issuer’s obligations under the Notes and the Indenture on the terms
and conditions set forth therein and herein and in such Guarantee; and

 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee
is authorized to execute and delivery 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:

 

1.             Capitalized
Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

 

2.             Joinder to
Indenture. The Guaranteeing Subsidiary hereby agrees to become bound by the
terms, conditions and other provisions of the Indenture with all attendant
rights, duties and obligations stated therein with the same force and effect as
if originally named as a Guarantor as of the date hereof.

 

3.             Agreement to
Guarantee. The Guaranteeing Subsidiary hereby fully, irrevocably and
unconditionally, jointly and severally, guarantees (such guarantee, as amended
or supplemented from time to time, to be referred to herein as the “Guarantee”),
to the extent not otherwise 

 

 

prohibited by law, to each of the Holders, the Trustee and the
Collateral Agent and their respective successors and assigns that (i) the
principal of, premium, if any and interest and Additional Interest, if any, and
Additional Amounts, if any, on the Notes shall be promptly paid in full when
due, subject to any applicable grace period, whether upon redemption pursuant
to the terms of the Notes, by acceleration or otherwise, and interest on the
overdue principal (including interest accruing at the then applicable rate
provided in the Indenture Documents after the occurrence of any Event of
Default set forth in Section 6.01(8) of the Indenture, whether or not a
claim for post-filing or post-petition interest is allowed under applicable law
following the institution of a proceeding under bankruptcy, insolvency or
similar laws), if any, and interest on any interest and Additional Interest, if
any, to the extent lawful, of the Notes and all other obligations of the Issuer
to the Holders, the Trustee and the Collateral Agent hereunder, thereunder or
under any Collateral Agreement shall be promptly paid in full or performed, all
in accordance with the terms hereof, thereof and of the Collateral Agreements;
and (ii) in case of any extension of time of payment or renewal of any of
the Notes or of any such other obligations, the same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, subject to any applicable grace period, whether at stated maturity, by
acceleration or otherwise, subject, however, in the case of clauses (i)
and (ii) above, to the limitations set forth in Section 10.03 of
the Indenture.

 

The obligations of the Guaranteeing Subsidiary to the Holders and to
the Trustee pursuant to this Supplemental Indenture and the Indenture are
expressly set forth in Article Ten of the Indenture and reference is hereby
made to such Indenture for the precise terms of the Guarantee.

 

No past, present or future director, officer, employee, incorporator,
agent, stockholder or Affiliate of the Issuer or a Guarantor, as such, shall
have any liability for any obligations of the Issuer or the Guarantors under
the Notes, the Guarantees, the Indenture or the Collateral Agreements or for
any claim based on, in respect of, such obligations or their creation.

 

The Guarantee executed and delivered hereby is a continuing Guarantee
and shall remain in full force and effect and shall be binding upon the
Guaranteeing Subsidiary. and its successors and assigns until full and final
payment of all of the Company’s obligations under the Notes and Indenture or
until released or legally defeased in accordance with the Indenture and shall
inure to the benefit of the successors and assigns of the Trustee and the
Holders, and, in the event of any transfer or assignment of rights by any
Holder or the Trustee, the rights and privileges herein conferred upon that
party shall automatically extend to and be vested in such transferee or
assignee, all subject to the terms and conditions hereof. This is a Guarantee
of payment and performance and not of collectibility.

 

The obligations of the Guaranteeing Subsidiary. under its Subsidiary
Guarantee shall be limited to the extent necessary to insure that it does not
constitute a fraudulent conveyance under applicable United States law.

 

 

THE TERMS OF ARTICLE TEN OF THE INDENTURE ARE INCORPORATED HEREIN BY
REFERENCE.

 

4.             GOVERNING LAW.
THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS. THE GUARANTEEING SUBSIDIARY IRREVOCABLY APPOINTS CT
CORPORATION SYSTEM, 111 EIGHTH AVENUE, NEW YORK, NEW YORK 10011 AS ITS AGENT
FOR SERVICE OF PROCESS AND AGREES TO SUBMIT TO THE JURISDICTION OF THE U.S.
FEDERAL OR STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW
YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENTAL INDENTURE AND FOR ACTIONS BROUGHT UNDER U.S. FEDERAL AND STATE
SECURITIES LAWS.

 

5.             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.

 

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

 

7.             Trustee. The
Trustee makes no representations as to the validity or sufficiency of this
Supplemental Indenture. The recitals and statements herein are deemed to be
those of the Guaranteeing Subsidiary and the Issuer and not of the Trustee.

 

[signature page follows]

 

 

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

 

	
   

  	
  GUARANTEEING SUBSIDIARY:

  
	
   

  	
   

  	
   

  
	
   

  	
  MURRAY INTERNATIONAL METALS PTE.

  LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MICHAEL CRAIG

  	
   

  
	
   

  	
   

  	
  Name: MICHAEL CRAIG

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
  THE ISSUER:

  
	
   

  	
   

  	
   

  
	
   

  	
  PIPE ACQUISITION FINANCE PLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   DAVID KEMP

  	
   

  
	
   

  	
   

  	
  Name: DAVID KEMP

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
  THE COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  PIPE ACQUISITION LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   DAVID KEMP

  	
   

  
	
   

  	
   

  	
  Name: DAVID KEMP

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
  MIM LTD:

  
	
   

  	
   

  	
   

  
	
   

  	
  MURRAY INTERNATIONAL METALS
  LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  K A COCKBURN

  	
   

  
	
   

  	
   

  	
  Name: KENNETH ANDREW COCKBURN

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
  THE TRUSTEE:

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CHARLOTTE FRICKER

  	
   

  
	
   

  	
   

  	
  Name: CHARLOTTE FRICKER

  
	
   

  	
   

  	
  Title: ASSISTANT VICE PRESIDENT

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