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Exhibit 4.1  

 

 
 
 

AFFINITY GROUP, INC.
  as Issuer,    
    
    The GUARANTORS named herein    
    
    and    
    
    THE BANK OF NEW YORK, as Trustee    
    

INDENTURE  

 Dated as of February 18, 2004  

 9.0% Senior Subordinated Notes due 2012, Series A  

 9.0% Senior Subordinated Notes due 2012, Series B  

 

  

 
 

CROSS-REFERENCE TABLE    
    

	TIA Section
 
	 	Indenture

Section

	310(a)(1)	 	7.10
	      (a)(2)	 	7.10
	      (a)(3)	 	N.A.
	      (a)(4)	 	N.A.
	      (b)	 	7.08; 7.10
	      (b)(1)	 	7.10
	      (c)	 	N.A.
	311(a)	 	7.11
	      (b)	 	7.11
	      (c)	 	N.A.
	312(a)	 	2.05
	      (b)	 	13.03
	      (c)	 	13.03
	313(a)	 	7.06
	      (b)(1)	 	7.06
	      (b)(2)	 	7.06
	      (c)	 	7.06; 13.02
	      (d)	 	7.06
	314(a)	 	4.02; 13.02
	      (b)	 	N.A.
	      (c)(1)	 	13.04; 13.05
	      (c)(2)	 	13.04; 13.05
	      (c)(3)	 	N.A.
	      (d)	 	N.A.
	      (e)	 	13.05
	      (f)	 	N.A.
	315(a)	 	7.01; 7.02
	      (b)	 	7.05; 13.02
	      (c)	 	7.01
	      (d)	 	6.05; 7.01; 7.02
	      (e)	 	6.11
	316(a) (last sentence)	 	2.09
	      (a)(1)(A)	 	6.05
	      (a)(1)(B)	 	6.04
	      (a)(2)	 	8.02
	      (b)	 	6.07
	      (c)	 	8.04
	317(a)(1)	 	6.08
	      (a)(2)	 	6.09
	      (b)	 	2.04
	318(a)	 	13.01

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 1

DEFINITIONS AND INCORPORATION BY REFERENCE
	

Section 1.01.	
 	

Definitions.	
 	

1
	Section 1.02.	 	Other Definitions.	 	22
	Section 1.03.	 	Incorporation by Reference of Trust Indenture Act.	 	22
	Section 1.04.	 	Rules of Construction.	 	23
	

ARTICLE 2

THE NOTES
	

Section 2.01.	
 	

Form and Dating.	
 	

23
	Section 2.02.	 	Execution and Authentication.	 	23
	Section 2.03.	 	Registrar and Paying Agent.	 	24
	Section 2.04.	 	Paying Agent to Hold Assets in Trust.	 	25
	Section 2.05.	 	Noteholder Lists.	 	25
	Section 2.06.	 	Transfer and Exchange.	 	25
	Section 2.07.	 	Replacement Notes.	 	25
	Section 2.08.	 	Outstanding Notes.	 	26
	Section 2.09.	 	Treasury Notes.	 	26
	Section 2.10.	 	Temporary Notes.	 	26
	Section 2.11.	 	Cancellation.	 	26
	Section 2.12.	 	Defaulted Interest.	 	27
	Section 2.13.	 	Deposit of Moneys.	 	27
	Section 2.14.	 	CUSIP Number.	 	27
	Section 2.15.	 	Book-Entry Provisions for Global Notes.	 	27
	Section 2.16.	 	Registration of Transfers and Exchanges.	 	28
	Section 2.17.	 	Restrictive Legends.	 	32
	

ARTICLE 3

REDEMPTION
	

Section 3.01.	
 	

Notices to Trustee.	
 	

33
	Section 3.02.	 	Selection of Notes to Be Redeemed.	 	33
	Section 3.03.	 	Notice of Redemption.	 	34
	Section 3.04.	 	Effect of Notice of Redemption.	 	34
	Section 3.05.	 	Deposit of Redemption Price.	 	34
	Section 3.06.	 	Notes Redeemed in Part.	 	35
	 	 	 	 	 

i

 

	

ARTICLE 4

COVENANTS
	

Section 4.01.	
 	

Payment of Notes.	
 	

35
	Section 4.02.	 	Provision of Financial Statements and Other Information.	 	35
	Section 4.03.	 	Waiver of Stay, Extension or Usury Laws.	 	36
	Section 4.04.	 	Compliance Certificate; Notice of Default.	 	36
	Section 4.05.	 	Payment of Taxes and Other Claims.	 	36
	Section 4.06.	 	Corporate Existence.	 	37
	Section 4.07.	 	Maintenance of Office or Agency.	 	37
	Section 4.08.	 	Compliance with Laws.	 	37
	Section 4.09.	 	Maintenance of Properties and Insurance.	 	37
	Section 4.10.	 	Limitation on Additional Indebtedness.	 	38
	Section 4.11.	 	Limitation on Restricted Payments.	 	38
	Section 4.12.	 	Limitation on Other Senior Subordinated Indebtedness.	 	41
	Section 4.13.	 	Limitation on Asset Sales.	 	41
	Section 4.14.	 	Limitation on Transfer of Assets.	 	42
	Section 4.15.	 	Limitation on Sale and Lease-Back Transactions.	 	43
	Section 4.16.	 	Limitation on Transactions with Affiliates.	 	43
	Section 4.17.	 	Limitation on Liens.	 	44
	Section 4.18.	 	Change of Control Offer.	 	44
	Section 4.19.	 	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	 	46
	Section 4.20.	 	Limitation on Conduct of Business.	 	47
	Section 4.21.	 	Limitation on Preferred Stock of Restricted Subsidiaries.	 	47
	Section 4.22.	 	Limitation on Capital Stock of Restricted Subsidiaries.	 	47
	Section 4.23.	 	Limitation on Creation of Subsidiaries.	 	47
	Section 4.24.	 	Limitation on Investments	 	48
	

ARTICLE 5

SUCCESSOR CORPORATION
	

Section 5.01.	
 	

Limitation on Consolidation, Merger and Sale of Assets.	
 	

48
	Section 5.02.	 	Successor Person Substituted.	 	49
	

ARTICLE 6

DEFAULTS AND REMEDIES
	

Section 6.01.	
 	

Events of Default.	
 	

49
	Section 6.02.	 	Acceleration.	 	50
	Section 6.03.	 	Other Remedies.	 	51
	Section 6.04.	 	Waiver of Past Defaults and Events of Default.	 	51
	Section 6.05.	 	Control by Majority.	 	52
	Section 6.06.	 	Limitation on Suits.	 	52
	Section 6.07.	 	Rights of Holders to Receive Payment.	 	52
	Section 6.08.	 	Collection Suit by Trustee.	 	52
	Section 6.09.	 	Trustee May File Proofs of Claim.	 	53
	Section 6.10.	 	Priorities.	 	53
	Section 6.11.	 	Undertaking for Costs.	 	53
	 	 	 	 	 

ii

 

	

ARTICLE 7

TRUSTEE
	

Section 7.01.	
 	

Duties of Trustee.	
 	

54
	Section 7.02.	 	Rights of Trustee.	 	54
	Section 7.03.	 	Individual Rights of Trustee.	 	55
	Section 7.04.	 	Trustee's Disclaimer.	 	55
	Section 7.05.	 	Notice of Defaults.	 	56
	Section 7.06.	 	Reports by Trustee to Holders.	 	56
	Section 7.07.	 	Compensation and Indemnity.	 	56
	Section 7.08.	 	Replacement of Trustee.	 	57
	Section 7.09.	 	Successor Trustee by Consolidation, Merger or Conversion.	 	58
	Section 7.10.	 	Eligibility; Disqualification.	 	58
	Section 7.11.	 	Preferential Collection of Claims Against Company.	 	58
	

ARTICLE 8

AMENDMENTS, SUPPLEMENTS AND WAIVERS
	

Section 8.01.	
 	

Without Consent of Holders.	
 	

58
	Section 8.02.	 	With Consent of Holders.	 	59
	Section 8.03.	 	Compliance with TIA.	 	60
	Section 8.04.	 	Revocation and Effect of Consents.	 	60
	Section 8.05.	 	Notation on or Exchange of Notes.	 	60
	Section 8.06.	 	Trustee to Sign Amendments, etc.	 	60
	

ARTICLE 9

DISCHARGE OF INDENTURE; DEFEASANCE
	

Section 9.01.	
 	

Satisfaction and Discharge of Indenture.	
 	

61
	Section 9.02.	 	Legal Defeasance.	 	61
	Section 9.03.	 	Covenant Defeasance.	 	62
	Section 9.04.	 	Conditions to Legal Defeasance or Covenant Defeasance.	 	63
	Section 9.05.	 	Application of Trust Money.	 	64
	Section 9.06.	 	Repayment to the Company.	 	64
	Section 9.07.	 	Reinstatement.	 	64
	

ARTICLE 10

GUARANTEE
	

Section 10.01.	
 	

Unconditional Guarantee.	
 	

65
	Section 10.02.	 	Severability.	 	65
	Section 10.03.	 	Limitation on Guarantor's Liability; Contribution.	 	65
	Section 10.04.	 	Successors and Assigns.	 	66
	Section 10.05.	 	No Waiver.	 	66
	Section 10.06.	 	Release of Guarantor; Merger, Consolidation of Guarantors.	 	66
	Section 10.07.	 	Execution of Supplemental Indenture for Future Guarantors.	 	66
	Section 10.08.	 	Execution and Delivery of Guarantee.	 	67
	Section 10.09.	 	Subordination of Subrogation and Other Rights.	 	67
	 	 	 	 	 

iii

 

	

ARTICLE 11

SUBORDINATION OF GUARANTEE
	

Section 11.01.	
 	

Guarantee Obligations Subordinated to Senior Indebtedness.	
 	

67
	Section 11.02.	 	Payment Over of Proceeds upon Dissolution, etc.	 	67
	Section 11.03.	 	Suspension of Guaranteed Obligations When Senior Indebtedness in Default.	 	68
	Section 11.04.	 	Trustee's Relation to Senior Indebtedness.	 	70
	Section 11.05.	 	Subrogation.	 	70
	Section 11.06.	 	Guarantee Subordination Provisions Solely to Define Relative Rights.	 	71
	Section 11.07.	 	Trustee to Effectuate Subordination.	 	71
	Section 11.08.	 	No Waiver of Subordination Provisions.	 	71
	Section 11.09.	 	Notice to Trustee.	 	72
	Section 11.10.	 	Reliance on Judicial Order or Certificate of Liquidating Agent.	 	72
	Section 11.11.	 	No Suspension of Remedies.	 	72
	

ARTICLE 12

SUBORDINATION OF NOTES
	

Section 12.01.	
 	

Notes Subordinated to Senior Indebtedness.	
 	

73
	Section 12.02.	 	Payment Over of Proceeds upon Dissolution, etc.	 	73
	Section 12.03.	 	Suspension of Payment When Senior Indebtedness in Default.	 	74
	Section 12.04.	 	Trustee's Relation to Senior Indebtedness.	 	75
	Section 12.05.	 	Subrogation.	 	75
	Section 12.06.	 	Provisions Solely to Define Relative Rights.	 	76
	Section 12.07.	 	Trustee to Effectuate Subordination.	 	76
	Section 12.08.	 	No Waiver of Subordination Provisions.	 	76
	Section 12.09.	 	Notice to Trustee.	 	77
	Section 12.10.	 	Reliance on Judicial Order or Certificate of Liquidating Agent.	 	77
	Section 12.11.	 	No Suspension of Remedies.	 	78
	

ARTICLE 13

MISCELLANEOUS
	

Section 13.01.	
 	

TIA Controls.	
 	

78
	Section 13.02.	 	Notices.	 	78
	Section 13.03.	 	Communications by Holders with Other Holders.	 	79
	Section 13.04.	 	Certificate and Opinion as to Conditions Precedent.	 	79
	Section 13.05.	 	Statements Required in Officers' Certificate and Opinion.	 	79
	Section 13.06.	 	Rules by Trustee and Agents.	 	80
	Section 13.07.	 	Business Days; Legal Holidays.	 	80
	Section 13.08.	 	Governing Law.	 	80
	Section 13.09.	 	No Adverse Interpretation of Other Agreements.	 	80
	Section 13.10.	 	No Recourse Against Others	 	80
	Section 13.11.	 	Successors.	 	80
	Section 13.12.	 	Multiple Counterparts.	 	80
	Section 13.13.	 	Table of Contents, Headings, etc.	 	80
	Section 13.14.	 	Separability.	 	80
	 	 	 	 	 

iv

 

	

EXHIBITS	
 	

 	
 	

 
	

Exhibit A	
 	

Form of Series A Note	
 	

A-1
	Exhibit B	 	Form of Series B Note	 	B-1
	Exhibit C	 	Form of Certificate to Be Delivered Upon Exchange or Registration of Transfer of Notes	 	C-1
	Exhibit D	 	Form of Transferee Letter of Representaiton	 	D-1
	Exhibit E	 	Form of Certificate to Be Delivered in Connection with Regulation S Transfers	 	E-1
	Exhibit F	 	Form of Supplemental Indenture	 	F-1

v

        INDENTURE, dated as of February 18, 2004, among AFFINITY GROUP, INC., a Delaware corporation (the "Company"), each of the
GUARANTORS (as defined herein) listed on the signature page hereto and THE BANK OF NEW YORK, a New York banking corporation, as trustee (the "Trustee"). 

        The
Company has duly authorized the creation of an issue of Series A 9.0% Senior Subordinated Notes due 2012 (the "Initial Notes")
and Series B 9.0% Senior Subordinated Notes due 2012 and which evidence the same continuing indebtedness as the Initial Notes (the "Exchange
Notes") and, to provide therefor, the Company and each Guarantor has duly authorized the execution and delivery of this Indenture. All things necessary to make the Notes, when
duly issued and executed by the Company, and authenticated and delivered hereunder, the valid Obligations of the Company, and to make this Indenture a valid and binding agreement of the Company and
the Guarantors, have been done. 

        Each
party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders: 

 
 

ARTICLE 1
  DEFINITIONS AND INCORPORATION BY REFERENCE    
    

        Section 1.01.    Definitions.    

        "Acquired Indebtedness" means Indebtedness of a Person (including an Unrestricted Subsidiary) existing at the time such Person becomes a
Restricted Subsidiary or is merged into or consolidated with any other Person or which is assumed in connection with the acquisition of assets from such Person and, in each case, whether or not
incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such merger, consolidation or acquisition. 

        "Additional Interest" has the meaning provided to such term in the Registration Rights Agreement. 

        "Adjusted Net Assets" of any Person at any date means the lesser of the amount by which: 

        (1)   the
fair value of the property of such Person exceeds the total amount of liabilities, including, without limitation, contingent liabilities (after giving effect to all
other fixed and contingent liabilities), but excluding liabilities under the Guarantee of such Person at such date; and 

        (2)   the
present fair salable value of the assets of such Person at such date exceeds the amount that will be required to pay the probable liability of such Person on its
debts (after giving effect to all other fixed and contingent liabilities and after giving effect to any collection from any Subsidiary of such Person in respect of the obligations of such Person under
the Guarantee of such Person), excluding Indebtedness in respect of the Guarantee of such Person, as they become absolute and matured. 

        "Affiliate" means, with respect to any specific Person, any other Person that directly or indirectly through one or more intermediaries
controls, or is controlled by, or is under common control with, such specified Person. For the purposes of this definition, "control" (including, with
correlative meanings, the terms "controlling," "controlled by," and "under
common control with"), as used with respect to any Person, 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. 

        "Agent" means any Registrar, Paying Agent, co-Registrar, Authenticating Agent or agent for service of notices and demands. 

        "AGHI Merger" means the merger, within 90 days of the Issue Date of Holding Company with and into the Company with the Company as
the surviving entity. 

 

        "Asset Acquisition" means: 

        (1)   an
Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person becomes a Restricted Subsidiary or is merged with or into the
Company or any Restricted Subsidiary; or 

        (2)   the
acquisition by the Company or any Restricted Subsidiary of the assets of any Person (other than a Restricted Subsidiary) 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. 

        "Asset Sale" means any direct or indirect sale, issuance, conveyance, assignment, transfer, lease or other disposition (including any Sale
and Lease-Back Transaction), other than to the Company or any Restricted Subsidiary, in any single transaction or series of related transactions of 

        (1)   any
Capital Stock of or other equity interest in any Restricted Subsidiary of the Company; or 

        (2)   any
other property or assets of the Company or of any Restricted Subsidiary thereof; 

provided that Asset Sales do not include: 

        (1)   a
transaction or series of related transactions that involves assets having a fair market value of less than $1.0 million; 

        (2)   sales
of inventory in the ordinary course of business and consistent with past practices; 

        (3)   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 or a Guarantor
as permitted under Section 10.06; 

        (4)   leases
or subleases in the ordinary course of business to third persons not interfering in any material respect with the business of the Company or any Restricted
Subsidiary; and 

        (5)   the
sale, conveyance, disposition or other transfer of obsolete, damaged, worn out, surplus or outdated assets. 

        "Asset Sale Proceeds" means, with respect to any Asset Sale, 

        (1)   cash
received by the Company or any Restricted Subsidiary from such Asset Sale (including cash received as consideration for the assumption of liabilities incurred in
connection with or in anticipation of such Asset Sale), after: 

        (a)   provision
for all income or other taxes measured by or resulting from such Asset Sale, 

        (b)   payment
of all brokerage commissions, underwriting and other fees and expenses related to such Asset Sale, 

        (c)   provision
for minority interest holders in any Restricted Subsidiary as a result of such Asset Sale, 

        (d)   repayment
of Indebtedness that is secured by the assets subject to such Asset Sale or otherwise required to be repaid in connection with such Asset Sale, and 

        (e)   deduction
of appropriate amounts to be provided by the Company or a Restricted Subsidiary as a reserve, in accordance with GAAP, against any liabilities associated with
the assets sold or disposed of in such Asset Sale and retained by the Company or a Restricted Subsidiary after such Asset Sale, including, without limitation, pension and other
post-employment benefit liabilities and liabilities related to environmental matters or against 

2

 

any
indemnification obligations associated with the assets sold or disposed of in such Asset Sale; and 

        (2)   promissory
notes and other noncash consideration received by the Company or any Restricted Subsidiary from such Asset Sale or other disposition upon the liquidation or
conversion of such promissory notes or noncash consideration into cash. 

        "Attributable Indebtedness" in respect of a Sale and Lease-Back Transaction means, as at the time of determination, the
greater of: 

        (1)   the
fair market value of the property subject to such arrangement; and 

        (2)   the
present value (discounted at the rate of interest implicit in such transaction, determined in accordance with GAAP) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in such Sale and Lease-Back Transaction (including any period for which such lease has been extended). 

        "Available Asset Sale Proceeds" means, with respect to any Asset Sale, the aggregate Asset Sale Proceeds from such Asset Sale that have
not been applied in accordance with clauses (3)(a) or (3)(b) of Section 4.13(a), and which have not yet been the basis for an Excess Proceeds Offer in accordance with Section 4.13(b)
under this Indenture. 

        "Bank Indebtedness" means Senior Indebtedness under the Senior Credit Facility. 

        "Board of Directors" means, as to any Person, the board of directors 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 and delivered to the Trustee. 

        "Capital Stock" means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated
and whether or not voting) of corporate stock, partnership or limited liability company interests or any other participation, right or other interest in the nature of an equity interest in such Person
including, without limitation, Common Stock and Preferred Stock of such Person, or any option, warrant or other security convertible into any of the foregoing. The Phantom Stock Agreements are not
Capital Stock. 

        "Capitalized Lease Obligations" means with respect to any Person, Indebtedness represented by obligations under a lease that is required
to be capitalized for financial reporting purposes in accordance with GAAP, and the amount of such Indebtedness shall be the capitalized amount of such obligations determined in accordance with GAAP. 

        "Cash Equivalents" means: 

        (1)   marketable
direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency or instrumentality thereof and backed by
the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; 

        (2)   marketable
direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof
maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor's, a division of The
McGraw-Hill Companies, Inc. ("S&P") or Moody's Investors Service, Inc.
("Moody's"); 

3

 

        (3)   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)   certificates
of deposit or bankers' acceptances maturing within one year from the date of acquisition thereof issued by any bank organized under the laws of the United
States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof combined capital and surplus of not less than
$250,000,000; 

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

        (6)   investments
in money market funds which invest substantially all their assets in securities of the types described in clauses (1) through (5) above. 

        "Certificated Notes" means one or more certificated Notes in registered form. 

        A
"Change of Control" of the Company will be deemed to have occurred at such time as: 

        (1)   the
capital stock of the Parent, owned directly or indirectly by Stephen Adams, his wife, his children, his grandchildren or trusts of which he, his wife, his children
or his grandchildren are the sole beneficiaries and for which one or more of such individuals are the trustee(s) (the "Permitted Holders")
shall (on a fully diluted basis after giving effect to the exercise of any outstanding rights or options to acquire capital stock of the Company) cease to constitute either (x) at least 51% of
the aggregate equity capital of the Parent or (y) at least such percentage of the aggregate voting stock of the Parent as is sufficient at all times to elect a majority of the Board of
Directors of the Parent; 

        (2)   there
is consummated any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of
the Company to any Person or Group, together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Indenture) other than to the Permitted Holders; 

        (3)   there
is consummated any consolidation or merger of the Company in which the Company is not the continuing or surviving Person or pursuant to which the Common Stock of
the Company would be converted into cash, securities or other property, other than a merger or consolidation of the Company in which the Permitted Holders hold, directly or indirectly, at least a
majority of the Capital Stock of the surviving corporation immediately after such consolidation or merger; 

        (4)   during
any period of two consecutive years, individuals who at the beginning of such period 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 shareholders of the Company has been approved by 662/3% of the directors then still in office
who either were directors at the beginning of such period or whose election or recommendation for election was previously so approved) cease to constitute a majority of the Board of Directors of the
Company; or 

        (5)   the
approval by the holders of Capital Stock of the Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in
compliance with the provisions of this Indenture). 

        "Commission" means the United States Securities and Exchange Commission. 

4

 

        "Common Stock" of any Person means all Capital Stock of such Person that is generally entitled to: 

        (1)   vote
in the election of directors of such Person; or 

        (2)   if
such Person is not a corporation, vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management
and policies of such Person. 

        "Company" means the party named as such in the first paragraph of this Indenture until a successor replaces such party pursuant to
Article 5 of this Indenture and thereafter means the successor. 

        "Consolidated Fixed Charge Coverage Ratio" means, with respect to any Person, the ratio of EBITDA of such Person during the four full
fiscal quarters (the "Four Quarter Period") ending on or prior to the date of the transaction giving rise to the need to calculate the Consolidated
Fixed Charge Coverage Ratio (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, "EBITDA" and "Consolidated Fixed Charges" will 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 or the issuance or redemption or other repayment of Preferred Stock
of any such Restricted Subsidiary (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, in the case
of any Restricted Subsidiary, the issuance or redemption or other repayment of Preferred Stock (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 or issuance or redemption or other repayment, as the case may be (and the application of the proceeds
thereof), occurred on the first day of the Four Quarter Period; and 

        (2)   any
Asset Sales or Asset Acquisitions (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 the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired
Indebtedness and also including any EBITDA (provided that such EBITDA will be included only to the extent that Consolidated Net Income would be
includable pursuant to the definition of "Consolidated Net Income") (including any pro forma expense and cost reductions calculated on a basis
consistent with Regulation S-X of the Exchange Act) attributable to the assets which are the subject of the Asset Acquisition or Asset Sale during the Four Quarter Period) 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 Asset Sale or Asset Acquisition (including the
incurrence, assumption or liability for any such Acquired Indebtedness) 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 will 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. Furthermore, in calculating "Consolidated Fixed
Charges" for 

5

 

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 and which will continue to be so determined thereafter will 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; 

        (2)   if
interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate based upon a factor of a prime or similar
rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period; and 

        (3)   notwithstanding
clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by one or more agreements in
respect of Hedging Obligations, will 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 (net of any interest income of such Person and exclusive of amortization of financing fees and expenses and the write-off of
deferred financing costs) plus 

        (2)   the
product of: 

        (a)   the
amount of all dividend payments (whether or not in cash) on any series of Preferred Stock of such Person and its Restricted Subsidiaries (other than dividends paid
in Capital Stock (other than Disqualified Capital Stock)) paid, accrued or scheduled to be paid or accrued during such period times; and 

        (b)   a
fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal, state and local tax rate of such
Person, expressed as a decimal. 

        "Consolidated Interest Expense" means, with respect to any Person, for any period, the aggregate amount of interest expense which, in
conformity with GAAP, would be set forth opposite the caption "interest expense" or any like caption on an income statement for such Person and its Restricted Subsidiaries on a consolidated basis
including, but not limited to (without duplication), 

        (1)   imputed
interest included in Capitalized Lease Obligations and Attributable Indebtedness; 

        (2)   consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net
Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations, and net payments and receipts (if any) pursuant to interest rate Hedging Obligations
and excluding amortization of deferred financing fees and expensing of any bridge or other financing fees); 

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

        (4)   the
net payment obligations associated with Hedging Obligations; 

        (5)   amortization
of financing fees and expenses and the write-off of deferred financing costs; 

        (6)   the
interest portion of any deferred payment obligation; 

        (7)   amortization
of discount or premium, if any; 

6

 

        (8)   all
non-cash interest expense (other than interest amortized to cost of sales); 

        (9)   all
capitalized interest for such period; and 

        (10) all
interest incurred or paid under any guarantee of Indebtedness (including a guarantee of principal, interest or any combination thereof) of any Person. 

        "Consolidated Net Income" means, with respect to any Person, for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided,  however, that: 

        (1)   the
Net Income of any Person, other than a Restricted Subsidiary of the referent Person, will be included only to the extent of the amount of dividends or distributions
paid to the referent Person or a Restricted Subsidiary of such referent Person; 

        (2)   the
Net Income (but not to the extent Net Income represents a loss) of any Restricted Subsidiary of the Person in question that is subject to any restriction or
limitation on the payment of dividends or the making of other distributions will be excluded to the extent of such restriction or limitation; 

        (3)   the
Net Income of any Person acquired in a pooling of interests transaction for any period prior to the date of such acquisition will be excluded; 

        (4)   any
net gain (but not loss) resulting from an Asset Sale by the Person in question or any of its Restricted Subsidiaries other than in the ordinary course of business
will be excluded; 

        (5)   extraordinary
gains and losses will be excluded; 

        (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) will be excluded; 

        (7)   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
corporation prior to such consolidation, merger or transfer of assets will be excluded; 

        (8)   charges
with respect to Indebtedness retired with the proceeds of the Notes shall be excluded; 

        (9)   charges
for amortization of goodwill in excess of amortization on a straight-line, 40 year basis shall be excluded; 

        (10) Consolidated
Net Income shall be calculated without deducting therefrom any Phantom Stock Accruals; and 

        (11) all
gains, losses, charges or write-offs with respect to an election to be taxed as an "S corporation" under Subchapter S of the Internal Revenue Code shall
be excluded. 

        "Consolidated Net Worth" of any Person means the consolidated stockholders' equity of such Person, determined on a consolidated basis in
accordance with GAAP, less (without duplication) amounts attributable to Disqualified Capital Stock of such Person. 

        "Consolidated Tangible Assets" means, with respect to the Company, the total of all assets appearing on the consolidated balance sheet of
the Company and its Restricted Subsidiaries, as determined on a consolidated basis in accordance with GAAP, (i) but excluding the book amount of all intangible assets, any minority interest in
the stock and surplus of Restricted Subsidiaries and investments in Persons that are not Restricted Subsidiaries and (ii) before reduction for all accumulated depreciation, valuation and other
reserves. 

7

   
        "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and
"Controlled" have meanings correlative thereto. 

        "Controlled Dividend Account" has the meaning ascribed to such term in the Senior Credit Facility, as such term or provisions of the
Senior Credit Facility pertaining thereto may, from time to time, be amended, modified, deleted and/or any provisions thereof waived by the lenders thereunder, except that no such amendment,
modification, deletion or waiver shall effect a change in the definition of Controlled Dividend Amount set forth in this Indenture. 

        "Controlled Dividend Amount" means $15.0 million plus earnings on amounts on deposit in the Controlled Dividend Account. 

        "Corporate Trust Office" means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date of execution of this Indenture is located at 101 Barclay Street, New York, New York 10286. 

        "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. 

        "Depositary" means, with respect to the Notes issued in the form of one or more Global Notes, The Depository Trust Company or another
Person designated as Depositary by the Company, which Person must be a clearing agency registered under the Exchange Act. 

        "Designated Senior Indebtedness" as to the Company or any Guarantor, as the case may be, means: 

        (1)   any
Bank Indebtedness under the Senior Credit Facility; and 

        (2)   any
other Senior Indebtedness which at the time of determination exceeds $25.0 million in aggregate principal amount (or accreted value in the case of
Indebtedness issued at a discount) outstanding or
available under a committed facility, which is specifically designated in the instrument evidencing such Senior Indebtedness as "Designated Senior Indebtedness" by such Person and as to which the
Trustee has been given written notice of such designation. 

        "Disqualified Capital Stock" means any Capital Stock of a Person or a Restricted Subsidiary thereof 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), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the maturity date of the Notes, for cash or securities constituting
Indebtedness. Without limitation of the foregoing, Disqualified Capital Stock will be deemed to include any Preferred Stock of a Person or a Restricted Subsidiary of such Person, with respect to
either of which, under the terms of such Preferred Stock, by agreement or otherwise, such Person or Restricted Subsidiary is obligated to pay current dividends or distributions in cash during the
period prior to the maturity date of the Notes; provided, however, that Preferred Stock of a Person or
any Restricted Subsidiary thereof that is issued with the benefit of provisions requiring a change of control or asset sale offer to be made for such Preferred Stock in the event of a change of
control or asset sale of such Person or Restricted Subsidiary which provisions have substantially the same effect as the provisions described under Sections 4.18 and 4.13, respectively, will not be
deemed to be Disqualified Capital Stock solely by virtue of such provisions. 

        "EBITDA" means, with respect to any Person and its Restricted Subsidiaries, for any period, an amount equal to: 

        (1)   the
sum of: 

        (a)   Consolidated
Net Income for such period, plus 

8

 

        (b)   the
provision for taxes for such period based on income or profits to the extent such income or profits were included in computing Consolidated Net Income and any
provision for taxes utilized in computing net loss under clause (a) hereof, plus 

        (c)   Consolidated
Interest Expense for such period, plus 

        (d)   depreciation
for such period on a consolidated basis, plus 

        (e)   amortization
for such period on a consolidated basis, plus 

        (f)    for
each of the fiscal quarters in the fiscal year ended December 31, 2003, the salary, bonuses, expense reimbursements and other compensation paid to Stephen
Adams or for the expenses of the office of the chairman of the board of the Parent in the amounts not in excess of the following: (i) for the fiscal quarter ended March 31, 2003,
$627,000, (ii) for the fiscal quarter ended June 30, 2003, $802,000, (iii) for the fiscal quarter ended September 30, 2003, $620,000 and (iv) for the fiscal quarter
ended December 31, 2003, $721,000, plus 

        (g)   any
other non-cash items reducing Consolidated Net Income for such period (other than non-cash items that represent accruals of, or reserves for,
cash disbursements to be made in any future period) and charges in respect of Phantom Stock Accruals; minus 

        (2)   all
non-cash items increasing Consolidated Net Income for such period, all for such Person and its Restricted Subsidiaries determined on a consolidated basis
in accordance with GAAP; 

provided, however, that, for purposes of calculating EBITDA during any fiscal quarter, cash income from
a particular Investment (other than a Restricted Subsidiary) of such Person will be included only: 

        (1)   if
cash income has been received by such Person with respect to such Investment during each of the previous four fiscal quarters, or 

        (2)   if
the cash income derived from such Investment is attributable to Cash Equivalents. 

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

        "Exchange Notes" has the meaning provided in the preamble to this Indenture, and includes any Additional Notes issued as Exchange Notes. 

        "fair market value" means, with respect to any asset or property, the price which could be negotiated in an arm's-length, free market
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 will be determined by
the Board of Directors of the Company acting reasonably and in good faith and shall be evidenced by a board resolution of such Board of Directors. Unless otherwise required by this
Indenture, no such determination need be supported by an appraisal or other expert opinion and such determination by the Board of Directors shall be conclusive. 

        "GAAP" means generally accepted accounting principles consistently applied as in effect in the United States from time to time. 

        "Guarantee" means the guarantee by each Guarantor of the Obligations of the Company with respect to the Notes. 

        "Guarantor" means the issuer at any time of a Guarantee (so long as such Guarantee remains outstanding). 

        "Hedging Obligations" means, with respect to any Person, the net payment obligations of such Person under (a) interest rate swap
agreements, interest rate cap agreements and interest rate collar 

9

 

agreements
and (b) other agreements or arrangements entered into in order to protect such Person against fluctuations in commodity prices, interest rates or currency exchange rates. 

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

        "Holding Company" means Affinity Group Holding, Inc., a Delaware corporation which holds all outstanding capital stock of the
Company. 

        "Holding Company Notes" means the Holding Company's 11% Senior Notes due 2007 issued pursuant to the Holding Company Notes Indenture. 

        "Holding Company Notes Indenture" means the Indenture dated as of April 2, 1997 between the Holding Company and United States Trust
Company of New York, as Trustee, as supplemented or amended from time to time but excluding any supplement or amendment which increases the interest rate or any premium applicable to the Holding
Company Notes, increases the principal amount outstanding of the Holding Company Notes or creates sinking fund or other principal payment or offer to purchases requirements. 

        "incur" means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (by conversion, exchange or
otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness or
other obligation on the balance sheet of such Person (and "incurrence," "incurred,"
"incurable," and "incurring" will have meanings correlative to the foregoing);  provided that a change in
GAAP that results in an obligation of such Person that exists at such time becoming Indebtedness shall not be deemed an
incurrence of such Indebtedness. 

        "Indebtedness" means (without duplication), with respect to any Person, any indebtedness at any time outstanding, secured or unsecured,
contingent or otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds,
notes, debentures or similar instruments or representing the balance deferred and unpaid of the purchase price of any property if and to the extent any of the foregoing indebtedness would appear as a
liability upon a balance sheet of such Person prepared in accordance with GAAP, and will also include, to the extent not otherwise included 

        (1)   any
Capitalized Lease Obligations of such Person; 

        (2)   obligations
secured by a Lien to which the property or assets owned or held by such Person is subject, whether or not the obligation or obligations secured thereby have
been assumed; 

        (3)   guarantees
of (or obligations with respect to letters of credit supporting) items of other Persons which would be included within this definition for such other Persons
(whether or not such items would appear upon the balance sheet of the guarantor); 

        (4)   all
obligations for the reimbursement of any obligor on any letter of credit, banker's acceptance or similar credit transaction; 

        (5)   Attributable
Indebtedness; 

        (6)   Disqualified
Capital Stock of such Person or any Restricted Subsidiary thereof and any Preferred Stock of a Restricted Subsidiary of such Person incurred under
Section 4.21; and 

        (7)   Hedging
Obligations of any such Person applicable to any of the foregoing (if and to the extent such Hedging Obligations would appear as a liability upon a balance sheet
of such Person prepared in accordance with GAAP). 

The
amount of Indebtedness of any Person at any date will be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the
maximum liability upon the occurrence of the contingency giving rise to the obligation; provided that 

10

 

        (1)   the
amount outstanding at any time of any Indebtedness issued with original issue discount is the accreted value of such Indebtedness at such time as determined in
conformity with GAAP; and 

        (2)   Indebtedness
will not include: 

        (a)   any
liability for federal, state, local or other taxes, and 

        (b)   any
accounts payable, trade payables and other accrued liabilities arising from the purchase of goods or materials or for services obtained in the ordinary course of
business. 

        "Indenture" means this Indenture as amended, restated or supplemented from time to time. 

        "Independent Financial Advisor" means an accounting, appraisal or investment banking firm of nationally recognized standing that is, in
the good faith judgment of the Board of Directors of the Company, qualified to perform the task such firm has been engaged and disinterested and independent with respect to the Company and its
Affiliates. 

        "Initial Notes" has the meaning provided in the preamble to this Indenture, and includes any Additional Notes issued as Initial Notes
hereunder. 

        "Initial Purchaser" refers to CIBC World Markets Corp. 

        "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) promulgated under the Securities Act. 

        "interest" means the interest payable on the Notes, including any Additional Interest. 

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

        "Investments" means any capital contribution, advance or loans to (including any guarantees of loans to), or investments or purchases of
Capital Stock in, any Person. 

(1)
For the purposes of Section 4.11, "Investments" (a) include and are valued at the fair market value of the net assets of any Restricted Subsidiary at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary and (b) exclude the fair market value of the net assets of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is
designated a Restricted Subsidiary, provided, that, in no event may such amount exceed the net amount of any Investments constituting Restricted
Payments made in such Subsidiary after the Issue Date; and (2) other than for purposes of determining the amount of Restricted Payments made since the Issue Date to determine compliance with
Section 4.11, the amount of any Investment will be the original cost of such Investment plus the cost of all additional Investments by the Company or any of its Restricted Subsidiaries, without
any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment, reduced by the (i) amount returned in cash
with respect to such Investment whether through interest payments, principal payments, dividends or other distributions and (ii) proceeds received by the Company or any of its Restricted
Subsidiaries from the disposition, retirement or redemption of all or any portion of such Investment; provided that the aggregate of all such reductions
may not exceed the amount of such initial Investment plus the cost of all additional Investments; provided,  further, that no such payment of distributions
or receipt of any such other amounts may reduce the amount of any Investment if such payment of
distributions or receipt of any such amounts would be included in Consolidated Net Income. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Common Stock of any direct or
indirect Restricted Subsidiary such that, after giving effect to any such sale or disposition, the Company will be deemed to have made an Investment on the date of any such sale or disposition equal
to the fair market value of the Common Stock of such Restricted Subsidiary not sold or disposed of. 

11

 

        "Issue Date" means February 18, 2004, the date the Notes are first issued by the Company and authenticated by the Trustee under
this Indenture. 

        "KEYSOP Plan" means the AGI Holding Corp. Key Employee Security Plan or, after the AGHI Merger, any successor plan thereto for the benefit
of key employees of the Company and its Subsidiaries. 

        "Letters of Credit" means letters of credit issued for the account of the Company or any of its Restricted Subsidiaries in the ordinary
course of their respected businesses. 

        "Lien" means, with respect to any property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement, security interest, lien, charge, easement, encumbrance, preference, priority, or other security agreement or preferential arrangement of any kind or nature whatsoever on or with
respect to such property or assets (including without limitation, any Capitalized Lease Obligation, conditional sales, or other title retention agreement having substantially the same economic effect
as any of the foregoing). 

        "Maturity Date" means February 15, 2012. 

        "Net Income" means, with respect to any Person, for any period, the net income (loss) of such Person determined in accordance with GAAP. 

        "Net Proceeds" means: 

        (1)   in
the case of any sale of Capital Stock by or equity contribution to any Person, the aggregate net cash proceeds received by such Person, after payment of expenses,
commissions and the like incurred in connection therewith; 

        (2)   in
the case of any exchange, exercise, conversion or surrender of outstanding securities of any kind for or into shares of Capital Stock of the Company which is not
Disqualified Capital Stock, the net book value of such outstanding securities on the date of such exchange, exercise, conversion or surrender (plus any additional amount required to be paid by the
holder to such Person upon such exchange, exercise, conversion or surrender, less any and all payments made to the holders, e.g., on account of
fractional shares and less all expenses incurred by such Person in connection therewith); and 

        (3)   in
the case of any issuance of any Indebtedness by the Company or any Restricted Subsidiary, the aggregate net cash proceeds received by such Person after the payment of
expenses, commissions, underwriting discounts and the like incurred in connection therewith. 

        "Non-Payment Default" means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to
accelerate the maturity of any Designated Senior Indebtedness. 

        "Notes" means the Initial Notes and the Exchange Notes and the Additional Notes, if any, treated as a single class of securities, as
amended or supplemented 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, penalties, charges, fees, fees and expenses of counsel, indemnities,
reimbursement obligations, damages, claims and other liabilities payable under the documentation governing any Indebtedness. 

        "Offering Memorandum" means the offering memorandum dated February 6, 2004 pursuant to which the Notes were originally offered. 

        "Officer" means, with respect to any Person, the Chief Executive Officer, the Chief Financial Officer, Chief Accounting Officer,
Treasurer, President or any Vice President, trustee or director of such Person (or any other person authorized by the Board of Directors or equivalent body of such Person to take such action on behalf
of such Person). 

12

 

        "Officers' Certificate" means, with respect to any Person, a certificate signed by the Chief Executive Officer, the President or any Vice
President, trustee, director or authorized person and the Chief Financial Officer or any Treasurer or authorized person of such Person that shall comply with applicable provisions of this Indenture. 

        "Opinion of Counsel" means a written opinion from legal counsel, who may be an employee of or counsel to the Company, which complies with
the requirements of this Indenture. 

        "Parent" means AGI Holding Corp., a Delaware corporation which holds all the outstanding capital stock of the Company. 

        "Pari Passu Indebtedness" means: 

        (1)   with
respect to the Company, any Indebtedness which ranks pari passu in right of payment to the Notes; and 

        (2)   with
respect to any Guarantor, any Indebtedness which ranks pari passu in right of payment to such Guarantor's Guarantee
of the Notes. 

        "Paying Agent" means any office or agency where the Notes and the Guarantees may be presented for payment. 

        "Payment Default" means any default, whether or not any requirement for the giving of notice, the lapse of time or both, or any other
condition to such default becoming an event of default has occurred, in the payment of principal of or premium, if any, or interest on or any other amount payable in connection with Designated Senior
Indebtedness. 

        "Permitted Indebtedness" means: 

        (1)   Indebtedness
of the Company or any Restricted Subsidiary arising under or in connection with the Senior Credit Facility in an aggregate principal amount not to exceed
$160.0 million at any time outstanding immediately following the Issue Date less any mandatory prepayment actually made thereunder (to the extent, in the case of payments of revolving credit
borrowings, that the corresponding commitments have been permanently reduced) or scheduled payments actually made thereunder; 

        (2)   Indebtedness
under the Notes, this Indenture and the Guarantees; 

        (3)   Indebtedness
not covered by any other clause of this definition which is outstanding on the Issue Date reduced by the amount of any mandatory prepayments, permanent
reductions or scheduled payments actually made thereunder; 

        (4)   Indebtedness
of the Company to any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary to the Company or another Restricted Subsidiary, in each case
subject to no Lien held by a Person other than the Company; provided, however, that: 

        (a)   (i) if
the Company is the obligor on such Indebtedness or (ii) any Guarantor is the obligor on such Indebtedness, other than if the Indebtedness is owed to
the Company, then, in each case, such Indebtedness must be expressly subordinate in right of payment to the prior payment in full in cash of all obligations with respect to the Notes, in the case of
the Company, or the Guarantee of such Guarantor, in the case of a Guarantor; and 

        (b)   if
as of any date any Person other than the Company or a Restricted Subsidiary of the Company owns or holds any such Indebtedness or if as of any date any Person other
than the Company holds a Lien in respect of such Indebtedness, such date will be deemed to be the incurrence of Indebtedness not constituting Permitted Indebtedness by the issuer of such Indebtedness; 

13

 

        (5)   Purchase
Money Indebtedness and Capitalized Lease Obligations incurred to acquire property in the ordinary course of business which Purchase Money Indebtedness and
Capitalized Lease Obligations do not in the aggregate exceed the greater of (i) 5.0% of the Company's Consolidated Tangible Assets and (ii) $7.5 million at any one time
outstanding; 

        (6)   Indebtedness
of the Company or any Restricted Subsidiary 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, that such
Indebtedness is extinguished within two Business Days of incurrence; 

        (7)   the
incurrence by the Company or any Restricted Subsidiary of Hedging Obligations that are incurred in the ordinary course of business of the Company or such Restricted
Subsidiary and not for speculative purposes; provided that, in the case of any Hedging Obligation that relates to: 

        (a)   interest
rate risk, the notional principal amount of such Hedging Obligation does not exceed the principal amount of the Indebtedness to which such Hedging Obligation
relates; and 

        (b)   currency
risk, such Hedging Obligation does not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding other than as a result of
fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; 

        (8)   Refinancing
Indebtedness; 

        (9)   Indebtedness
incurred for the purpose of repurchasing, redeeming or otherwise retiring any outstanding Holding Company Notes; 

        (10) additional
Indebtedness of the Company and its Restricted Subsidiaries not to exceed $10.0 million in aggregate principal amount at any one time outstanding; and 

        (11) Indebtedness
with respect to Letters of Credit. 

        "Permitted Investments" means Investments made on or after the Issue Date consisting of: 

        (1)   Investments
by the Company, or any Restricted Subsidiary thereof, in the Company or any Restricted Subsidiary; 

        (2)   Investments
by the Company, or any Restricted Subsidiary, in a Person, if as a result of such Investment: 

        (a)   such
Person becomes a Restricted Subsidiary; or 

        (b)   such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a
Restricted Subsidiary; 

        (3)   Investments
in cash and Cash Equivalents; 

        (4)   reasonable
and customary loans made to employees in connection with their relocation not to exceed $2.0 million in the aggregate at any one time outstanding; 

        (5)   an
Investment that is made by the Company or a Restricted Subsidiary in the form of any Capital Stock, bonds, notes, debentures, partnership or joint venture interests
or other securities that are issued by a third party to the Company or such Restricted Subsidiary solely as partial consideration for the consummation of an Asset Sale that is otherwise permitted
under Section 4.13; 

14

  

        (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; 

        (7)   Hedging
Obligations entered into in the ordinary course of the Company's or its Restricted Subsidiaries' business and not for speculative purposes; 

        (8)   Investments
in the Controlled Dividend Account; and 

        (9)   additional
Investments not to exceed $10.0 million at any one time outstanding. 

        "Permitted Junior Securities" means equity securities or subordinated debt securities of the Company as reorganized or readjusted or
securities of the Company or any other company, trust, corporation or partnership provided for by a plan of reorganization or readjustment, that, in the case of any such subordinated securities are
junior or the payment of which is otherwise subordinate, at least to the extent provided in this Indenture with respect to the Notes, to the payment and satisfaction in full in cash of all Senior
Indebtedness of the Company at the time outstanding, and to the payment of all securities issued in exchange therefor, to the holders of the Senior Indebtedness at the time outstanding. 

        "Permitted Liens" means: 

        (1)   Liens
on property or assets of, or any shares of Capital Stock of or secured Indebtedness of, any Person existing at the time such Person becomes a Restricted Subsidiary
of the Company or at the time such Person is merged into the Company or any Restricted Subsidiary; provided that such Liens: 

        (a)   are
not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary of the Company or merging into the Company or any Restricted
Subsidiary, and 

        (b)   do
not extend to or cover any property, assets, Capital Stock or Indebtedness other than those of such Person at the time such Person becomes a Restricted Subsidiary or
is merged into the Company or any Restricted Subsidiary; 

        (2)   Liens
securing Senior Indebtedness; 

        (3)   Liens
existing on the Issue Date; 

        (4)   Liens
securing the Notes and the Guarantees; 

        (5)   Liens
securing Refinancing Indebtedness; provided that any such Lien does not extend to or cover any property, asset,
Capital Stock or Indebtedness other than the property, asset, Capital Stock or Indebtedness so refunded, refinanced or extended; 

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

        (7)   Liens
to secure Purchase Money Indebtedness that is otherwise permitted under this Indenture; provided that: 

        (a)   the
principal amount of the Indebtedness secured by such Lien does not exceed 100% of the purchase price, or the cost of installation, construction or improvement, of
the property or asset to which such Purchase Money Indebtedness relates, 

        (b)   such
Lien does not extend to or cover any Property or asset other than such item of property or asset and any improvements on such property or asset, and 

        (c)   such
Lien is created within 90 days of such acquisition or the completion of such installation, construction or improvement, as the case may be; 

15

 

        (8)   statutory
liens or landlords', carriers', warehouseman's, mechanics', suppliers', materialmen's, repairmen's or other like Liens arising in the ordinary course of
business which do not secure any Indebtedness and with respect to amounts not yet delinquent or being contested in good faith by appropriate proceedings, if a reserve or other appropriate provision,
if any, as is required in conformity with GAAP have been made therefor; 

        (9)   Liens
for taxes, assessments or governmental charges that are being contested in good faith by appropriate proceedings; 

        (10) Liens
securing Capitalized Lease Obligations permitted to be incurred under clause (5) of the definition of "Permitted Indebtedness";  provided that such Lien does not extend to any property other than
that subject to the underlying lease; 

        (11) 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 Restricted Subsidiary; 

        (12) Liens
to secure Indebtedness incurred under clause (10) of the definition of "Permitted Indebtedness"; 

        (13) any
extensions, substitutions, replacements or renewals of the foregoing; and 

        (14) Liens
securing reimbursement obligations under Letters of Credit. 

        "Permitted Tax Distributions" means (a) for so long as the Company is an "S corporation" or a substantially similar
pass-through entity for federal income tax purposes, distributions to the Holding Company (or any successor entity or other entity that owns, directly or indirectly, all of the outstanding
common stock of the Company) in respect of any fiscal year equal to the amount based on reasonable estimates of the amount of federal, state and local income taxes that the Company would be required
to pay with respect to the applicable fiscal year calculated as if, for the applicable fiscal year, the Company were treated as a "C corporation" domiciled in the State of California rather than as an
"S corporation" and (b) for so long as the Company is not an "S corporation" or a substantially similar pass-through entity for federal income tax purposes, distributions to Parent
of the amount of federal, state and local income taxes that would be owing by the Company and its Subsidiaries on a consolidated basis with respect to a fiscal year determined without regard to
Parent's ownership of the Company. 

        "Person" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust, unincorporated organization or government (including any agency or political subdivision thereof). 

        "Phantom Stock Accruals" means the amounts shown as liabilities in the Company's general ledger accounts caption "Deferred Phantom
Compensation" to the extent (i) such general ledger accounts are kept and adjusted in the ordinary course of business and in accordance with GAAP and the Company's past practices and
(ii) such deferred compensation is payable under the Phantom Stock Agreements. 

        "Phantom Stock Agreements" mean the employment and phantom stock agreements entered into, in writing, between the Company or any of its
Subsidiaries and the officers of the Company or such Subsidiary, as the case may be. 

        "Preferred Stock" means any Capital Stock of a Person, however designated, which entitles the holder thereof to a preference with respect
to dividends, distributions or liquidation proceeds of such Person over the holders of other Capital Stock issued by such Person. 

        "Public Equity Offering" means a public offering by the Company of shares of its Common Stock (however designated and whether voting or
non-voting) and any and all rights, warrants or options to acquire such Common Stock the net proceeds of which are contributed to the Company. 

16

 

        "Purchase Money Indebtedness" means Indebtedness of any Person incurred in the normal course of business of such Person for the purpose of
financing all or any part of the purchase price, or the cost of installation, construction or improvement of, any property or asset. 

        "Qualified Institutional Buyer" shall have the meaning specified in Rule 144A promulgated under the Securities Act. 

        "Record Date" for interest payable on any Interest Payment Date (except a date for payment of default interest) means February 1
and August 1 (whether or not a Business Day) as the case may be, immediately preceding such Interest Payment Date. 

        "Redemption Date" when used with respect to any Note to be redeemed means the date fixed for such redemption pursuant to this Indenture. 

        "Redemption Price" when used with respect to any Note to be redeemed means the price fixed for such redemption pursuant to this Indenture. 

        "Refinancing Indebtedness" means Indebtedness that refunds, refinances or extends
("Refinances") any Indebtedness of the Company or any Restricted Subsidiary outstanding on the Issue Date or other Indebtedness (other than Bank
Indebtedness) permitted to be incurred by the Company or its Restricted Subsidiaries pursuant to the terms of this Indenture, but only to the extent that: 

        (1)   the
Refinancing Indebtedness is subordinated to the Notes to at least the same extent as the Indebtedness being refunded, refinanced or extended, if at all; 

        (2)   the
Refinancing Indebtedness is scheduled to mature either: 

        (a)   no
earlier than the Indebtedness being refunded, refinanced or extended, or 

        (b)   after
the maturity date of the Notes; 

        (3)   the
portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the Notes has a Weighted Average Life to Maturity at
the time such Refinancing Indebtedness is incurred that is equal to or greater than the Weighted Average Life to Maturity of the portion of the Indebtedness being refunded, refinanced or extended that
is scheduled to mature on or prior to the maturity date of the Notes; 

        (4)   such
Refinancing Indebtedness is in an aggregate principal amount that is equal to or less than the sum of: 

        (a)   the
aggregate principal amount then outstanding under the Indebtedness being refunded, refinanced or extended, 

        (b)   the
amount of accrued and unpaid interest, if any, and premiums owed, if any, not in excess of preexisting prepayment provisions on such Indebtedness being refunded,
refinanced or extended, and 

        (c)   the
amount of customary fees, expenses and costs related to the incurrence of such Refinancing Indebtedness; and 

        (5)   such
Refinancing Indebtedness is incurred only by the same Person that initially incurred the Indebtedness being refunded, refinanced or extended. 

        "Registration Rights Agreement" means (i) the Registration Rights Agreement dated as of February 18, 2004 among the Company,
the Guarantors and the Initial Purchaser and (ii) any other registration rights agreement entered into in connection with the issuance of Additional Notes. 

        "Regulation S" means Regulation S promulgated under the Securities Act. 

17

 

        "Restricted Payment" means any of the following: 

        (1)   the
declaration or payment of any dividend or any other distribution or payment on Capital Stock of the Company or any Restricted Subsidiary of the Company or any
payment made to the direct or indirect holders (in their capacities as such) of Capital Stock of the Company or any Restricted Subsidiary of the Company (other than (a) dividends or
distributions payable solely in Capital Stock (other than Disqualified Capital Stock) or in options, warrants or other rights to purchase such Capital Stock (other than Disqualified Capital Stock),
and (b) in the case of Restricted Subsidiaries of the Company, dividends or distributions payable to the Company or to a Restricted Subsidiary and pro
rata dividends or distributions payable to the other holders of Common Stock of such Restricted Subsidiary); 

        (2)   the
purchase, redemption or other acquisition or retirement for value of any Capital Stock of the Company or any of its Restricted Subsidiaries (other than Capital Stock
owned by the Company or a Restricted Subsidiary, excluding Disqualified Capital Stock) or any option, warrants or other rights to purchase such Capital Stock; 

        (3)   the
making of any principal payment on, or the purchase, defeasance, repurchase, redemption or other acquisition or retirement for value, prior to any scheduled
maturity, scheduled repayment or scheduled sinking fund payment, of any Indebtedness which is subordinated in right of payment to the Notes or any Guarantee (other than subordinated Indebtedness
acquired in anticipation of satisfying a
scheduled sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of acquisition); 

        (4)   the
making of any Investment or guarantee of any Investment in any Person other than a Permitted Investment; 

        (5)   any
designation of a Subsidiary as an Unrestricted Subsidiary (valued at the fair market value of the net assets of such Restricted Subsidiary on the date of
designation); and 

        (6)   the
forgiveness of any Indebtedness of an Affiliate of the Company to the Company or any Restricted Subsidiary. 

        "Restricted Security" has the meaning set forth in Rule 144(a)(3) promulgated under the Securities Act;  provided that the Trustee shall be entitled to request and
conclusively rely upon an Opinion of Counsel with respect to whether any Note is a Restricted
Security. 

        "Restricted Subsidiary" means a Subsidiary of the Company other than an Unrestricted Subsidiary and includes all of the Subsidiaries of
the Company existing as of the Issue Date. The Board of Directors of the Company may designate any Unrestricted Subsidiary as a Restricted Subsidiary if immediately after giving effect to such action
(and treating any Acquired Indebtedness as having been incurred at the time of such action): 

        (1)   the
Company could have incurred at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.10 of this Indenture; and 

        (2)   no
Default or Event of Default has occurred and is continuing or results therefrom. 

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

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

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

18

 

        "Senior Credit Facility" means, collectively, the Amended and Restated Credit Agreement dated as of June 24, 2003 and amended as of
February 18, 2004, and the Senior Secured Floating Rate Note Purchase Agreement dated as of June 24, 2003 and amended as of February 18, 2004, in each case among the Company, the
Company's Subsidiaries, the lenders and note holders party thereto in their capacities as lenders or noteholders thereunder and Canadian Imperial Bank of Commerce, as administrative agent, together
with the related documents thereto (including, without limitation, any notes guarantee agreements and mortgage and other security documents), in each case as such agreements may be amended (including
any amendment and restatement thereof), supplemented or otherwise modified from time to time, including, without limitation, any agreement extending the maturity of, refinancing, replacing or
otherwise restructuring (including increasing the amount of available borrowings thereunder or adding Restricted Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or
any portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of lenders. 

        "Senior Indebtedness" means the principal of and premium, if any, and interest on (including, without limitation, any interest accruing
subsequent to the filing of a petition (or similar initiating action) in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or
not such interest is an allowed claim under applicable state, federal or foreign law), and any and all other fees, expense reimbursement obligations, indemnification amounts, penalties, and other
amounts (whether existing on the Issue Date or thereafter created or incurred) due pursuant to the terms of all agreements, documents and instruments providing for, creating, securing or evidencing or
otherwise entered into in connection with: 

        (1)   all
Indebtedness of the Company or any Guarantor owed to lenders under the Senior Credit Facility; 

        (2)   all
obligations of the Company or any Guarantor with respect to Hedging Obligations; 

        (3)   all
obligations of the Company or any Guarantor to reimburse any bank or other Person in respect of amounts paid under letters of credit, acceptances or other similar
instruments; 

        (4)   all
other Indebtedness of the Company or any Guarantor which does not provide that it is to rank pari passu with or
subordinate to the Notes or the Guarantee of such Guarantor, as the case may be; and 

        (5)   all
deferrals, renewals, extensions and refundings of, and amendments, modifications and supplements to, any of the Senior Indebtedness described above. 

        Notwithstanding
anything to the contrary in the foregoing, Senior Indebtedness will not include: 

        (1)   Indebtedness
of the Company or any Guarantor to any of their respective Subsidiaries, or to any Affiliate of the Company or such Guarantor or any of such Affiliate's
Subsidiaries; 

        (2)   Indebtedness
represented by the Notes and the Guarantees; 

        (3)   any
Indebtedness which by the express terms of the agreement or instrument creating, evidencing or governing the same is junior or subordinate in right of payment to any
item of Senior Indebtedness; 

        (4)   any
trade payable arising from the purchase of goods or materials or for services obtained in the ordinary course of business; 

        (5)   Indebtedness
incurred in violation of this Indenture; provided, however,
that such Indebtedness shall be deemed not to have been incurred in violation of this Indenture for purposes of this clause (5), if such Indebtedness consists of Bank Indebtedness and the
holder(s) of such Indebtedness or their agent or representative shall have received a certificate from an officer of 

19

 

Parent
to the effect that the incurrence of such Indebtedness does not violate the provisions of this Indenture; 

        (6)   Indebtedness
represented by Disqualified Capital Stock; and 

        (7)   any
Indebtedness to or guaranteed on behalf of, any shareholders, director, officer or employee of the Company or any Guarantor or any Subsidiary of the Company or such
Guarantor. 

        "Subsidiary" of any specified Person means any corporation, partnership, limited liability company, joint venture, association, trust or
other business entity, whether now existing or hereafter organized or acquired, 

        (1)   in
the case of a corporation, of which more than 50% of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, officers or trustees thereof is held by such first-named Person or any of its Subsidiaries; or 

        (2)   in
the case of a partnership, limited liability company, joint venture, association, trust or other business entity, with respect to which such first-named Person or any
of its Subsidiaries has the power to direct or cause the direction of the management and policies of such entity by contract or otherwise or if in accordance with GAAP such entity is consolidated with
the first-named Person for financial statement purposes. 

        "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939 (15 U.S. Code
sections 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.03 hereof). 

        "Trust Officer" means any officer or assistant officer of the Trustee assigned by the Trustee to administer trust accounts 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 pursuant to this Indenture and thereafter means
the successor. 

        "Unrestricted Subsidiary" means: 

        (1)   any
Subsidiary of an Unrestricted Subsidiary; and 

        (2)   any
Subsidiary of the Company which is designated after the Issue Date as an Unrestricted Subsidiary by a Board Resolution of the Board of Directors of the Company; 

        provided that a Subsidiary may be so designated as an Unrestricted Subsidiary only if: 

        (a)   such
designation is in compliance with Section 4.11 of this Indenture; 

        (b)   immediately
after giving effect to such designation, the Company could have incurred at least $1.00 of additional Indebtedness (other than Permitted Indebtedness)
pursuant to Section 4.10(a) of this Indenture; 

        (c)   no
Default or Event of Default has occurred and is continuing or results therefrom; and 

        (d)   neither
the Company nor any Restricted Subsidiary will at any time 

20

  

          (i)  provide
a guarantee of, or similar credit support to, any Indebtedness of such Subsidiary (including any undertaking, agreement or instrument evidencing such
Indebtedness), 

         (ii)  be
directly or indirectly liable for any Indebtedness of such Subsidiary or 

        (iii)  be
directly or indirectly liable for any other Indebtedness which provides that the holder thereof may (upon notice, lapse of time or both) declare a default thereon
(or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity) upon the occurrence of a default with respect to any other Indebtedness that is Indebtedness of such
Subsidiary (including any corresponding right to take enforcement action against such Subsidiary), 

        except
in the case of clause (i) or (ii) to the extent: 

          (i)  that
the Company or such Restricted Subsidiary could otherwise provide such a guarantee or incur such Indebtedness (other than as Permitted Indebtedness) pursuant to
Section 4.10 of this Indenture and 

         (ii)  the
provision of such guarantee and the incurrence of such Indebtedness otherwise would be permitted under Section 4.11 of this Indenture. 

        The
Trustee will be provided with an Officers' Certificate stating that such designation is permitted and setting forth the basis upon which the calculations required by this definition
were computed, together with a copy of the Board Resolution adopted by the Board of Directors of the Company making such designation. 

        "U.S. Government Obligations" means (a) securities that are direct obligations of the United States of America for the payment of
which its full faith and credit are pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof. 

        "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 Subsidiary" means any Restricted Subsidiary, all of the outstanding voting securities (other than directors' qualifying
shares) of which are owned, directly or indirectly, by the Company. 

21

 

        Section 1.02.    Other Definitions.    

        The
definitions of the following terms may be found in the sections indicated as follows: 

	Term
 
	 	Defined in Section

	"Additional Notes"	 	2.02
	"Affiliate Transaction"	 	4.16
	"Agent Members"	 	2.15
	"Authenticating Agent"	 	2.02
	"Authentication Order"	 	2.02
	"Bankruptcy Law"	 	6.01
	"Business Day"	 	13.07
	"Change of Control Offer"	 	4.18
	"Change of Control Payment Date"	 	4.18
	"Change of Control Purchase Price"	 	4.18
	"Covenant Defeasance"	 	9.03
	"Custodian"	 	6.01
	"Event of Default"	 	6.01
	"Excess Proceeds Offer"	 	4.13
	"Excess Proceeds Offer Trigger Date"	 	4.13
	"Excess Proceeds Payment Date"	 	4.13
	"Funding Guarantor"	 	10.03
	"Global Notes"	 	2.01
	"Guarantee Payment Blockage Period"	 	11.03
	"Guarantee Payment Blockage Notice"	 	11.03
	"Guarantor Representative"	 	11.03
	"Initial Blockage Period"	 	12.03
	"Initial Guarantee Blockage Period"	 	11.03
	"Legal Defeasance"	 	9.02
	"Legal Holiday"	 	13.07
	"Paying Agent"	 	2.03
	"Payment Blockage Notice"	 	12.03
	"Payment Blockage Period"	 	12.03
	"Private Placement Legend"	 	2.17
	"Registrar"	 	2.03
	"Regulation S Global Note"	 	2.01
	"Representative"	 	12.03
	"Resale Restriction Termination Date"	 	2.16
	"Rule 144A Global Note"	 	2.01

        Section 1.03.    Incorporation by Reference of Trust Indenture Act.    

        Whenever
this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be qualified under the TIA 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 securityholder" means a Holder. 

        "indenture to be qualified" means this Indenture. 

        "indenture trustee" or "institutional trustee" means the Trustee. 

22

 

        "obligor on the indenture securities" means the Company, the Guarantors or any other obligor on the Notes. 

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

        Section 1.04.    Rules of Construction.    

        Unless
the context otherwise requires: 

        (1)   a
term has the meaning assigned to it herein, whether defined expressly or by reference; 

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

        (3)   "or"
is not exclusive; 

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

        (5)   words
used herein implying any gender shall apply to every gender. 

 
 

ARTICLE 2
  THE NOTES    
    

        Section 2.01.    Form and Dating.    

        The
Initial Notes and the Trustee's certificate of authentication shall be substantially in the form of Exhibit A hereto. The
Exchange Notes and the Trustee's certificate of authentication 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 Depositary rule or usage. The form of the Notes and any notation, legend or endorsement on them shall be satisfactory to both
the Company and the Trustee. Each Note shall be dated the date of its issuance and shall show the date of its authentication. 

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

        The
Notes shall be issued initially in the form of one or more permanent global Notes (the "Global Notes"). Notes offered and sold
(i) in reliance on Rule 144A 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
"Rule 144A Global Note") and (ii) 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 Note"), and in each case shall be deposited with the
Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. 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 the Depositary, as hereinafter provided. 

        Section 2.02.    Execution and Authentication.    

        The
Notes shall be executed on behalf of the Company by two Officers of the Company or an Officer and the Secretary of the Company. Such signature may be either manual or facsimile. 

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

23

 

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

        The
Trustee or an authentication agent (the "Authenticating Agent") shall authenticate (i) Initial Notes for original issue
(a) on the date of this Indenture in the aggregate principal amount not to exceed $200,000,000 and (ii) Exchange Notes from time to time for issue only in exchange for a like principal
amount of Initial Notes, in each case upon written orders of the Company in the form of an Officers' Certificate (an "Authentication Order"). Subject to
compliance with Section 4.10, the Trustee may authenticate Notes thereafter for issuance upon an Authentication Order in an aggregate principal amount as specified by such Authentication Order
("Additional Notes") and, if Additional Notes are issued as Initial Notes, may authenticate Exchange Notes from time to time for issue only in exchange
for a like principal amount of such Initial Notes, in each case upon receipt of an Authentication Order. Any Authentication Order shall specify the amount of Notes to be authenticated, the date on
which the Notes are to be authenticated and the aggregate principal amount of Notes outstanding on the date of authentication, whether the Notes are Additional Notes and whether the Notes are to be
issued as Initial Notes or Exchange Notes, and shall further specify the amount of such Notes to be issued as the Global Note or Certificated Notes. The aggregate principal amount of Notes outstanding
at any time may not exceed such amount except as provided in Section 2.07. 

        Notwithstanding
the foregoing, all Notes issued under this Indenture, including any Additional Notes, shall vote and consent together on all matters (as to which any of such Notes may
vote or consent) as one class and no series of Notes will have the right to vote or consent as a separate class on any matter. 

        The
Trustee may appoint an Authenticating Agent to authenticate Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be
furnished to the Company. An Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by
such Authenticating Agent. An Authenticating Agent has the same right as an Agent to deal with the Company and Affiliates of the Company. 

        The
Notes shall be issuable only in registered form without coupons and only in denominations of $1,000 and integral multiples thereof. 

        Section 2.03.    Registrar and Paying Agent.    

        The
Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange ("Registrar"), an
office or agency located in (a) the Borough of Manhattan, City of New York, State of New York or (b) City of Wilmington, State of Delaware where Notes may be presented for payment
("Paying Agent") and an office or agency where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The
Registrar shall keep a
register of the Notes and of their transfer and exchange. The Registrar shall provide the Company a current copy of such register from time to time upon request of the Company. The Company may have
one or more co-Registrars and one or more additional Paying Agents. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. The Company may change any Paying Agent,
Registrar or co-Registrar without notice to any Holder. 

        The
Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to
such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or agent for service of notices and demands,
or fails to give the foregoing notice, the Trustee shall act as such. The Company initially appoints the Trustee as Registrar, Paying Agent and agent for service of notices and demands in connection
with the Notes. 

24

 

        Section 2.04.    Paying Agent to Hold Assets in Trust.    

        The
Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall hold in trust for the benefit of the Holders or the Trustee (or if the
Company or any of its Subsidiaries is acting as Paying Agent, segregate and hold in trust for the benefit of the Holders or the Trustee) all assets held by the Paying Agent for the payment of
principal of or premium, if any, or interest on the Notes (whether such assets have been distributed to it by the Company or any other obligor on the Notes), and shall notify the Trustee in writing of
any Default in making any such payment. The Company 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 forthwith distribute to the Trustee all assets so held in trust by such
Paying Agent together with a complete accounting of such sums. Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall
have no further liability for such assets. 

        Section 2.05.    Noteholder 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 Holders. If the Trustee is not the
Registrar, the Company shall furnish or cause the Registrar to furnish to the Trustee, in writing at least five Business Days before each Interest Payment Date, or at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders which list may be conclusively relied on by the Trustee. 

        Section 2.06.    Transfer and Exchange.    

        Subject
to the provisions of Sections 2.15 and 2.16, when Notes are presented to the Registrar or a co-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 of the same series, the Registrar or co-Registrar shall register the transfer or make the
exchange as requested if its requirements for such transaction are met; 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 Company and the Registrar
or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. To permit registrations of transfer and exchanges, the Company shall execute 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 Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge in connection therewith payable by the transferor of such Notes (other than any such transfer taxes or similar
governmental charge payable upon exchanges or transfers pursuant to Section 2.10, 3.06, 4.13, 4.18 or 9.06, in which event the Company shall be responsible for the payment of such taxes). 

        The
Registrar or co-Registrar shall not be required to register the transfer of or exchange of any Note during a period beginning at the opening of 15 days before the
selection of Notes to be redeemed. 

        Any
Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Notes may be effected only through a book entry system
maintained by the Holder of such Global Note (or its agent), and that ownership of a beneficial interest in the Note shall be required to be reflected in a book entry. 

        Section 2.07.    Replacement Notes.    

        If
a mutilated Note is surrendered to the Trustee or if the Holder presents evidence to the satisfaction of the Company and the Trustee that the Note has been lost, destroyed or
wrongfully taken, 

25

 

the
Company shall issue and the Trustee shall authenticate a replacement Note. An indemnity bond may be required by the Company or the Trustee that is sufficient in the judgment of the Company and the
Trustee to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Note is replaced. In every case of destruction, loss or theft, the applicant shall also furnish
to the Company and to the Trustee evidence to their satisfaction of the destruction, loss or the theft of such Note and the ownership thereof. Each of the Company and the Trustee may charge for its
expenses in replacing a Note. The provisions of this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to replacement or payment of
mutilated, lost, destroyed or wrongfully taken Notes. 

        Every
replacement Note is an additional Obligation of the Company but, for greater certainty, evidences the same continuing indebtedness as the Note it replaces. 

        Section 2.08.    Outstanding Notes.    

        Notes
outstanding at any time are all Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, and those described in this
Section 2.08 as not outstanding. 

        If
a Note is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding until the Company and the Trustee receive
proof satisfactory to each of them that the replaced Note is held by a protected 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 sufficient to pay all of the principal and interest 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 on them ceases to
accrue. 

        Section 2.09.    Treasury Notes.    

        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 Company 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. The Company shall
notify the Trustee, in writing, when it or any of its Affiliates repurchases or otherwise acquires Notes, of the aggregate principal amount of such Notes so repurchased or otherwise acquired. 

        Section 2.10.    Temporary Notes.    

        Until
definitive Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Notes upon receipt of a written order of the Company 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 and will evidence the same indebtedness as the definitive Notes but may have variations that the Company considers appropriate for temporary
Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate upon receipt of a written order of the Company pursuant to Section 2.02 definitive Notes in
exchange for temporary Notes. 

        Section 2.11.    Cancellation.    

        The
Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration
of transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel and, at the written direction of the Company,
dispose of and 

26

 

deliver
evidence of such disposal of all Notes surrendered for registration of transfer, exchange, payment or cancellation. Subject to Section 2.07, the Company may not issue new Notes to
replace Notes that it has paid or delivered to the Trustee for cancellation. If the Company 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. 

        Section 2.12.    Defaulted Interest.    

        The
Company shall pay interest on overdue principal (including post-petition interest in a proceeding under Bankruptcy Law) at the rate of interest then borne by the Notes.
The Company shall, to the extent lawful, pay interest on overdue installments of interest (without regard to any applicable grace periods) at the rate of interest then borne by the Notes. 

        If
the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest to the
Persons who are Holders on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Company for the payment of defaulted interest or the next
succeeding Business Day if such date is not a Business Day. At least 15 days before the subsequent special record date, the Company shall mail to each Holder, as of a recent date selected by
the Company, with a copy to the Trustee, a notice that states the subsequent special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted
interest, if any, to be paid. 

        Notwithstanding
the foregoing, any interest which is paid prior to the expiration of the 30-day period set forth in Section 6.01(b) shall be paid to Holders as of the
Record Date for the Interest Payment Date for which interest has not been paid. 

        Section 2.13.    Deposit of Moneys.    

        Prior
to 10:00 a.m., New York City time, on each Interest Payment Date, Redemption Date, Change of Control Payment Date, Excess Proceeds Payment Date and Maturity Date, the
Company shall have deposited with the Paying Agent in immediately available funds U.S. legal tender sufficient to make payments, if any, due on such Interest Payment Date, Redemption Date, Change of
Control Payment Date, Excess Proceeds Payment Date or Maturity Date, as the case may be, in a timely manner which permits the Trustee to remit payment to the Holders on such Interest Payment Date,
Redemption Date, Change of Control Payment Date, Excess Proceeds Payment Date or Maturity Date, as the case may be. The principal and interest on Global Notes shall be payable to the Depositary or its
nominee, as the case may be, as the sole registered owner and the sole Holder of the Global Notes represented thereby. The principal and interest on Notes in certificated form shall be payable at the
office of the Paying Agent. 

        Section 2.14.    CUSIP Number.    

        The
Company in issuing the Notes may use one or more "CUSIP" numbers, and if so, the Trustee shall use such CUSIP numbers in notices of redemption 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 numbers printed in the
notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee of any change in the CUSIP numbers. 

        Section 2.15.    Book-Entry Provisions for Global Notes.    

        (a)   The
Global Notes initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be delivered to the Trustee as
custodian for such Depositary and (iii) bear legends as set forth in Section 2.17. 

27

 

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

        (b)   Interests
of beneficial owners in the Global Notes may be transferred or exchanged for Certificated Notes in accordance with the rules and procedures of the Depositary
and the provisions of Section 2.16. In addition, Certificated Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in Global Notes if (i) the
Depositary (x) notifies the Company that it is unwilling or unable to continue as Depositary for any Global Note and the Company fails to appoint a successor Depositary or (y) has ceased
to be a clearing company registered under the Exchange Act, (ii) a Default or an Event of Default has occurred and is continuing or (iii) the Company, at its option, notifies the Trustee
that it elects to cause the issuance of Certificated Notes. In connection with the transfer of Global Notes as an entirety to beneficial owners pursuant to this paragraph (b), the Global Notes
shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall, upon receipt of an authentication order from the Company in the form of an
Officers' Certificate, authenticate and deliver, to each beneficial owner identified by the Depositary in writing in exchange for its beneficial interest in the Global Notes, an equal aggregate
principal amount of Certificated Notes of authorized denominations. 

        (c)   Any
Certificated Note constituting a Restricted Security delivered in exchange for an interest in a Global Note pursuant to paragraph (b) shall, except as
otherwise provided by Section 2.16, bear the Private Placement Legend. 

        (d)   The
Holder of any 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 2.16.    Registration of Transfers and Exchanges.    

        (a)   Transfer and Exchange of Certificated Notes.    When Certificated Notes are presented to the Registrar or
co-Registrar with a request: 

          (i)  to
register the transfer of the Certificated Notes; or 

         (ii)  to
exchange such Certificated Notes for an equal principal amount of Certificated Notes of other authorized denominations, 

the
Registrar or co-Registrar shall register the transfer or make the exchange as requested if the requirements under this Indenture as set forth in this Section 2.16 for such
transactions are met; provided, however, that the Certificated Notes presented or surrendered for
registration of transfer or exchange: 

         (I)  shall
be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar or co-Registrar, duly executed by the Holder
thereof or his attorney duly authorized in writing; and 

        (II)  in
the case of Certificated Notes the offer and sale of which have not been registered under the Securities Act and are presented for transfer or exchange prior to
(x) the date which is two years after the later of the date of original issue and the last date on which the Company or any Affiliate of the Company was the owner of such Note, or any
predecessor thereto and (y) such later date, if any, as may be required by any subsequent change in applicable law (the "Resale  

28

 

 Restriction Termination Date"), such Certificated Notes shall be accompanied, in the sole discretion of the Company, by the following additional information and documents, as
applicable: 

        (A)  if
such Certificated Note is being delivered to the Registrar or co-Registrar by a Holder for registration in the name of such Holder, without transfer, a
certification to that effect (substantially in the form of Exhibit C hereto); or 

        (B)  if
such Certificated Note is being transferred to a Qualified Institutional Buyer in accordance with Rule 144A, a certification to that effect (substantially in
the form of Exhibit C hereto); or 

        (C)  if
such Certificated Note is being transferred in reliance on Regulation S, delivery of a certification to that effect (substantially in the form of  Exhibit C hereto) and a transferor certificate
for Regulation S transfers substantially in the form of  Exhibit E hereto; or 

        (D)  if
such Certificated Note is being transferred to an Institutional Accredited Investor, delivery of certification to that effect (substantially in the form of  Exhibit C hereto), certificates of the
transferee in substantially the form of Exhibit D
and, at the option of the Company, an Opinion of Counsel reasonably satisfactory to the Company to the effect that such transfer is in compliance with the Securities Act; or 

        (E)  if
such Certificated Note is being transferred in reliance on Rule 144 under the Securities Act, delivery of a certification to that effect substantially in the
form of Exhibit C hereto and, at the option of the Company, an Opinion of Counsel reasonably satisfactory to the Company to the effect that such
transfer is in compliance with the Securities Act; or 

        (F)  if
such Certificated Note is being transferred in reliance on another exemption from the registration requirements of the Securities Act, a certification to that effect
(substantially in the form of Exhibit C hereto) and, at the option of the Company, an Opinion of Counsel reasonably satisfactory to the Company
to the effect that such transfer is in compliance with the Securities Act. 

        (b)   Restrictions on Transfer of a Certificated Note for a Beneficial Interest in a Global Note.    A Certificated
Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Registrar or co-Registrar of a
Certificated Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Registrar or co-Registrar, together with: 

        (A)  in
the case of Certificated Notes, the offer and sale of which have not been registered under the Securities Act and which are presented for transfer prior to the Resale
Restriction Termination Date, certification, substantially in the form of Exhibit C hereto, that such Certificated Note is being transferred
(I) to a Qualified Institutional Buyer, (II) and Institutional Accredited Investor (and, in the case of this clause (II), the Company shall have received a transferee letter of
representation substantially in the form of Exhibit Dhereto and, at the option of the Company, an Opinion of Counsel reasonably satisfactory to
the Company to the effect that such transaction is in compliance with the Securities Act) or (III) in an offshore transaction in reliance on Regulation S (and, in the case of this
clause III, the Company shall have received a transferor certificate for Regulation S transfers substantially in the form of  Exhibit E hereto); and 

        (B)  written
instructions from the Holder thereof directing the Registrar or co-Registrar to make, or to direct the Depositary to make, an endorsement on the
applicable Global Note to reflect an increase in the aggregate amount of the Notes represented by the Global Note, 

then
the Registrar or co-Registrar shall cancel such Certificated Note and cause, or direct the Depositary to cause, in accordance with the standing instructions and procedures existing
between the Depositary and the Registrar or co-Registrar, the principal amount of Notes represented by the 

29

 

applicable
Global Note to be increased accordingly. If no Global Note representing Notes held by Qualified Institutional Buyers or Persons acquiring Notes in offshore transactions in reliance on
Regulation S, as the case may be, is then outstanding, the Company shall issue and the Trustee shall, upon receipt of an authentication order in the form of an Officers' Certificate in
accordance with Section 2.02, authenticate such a Global Note in the appropriate principal amount. 

        (c)   Transfer and Exchange of Global Notes.    The transfer and exchange of Global Notes or beneficial interests
therein shall be effected through the Depositary in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. Upon receipt
by the Registrar or co-Registrar of written instructions, or such other instruction as is customary for the Depositary, from the Depositary or its nominee, requesting the registration of
transfer of an interest in a Rule 144A Global Note or Regulation S Global Note, as the case may be, to another type of Global Note, together with the applicable Global Notes (or, if the
applicable type of Global Note required to represent the interest as requested to be transferred is not then outstanding, only the Global Note representing the interest being transferred), the
Registrar or Co-Registrar shall cancel such Global Notes (or Global Note) and the Company shall issue and the Trustee shall, upon receipt of an authentication order in the form of an
Officers' Certificate in accordance with Section 2.02, authenticate new Global Notes of the types so cancelled (or the type so cancelled and applicable type required to represent the interest
as requested to be transferred) reflecting the applicable increase and decrease of the principal amount of Notes represented by such types of Global Notes, giving effect to such transfer. If the
applicable type of Global Note required to represent the interest as requested to be transferred is not outstanding at the time of such request, the Company shall issue and the Trustee shall, upon
written instructions from the Company in accordance with Section 2.02, authenticate a new Global Note of such type in principal amount equal to the principal amount of the interest requested to
be transferred. 

        (d)   Transfer of a Beneficial Interest in a Global Note for a Certificated Note.    (i) Any Person having a
beneficial interest in a Global Note may upon request exchange such beneficial interest for a Certificated Note. Upon receipt by the Registrar or co-Registrar of written instructions, or
such other form of instructions as is customary for the Depositary, from the Depositary or its nominee on behalf of any Person having a beneficial interest in a Global Note and upon receipt by the
Trustee of a written order or such other form of instructions as is customary for the Depositary or the Person designated by the Depositary as having such a beneficial interest containing registration
instructions and, in the case of any such transfer or exchange of a beneficial interest in Notes the offer and sale of which have not been registered under the Securities Act and which Notes are
presented for transfer or exchange prior to the Resale Restriction Termination Date, the following additional information and documents: 

        (A)  if
such beneficial interest is being transferred to the Person designated by the Depositary as being the beneficial owner, a certification from such Person to that
effect (substantially in the form of Exhibit C hereto); or 

        (B)  if
such beneficial interest is being transferred to a Qualified Institutional Buyer in accordance with Rule l44A, a certification to that effect (substantially in the
form of Exhibit C hereto); or 

        (C)  if
such beneficial interest is being transferred in reliance on Regulation S, delivery of a certification to that effect (substantially in the form of  Exhibit C hereto) and a transferor
certificate for Regulation S transfers substantially in the form of  Exhibit E hereto; or 

        (D)  if
such beneficial interest is being transferred to an Institutional Accredited Investor, delivery of certification (substantially in the form of  Exhibit C hereto), a certificate of the transferee in
substantially the form of Exhibit D
and, at the option of the Company, an Opinion of Counsel reasonably satisfactory to the Company to the effect that such transfer is in compliance with the Securities Act; or 

30

  

        (E)  if
such beneficial interest is being transferred in reliance on Rule 144 under the Securities Act, delivery of a certification to that effect (substantially in
the form of Exhibit C hereto); and, at the option of the Company, an Opinion of Counsel reasonably satisfactory to the Company to the effect that
such transfer is in compliance with the Securities Act; or 

        (F)  if
such beneficial interest is being transferred in reliance on another exemption from the registration requirements of the Securities Act, a certification to that
effect (substantially in the form of Exhibit C hereto) and, at the option of the Company, an Opinion of Counsel reasonably satisfactory to the
Company to the effect that such transfer is in compliance with the Securities Act, 

then
the Registrar or co-Registrar will cause, in accordance with the standing instructions and procedures existing between the Depositary and the Registrar or co-Registrar,
the aggregate principal amount of the applicable Global Note to be reduced and, following such reduction, the Company will execute and, upon receipt of an authentication order in the form of an
Officers' Certificate in accordance with Section 2.02, the Trustee will authenticate and deliver to the transferee a Certificated Note in the appropriate principal amount. 

         (ii)  Certificated
Notes issued in exchange for a beneficial interest in a Global Note pursuant to this Section 2.16(d) shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Registrar or co-Registrar in writing. The
Registrar or co-Registrar shall deliver such Certificated Notes to the Persons in whose names such Certificated Notes are so registered. 

        (e)   Restrictions on Transfer and Exchange of Global Notes.    Notwithstanding any other provisions of this
Indenture, a Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

        (f)    Private Placement Legend.    Upon the transfer, exchange or replacement of Notes not bearing the Private
Placement Legend, the Registrar or co-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 or co-Registrar shall deliver only Notes that bear the Private Placement Legend unless, and the Trustee is hereby authorized to deliver Notes without the
Private Placement Legend if, (i) the Resale Restriction Termination Date shall have occurred, (ii) there is delivered to the Trustee an Opinion of Counsel reasonably satisfactory to the
Company and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act or
(iii) such Note has been sold pursuant to an effective registration statement under the Securities Act or exchanged for an Exchange Note pursuant to an effective registration statement under
the Securities Act. 

        (g)   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 will transfer such Note only as provided in this Indenture. 

        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 interest 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. 

31

 

        The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.15 or this Section 2.16. The Company 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. 

        Section 2.17.    Restrictive Legends.    

        Each
Global Note and Certificated Note that constitutes a Restricted Security shall bear the following legend (the "Private Placement
Legend") on the face thereof. 

        THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

        THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO (X) THE DATE (THE "RESALE RESTRICTION TERMINATION DATE")
WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD AS MAY BE PRESCRIBED BY RULE 144(K) (OR ANY SUCCESSOR PROVISION THEREOF) UNDER THE SECURITIES ACT) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR ANY
PREDECESSOR OF THIS SECURITY) AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) OR (Y) SUCH LATER DATE,
IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, ONLY (A) TO THE ISSUER OR ITS AFFILIATES, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT,
PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS
ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE), (E) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, PURSUANT TO RULE 904 OF REGULATION S (PROVIDED THAT SUCH NON-U.S. PERSONS AGREE NOT TO RESELL OR OTHERWISE TRANSFER THE
SECURITIES IN CANADA OR FOR THE BENEFIT OF A CANADIAN RESIDENT, EXCEPT IN ACCORDANCE WITH APPLICABLE CANADIAN SECURITIES LAWS) OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING OF ANY STATE OF THE UNITED STATES OR ANY PROVINCE OF CANADA, SUBJECT TO THE ISSUER'S AND
THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR 

32

 

(F) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE. 

        Each
Global Note shall also bear the following legend: 

        THIS
SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR
DEPOSITARY. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

        TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, AND TRANSFERS OF INTERESTS IN THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE
WITH THE RESTRICTIONS SET FORTH IN SECTION 2.16 OF THE INDENTURE. 

        UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (A NEW YORK CORPORATION) ("DTC") TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE 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 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. 

 
 

ARTICLE 3
  REDEMPTION    
    

        Section 3.01.    Notices to Trustee.    

        If
the Company elects to redeem Notes pursuant to paragraph 7 of the Notes, at least 60 days prior to the Redemption Date or during such shorter period as the Trustee may
agree to, the Company shall notify the Trustee in writing of the Redemption Date, the principal amount of Notes to be redeemed
and the Redemption Price, and deliver to the Trustee an Officers' Certificate stating that such redemption will comply with the conditions contained herein and in the Notes, as appropriate. 

        Section 3.02.    Selection of Notes to Be Redeemed.    

        In
the event of a redemption of less than all of the Notes, the Trustee will select the Notes to be redeemed as follows: 

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

33

 

        (2)   if
the Notes are not then listed, on a pro rata basis, by lot or in such other manner as the Trustee deems fair and
equitable. 

        Notices
of redemption may not be conditional. 

        Section 3.03.    Notice of Redemption.    

        Notice
of redemption shall be mailed by first class mail at least 30 but not more than 60 days before the Redemption Date to each Holder to be redeemed at its registered address.
If any Note is to be redeemed in part only, the notice of redemption that relates to such Note will state the portion of the principal amount thereof to be redeemed. 

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

        (1)   the
Redemption Date; 

        (2)   the
Redemption Price and the amount of accrued interest, if any, to be paid; 

        (3)   that,
if any Note is being redeemed in part, the portion of the principal amount (equal to $1,000 in principal amount or any integral multiple thereof) of such Note to
be redeemed and that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof will be issued; 

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

        (5)   that
Notes called for redemption must be surrendered to the Paying Agent at the address specified to collect the Redemption Price plus accrued interest, if any; 

        (6)   that,
unless the Company defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date and the
only remaining right of the Holders is to receive payment of the Redemption Price plus accrued interest to the Redemption Date upon surrender of the Notes to the Paying Agent; 

        (7)   the
subparagraph of the Notes pursuant to which the Notes called for redemption are being redeemed; and 

        (8)   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. 

        Section 3.04.    Effect of Notice of Redemption.    

        Once
the notice of redemption described in Section 3.03 is mailed, Notes called for redemption become due and payable on the Redemption Date and at the Redemption Price, including
any premium, plus accrued interest to the Redemption Date, if any. Upon surrender to the Paying Agent, such Notes shall be paid at the Redemption Price, including any premium, plus accrued interest to
the Redemption Date, if any; provided that if the Redemption Date is after a Record Date and on or prior to the Interest Payment Date, the accrued
interest shall be payable to the Holder of the redeemed Notes registered on the relevant Record Date. 

        Section 3.05.    Deposit of Redemption Price.    

        On
or prior to 10:00 a.m., New York City time, on each Redemption Date, the Company shall have deposited with the Paying Agent in immediately available funds U.S. legal tender
sufficient to pay the Redemption Price of and accrued interest on all Notes to be redeemed on that date. 

34

 

        On
and after any Redemption Date, if U.S. legal tender sufficient to pay the Redemption Price of and accrued interest on Notes called for redemption shall have been made available in
accordance with the preceding paragraph, the Notes called for redemption will cease to accrue interest and the only right of the Holders of such Notes will be to receive payment of the Redemption
Price of and, subject to the first proviso in Section 3.04, accrued and unpaid interest on such Notes to the Redemption Date. If any Note called for redemption shall not be so paid, interest
will continue to accrue and be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Note and any interest not paid on such unpaid principal, in each
case, at the rate and in the manner provided for in Section 2.12. The Trustee will return any remaining monies to the Company after all principal, premium and interest on the Notes has been
paid in full. 

        Section 3.06.    Notes Redeemed in Part.    Upon surrender of a Note that is redeemed in part, the Trustee
shall authenticate for a Holder a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

 
 

ARTICLE 4
  COVENANTS    
    

        Section 4.01.    Payment of Notes.    

        The
Company shall pay the principal of, premium, if any, and interest (including all Additional Interest as provided in the Registration Rights Agreement) on the Notes on the dates and
in the manner provided in the Notes and this Indenture. An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds, for the benefit of
the Holders, on that date U.S. legal tender designated for and sufficient to pay such installment in full and is not prohibited from paying such money to the Holders pursuant to the terms of this
Indenture. 

        The
Company shall pay interest on overdue principal and interest on overdue interest, to the extent lawful as provided for in Section 2.12. 

        Section 4.02.    Provision of Financial Statements and Other Information.    

        (a)   Whether
or not required by the Commission, so long as any Notes are outstanding, the Company shall furnish to the Holders, within the time periods specified in the
Commission's rules and regulations: 

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

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

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

        (b)   In
addition, whether or not required by the Commission, the Company shall file a copy of all of the information and reports referred to in clauses (a)(1) and
(a)(2) above with the Commission for public availability within the time periods specified in the Commission's rules and regulations (unless 

35

 

the
Commission will not accept such a filing) and make such information available to securities analysts and prospective investors upon request. The Company shall also furnish to Holders, securities
analysts and prospective investors upon request the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

        Section 4.03.    Waiver of Stay, Extension or Usury Laws.    

        The
Company and the Guarantors covenant (to the extent that they may lawfully do so) that they will not at any time insist upon, or plead (as a defense or otherwise) 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 which would prohibit or forgive the Company or the Guarantors from paying all or any
portion of the principal of, premium, if any, and/or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the
performance of this Indenture; and (to the extent that they may lawfully do so) the Company and the Guarantors hereby expressly waive all benefit or advantage of any such law, and covenants that they
will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

        Section 4.04.    Compliance Certificate; Notice of Default.    

        (a)   The
Company shall deliver to the Trustee on or before 120 days after the end of the Company's fiscal year and on or before 50 days after the end of each
the first, second and third fiscal quarters in each year an Officers' Certificate stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has been made
under the supervision of the signing Officers with a view to determining whether the Company and each Restricted Subsidiary has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge, no Default or Event of Default shall have occurred and be continuing, (or,
if a Default or Event of Default shall have occurred, describing all or such Defaults or Events of Default of which he or she may have knowledge and what action each is taking or proposes to take with
respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the
Notes are prohibited or if such event has occurred, a description of the event and what action the Company and each Restricted Subsidiary is taking or proposes to take with respect thereto. The
Officers' Certificate shall also notify the Trustee should the Company and each Restricted Subsidiary elect to change the manner in which it fixes its fiscal year end. 

        (b)   The
Company will, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an
Officers' Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

        Section 4.05.    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 it or any of its Subsidiaries or its properties or any of its 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 or charge whose amount, applicability or validity is being contested in good faith by appropriate proceedings properly instituted and diligently conducted for which
adequate reserves, to the extent required under GAAP, have been taken or where the failure to effect such payment is not adverse in any material respect to the Holders. 

36

 

        Section 4.06.    Corporate Existence.    

        Subject
to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, and the corporate,
partnership or limited liability company or other existence of each Subsidiary, in accordance with the respective organizational documents (as the same may be amended from time to time) of each
Subsidiary and the material rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries except where the failure to preserve and keep in full force and effect any such
rights, licenses and franchise shall not have a material adverse effect on the financial condition, business, operations or prospects of the Company and its Subsidiaries taken as a whole; and  provided
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, limited liability company,
partnership or other existence of any Subsidiaries, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the
Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

        Section 4.07.    Maintenance of Office or Agency.    

        The
Company shall maintain an office or agency in the Borough of Manhattan, The City of New York where Notes may be surrendered for registration of transfer or exchange or for
presentation for payment and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set forth in Section 13.02. 

        The
Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind
such designations. The Company shall give prompt written notice to the Trustee of such designation or rescission and of any change in the location of any such other office or agency. 

        The
Company hereby initially designates the Corporate Trust Office of the Trustee set forth in Section 13.02 as one such office of the Company. 

        Section 4.08.    Compliance with Laws.    

        The
Company shall comply, and shall cause each of its Restricted Subsidiaries to comply, with all applicable statutes, rules, regulations, orders and restrictions of the United States of
America, all states and municipalities thereof, and of any governmental department, commission, board, regulatory authority, bureau, agency and instrumentality of the foregoing, in respect of the
conduct of their respective businesses and the ownership of their respective properties, except for such noncompliances as would not in the aggregate have a material adverse effect on the financial
condition, business, operations, or prospects of the Company and its Restricted Subsidiaries taken as a whole. 

        Section 4.09.    Maintenance of Properties and Insurance.    

        (a)   The
Company shall cause all material properties owned by or leased by it or any of its Restricted Subsidiaries used or useful to the conduct of the Company's business or
the business of any of its Restricted Subsidiaries to be maintained and kept in normal condition, repair and working order (ordinary wear and tear excepted) and supplied with all necessary equipment
and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in its judgment may be necessary, to actively conduct its business;  provided,
however, that nothing in this Section 4.09 shall prevent the Company or any of its
Restricted Subsidiaries from discontinuing the use, operation or maintenance of any of such properties, or disposing of any of them, if such discontinuance 

37

 

or
disposal is, in the judgment of the Board of Directors of the Company or of the Board of Directors of any Restricted Subsidiary of the Company concerned, or of an officer of the Company or any of
its Restricted Subsidiaries having managerial responsibility for any such property, desirable in the conduct of the business of the Company or any Restricted Subsidiary, and if such discontinuance or
disposal is not adverse in any material respect to the Holders. 

        (b)   The
Company shall maintain, and shall cause its respective Subsidiaries to maintain, insurance with reputable carriers against such risks and in such amounts, and with
such deductibles, retentions, self-insured amounts and co-insurance provisions, as are customarily carried by similar businesses of similar size, including property and
casualty loss, workers' compensation and interruption of business insurance. 

        Section 4.10.    Limitation on Additional Indebtedness.    

        (a)   The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, incur (as defined) any Indebtedness (including Acquired
Indebtedness); provided that if no Default or Event of Default has occurred and is continuing at the time or as a consequence of the incurrence of such
Indebtedness, the Company or any of its Restricted Subsidiaries may incur Indebtedness (including Acquired Indebtedness) if after giving effect to the incurrence of such Indebtedness and the receipt
and application of the proceeds thereof, the Company's Consolidated Fixed Charge Coverage Ratio is at least 2.0 to 1. 

        (b)   Notwithstanding
the foregoing, the Company and its Restricted Subsidiaries may incur Permitted Indebtedness; provided
that the Company may not incur any Permitted Indebtedness that ranks junior in right of payment to the Notes that has a maturity or mandatory sinking fund payment prior to the maturity of the Notes. 

        (c)   For
purposes of determining compliance with this Section 4.10: 

        (1)   in
the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in clause (1) through (9) of the
definition of "Permitted Indebtedness," or is entitled to be incurred pursuant to the first paragraph of this covenant, the Company may, in its sole discretion, classify such item of Indebtedness on
the date of its incurrence and, subject to clause (2) below, later reclassify all or a portion of such item of Indebtedness in any manner that complies with this covenant; and 

        (2)   Accrual
of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness of the same class, in each case in accordance
with the terms of the underlying Indebtedness at its time of incurrence by the Company or a Restricted Subsidiary, as the case may be, will not be considered to be an incurrence of Indebtedness for
purposes of this covenant; provided that the underlying Indebtedness is incurred in accordance with the terms of this Indenture. 

        Section 4.11.    Limitation on Restricted Payments.    

        (a)   The
Company shall not make, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make, any Restricted Payment, unless: 

        (1)   no
Default or Event of Default has occurred and is continuing at the time of or immediately after giving effect to such Restricted Payment; 

        (2)   immediately
after giving pro forma effect to such Restricted Payment, the Company could incur $1.00 of additional
Indebtedness (other than Permitted Indebtedness) under Section 4.10(a); and 

38

 

        (3)   immediately
after giving effect to such Restricted Payment, the aggregate of all Restricted Payments declared or made after the Issue Date does not exceed the sum of: 

        (a)   50%
of the Company's Consolidated Net Income for the period (treated as one accounting period) commencing on the first day following the end of the fiscal quarter ended
immediately preceding the Issue Date to and including the date of such Restricted Payment (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); 

        (b)   100%
of the aggregate Net Proceeds received by the Company from the issue or sale after the Issue Date of Capital Stock (other than Disqualified Capital Stock or Capital
Stock of the Company issued to any Subsidiary of the Company) of the Company or any Indebtedness or other securities of the Company convertible into or exercisable or exchangeable for Capital Stock
(other than Disqualified Capital Stock) of the Company which have been so converted, exercised or exchanged, as the case may be, excluding, in the case of this clause (b), any Net Proceeds from
a Public Equity Offering to the extent used to redeem the Notes in compliance with the provisions set forth in Article 3 of this Indenture and the Notes; 

        (c)   without
duplication of any amounts included in clause (3)(b) above, 100% of the aggregate Net Proceeds received by the Company after the Issue Date from any
equity contribution from a holder of the Company's Capital Stock, excluding, in the case of clauses (3)(b) and (c), any Net Proceeds from a Public Equity Offering to the extent used to redeem the
Notes in compliance with the provisions set forth in Article 3 of this Indenture and the Notes; and 

        (d)   without
duplication, the sum of: 

          (i)  the
aggregate amount returned in cash on or with respect to an Investment (other than a Permitted Investment) in any Person, including an Unrestricted Subsidiary, made
subsequent to the Issue Date whether through interest payments, principal payments, dividends, return of capital invested or other distributions; 

         (ii)  the
net proceeds received by the Company or any of its Restricted Subsidiaries from the disposition (other than to the Company or a Restricted Subsidiary of the
Company), retirement or redemption of all or any portion of an Investment described in clause (3)(d)(i); and 

        (iii)  upon
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the fair market value of such Subsidiary at the time of such redesignation. 

provided, however, that, with respect to an Investment in any Person, the sum of clauses (i),
(ii) and (iii) above with respect to the Investment in such Person may not exceed the aggregate amount of all Investments made in such Person subsequent to the Issue Date. 

        For
purposes of determining under clause (3) above, the amount expended for Restricted Payments, cash distributed will be valued at the face amount thereof and property other than
cash will be valued at its fair market value. 

        (b)   The
provisions of Section 4.11(a) will not prohibit: 

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

        (2)   the
repurchase, redemption or other acquisition or retirement of any shares of Capital Stock of the Company or Indebtedness subordinate in right of payment to the Notes
by conversion into, or by or in exchange for, shares of its Capital Stock (other than Disqualified Capital Stock), or out of the Net Proceeds of the substantially concurrent sale (other than to a
Subsidiary of the 

39

 

Company)
of other shares of Capital Stock of the Company (other than Disqualified Capital Stock); 

        (3)   the
redemption or retirement of Indebtedness of the Company subordinate in right of payment to the Notes in exchange for, by conversion into, or out of the Net Proceeds
of a substantially concurrent sale or incurrence of, Indebtedness of the Company (other than any Indebtedness owed to a Subsidiary of the Company) that is Refinancing Indebtedness; 

        (4)   the
payment of a dividend to Holding Company for the purpose of the repurchase, redemption or retirement of any outstanding Holding Company Notes on or after the Issue
Date; 

        (5)   the
payment of a dividend to Holding Company or, following the AGHI Merger, to Parent on or after the Issue Date of a dividend or dividends (in addition to any dividend
paid under clause (4) above) in aggregate amount not to exceed $60.0 million; 

        (6)   the
payment of one or more dividends from the Controlled Dividend Account in an aggregate amount not to exceed the Controlled Dividend Amount; 

        (7)   (a)
payments made to the KEYSOP Plan with respect to bonuses or (b) payments under the Phantom Stock Agreements for key employees of the Company and its
Restricted Subsidiaries to the extent that such payments are not prohibited pursuant to the other provisions of this Indenture; 

        (8)   payments
of Permitted Tax Distributions; 

        (9)   the
making of a Permitted Investment; and 

        (10) additional
Restricted Payments not to exceed $5.0 million in the aggregate. 

        In
calculating the aggregate amount of Restricted Payments made subsequent to the Issue Date for purposes of clause (3) of Section 4.11(a), amounts expended pursuant to
clauses (1) and (2) of this Section 4.11(b) will be included in such calculation. 

        (c)   Not
later than the date of making any Restricted Payment other than the Restricted Payments described in clauses (4), (5), (7), (8) and (9) of
Section 4.11(b), the Company shall deliver to the Trustee an Officers' Certificate stating that: 

        (1)   such
Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.11 were computed, which calculations may
be based upon the Company's latest available financial statements, and 

        (2)   no
Default or Event of Default has occurred and is continuing and no Default or Event of Default will occur immediately after giving effect to any such Restricted
Payment. 

40

  

        Section 4.12.    Limitation on Other Senior Subordinated Indebtedness.    

        The
Company shall not, and shall not permit any Guarantor to, directly or indirectly, incur, contingently or otherwise, any Indebtedness (other than the Notes and the Guarantees, as the
case may be) that is both: 

        (1)   subordinate
in right of payment to all Senior Indebtedness of the Company or such Guarantor, as the case may be; and 

        (2)   senior
in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be. 

        For
purposes of this Section 4.12, Indebtedness is deemed to be senior in right of payment to the Notes or a Guarantee, as the case may be, if it is not explicitly subordinated in
right of payment to Senior Indebtedness of the Company or such Guarantor, as the case may be, at least to the same extent as the Notes and the Guarantee of such Guarantor, as the case may be, are
subordinated to such Senior Indebtedness. This Indenture does not treat (i) unsecured Indebtedness as subordinated or junior to Senior Indebtedness merely because it is unsecured or
(ii) Senior Indebtedness as subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with respect to the same collateral. 

        Section 4.13.    Limitation on Asset Sales.    

        (a)   The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

        (1)   the
Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such sale or other disposition at least equal to the fair market
value of the assets sold or otherwise disposed of; 

        (2)   except
in the case of an Asset Sale (A) the consideration with respect to which does not exceed $5.0 million or (B) that pertain to assets which did
not contribute more than 5% of EBITDA for the four full fiscal quarters immediately preceding the date of the Asset Sale, not less than 75% of the consideration received by the Company or such
Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the following will be deemed to be cash for
purposes of this clause (2): 

        (a)   any
liabilities (as shown on the Company's or such Restricted Subsidiary's most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent
liabilities and liabilities that are by their terms subordinate in right of payment to the Notes or any Guarantee) that are assumed by the transferee of any such assets pursuant to a customary
novation agreement that releases the Company or such Restricted Subsidiary from further liability; and 

        (b)   any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are within 30 days of receipt
converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion); and 

        (3)   except
as provided below, the Asset Sale Proceeds received by the Company or such Restricted Subsidiary are applied: 

        (a)   to
the extent the Company elects, to an Investment in property or other assets (including Capital Stock or other securities purchased in connection with the acquisition
of Capital Stock or property of another Person) in compliance with Section 4.20; provided that such Investment occurs or the Company or any such
Restricted Subsidiary enters into contractual commitments to make such Investment, subject only to customary conditions 

41

 

(other
than the obtaining of financing), within 365 days following receipt of such Asset Sale Proceeds; and 

        (b)   to
the extent of the balance of Asset Sale Proceeds after application as described above, to the extent the Company or any such Restricted Subsidiary, as the case may
be, elects, or is required, to prepay, repay or purchase Indebtedness under any then existing Senior Indebtedness of the Company or any such Restricted Subsidiary, to such prepayment, repayment or
purchase within 365 days following the receipt of the Asset Sale Proceeds from any Asset Sale; provided that any such repayment must result in a
permanent reduction of the commitments thereunder in an amount equal to the principal amount so repaid; 

        (b)   If
after the 370th day after an Asset Sale (the "Excess Proceeds Offer Trigger Date"), the Available Asset Sale Proceeds
exceed $10.0 million, the Company must apply an amount equal to the Available Asset Sale Proceeds to an offer to repurchase the Notes, at a purchase price in cash equal to 100% of the principal
amount thereof plus accrued and unpaid interest, if any, to the purchase date (an "Excess Proceeds Offer"). 

        (c)   Within
30 days of the Excess Proceeds Offer Trigger Date, the Company shall mail to the Trustee and each Holder a notice stating, among other things, that the
Company is making an Excess Proceeds Offer and offering to repurchase Notes on the date specified in such notice (which will be a Business Day no earlier than 30 days nor later than
45 days from the date such notice is mailed) (the "Excess Proceeds Payment Date") pursuant to the procedures required by this Indenture and
described in such notice. 

        (d)   If
an Excess Proceeds Offer is not fully subscribed, the Company may retain the portion of the Available Asset Sale Proceeds not required to repurchase Notes. 

        (e)   In
the event of the transfer of substantially all of the property and assets of the Company and the Restricted Subsidiaries as an entirety to a Person in a transaction
permitted under Section 5.01 of this Indenture, the successor Person will be deemed to have sold the properties and assets of the Company and the Restricted Subsidiaries not so transferred for
purposes of this Section 4.13, and must comply with the provisions of this Section 4.13 with respect to such deemed sale as if it were an Asset Sale. 

        (f)    The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and other securities laws and regulations thereunder to the extent
such laws and regulations are applicable in connection with the repurchase of Notes pursuant to an Excess Proceeds Offer. To the extent that the provisions of any securities laws or regulations
conflict with this Section 4.13, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this
Section 4.13 by virtue thereof. 

        Section 4.14.    Limitation on Transfer of Assets.    

        Neither
the Company nor any Guarantor shall sell, convey, transfer or otherwise dispose of its assets or property to any Restricted Subsidiary that is not a Guarantor, except for sales,
conveyances, transfers or other dispositions (a) made in the ordinary course of business or (b) to any Restricted Subsidiary if such Restricted Subsidiary simultaneously executes and
delivers a supplemental indenture to this Indenture providing for a Guarantee by such Restricted Subsidiary of the Notes. 

42

 

        Section 4.15.    Limitation on Sale and Lease-Back Transactions.    

        (a)   The
Company shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction other than Sale and
Lease-Back Transactions existing on the Issue Date; provided that the Company or any Guarantor may enter into a Sale and
Lease-Back Transaction if: 

        (1)   the
Company or that Guarantor, as applicable, could have incurred Indebtedness in an amount equal to the Attributable Indebtedness relating to such Sale and
Lease-Back Transaction under Section 4.10 hereof; 

        (2)   the
gross cash proceeds of that Sale and Lease-Back Transaction are at least equal to the fair market value of the property sold; and 

        (3)   the
transfer of assets in that Sale and Lease-Back Transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with
Section 4.13 hereof. 

        Section 4.16.    Limitation on Transactions with Affiliates.    

        (a)   The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, amend or suffer to exist any transaction or series
of related transactions (including, without limitation, the sale, purchase, exchange or lease of assets, property or services) with or for the benefit of any Affiliate (each an
"Affiliate Transaction") or extend, renew, waive or otherwise amend or modify the terms of any Affiliate Transaction entered into prior to the Issue
Date unless: 

        (1)   such
Affiliate Transaction is between or among the Company and one or more of the Restricted Subsidiaries; or 

        (2)   the
terms of such Affiliate Transaction are fair and reasonable to the Company or such Restricted Subsidiary, as the case may be, and the terms of such Affiliate
Transaction are at least as favorable as the terms which could reasonably be expected to be obtained by the Company or such Restricted Subsidiary, as the case may be, in a comparable transaction made
on an arm's-length basis between unaffiliated parties. 

        In
any Affiliate Transaction (or any series of related Affiliate Transactions which are similar or part of a common plan) involving an amount or having a fair market value in excess of
$2.5 million which is not permitted under clause (1) above, the Company must obtain a Board Resolution of the Board of Directors of the Company certifying that such Affiliate Transaction
complies with clause (2) above. In any Affiliate Transaction (or any series of related Affiliate Transactions which are similar or part of a common plan) involving an amount or having a fair
market value in excess of $10.0 million which is not permitted under clause (1) above, the Company must obtain a favorable written opinion as to the fairness of such transaction or
transactions, as the case may be, from an Independent Financial Advisor. 

        (b)   Section 4.16(a)
will not apply to: 

        (1)   any
Restricted Payment that is not prohibited by the provisions described under Section 4.11 or any Permitted Investment; 

        (2)   reasonable
fees and compensation paid to, and indemnity provided on behalf of, officers, directors or employees 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; 

        (3)   any
agreement as in effect as of the Issue Date or any amendment thereto or any transaction contemplated thereby (including pursuant to any amendment thereto) in 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; and 

43

 

        (4)   the
Company and its Restricted Subsidiaries may make (a) payments to the KEYSOP Plan with respect to bonuses and (b) payments under the Phantom Stock
Agreements for key employees of the Company and its Restricted Subsidiaries to the extent that such payments are not prohibited pursuant to the other provisions of this Indenture. 

        Section 4.17.    Limitation on Liens.    

        (a)   The
Company shall not, and shall not permit any Restricted Subsidiary to, create, incur or otherwise cause or suffer to exist or become effective any Liens of any kind
(other than Permitted Liens) upon any property or asset of the Company or any Restricted Subsidiary or any shares of Capital Stock or Indebtedness of any Restricted Subsidiary which owns property or
assets, now owned or hereafter acquired, without making or causing the Restricted Subsidiary to make, effective provision for securing the Notes or, with respect to Liens on any Guarantor's property
or assets, the Guarantee of such Guarantor; and 

        (1)   if
such Lien secures Indebtedness which is subordinate in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be, any such Lien will be
subordinate to the Lien granted to Holders to the same extent as such Indebtedness is subordinate in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be; and 

        (2)   in
all other cases, the Notes or the Guarantee of such Guarantor, as the case may be, are equally and ratably secured. 

        Section 4.18.    Change of Control Offer.    

        (a)   In
the event of a Change of Control, the Company shall make an offer to repurchase (the "Change of Control Offer") each
Holder's outstanding Notes at a purchase price (the "Change of Control Purchase Price") equal to 101% of the principal amount thereof plus accrued and
unpaid interest, if any, to the Change of Control Payment Date (as defined) in accordance with the procedures set forth below. 

        (b)   Within
20 days of the occurrence of a Change of Control, the Company shall mail to the Trustee and each Holder a notice stating: 

        (1)   that
the Change of Control Offer is being made pursuant to this Section 4.18 and that all Notes tendered will be accepted for payment; 

        (2)   the
Change of Control Purchase Price and the purchase date (which shall be a Business Day no earlier than 30 days nor later than 45 days from the date such
notice is mailed (the "Change of Control Payment Date")); 

        (3)   that
any Note not tendered will continue to accrue interest; 

        (4)   that,
unless the Company defaults in the payment of the Change of Control Purchase Price, any Notes accepted for payment pursuant to the Change of Control Offer shall
cease to accrue interest after the Change of Control Payment Date; 

        (5)   that
Holders accepting the offer to have their Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled
"Option of the 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 Business Day preceding
the Change of Control Payment Date; 

        (6)   that
Holders will be entitled to withdraw their acceptance if the Paying Agent receives, not later than the close of business on the third Business Day preceding the
Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the 

44

 

Holder,
the principal amount of the Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have such Notes purchased; 

        (7)   that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered; 

        (8)   any
other procedures that a holder must follow to accept a Change of Control Offer or effect withdrawal of such acceptance; and 

        (9)   the
name and address of the Paying Agent. 

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

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

        (2)   deposit
with the Paying Agent money sufficient to pay the Change of Control Purchase Price of all Notes or portions thereof so tendered; and 

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

        (d)   The
Paying Agent shall promptly mail to each Holder of Notes so accepted payment in an amount equal to the Change of Control Purchase Price for such Notes, and the
Company shall execute and issue, the Guarantors shall endorse thereon their Guarantee and the Trustee will promptly authenticate and mail to such Holder, a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered; provided that each such new Note shall be issued in an original principal amount in denominations of
$1,000 and integral multiples thereof. 

        (e)   Prior
to complying with any of the procedures of this Section 4.18, but in any event within 20 days following any Change of Control, the Company covenants
to: 

        (1)   repay
in cash in full all obligations and terminate all commitments under or in respect of all Senior Indebtedness the terms of which prohibit the purchase by the
Company of the Notes upon a Change of Control in compliance with the terms of this Section 4.18 or offer to repay in full all obligations and terminate all commitments under or in respect of
all such Senior Indebtedness and repay in cash the Senior Indebtedness owed to each such lender who has accepted such offer; or 

        (2)   obtain
the requisite consents under all such Senior Indebtedness to permit the repurchase of the Notes as described above. 

The
Company must first comply with the covenant described in the preceding sentence before it will be required to purchase Notes in the event of a Change of Control;  provided that the Company's failure to
comply with the covenant described in the preceding sentence will constitute an Event of Default described in
clause (c) under Section 6.01. 

        (f)    In
addition, (1) if the Company or any Guarantor has outstanding any Indebtedness that is subordinated in right of payment to the Notes or the Guarantees or
Preferred Stock outstanding, and the Company or such Guarantor is required to make a change of control offer or to make a distribution with respect to such subordinated Indebtedness or Preferred Stock
in the event of a Change of Control, the Company or such Guarantor will not consummate any such offer or distribution with respect to such subordinated Indebtedness or Preferred Stock until such time
as the Company has paid the Change of Control Purchase Price to the Holders that have accepted the Company's Change of Control Offer and must otherwise have consummated the Change of Control Offer and
(2) the Company and the Guarantors will not issue Indebtedness that is subordinated in right of payment to 

45

 

the
Notes or the Guarantees and will not issue any Preferred Stock, as applicable, with change of control provisions requiring the payment of such Indebtedness or Preferred Stock prior to the payment
of the Notes in the event of a Change in Control. 

        (g)   The
Company shall not be required to make a Change of Control Offer if a third party makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements of this Indenture applicable to a Change of Control Offer made by the Company and purchases of all Notes or portions of Notes properly tendered and not withdrawn under
such Change of Control Offer. 

        (h)   The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or
regulations conflict with this Section 4.18, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this
Section 4.18 by virtue thereof. 

        Section 4.19.    Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.    

        (a)   The
Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any
encumbrance or restriction on the ability of any Restricted Subsidiary to: 

        (1)   pay
dividends or make any other distributions to the Company or any Restricted Subsidiary: 

        (a)   on
its Capital Stock; or 

        (b)   with
respect to any other interest or participation in, or measured by, its profits; 

        (2)   repay
any Indebtedness or any other obligation owed to the Company or any Restricted Subsidiary; 

        (3)   make
loans or advances or capital contributions to the Company or any Restricted Subsidiary; or 

        (4)   transfer
any of its properties or assets to the Company or any Restricted Subsidiary; 

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

        (5)   the
Senior Credit Facility; 

        (6)   encumbrances
or restrictions existing on the Issue Date to the extent and in the manner such encumbrances and restrictions are in effect on the Issue Date and any
amendments, restatements, renewals, replacements or refinancings thereof; provided that any amendment, restatement, renewal, replacement or refinancing
is not more disadvantageous to the Holders in any material respect with respect to such encumbrances or restrictions existing on the Issue Date; 

        (7)   this
Indenture, the Notes and the Guarantees; 

        (8)   applicable
law; 

        (9)   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 property or assets of the Person (including any Subsidiary of the Person), so acquired; 

        (10) customary
non-assignment provisions in leases or other agreements entered in the ordinary course of business and consistent with past practices; 

46

 

        (11) Refinancing
Indebtedness; provided that such restrictions are no more restrictive than those contained in the agreements
governing the Indebtedness being refunded, refinanced or extended; 

        (12) customary
restrictions in security agreements or mortgages securing Indebtedness of the Company or a Restricted Subsidiary to the extent such restrictions restrict the
transfer of the property subject to such security agreements and mortgages; 

        (13) customary
restrictions with respect to a Restricted Subsidiary of the Company pursuant to an agreement that has been entered into for the sale or disposition of all or
substantially all of the Capital Stock or assets of such Restricted Subsidiary; 

        (14) customary
restrictions imposed on the transfer of copyrighted or patented materials; or 

        (15) customary
restrictions under Sale and Lease-Back Transactions that apply to the assets being transferred only and that comply with Section 4.15. 

        Section 4.20.    Limitation on Conduct of Business.    

        The
Company and the Restricted Subsidiaries will not engage in any businesses which are not the same, similar, ancillary or related to the businesses in which the Company and the
Restricted Subsidiaries are engaged on the Issue Date. 

        Section 4.21.    Limitation on Preferred Stock of Restricted Subsidiaries.    

        The
Company shall not permit any of its Restricted Subsidiaries to issue any Preferred Stock (except Preferred Stock issued to the Company or a Restricted Subsidiary of the Company) or
permit any Person (other than the Company or a Restricted Subsidiary of the Company) to hold any such Preferred Stock unless such Restricted Subsidiary would be entitled to incur or assume
Indebtedness (other than Permitted Indebtedness) in compliance with Section 4.10(a) in the aggregate principal amount equal to the aggregate liquidation value of the Preferred Stock to be
issued. 

        Section 4.22.    Limitation on Capital Stock of Restricted Subsidiaries.    

        (a)   The
Company shall not: 

        (1)   sell,
pledge, hypothecate or otherwise convey or dispose of any Capital Stock of a Restricted Subsidiary of the Company (other than any such transaction resulting in a
Lien which constitutes a Permitted Lien); or 

        (2)   permit
any of its Restricted Subsidiaries to issue any Capital Stock, other than to the Company or a Restricted Subsidiary of the Company. 

        (b)   Section 4.22(a)
will not apply to an Asset Sale made in compliance with Section 4.13 (provided that if such Asset Sale is for less than all of the
outstanding Capital Stock of any Restricted Subsidiary held by the Company or any of its Restricted Subsidiaries, such Asset Sale must also comply with Section 4.11) or the issuance of
Preferred Stock in compliance with Section 4.21. 

        Section 4.23.    Limitation on Creation of Subsidiaries.    

        The
Company shall not create or acquire, and shall not permit any Restricted Subsidiary to create or acquire, any Subsidiary other than: 

        (1)   a
Restricted Subsidiary existing as of the Issue Date; 

        (2)   a
Restricted Subsidiary that is acquired or created after the Issue Date; provided,  however, that (x) if the Senior Credit Facility is in effect, each
such Restricted Subsidiary that guarantees or is otherwise an obligor under
the Senior Credit Facility must execute a Guarantee and, (y) if the Senior Credit Facility is no longer in effect, each such Restricted Subsidiary that is acquired or 

47

 

created
after the date on which the Senior Credit Facility is no longer in effect must execute a Guarantee, in each case in substantially the form set forth in this Indenture (and with such
documentation relating thereto as the Trustee may require, including, without limitation, a supplement or amendment to this Indenture and opinions of counsel as to the enforceability of such
Guarantee), pursuant to which such Restricted Subsidiary will become a Guarantor; or 

        (3)   an
Unrestricted Subsidiary. 

        As
of the Issue Date, the Company shall have no Restricted Subsidiaries, other than the Guarantors. 

        Section 4.24.    Limitation on Investments    

        The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any Investment other than: 

          (i)  a
Permitted Investment; or 

         (ii)  an
Investment that is made after the Issue Date as a Restricted Payment in compliance with Section 4.11. 

 
 

ARTICLE 5
  SUCCESSOR CORPORATION    
    

        Section 5.01.    Limitation on Consolidation, Merger and Sale of Assets.    

        Notwithstanding
anything contained herein to the contrary, compliance with this provision shall not be required in order to consummate the AGHI Merger. The Company shall not and shall
not permit any Restricted Subsidiary to (1) consolidate or merge with or into another Person (whether or not the Company or such Restricted Subsidiary will be the continuing Person), or
(2) sell, assign, transfer, lease, convey or otherwise dispose of (each a "transfer") all or substantially all of the assets of the Company (as
an entirety or substantially as an entirety in one transaction or a series of related transactions) to any Person unless: 

        (1)   either
the Company or such Restricted Subsidiary, as the case may be, is the continuing Person, or the Person (if other than the Company or such Restricted Subsidiary)
formed by such consolidation or into which the Company or such Restricted Subsidiary, as the case may be, is merged or to which the assets of the Company or such Restricted Subsidiary, as the case may
be, are sold, assigned, transferred, leased, conveyed or otherwise disposed of must be a corporation organized and existing under the laws of the United States or any State thereof or the District of
Columbia and must expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all of the obligations of the Company or such Restricted Subsidiary, as the case may be, under this Indenture, the Notes and the Guarantees, and the obligations thereunder
will remain in full force and effect; 

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

        (3)   immediately
after giving effect to such transaction on a pro forma basis the Company or such Person: 

        (a)   will
have a Consolidated Net Worth equal to or greater than the Consolidated Net Worth of the Company immediately prior to such transaction; and 

        (b)   will
be able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) under Section 4.10(a); 

48

  

provided that a Person that is a Guarantor on the Issue Date may merge into the Company or another Person that is a Guarantor on the Issue Date without
complying with this clause (3). 

        In
connection with any consolidation, merger or transfer of assets contemplated by this provision, the Company shall deliver, or cause to be delivered, to the Trustee, an Officers'
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and the supplemental indenture in respect thereto comply with this provision and that all conditions
precedent herein provided for relating to such transaction or transactions have been complied with. 

        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, will be deemed to be the
transfer of all or substantially all of the properties and assets of the Company. 

        Section 5.02.    Successor Person Substituted.    

        Upon
any consolidation, merger, conveyance or any transfer of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof, the successor entity
formed by such consolidation or into which the Company or any such Restricted Subsidiary is merged or to which such transfer is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company or such Restricted Subsidiary, as the case may be, under this Indenture with the same effect as if such successor entity had been named as the Company or such
Restricted Subsidiary as the case may be herein, and thereafter the predecessor entity shall be relieved of all obligations and covenants under this Indenture and the Notes. 

 
 

ARTICLE 6
  DEFAULTS AND REMEDIES    
    

        Section 6.01.    Events of Default.    

        An
"Event of Default" occurs if 

        (a)   there
is a default in payment of any principal of, or premium, if any, on the Notes whether at maturity, upon redemption, required repurchase or otherwise (whether or
not such payment is prohibited by the provisions of Article 11 or 12 hereof); 

        (b)   there
is a default for 30 days in payment of any interest on the Notes (whether or not such payment is prohibited by the provisions of Article 11 or 12
hereof); 

        (c)   there
is a default by the Company or any Restricted Subsidiary in the observance or performance of any other covenant in the Notes or this Indenture for 30 days
after written notice from the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding specifying the default (except in the case of a default with
respect to Sections 4.18 or 5.01 which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 

        (d)   failure
to pay when due at final maturity (giving effect to any applicable grace periods and any waiver or extension thereof) or on a redemption date specified in an
irrevocable notice of redemption sent by the Company or a Restricted Subsidiary on which the entire principal amount of the Indebtedness outstanding subject to such notice is required to be paid,
principal in an aggregate amount of $5.0 million or more, with respect to any Indebtedness of the Company or any Restricted Subsidiary thereof, or the acceleration of any such Indebtedness
aggregating $5.0 million or more pursuant to a default under the instrument governing such Indebtedness, which default shall not be cured, waived or postponed pursuant to an agreement with the
holders of such Indebtedness within 30 days after written notice as provided in this Indenture, or such 

49

 

acceleration
shall not be rescinded or annulled within 15 days after written notice as provided in this Indenture; 

        (e)   any
final judgment or judgments which can no longer be appealed for the payment of money in excess of $5.0 million is rendered against the Company or any
Restricted Subsidiary thereof, and is not discharged for any period of 60 consecutive days during which a stay of enforcement is not in effect; 

        (f)    The
Company, Parent, Holding Company or any Restricted Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

        (A)  commences
a voluntary case, 

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

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

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

        (E)  becomes
insolvent or generally fails to pay, or admits in writing its inability or unwillingness to pay, debts as they become due, or 

        (F)  takes
any corporate action to authorize or effect any of the foregoing; 

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

        (A)  is
for relief against the Company, Parent, Holding Company or any Restricted Subsidiary in an involuntary case, 

        (B)  appoints
a Custodian of the Company, Parent, Holding Company or any Restricted Subsidiary or for all or substantially all of the property of the Company, Parent, Holding
Company or any Restricted Subsidiary, or 

        (C)  orders
the liquidation of the Company, Parent, Holding Company or any Restricted Subsidiary, 

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

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

        The
term "Bankruptcy Law" means Title 11, U.S. Code or any similar Federal, state or non-U.S. law for the relief of debtors.
The term "Custodian" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

        Section 6.02.    Acceleration.    

        If
an Event of Default (other than an Event of Default of the type described in Section 6.01(f) or (g)) has occurred and is continuing, then the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Notes then outstanding may (and the Trustee, at the request of such Holders, shall) declare to be immediately due and payable the entire principal amount
of all the Notes then outstanding plus accrued and unpaid interest, if any, to the date of acceleration and (1) the same will become immediately due and payable or (2) if there are any
amounts outstanding under the Senior Credit Facility, will become immediately due and payable upon the first to occur of an acceleration under the Senior Credit Facility or five Business Days after
receipt by the Company and the 

50

 

representative
under the Senior Credit Facility of a notice of acceleration; provided, however, that
after such acceleration but before a judgment or decree based on acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount of outstanding Notes may rescind and
annul such acceleration if: 

        (1)   all
Events of Default, other than nonpayment of principal, premium, if any, or interest that has become due solely because of the acceleration, have been cured or waived
as provided in this Indenture; 

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

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

        (4)   in
the event of the cure or waiver of an Event of Default of the type described in Section 6.01(f) or (g), the Trustee must have received an Officers' Certificate
and an Opinion of Counsel that such Event of Default has been cured or waived. 

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

        In
case an Event of Default of the type described in Section 6.01(f) or (g) occurs, the principal, premium and interest amount with respect to all of the Notes will be due
and payable immediately without any declaration or other act on the part of the Trustee or the Holders. 

        Section 6.03.    Other Remedies.    

        If
an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any,
and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture and may take any necessary action requested of it as Trustee to settle, compromise, adjust or
otherwise conclude any proceedings to which it is a party. 

        The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. 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 and Events of Default.    

        Subject
to Sections 2.09, 6.02, 6.07 and 8.02, the holders of a majority in principal amount of the Notes then outstanding have the right to waive any existing Default under this
Indenture or the Notes except a Default in the payment of the principal of, or interest or premium, if any, on any Note as specified in clauses
(a) and (b) of Section 6.01 or in respect of a covenant or a provision which cannot be modified or amended without the consent of all Holders as provided for in
Section 8.02. The Company shall deliver to the Trustee an Officers' Certificate stating that the requisite percentage of Holders have consented to such waiver and attaching copies of such
consents. In case of any such waiver, the Company, the Trustee and the Holders shall be restored to their former positions and rights hereunder and under the Notes, respectively. This paragraph of
this Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such Section 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture and the Notes, as
permitted by the TIA. 

        Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such
waiver 

51

 

shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

        Section 6.05.    Control by Majority.    

        Subject
to Section 2.09, the Holders of a majority in principal amount of the outstanding Notes have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee by this Indenture. The Trustee, however, may refuse to follow any direction that conflicts with law or
this Indenture or that the Trustee determines may be unduly prejudicial to the rights of another Holder not taking part in such direction, and the Trustee shall have the right to decline to follow any
such direction if the Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or if the Trustee in good faith shall, by a Trust Officer, determine that the
proceedings so directed may involve it in personal liability; provided that the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction. In the event the Trustee takes any action or follows any direction pursuant to this Indenture, the Trustee shall be entitled to indemnification reasonably
satisfactory to it against any loss or expense caused by taking such action or following such direction. This Section 6.05 shall be in lieu of Section 316(a)(1)(A) of the TIA, and such
Section 316(a)(1)(A) of the TIA is hereby expressly excluded from this Indenture and the Notes, as permitted by the TIA. 

        Section 6.06.    Limitation on Suits.    

        Subject
to Section 6.07 below, no Holder of any Note will have any right to institute any proceeding with respect to this Indenture or for any remedy thereunder, unless: 

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

        (2)   the
Holders of at least 25% in aggregate principal amount of the outstanding Notes have made written request and offered indemnity reasonably satisfactory to the Trustee
to institute such proceeding as Trustee; 

        (3)   the
Trustee has not received from the Holders of a majority in aggregate principal amount of the outstanding Notes a direction inconsistent with such request; and 

        (4)   the
Trustee has failed to institute such a proceeding within 60 days of the receipt by the Trustee of the written request referred to in clause (3) of this
Section 6.06. 

        Notwithstanding
the foregoing, such limitations do not apply to a suit instituted on such Note on or after the respective due dates expressed in such Note. 

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

        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, or premium, if any, or accrued interest of any Note held by such Holder
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, is absolute and unconditional and shall not be
impaired or affected without the consent of the Holder. 

        Section 6.08.    Collection Suit by Trustee.    

        If
an Event of Default in payment of principal, premium or interest specified in Section 6.01(a) or (b) hereof occurs and is continuing, the Trustee may recover judgment in
its own name and as trustee of an express trust against the Company for the whole amount of unpaid principal, premium and 

52

 

accrued
interest remaining unpaid, together with, to the extent that payment of such interest is lawful, interest on overdue principal and interest on overdue installments of interest, in each case at
the rate set forth in Section 4.01, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel. 

        Section 6.09.    Trustee May File Proofs of Claim.    

        The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor
upon the Notes), its creditors or its property and shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07. 

        Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan or reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceedings. 

        Section 6.10.    Priorities.    

        If
the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

        FIRST:
to the Trustee for amounts due under Section 7.07 hereof; 

        SECOND:
if the Holders are forced to proceed against the Company or any Guarantor directly without the Trustee, to Holders for their collection costs; 

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

        FOURTH:
to the Company or, to the extent the Trustee collects any amounts directly from any Guarantor, to such Guarantor. 

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

        Section 6.11.    Undertaking for Costs.    

        In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys'
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply
to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Notes then outstanding. 

53

 

 
 

ARTICLE 7
  TRUSTEE    
    

        Section 7.01.    Duties of Trustee.    

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

        (1)   The
Trustee need perform only those duties as are specifically set forth in this Indenture and no covenants or obligations shall be implied in this Indenture against the
Trustee. 

        (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. However, in the case of certificates or opinions specifically required by any provision hereof
to be furnished to it, 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
paragraph does not limit the effect of paragraph (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. 

        (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 financial liability in the performance of any of its
duties hereunder or to take or omit to take any action under this Indenture or take any action at the request or direction of Holders if it shall have grounds in its sole discretion for believing that
repayment of such funds is not assured to it or it does not receive from such Holders an indemnity or security reasonably satisfactory to it against such risk, liability, loss, fee or expense which
might be incurred by it in compliance with such request or direction. 

        (e)   Whether
or not herein expressly provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (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 Company. Assets held in trust by
the Trustee need not be segregated from other assets except to the extent required by law. 

        Section 7.02.    Rights of Trustee.    

        Subject
to Section 7.01: 

        (a)   The
Trustee may conclusively rely on any document reasonably 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 with respect to any matters contemplated by this Indenture or the Notes it may consult with counsel and may require an
Officers' Certificate or an 

54

 

Opinion
of Counsel, or both, which shall conform to the provisions of Section 13.05. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good
faith in reliance on such certificate or opinion. 

        (c)   The
Trustee may act through attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent (other than an agent who is an
employee of the Trustee) so long as the appointment of such agent was made with due care. 

        (d)   The
Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers. 

        (e)   The
Trustee may consult with counsel of its selection, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and
protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

        (f)    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 has been advised of the likelihood of such loss or damage and regardless of the form of action. 

        (g)   The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 

        (h)   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. 

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

        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 make loans to, accept deposits from, perform services for or otherwise deal with the
Company, or any Affiliates thereof, with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, shall be subject to Sections 7.10 and
7.11. 

        Section 7.04.    Trustee's Disclaimer.    

        The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company's use of
the proceeds from the sale of Notes or any money paid to the Company pursuant to the terms of this Indenture and it shall not be responsible for any statement of the Company in this Indenture or the
Notes other than the Trustee's certificate of authentication. 

55

  

        Section 7.05.    Notice of Defaults.    

        If
a Default or an Event of Default occurs and is continuing and if the Trustee has actual knowledge of such Default or Event of Default, the Trustee shall mail to each Holder notice of
the uncured Default or Event of Default within 30 days after such Default or Event of Default occurs. Except in the case of a Default or an Event of Default in payment of principal of, premium
or interest 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 or on the Excess Proceeds Payment
Date pursuant to an Excess Proceeds Offer and, except in the case of a failure to comply with Article 5, 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. This
Section 7.05 shall be in lieu of the proviso to Section 315(b) of the TIA, and such proviso of Section 315(b) of the TIA is hereby expressly excluded from this Indenture and the
Notes, as permitted by the TIA. 

        Section 7.06.    Reports by Trustee to Holders.    

        If
required by TIA Section 313(a), within 60 days after May 15 of any year, commencing the May 15 following the date of this Indenture, the Trustee shall mail
to each Holder a brief report dated as of such May 15 that complies with TIA Section 313(a). The Trustee also shall comply with TIA Section 313(b), (c) and (d). 

        Reports
pursuant to this Section 7.06 shall be transmitted by mail: 

        (1)   to
all registered Holders, as the names and addresses of such Holders appear on the Registrar's books; and 

        (2)   to
such Holders as have, within the two years preceding such transmission, filed their names and addresses with the Trustee for that purpose. 

        A
copy of each report at the time of its mailing to Holders shall be filed with the Commission and each stock exchange, if any, on which the Notes are listed. The Company shall promptly
notify the Trustee when the Notes are listed on any stock exchange or of any delisting thereof. 

        Section 7.07.    Compensation and Indemnity.    

        The
Company shall pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company and the Trustee for the Trustee's services. The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an express trust. Each of the Company and the Guarantors, jointly and severally, shall reimburse the Trustee upon request
for all reasonable fees and expenses, including out-of-pocket expenses incurred or made by it in connection with the performance of its duties under this Indenture or in
connection with the collection of any funds. Such expenses shall include the reasonable fees and expenses of the Trustee's agents and counsel. 

        Each
of the Company and the Guarantors, jointly and severally, shall indemnify each of the Trustee and its agents, employees, stockholders and directors and officers for, and hold them
harmless against, any loss, liability, claim, damage or expense incurred by them except for such actions to the extent caused by any gross negligence, bad faith or willful misconduct on their part,
arising out of or in connection with the administration of this trust including the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise
or performance of any of their rights, powers or duties hereunder. The Trustee shall notify the Company promptly, in writing, of any claim asserted against the Trustee of which a Trust Officer has
received written notice for which it may seek indemnity. The Company, at its option, may defend the claim and the Trustee shall cooperate and may participate in the defense;  provided that any settlement
of a claim shall be approved in writing by the Trustee. The Company need not pay for any settlement made without its
written consent, which consent shall not be unreasonably withheld. The Company need not reimburse 

56

 

any
expense or indemnify against any loss or liability to the extent incurred by the Trustee through its gross negligence, bad faith or willful misconduct. 

        To
secure the Company's payment Obligations in this Section 7.07, the Trustee shall have a lien prior to the Notes on all assets or money held or collected by the Trustee, in its
capacity as Trustee, except assets or money held in trust to pay principal of, premium or interest on particular Notes. 

        When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) occurs, such expenses and the compensation for such
services are intended to constitute expenses of administration under any Bankruptcy Law. 

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

        Section 7.08.    Replacement of Trustee.    

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

        The
Trustee may resign at any time by so notifying the Company in writing. The holders of a majority in principal amount of the outstanding Notes may remove the Trustee by so notifying
the Trustee and the Company in writing and may appoint a successor Trustee. The Company may remove the Trustee at its election if: 

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

        (b)   the
Trustee is adjudged a bankrupt or an insolvent; 

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

        (d)   the
Trustee otherwise becomes incapable of acting. 

        If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the
Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Company. 

        A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer, after
payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor Trustee, subject to the lien provided in Section 7.07, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall
mail notice of its succession to each Holder. 

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

        If
the Trustee fails to comply with Section 7.10, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee. 

        Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.07 hereof shall continue for the benefit of the retiring
Trustee. 

57

 

        Section 7.09.    Successor Trustee by Consolidation, Merger or Conversion.    

        If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, subject to this
Article 7, the successor corporation without any further act shall be the successor Trustee. 

        Section 7.10.    Eligibility; Disqualification.    

        This
Indenture shall always have a Trustee which shall be eligible to act as Trustee under TIA Sections 310(a)(1) and 310(a)(2). The Trustee shall have a combined capital and surplus of
at least $100.0 million as set forth in its most recent published annual report of condition. If the Trustee has or shall acquire any "conflicting interest" within the meaning of TIA
Section 310(b), the Trustee and the Company shall comply with the provisions of 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 Company are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, the Trustee shall resign immediately in the manner and with the effect hereinbefore specified in
this Article 7. 

        Section 7.11.    Preferential Collection of Claims Against Company.    

        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. The provisions of TIA Section 311 shall apply to the Company as obligor of the Notes. 

 
 

ARTICLE 8
  AMENDMENTS, SUPPLEMENTS AND WAIVERS    
    

        Section 8.01.    Without Consent of Holders.    

        The
Company and the Guarantors, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture, the Notes or the Guarantees without notice to or consent of
any Holder: 

        (1)   to
cure any ambiguity, defect or inconsistency; provided that such amendment or supplement does not, in the opinion of
the Trustee, adversely affect the rights of any Holder in any material respect; 

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

        (3)   to
comply with Article 5 or Section 10.06; 

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

        (5)   to
make any change that would provide any additional benefit or rights to the Holders; 

        (6)   to
add to the covenants of the Company or a Guarantor for the benefit of the Holders, or to surrender any right or power herein conferred upon the Company or any
Guarantor; 

        (7)   to
secure the Notes pursuant to the requirements of Section 4.17 or otherwise; 

        (8)   to
reflect the release of a Guarantor from its obligations with respect to its Guarantee pursuant to Section 10.06 or to add a Guarantor pursuant to
Section 4.23; or 

        (9)   to
make any other change that does not materially and adversely affect the rights of any Holder under this Indenture. 

58

 

        Section 8.02.    With Consent of Holders.    

        Subject
to Section 6.07, the Company and the Guarantors, when each is authorized by a Board Resolution of their respective Boards of Directors, and the Trustee may amend or
supplement this Indenture or the Notes or the Guarantees with the written consent of the Holders of at least a majority in principal amount of the outstanding Notes. Subject to Section 6.07,
the Holders of a majority in principal amount of the outstanding Notes may waive compliance by the Company or any Guarantor with any provision of this Indenture, the Notes, or the Guarantees. However,
without the consent of each Holder affected, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may not: 

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

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

        (3)   reduce
the principal of or premium on or change the stated maturity of any Note or change the date on which any Notes may be subject to redemption or repurchase or
reduce the redemption or repurchase price therefor, except that the time period for any notice of redemption or repurchase of the Notes may be amended or waived by the Holders of a majority in
principal amount of the outstanding Notes; 

        (4)   make
any Note payable in money other than that stated in the Note or change the place of payment from New York, New York; 

        (5)   waive
a Default on the payment of the principal of, interest on, or redemption payment with respect to any Note; 

        (6)   make
any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest 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; 

        (7)   amend,
change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer in the event of a Change of Control or
make and consummate an Excess Proceeds Offer with respect to any Asset Sale that has been consummated or modify any of the provisions or definitions in this Indenture with respect thereto; 

        (8)   modify
or change any provision of this Indenture or the related definitions affecting the subordination or ranking of the Notes or any Guarantee in a manner which
adversely affects the Holders; or 

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

        After
an amendment, supplement or waiver under this Section 8.02 becomes effective, the Company shall mail to the Holders 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 supplemental indenture. 

        Upon
the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence
reasonably satisfactory to the Trustee of the consent of the Holders as aforesaid and upon receipt by the Trustee of the documents described in Section 8.06, the Trustee shall join with the
Company and the Guarantors in the execution of such supplemental indenture unless such supplemental indenture affects 

59

 

the
Trustee's own rights, duties or immunities under this Indenture, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

        It
shall not be necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be
sufficient if such consent approves the substance thereof. 

        Section 8.03.    Compliance with TIA.    

        Every
amendment to or supplement of this Indenture, the Notes or the Guarantees shall comply with the TIA as then in effect. 

        Section 8.04.    Revocation and Effect of Consents.    

        Until
an amendment, waiver or supplement becomes effective, 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 notice to the Trustee or the Company received before the date on which the Trustee 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. 

        The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. 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
90 days after such record date. 

        After
an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (9) of
Section 8.02, in which case, the amendment, supplement or waiver shall bind only each Holder 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 and interest 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 8.05.    Notation on or Exchange of Notes.    

        If
an amendment, supplement, or waiver changes the terms of a Note, the Trustee may request the Holder to deliver it to the Trustee. In such case, the Trustee shall place an appropriate
notation on the Note about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determine, in exchange for the Note the Company shall issue and the Trustee
shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment supplement or
waiver. 

        Section 8.06.    Trustee to Sign Amendments, etc.    

        The
Trustee shall be provided with, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized
pursuant to this Article 8 is authorized or permitted by this Indenture and that such amendment, supplement or waiver constitutes the legal, valid and binding obligation of the Company and any
Guarantors, enforceable in accordance with its terms (subject to customary exceptions). The Trustee may, but shall not be 

60

 

obligated
to, execute any such amendment, supplement or waiver which affects the Trustee's own rights, duties or immunities under this Indenture or otherwise. 

 
 

ARTICLE 9
  DISCHARGE OF INDENTURE; DEFEASANCE    
    

        Section 9.01.    Satisfaction and Discharge of Indenture.    

        This
Indenture shall be discharged and shall cease to be of further effect (except those obligations referred to in the penultimate paragraph of this Section 9.01) as to all
outstanding Notes and the Trustee, on written demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when either: 

        (a)   all
Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided
in Section 2.07 hereof and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust) have been delivered to the Trustee for cancellation; or 

        (b)   (i) either
(A) pursuant to Article 3, the Company shall have given notice to the Trustee and mailed a notice of redemption to each Holder of the
redemption of all of the Notes under arrangements satisfactory to the Trustee for the giving of such notice or (B) all Notes not theretofore delivered to the Trustee for cancellation have
become due and payable; (ii) the Company has irrevocably deposited or caused to be deposited with the Trustee in trust for the purpose an amount of U.S. legal tender or U.S. Government
Obligations sufficient to pay and discharge the entire Indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for the principal of, premium, if any, and interest on the
Notes to the date of such deposit; (iii) no Default or Event of Default with respect to this Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall
occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company is a party or by which it is
bound; (iv) the Company has paid or caused to be paid all other sums payable hereunder by the Company; (v) the Company has delivered to the Trustee (A) irrevocable instructions to
apply the deposited money toward payment of the Notes at the maturity or redemption thereof, and (B) an Officers' Certificate and an Opinion of Counsel each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; and (vi) that from and after the time of deposit, the money deposited shall
not be subject to the rights of holders of Senior Indebtedness pursuant to the provisions of Article 11 or 12. 

        Notwithstanding
the foregoing paragraph, the Company's obligations in Article 2 and Sections 4.01, 4.07, 7.07, 9.06 and 9.07 shall survive until the Notes are no longer
outstanding pursuant to the last paragraph of Section 2.08. After the Notes are no longer outstanding, the Company's obligations in Sections 7.07, 9.06 and 9.07 shall survive such satisfaction
and discharge. 

        After
such delivery or irrevocable deposit, the Trustee upon request shall acknowledge in writing the discharge of the Company's and each Guarantor's obligations under the Notes, the
Guarantees and this Indenture except for those surviving obligations specified above. 

        Section 9.02.    Legal Defeasance.    

        (a)   The
Company may, at its option by Board Resolution of the Board of Directors of the Company, at any time, elect to have this section be applied to all outstanding Notes
upon compliance with the conditions set forth in Section 9.04. 

        (b)   Upon
the Company's exercise under paragraph (a) hereof of the option applicable to this paragraph (b), the Company and each Guarantor shall, subject to the
satisfaction of the conditions set 

61

 

forth
in Section 9.04, be deemed to have been discharged from their respective obligations with respect to all outstanding Notes and the Guarantees on the date the conditions set forth below
are satisfied (hereinafter, "Legal Defeasance"). For this purpose, Legal Defeasance means that the Company and each Guarantor shall be deemed to have
paid and discharged the entire Indebtedness represented by the outstanding Notes and the Guarantees, which shall thereafter be deemed to be "outstanding" only for the purposes of Section 9.05
and the other Sections of this Indenture referred to in (i) and (ii) below, and to have satisfied all their other respective obligations under such Notes and this Indenture (and the
Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), and Holders and any amounts deposited under Section 9.04 shall cease to be
subject to any obligations to, or the rights of, any holder of Senior Indebtedness under Article 11 or 12 or otherwise, except for the following provisions, which shall survive until otherwise
terminated or discharged hereunder: (i) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 9.05, and as more fully set forth in such
Section, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due, (ii) the Company's obligations with respect to such Notes under
Article 2 and Section 4.07, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company's obligations in connection therewith and
(iv) this Article 9. Subject to compliance with this Article 9, the Company may exercise its option under this Section 9.02 notwithstanding the prior exercise of its option
under Section 9.03 below with respect to the Notes. 

        Section 9.03.    Covenant Defeasance.    

        (a)   The
Company may, at its option by Board Resolution of the Board of Directors of the Company, at any time, elect to have this Section be applied to all outstanding Notes
upon compliance with the conditions set forth in Section 9.04. 

        (b)   Upon
the Company's exercise under paragraph (a) of the option applicable to this paragraph (b), the Company and each Guarantor shall, subject to the
satisfaction of the conditions set forth in Section 9.04, be released from their respective obligations under the covenants contained in Sections 4.05, 4.08, 4.09 and 4.10 through 4.24,
inclusive, and Article 5 with respect to the outstanding Notes and the Guarantees on and after the date the conditions set forth below are satisfied (hereinafter,
"Covenant Defeasance"), and the Notes and the Guarantees shall thereafter be deemed not "outstanding" for the purposes of any direction, waiver, consent
or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed "outstanding" for all other purposes hereunder and Holders and
any amounts deposited under Section 9.04 shall cease to be subject to any obligations to the rights of, any holder of Senior Indebtedness under Article 11 or 12 or otherwise. For this
purpose, such Covenant Defeasance means that, with respect to the outstanding Notes and the Guarantees, the Company and each Guarantor may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event or Default under Section 6.01(c), but, except as
specified in this Section 9.03, the remainder of this Indenture, such Notes and the Guarantees shall be unaffected thereby. In addition, upon the Company's exercise under paragraph (a)
of the option applicable to this paragraph (b), subject to the satisfaction of the conditions set forth in Section 9.04, Sections 6.01(d) and 6.01(e) shall not constitute Events of
Default. 

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        Section 9.04.    Conditions to Legal Defeasance or Covenant Defeasance.    

        The
following shall be the conditions to the application of either Section 9.02 or 9.03 to the outstanding Notes and the Guarantees: 

        In
order to exercise either Legal Defeasance or Covenant Defeasance: 

        (a)   the
Company shall irrevocably deposit with the Trustee (or other qualifying trustee), in trust for such purpose, of money and/or non-callable U.S. Government
Obligation which through the payment of principal and interest in accordance with their terms will provide money, in an amount sufficient to pay the principal of, premium, if any, and interest on the
Notes, on the scheduled due dates therefor or on a selected date of redemption in accordance with the terms of this Indenture; 

        (b)   in
the case of an election under Section 9.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company have
received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture, there has been a change in any applicable U.S. Federal income tax
law, in either case to the effect that, and such Opinion of Counsel shall confirm that, the Holders of the Notes or Persons in their positions will not recognize income, gain or loss for U.S. Federal
income tax purposes as a result of such Legal Defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such Legal Defeasance had not occurred; 

        (c)   in
the case of an election under Section 9.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not
recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Covenant Defeasance had not occurred; 

        (d)   no
Default or Event of Default has occurred and is continuing on the date of such deposit or insofar as Events of Default from bankruptcy, insolvency, or reorganization
events are concerned, at any time in the period ending on the 91st day after the date of deposit; 

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

        (f)    the
Company shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders
over any other creditors of the Company or its Subsidiaries or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; 

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

        (h)   the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that assuming no intervening event of the type described in Section 6.01(f) or
(g) between the date of deposit and the 91st day following the deposit or, if longer, ending on the day following the expiration of the longest preference period under any Bankruptcy Law and
further assuming that no Holder is an insider of the Company, after the 91st day following the deposit or, if longer, ending on the day following the expiration of the longest preference period under
any Bankruptcy Law, the trust funds will not be subject to the effect of any applicable Bankruptcy Law; and 

        (i)    the
Company shall have delivered to the Trustee an Opinion of Counsel stating that, as a result of such Legal Defeasance or Covenant Defeasance, neither the trust nor
the Trustee will be 

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required
to register as an investment company under the Investment Company Act of 1940, as amended. 

        Section 9.05.    Application of Trust Money.    

        All
money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.01 or 9.04 in respect of the outstanding Notes shall be
held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine,
to the Holders of such Notes, of all sums due and to become due thereon in respect of principal, premium, if any, and accrued interest, but such money need not be segregated from other funds except to
the extent required by law. 

        The
Company and the Guarantors 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 9.01 or 9.04 or the principal, premium, if any, and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders. 

        Anything
in this Article 9 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon a written request of the Company in the form of
an Officers' Certificate any money or U.S. Government Obligations held by it as provided in Section 9.01 or 9.04 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 which would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance. 

        Section 9.06.    Repayment to the Company.    

        Subject
to Sections 9.01, 9.02, 9.03, 9.04, 9.05 and 9.07, the Trustee and the Paying Agent shall promptly pay to the Company upon request any excess U.S. legal tender or U.S. Government
Obligations held by them at any time and thereupon shall be relieved from all liability with respect to such money. The Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal, premium, if any, or interest that remains unclaimed for two years; provided that the Trustee or such Paying
Agent, before being required to make any payment, may at the expense of the Company 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 30 days from the
date of such publication or mailing, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders entitled to such money must look to the
Company for payment as general creditors unless an applicable law designates another Person. 

        Section 9.07.    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 9.01, 9.02 or 9.03 hereof by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's and each Guarantor's obligations
under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article 9 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 9.01; provided,  however, that if the Company
or the Guarantors have made any payment of principal of, premium, if any, or accrued interest on any Notes because of the
reinstatement of their obligations, the Company and each such Guarantor 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. 

64

 

 
 

ARTICLE 10
  GUARANTEE    
    

        Section 10.01.    Unconditional Guarantee.    

        Each
Guarantor hereby unconditionally, jointly and severally, guarantees to each Holder of a Note authenticated by the Trustee and to the Trustee and its successors and assigns that the
principal of, premium thereon (if any) and interest on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration or otherwise, and
interest on the overdue principal and interest on any overdue interest on the Notes (to the extent permitted by applicable law) and all other obligations of the Company to the Holders or the Trustee
hereunder or under the Notes will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; subject, however, to the limitations set forth in Section 10.03.
Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any
judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that the Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. If any
Holder or the Trustee is required by any court or otherwise to return to the Company, any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company
or any Guarantor, any amount paid by the Company or any Guarantor to the Trustee or such Holder, each Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
Each Guarantor further agrees that, as between a Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations Guaranteed hereby may be
accelerated as provided in Article 6 for the purpose of each 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 6, such Obligations (whether or not due and payable) shall become due and payable
by each Guarantor for the purpose of each Guarantee. 

        Each
Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Trustee or any Holder in enforcing any rights under this
Article 10. 

        Section 10.02.    Severability.    

        In
case any provision of this Article 10 shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 

        Section 10.03.    Limitation on Guarantor's Liability; Contribution.    

        Each
Guarantor, and by its acceptance hereof, each Holder and the Trustee, hereby confirm that it is the intention of all such parties that the Guarantee of each Guarantor does not
constitute a fraudulent transfer or conveyance for purposes of Title 11 of the United States Code, as amended, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
U.S. Federal or state or other applicable law. 

65

  

        To effectuate the foregoing intention, each Holder and each Guarantor hereby irrevocably agree that the Obligations of a Guarantor under its Guarantee shall be limited to the maximum
amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor (including, without limitation, any Guarantees of Senior Indebtedness), and after giving effect to
any collections from or payments made by or on behalf of any other such Guarantor in respect of the Obligations of such other Guarantor pursuant to the second paragraph of Section 10.03, result
in the Obligations of such Guarantor not constituting such a fraudulent transfer or conveyance. 

        In
order to provide for just and equitable contribution among the Guarantors, the Guarantors agree, inter se, that in the event any
payment or distribution is made by any Guarantor (a "Funding Guarantor") under a Guarantee such Funding Guarantor shall be entitled to a contribution
from all other Guarantors in a pro rata amount, based on the Adjusted Net Assets of each Guarantor (including the Funding Guarantor), determined in
accordance with GAAP, subject to the first paragraph of this Section 10.03, for all payments, damages and expenses incurred by such Funding Guarantor in discharging the Company's Obligations
with respect to the Notes or any other Guarantor's Obligations under a Guarantee. 

        Section 10.04.    Successors and Assigns.    

        This
Article 10 shall be binding upon each Guarantor and its successors and assigns and shall ensure 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 conferred upon that party in this Indenture and in the Notes shall automatically
extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

        Section 10.05.    No Waiver.    

        Neither
a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article 10 shall operate as a waiver thereof,
nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein
expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

        Section 10.06.    Release of Guarantor; Merger, Consolidation of Guarantors.    

        A
Guarantor shall be released from all of its Obligations under its Guarantee if: 

        (1)   (a)
all of its assets or Capital Stock is sold, in each case in a transaction in compliance with Section 4.13, (b) the Guarantor merges with or into or
consolidates with, or transfers all or substantially all of the assets of the Company in compliance with Section 5.01, or (c) such Guarantor is designated an Unrestricted Subsidiary; 

        (2)   if
the Senior Credit Facility is in effect, the guarantee or incurrence of Indebtedness that triggered the requirement for such Guarantor to Guarantee the Notes, as
described under Section 4.23, is released, in the case of such Guarantor, or ceases to be outstanding, in the case of such Indebtedness, and such Guarantor does not Guarantee and is not an
obligor under any other Indebtedness of the Company or any of the Restricted Subsidiaries; and 

        (3)   such
Guarantor has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to such transaction have been complied with. 

        Section 10.07.    Execution of Supplemental Indenture for Future Guarantors.    

        Each
Subsidiary which is required to become a Guarantor pursuant to Section 4.23 shall, and the Company shall cause each such Subsidiary to, promptly execute and deliver to the
Trustee a 

66

 

supplemental
indenture substantially in the form of Exhibit F hereto pursuant to which such Subsidiary shall become a Guarantor under this
Article 10 and shall guarantee the obligations of the Company under the Notes and this Indenture. Concurrently with the execution and delivery of such supplemental indenture, the Company shall
deliver to the Trustee an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary and that, subject to the application of
bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors' rights generally and to the principles of equity, whether considered in a proceeding
at law or in equity, the Guarantee of such Guarantor is a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms. 

        Section 10.08.    Execution and Delivery of Guarantee.    

        To
evidence the Guarantee set forth in this Article 10, each Guarantor hereby agrees that a notation of such Guarantee shall be placed on each Note authenticated and made
available for delivery by the Trustee and that this Guarantee shall be executed on behalf of each Guarantor by the manual or facsimile signature of one Officer (or other Person authorized by the Board
of Directors of such Guarantor) of each Guarantor. Each Guarantor hereby agrees that the Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Guarantee. If an Officer of a Guarantor whose signature is on the Guarantee no longer holds that office at the time the Trustee authenticates the Note
on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Guarantee set forth in this Indenture on behalf of each Guarantor. 

        Section 10.09.    Subordination of Subrogation and Other Rights.    

        Each
Guarantor hereby agrees that any claim against the Company that arises from the payment, performance or enforcement of such Guarantor's obligations under the Guarantee or this
Indenture, including, without limitation, any right of subrogation, shall be subject and subordinate to, and no payment with respect to any such claim of such Guarantor shall be made before, the
payment in full in cash of all outstanding Notes in accordance with the provisions provided therefor in this Indenture. 

 
 

ARTICLE 11
  SUBORDINATION OF GUARANTEE    
    

        Section 11.01.    Guarantee Obligations Subordinated to Senior Indebtedness.    

        Each
Guarantor covenants and agrees, and the Trustee and each Holder, by its acceptance of the Notes, likewise covenants and agrees, that to the extent and in the manner hereinafter set
forth in this Article 11, the Indebtedness represented by the Guarantee and the payment of all Obligations on the Notes pursuant to the Guarantee by such Guarantor are hereby expressly made
subordinate and subject in right of payment as provided in this Article 11 to the prior payment in full in cash of all Senior Indebtedness of such Guarantor whether outstanding on the Issue
Date or thereafter incurred. 

        This
Section 11.01 and the following Sections 11.02 through 11.11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or
continue to hold Senior Indebtedness of any Guarantor; such provisions are made for the benefit of the holders of Senior Indebtedness of each Guarantor; and such holders are made obligees hereunder
and they or each of them may enforce such provisions. 

        Section 11.02.    Payment Over of Proceeds upon Dissolution, etc.    

        In
the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith,
relative to any Guarantor or to its creditors, as such, or to its assets, whether voluntary or involuntary, (b) any 

67

 

liquidation,
dissolution or other winding-up of any Guarantor, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, (c) any general assignment for
the benefit of creditors of any Guarantor or (d) any other marshalling of assets or liabilities of any Guarantor, then and in any such event: 

        (1)   the
holders of Senior Indebtedness of such Guarantor shall be entitled to receive payment in full in cash of all amounts due on or in respect of all such Senior
Indebtedness before the Holders are entitled to receive, pursuant to the Guarantee of such Guarantor, any payment or distribution of any kind or character (other than a payment in the form of
Permitted Junior Securities or from the trust described in Section 9.01 or Section 9.04) by such Guarantor on account of any obligations of such Guarantor under its Guarantee; and 

        (2)   any
payment or distribution of assets of such Guarantor of any kind or character, whether in cash, property or securities, by set-off or otherwise, to which
the Holders or the Trustee would be entitled but for the provisions of this Article 11 (other than a payment in the form of Permitted Junior Securities or from the trust described in
Section 9.01 or Section 9.04) shall be paid by the liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or
liquidating trustee or otherwise, directly to the holders of Senior Indebtedness of such Guarantor or their representative or representatives or to the trustee or trustees under any indenture under
which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of such Senior Indebtedness held or
represented by each, to the extent necessary to make payment in full in cash of all such Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the
holders of such Senior Indebtedness; and 

        (3)   in
the event that, notwithstanding the foregoing provisions of this Section 11.02, the Trustee or any Holder shall have received any payment or distribution of
assets of such Guarantor of any kind or character, whether in cash, property or securities, including, without limitation, by way of set-off or otherwise, in respect of any of the
Obligations of any Guarantor pursuant to its Guarantee (other than a payment in the form of Permitted Junior Securities or from the trust described in Section 9.01 or Section 9.04)
before all Senior Indebtedness of such Guarantor is paid in full in cash, then and in such event such payment or distribution shall be paid over or delivered forthwith to the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of such Guarantor for application to the payment of
all such Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior Indebtedness in full in cash or, as acceptable to the holders of such Senior Indebtedness, any other
manner, after giving effect to any concurrent payment or distribution, to or for the holders of such Senior Indebtedness. 

        The
consolidation of a Guarantor with, or the merger of a Guarantor with or into, another Person or the liquidation or dissolution of a Guarantor following the conveyance, transfer or
lease of its properties and assets substantially as an entirety to another Person upon the terms and conditions set forth in Article 5 or Section 10.06, as applicable, hereof shall not
be deemed a dissolution, winding-up, liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of such Guarantor for the purposes of
this Article 11 if the Person formed by such consolidation or the surviving entity of such merger or the Person which acquires by conveyance, transfer or lease such properties and assets
substantially as an entirety, as the case may be, shall, as a part of such consolidation, merger, conveyance, transfer or lease, comply with the conditions set forth in such Section 10.06. 

        Section 11.03.    Suspension of Guaranteed Obligations When Senior Indebtedness in Default.    

        (a)   Unless
Section 11.02 shall be applicable, upon the occurrence and during the continuance of a Payment Default beyond any applicable grace period on Designated
Senior Indebtedness of any 

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Guarantor,
no payment or distribution (other than a payment in the form of Permitted Junior Securities or from the trust described in Section 9.01 or Section 9.04) of any assets or
securities of a Guarantor of any kind or character (including, without limitation, cash, property and any payment or distribution which may be payable or deliverable by reason of the payment of any
other Indebtedness of such Guarantor being subordinated to its Obligations under its Guarantee or this Indenture) shall be made by or on behalf of such Guarantor, including, without limitation, by way
of set-off or otherwise, for or on account of its Obligations under its Guarantee, or for or on account of the purchase, redemption or other acquisition of the Notes commencing on the date
of receipt by the Trustee of a written notice from the representative of the holders of such Designated Senior Indebtedness (the "Guarantor
Representative") of the occurrence of a Payment Default, and in any such event, such prohibition shall continue until such Payment Default is cured, waived in writing or
otherwise ceases to exist. At such time as the prohibition set forth in the preceding sentence shall no longer be in effect, subject to the provisions of the following paragraph (b), such
Guarantor shall resume making any and all required payments in respect of its Obligations under its Guarantee, including any missed payments. 

        (b)   Unless
Section 11.02 shall be applicable, upon the occurrence of a Non-Payment Default on Designated Senior Indebtedness of any Guarantor, no payment
or distribution (other than a payment in the form of Permitted Junior Securities or from the trust described in Section 9.01 or Section 9.04) of any assets of such Guarantor of any kind
or character (including, without limitation, cash, property and any payment or distribution which may be payable or deliverable by reason of the payment of any other Indebtedness of such Guarantor
being subordinated to its Obligations under its Guarantee) shall be made by such Guarantor, including, without limitation, by way of set-off or otherwise, on account of any of its
Obligations under its Guarantee, or on account of the purchase, redemption, defeasance or other acquisition of the Notes for a period (the "Guarantee Payment Blockage
Period") commencing on the date of receipt by the Trustee of written notice from the Guarantor Representative (a "Guarantee Payment Blockage
Notice") of such Non-Payment Default, unless and until (subject to any blockage of payments that may then be in effect under the preceding paragraph (a)) the
earliest to occur of the following events: (w) the date that is 179 days after the date of receipt of the Guarantee Payment Blockage Notice by the Trustee, (x) such
Non-Payment Event of Default shall have been cured or waived in writing or shall have ceased to exist, (y) such Designated Senior Indebtedness shall have been discharged or paid in
full in cash or (z) such Guarantee Payment Blockage Period shall have been terminated by written notice to such Guarantor or the Trustee from the Guarantor Representative initiating such
Guarantee Payment Blockage Period, after which, in the case of clause (w), (x), (y) or (z), such Guarantor shall resume making any and all required payments in respect of its Obligations
under its Guarantee, including any missed payments. Notwithstanding any other provisions of this Indenture, no Non-Payment Default which existed or was continuing on the date of the
commencement of any Guarantee Payment Blockage Period shall be, or be made, the basis for the commencement of a second Guarantee Payment Blockage Period unless such Non-Payment Default
shall have been waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any breach of any financial covenants during the period after the date of
delivery of a Guarantee Payment Blockage Notice, that, in either case, would give rise to a Non-Payment Default pursuant to any provisions under which a Non-Payment Default
previously existed or was continuing shall constitute a new Non-Payment Default for this purpose). In no event shall a Guarantee Payment Blockage Period extend beyond 179 days from
the date of the receipt by the Trustee of a Guarantee Payment Blockage Notice or, in the event of a Non-Payment Default which formed the basis for a Payment Blockage Period under
Section 12.03(b) hereof, 179 days from the date of the receipt by the Trustee of the notice referred to in Section 12.03(b) (the "Initial Guarantee
Blockage Period"). Any number of additional Guarantee Payment Blockage Periods may be commenced during an Initial Guarantee Blockage Period;  provided, however, that no such additional Guarantee Payment Blockage Period shall extend beyond the
applicable Initial Guarantee Blockage Period. After the expiration of an Initial Guarantee Blockage Period, no Guarantee Payment Blockage Period may be commenced under this 

69

 

Section 11.03(b)
and no Payment Blockage Period may be commenced under Section 12.03(b) hereof until (i) at least 360 consecutive days have elapsed since the effectiveness of the
immediately preceding Guarantee Payment Blockage Notice; and (ii) all scheduled payments of principal, premium and interest on the Notes that have come due have been paid in full in cash. 

        (c)   In
the event that, notwithstanding the foregoing, the Trustee or any Holder shall have received any payment prohibited by the foregoing provisions of this
Section 11.03, then and in such event such payment shall be paid over and delivered forthwith to the Guarantor Representative initiating the Guarantee Payment Blockage Period, in trust for
distribution to the holders of Designated Senior Indebtedness or, if no amounts are then due in respect of Designated Senior Indebtedness of such Guarantor Representative, promptly returned to the
Guarantor, or otherwise as a court of competent jurisdiction shall direct. 

        Section 11.04.    Trustee's Relation to Senior Indebtedness.    

        The
Trustee and any agent of any Guarantor or the Trustee shall be entitled to all the rights set forth in this Article 11 with respect to any Senior Indebtedness which may at any
time be held by it in its individual or any other capacity to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall deprive the Trustee or any such agent of
any of its rights as such holder. 

        With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article 11, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of Senior Indebtedness and the Trustee shall not be liable to any holder of Senior Indebtedness if it shall mistakenly pay over or deliver to Holders, such
Guarantor or any other Person moneys or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article 11 or otherwise. Nothing in this Section 11.04 shall
affect the obligation of any other such Person receiving such payment or distribution from the Trustee or any other Agent to hold such payment for the benefit of, and to pay such payment over to, the
holders of Senior Indebtedness. 

        Section 11.05.    Subrogation.    

        Upon
the payment in full of all amounts payable under or in respect of all Senior Indebtedness of a Guarantor, the Holders shall be subrogated to the rights of the holders of such Senior
Indebtedness to receive payments and distributions of cash, property and securities of such Guarantor made on such Senior Indebtedness until all amounts due to be paid under the Guarantee shall be
paid in full. For purposes of such subrogation, no payments or distributions to holders of Senior Indebtedness of any cash, property or securities to which the Holders or the Trustee would be entitled
except for the provisions of this Article 11, and no payments over pursuant to the provisions of this Article 11 to the holders of Senior Indebtedness by Holders or the Trustee, shall,
as among each Guarantor, its creditors other than holders of Senior Indebtedness and the Holders, be deemed to be a payment or distribution by such Guarantor to or on account of such Senior
Indebtedness. 

        If
any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 11 shall have been applied, pursuant to the
provisions of this Article 11, to the payment of all amounts payable under Senior Indebtedness of a Guarantor, then and in such case, the Holders shall be entitled to receive from the holders
of such Senior Indebtedness at the time outstanding any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or
in respect of such Senior Indebtedness in full in cash. 

70

 

        Section 11.06.    Guarantee Subordination Provisions Solely to Define Relative Rights.    

        The
provisions of this Article 11 are and are intended solely for the purpose of defining the relative rights of the Holders on the one hand and the holders of Senior Indebtedness
on the other hand. Nothing contained in this Article 11 or elsewhere in this Indenture or in the Notes is intended to or shall (a) impair, as among each Guarantor, its creditors other
than holders of its Senior Indebtedness and the Holders, the obligation of such Guarantor, which is absolute and unconditional, to make payments to the Holders in respect of its Obligations under its
Guarantee in accordance with its terms; or (b) affect the relative rights against such Guarantor of the Holders and creditors of such Guarantor other than the holders of the Senior
Indebtedness; or (c) prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon a Default or an Event of Default under this Indenture, subject to
the rights, if any, under this Article 11 of the holders of Senior Indebtedness (1) in any case, proceeding, dissolution, liquidation or other winding-up, assignment for the
benefit of creditors or other marshalling of assets and liabilities of such Guarantor referred to in Section 11.02, to receive, as required by and pursuant to and in accordance with such
Section, cash, property and securities otherwise payable or deliverable to the Trustee or such Holder, or (2) under the conditions specified in Section 11.03, to prevent any payment
prohibited by such Section or enforce their rights pursuant to Section 11.03(c). 

        The
failure by any Guarantor to make a payment in respect of its Obligations on its Guarantee by reason of any provision of this Article 11 shall not be construed as preventing
the occurrence of a Default or an Event of Default hereunder. 

        Section 11.07.    Trustee to Effectuate Subordination.    

        Each
Holder of a Note by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Article 11 and appoints the Trustee his attorney-in-fact for any and all such purposes, including, in the event of any dissolution,
winding-up, liquidation or reorganization of a Guarantor whether in bankruptcy, insolvency, receivership proceedings, or
otherwise, the timely filing of a claim for the unpaid balance of the indebtedness of such Guarantor owing to such Holder in the form required in such proceedings. 

        Section 11.08.    No Waiver of Subordination Provisions.    

        (a)   No
right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by
any act or failure to act on the part of a Guarantor or by any act or failure to act, in good faith, by any such holder, or by any non-compliance by such Guarantor with the terms,
provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

        (b)   Without
limiting the generality of paragraph (a) of this Section, the holders of Senior Indebtedness may, at any time and from time to time, without the consent
of or notice to the Trustee or the Holders, without incurring responsibility to the Holders and without impairing or releasing the subordination provided in this Article 11 or the obligations
hereunder of the Holders to the holders of Senior Indebtedness, do any one or more of the following: (1) change the manner, place or terms of payment or extend the time of payment of, or renew
or alter, Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (2) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness; (3) release any Person liable in any manner for the collection or payment of Senior Indebtedness; and (4) exercise
or refrain from exercising any rights against a Guarantor and any other Person; provided, however, that
in no event shall any such actions limit the right of the Holders to take any action to accelerate the maturity of the Obligations under the Guarantees pursuant to Article 6 

71

 

hereof
or to pursue any rights or remedies hereunder or under applicable laws if the taking of such action does not otherwise violate the terms of this Indenture. 

        Section 11.09.    Notice to Trustee.    

        (a)   A
Guarantor shall give prompt written notice to the Trustee of any fact known to such Guarantor which would prohibit the making of any payment to or by the Trustee at
its Corporate Trust Office in respect of the Notes. Notwithstanding the provisions of this Article 11 or any other provision of this Indenture, the Trustee shall not be charged with knowledge
of the existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Obligations under the Guarantees, unless and until the Trustee shall have received
written notice thereof from such Guarantor or a holder of Senior Indebtedness or from any trustee, fiduciary or agent therefor; and, prior to the receipt of any such written notice, the Trustee,
subject to the provisions of this Section 11.09, shall be entitled in all respects to assume that no such facts exist; provided,  however, that if the
Trustee shall not have received the notice provided for in this Section 11.09 at least two Business Days prior to the date
upon which by the terms hereof any money may become payable for any purpose under this Indenture (including, without limitation, the payment of the principal of, premium, if any, or interest on any
Obligation under a Guarantee), then, anything herein contained to the contrary notwithstanding but without limiting the rights and remedies of the holders of Senior Indebtedness or any trustee,
fiduciary or agent therefor, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by
any notice to the contrary which may be received by it within two Business Days prior to such date; nor shall the Trustee be charged with knowledge of the curing of any such default or the elimination
of the act or condition preventing any such payment unless and until the Trustee shall have received an Officers' Certificate to such effect. 

        (b)   In
the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to
participate in any payment or distribution pursuant to this Article 11, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under
this Article 11, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

        Section 11.10.    Reliance on Judicial Order or Certificate of Liquidating Agent.    

        Upon
any payment or distribution of assets of a Guarantor referred to in this Article 11, the Trustee and the Holders shall be entitled to rely upon any order or decree entered by
any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding-up or similar case or proceeding is pending, or a
certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the
Trustee or to the Holders, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other Indebtedness of such
Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 11. 

        Section 11.11.    No Suspension of Remedies.    

        Nothing
contained in this Article 11 shall limit the right of the Trustee or the Holders to take any action to accelerate the maturity of the Obligations under the Guarantees
pursuant to Article 6 or to pursue any rights or remedies hereunder or under applicable law, subject to the rights, if any, under this Article 11 of the holders, from time to time, of
Senior Indebtedness. 

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ARTICLE 12
  SUBORDINATION OF NOTES    
    

        Section 12.01.    Notes Subordinated to Senior Indebtedness.    

        The
Company covenants and agrees, and the Trustee and each Holder, by its acceptance of the Notes, likewise covenants and agrees, that to the extent and in the manner hereinafter set
forth in this Article 12, the payment of all Obligations on the Notes by the Company are hereby expressly made subordinate and subject in right of payment as provided in this Article 12
to the prior payment in full in cash of all Senior Indebtedness of the Company, whether outstanding on the Issue Date or thereafter incurred. 

        This
Section 12.01 and the following Sections 12.02 through 12.11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or
continue to hold Senior Indebtedness of the Company; and such provisions are made for the benefit of the holders of Senior Indebtedness of the Company; and such holders are made obligees hereunder and
they or each of them may enforce such provisions. 

        Section 12.02.    Payment Over of Proceeds upon Dissolution, etc.    

        In
the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith,
relative to the Company or to its creditors, as such, or to its assets, whether voluntary or involuntary, or (b) any liquidation, dissolution or other winding-up of the Company,
whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any general assignment for the benefit of creditors of the Company or (d) any other
marshalling of assets or liabilities of the Company, then and in any such event: 

        (1)   the
holders of Senior Indebtedness of the Company shall be entitled to receive payment in full in cash of all amounts due on or in respect of all such Senior
Indebtedness before the Holders are
entitled to receive any payment or distribution of any kind or character (other than a payment in the form of Permitted Junior Securities or from the trust described in Section 9.01 or
Section 9.04) on account of any Obligations on the Notes; and 

        (2)   any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, by set-off or otherwise, to which the
Holders or the Trustee would be entitled but for the provisions of this Article 12 (other than a payment in the form of Permitted Junior Securities or from the trust described in
Section 9.01 or Section 9.04) shall be paid by the liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or
liquidating trustee or otherwise, directly to the holders of Senior Indebtedness of the Company or their representative or representatives or to the trustee or trustees under any indenture under which
any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of such Senior Indebtedness held or represented
by each, to the extent necessary to make payment in full in cash of all such Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such
Senior Indebtedness; and 

        (3)   in
the event that, notwithstanding the foregoing provisions of this Section 12.02, the Trustee or any Holder shall have received any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or securities, including, without limitation, by way of set-off or otherwise, in respect of the principal of,
premium, if any, and interest on the Notes (other than a payment in the form of Permitted Junior Securities or from the trust described in Section 9.01 or Section 9.04) before all Senior
Indebtedness of the Company is indefeasibly paid in full in cash, then and in such event such payment or distribution shall be paid over or delivered forthwith to the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee, agent or 

73

 

other
Person making payment or distribution of assets of the Company for application to the payment of all such Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior
Indebtedness in full in cash or, as acceptable to the holders of such Senior Indebtedness, any other manner, after giving effect to any concurrent payment or distribution, to or for the holders of
such Senior Indebtedness. 

        The
consolidation of the Company with, or the merger of the Company with or into, another Person or the liquidation or dissolution of the Company following the conveyance, transfer or
lease of its properties and assets substantially as an entirety to another Person upon the terms and conditions set forth in Article 5 hereof shall not be deemed a dissolution,
winding-up, liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of the Company for the purposes of this Article 12 if the
Person formed by such consolidation or the surviving entity of such merger or the Person which acquires by conveyance, transfer or lease such properties and assets substantially as an entirety, as the
case may be, shall, as a part of such consolidation, merger, conveyance, transfer or lease, comply with the conditions set forth in such Article 5 hereof. 

        Section 12.03.    Suspension of Payment When Senior Indebtedness in Default.    

        (a)   Unless
Section 12.02 shall be applicable, upon the occurrence and during the continuance of a Payment Default beyond any applicable grace period on Designated
Senior Indebtedness of the Company, no payment or distribution (other than a payment in the form of Permitted Junior Securities or from the trust described in Section 9.01 or
Section 9.04) of any assets or securities of the Company of any kind or character (including, without limitation, cash, property and any payment or distribution which may be payable or
deliverable by reason of the payment of any other Indebtedness of the Company being subordinated to the payment of the Notes by the Company) shall be made by or on behalf of the Company, including,
without limitation, by way of set-off or otherwise, for or on account of any Obligations under the Notes or this Indenture, or for or on account of the purchase, redemption or other
acquisition of the Notes, commencing on the date of receipt by the Trustee of a written notice from the representative of the holders of such Designated Senior Indebtedness (the
"Representative") of the occurrence of a Payment Default, and in any such event, such prohibition shall continue until such Payment Default is cured, or
otherwise ceases to exist. At such time as the prohibition set forth in the preceding sentence shall no longer be in effect, subject to the provisions of the following paragraph (b), the
Company shall resume making any and all required payments in respect of the Notes, including any missed payments. 

        (b)   Unless
Section 12.02 shall be applicable, upon the occurrence of a Non-Payment Default on Designated Senior Indebtedness of the Company, no payment or
distribution (other than a payment in the form of Permitted Junior Securities or from the trust described in Section 9.01 or Section 9.04) of any assets of the Company of any kind or
character (including, without limitation, cash, property and any payment or distribution which may be payable or deliverable by reason of the payment of any other Indebtedness of the Company being
subordinated to the payment of the Notes by the Company) shall be made by the Company or any Restricted Subsidiary of the Company, including, without limitation, by way of set-off or
otherwise, on account of any Obligations under the Notes or this Indenture or on account of the purchase, redemption, defeasance or other acquisition of the Notes for a period (the
"Payment Blockage Period") commencing on the date of receipt by the Trustee of written notice from the Representative (a
"Payment Blockage Notice") of such Non-Payment Default, unless and until (subject to any blockage of payments that may then be in effect
under the preceding paragraph (a)) the earliest to occur of the following events: (w) the date that is 179 days after the date of receipt of the Payment Blockage Notice by the
Trustee, (x) such Non-Payment Event of Default shall have been cured or waived in writing or shall have ceased to exist, (y) such Designated Senior Indebtedness shall have
been discharged or paid in full in cash or (z) such Payment Blockage Period shall have been terminated by written notice to the Company or the Trustee from the Representative initiating such
Payment Blockage Period, after which, in the case of clause (w), (x), (y) or (z), the Company shall resume 

74

 

making
any and all required payments in respect of the Notes, including any missed payments. Notwithstanding any other provisions of this Indenture, no Non-Payment Default which existed or
was continuing on the date of the commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a second Payment Blockage Period unless such Default shall have
been waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any breach of any financial covenants during the period after the date of delivery
of a Payment Blockage Notice, that, in either case, would give rise to a Non-Payment Default pursuant to any provisions under which a Non-Payment Default previously existed or
was continuing shall constitute a new Non-Payment Default for this purpose). In no event shall a Payment Blockage Period extend beyond 179 days from the date of the receipt by the
Trustee of the Payment Blockage Notice or, in the event of a Non-Payment Default which formed the basis for a Guarantee Payment Blockage Period under Section 11.03(b) hereof,
179 days from the date of the receipt by the Trustee of the Guarantee Payment Blockage Notice, if earlier than 179 days from the date of receipt by the Trustee of the Payment Blockage
Notice (an "Initial Blockage Period"). Any number of additional Payment Blockage Periods may be commenced during an Initial Blockage Period;  provided,
however, that no such additional Payment Blockage Period shall extend beyond the applicable
Initial Blockage Period. After the expiration of an Initial Blockage Period, no Payment Blockage Period may be commenced under this Section 12.03(b) and no Guarantee Payment Blockage Period may
be commenced under Section 11.03(b) hereof until (i) at least 360 consecutive days have elapsed since the effectiveness of the immediately preceding Payment Blockage Notice; and
(ii) all scheduled payments of principal, premium, and interest on the Notes that have come due have been paid in full in cash. 

        (c)   In
the event that, notwithstanding the foregoing, the Trustee or any Holder shall have received any payment prohibited by the foregoing provisions of this
Section 12.03, then and in such event such payment shall be paid over and delivered forthwith to the Representative initiating the Payment Blockage Period, in trust for distribution to the
holders of Designated Senior Indebtedness or, if no amounts are then due in respect of Designated Senior Indebtedness, promptly returned to the Company, or otherwise as a court of competent
jurisdiction shall direct. 

        Section 12.04.    Trustee's Relation to Senior Indebtedness.    

        The
Trustee and any agent of the Company or the Trustee shall be entitled to all the rights set forth in this Article 12 with respect to any Senior Indebtedness which may at any
time be held by it in its individual or any other capacity to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall deprive the Trustee or any such agent of
any of its rights as such holder. 

        With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article 12, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of Senior Indebtedness and the Trustee shall not be liable to any holder of Senior Indebtedness if it shall mistakenly pay over or deliver to Holders, the Company
or any other Person moneys or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article 12 or otherwise. Nothing in this Section 12.04 shall affect
the obligation of any other such Person receiving such payment or distribution from the Trustee or any other Agent to hold such payment for the benefit of, and to pay such payment over to, the holders
of Senior Indebtedness. 

        Section 12.05.    Subrogation.    

        Upon
the payment in full of all amounts payable under or in respect of all Senior Indebtedness of the Company, the Holders shall be subrogated to the rights of the holders of such Senior
Indebtedness to receive payments and distributions of cash, property and securities applicable to such Senior Indebtedness until the principal of, premium, if any and interest on the Notes shall be
paid in full. For purposes of such subrogation, no payments or distributions to holders of Senior Indebtedness of any 

75

 

cash,
property or securities to which the Holders or the Trustee would be entitled except for the provisions of this Article 12, and no payments over pursuant to the provisions of this
Article 12 to the holders of Senior Indebtedness by Holders or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders, be deemed to be
a payment or distribution by the Company to or on account of such Senior Indebtedness. 

        If
any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 12 shall have been applied, pursuant to the
provisions of this Article 12, to the payment of all amounts payable under the Senior Indebtedness of the Company, then and in such case the Holders shall be entitled to receive from the
holders of such Senior Indebtedness at the time outstanding any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable
under or in respect of such Senior Indebtedness in full in cash. 

        Section 12.06.    Provisions Solely to Define Relative Rights.    

        The
provisions of this Article 12 are and are intended solely for the purpose of defining the relative rights of the Holders on the one hand and the holders of Senior Indebtedness
on the other hand. Nothing contained in this Article 12 or elsewhere in this Indenture or in the Notes is intended to or shall (a) impair, as among the Company, its creditors other than
holders of its Senior Indebtedness and the Holders, the Obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal of, premium, if any, and interest on the
Notes as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Company of the Holders and creditors of the Company other
than the holders of Senior Indebtedness; or (c) prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon a Default or an Event of Default under
this Indenture, subject to the rights, if any, under this Article 12 of the holders of Senior Indebtedness (1) in any case, proceeding, dissolution, liquidation or other
winding-up, assignment for the benefit of creditors or other marshalling of assets and liabilities of the Company referred to in Section 12.02, to receive, as required by and
pursuant to and in accordance with such Section, cash, property and securities otherwise payable or deliverable to the Trustee or such Holder, or (2) under the conditions specified in
Section 12.03, to prevent any payment prohibited by such section or enforce their rights pursuant to Section 12.03(c). 

        The
failure to make a payment in respect of principal of, premium, if any, or interest on the Notes by reason of any provision of this Article 12 shall not be construed as
preventing the occurrence of a Default or an Event of Default hereunder. 

        Section 12.07.    Trustee to Effectuate Subordination.    

        Each
Holder of a Note by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Article 12 and appoints the Trustee his attorney-in-fact for any and all such purposes, including, in the event of any dissolution,
winding-up, liquidation or reorganization of the Company whether in bankruptcy, insolvency, receivership proceedings, or otherwise, the timely filing of a claim for the unpaid balance of
the indebtedness of the Company owing to such Holder in the form required in such proceedings. 

        Section 12.08.    No Waiver of Subordination Provisions.    

        (a)   No
right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by
any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any non-compliance by the Company with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

76

 

        (b)   Without
limiting the generality of paragraph (a) of this Section, the holders of Senior Indebtedness may, at any time and from time to time, without the consent
of or notice to the Trustee or the Holders, without incurring responsibility to the Holders and without impairing or releasing the subordination provided in this Article 12 or the obligations
hereunder of the Holders to the holders of Senior Indebtedness, do any one or more of the following: (1) change the manner, place or terms of payment or extend the time of payment of, or renew
or alter, Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (2) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness; (3) release any Person liable in any manner for the collection or payment of Senior Indebtedness; and (4) exercise
or refrain from exercising any rights against the Company and any other Person; provided, however, that
in no event shall any such actions limit the right of the Holders to take any action to accelerate the maturity of the Notes pursuant to Article 6 hereof or to pursue any rights or remedies
hereunder or under applicable laws if the taking of such action does not otherwise violate the terms of this Indenture. 

        Section 12.09.    Notice to Trustee.    

        (a)   The
Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the Trustee at its
Corporate Trust Office in respect of the Notes. Notwithstanding the provisions of this Article 12 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Notes, unless and until the Trustee shall have received written notice thereof from the
Company or a holder of Senior Indebtedness or from any trustee, fiduciary or agent therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of this
Section 12.09, shall be entitled in all respects to assume that no such facts exist; provided,  however, that if the Trustee shall not have received
the notice provided for in this Section 12.09 at least two Business Days prior to the date
upon which by the terms hereof any money may become payable for any purpose under this Indenture (including, without limitation, the payment of the principal of, premium, if any, or interest on any
Note), then, anything herein contained to the contrary notwithstanding but without limiting the rights and remedies of the holders of Senior Indebtedness or any trustee, fiduciary or agent therefor,
the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the contrary
which may be received by it within two Business Days prior to such date; nor shall the Trustee be charged with knowledge of the curing of any such default or the elimination of the act or condition
preventing any such payment unless and until the Trustee shall have received an Officers' Certificate to such effect. 

        (b)   In
the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to
participate in any payment or distribution pursuant to this Article 12, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under
this Article 12, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

        Section 12.10.    Reliance on Judicial Order or Certificate of Liquidating Agent.    

        Upon
any payment or distribution of assets of the Company referred to in this Article 12, the Trustee and the Holders shall be entitled to rely upon any order or decree entered by
any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding-up or similar case or proceeding is pending, or a
certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other 

77

 

Person
making such payment or distribution, delivered to the Trustee or to the Holders, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders
of Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article 12. 

        Section 12.11.    No Suspension of Remedies.    

        Nothing
contained in this Article 12 shall limit the right of the Trustee or the Holders to take any action to accelerate the maturity of the Notes pursuant to Article 6 or
to pursue any rights or remedies hereunder or under applicable law, subject to the rights, if any, under this Article 12 of the holders, from time to time, of Senior Indebtedness. 

 
 

ARTICLE 13
  MISCELLANEOUS    
    

        Section 13.01.    TIA 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. 

        Section 13.02.    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 telex, by telecopier or registered
or certified mail, postage prepaid, return receipt requested, addressed as follows: 

If
to the Company or any Guarantor: 

Affinity
Group, Inc. 

2575 Vista Del Mar Drive 

Ventura, California 93001 

Facsimile No.: (805) 667-4419 

Attention: Thomas Wolfe 

Copy
to: 

Kaplan,
Strangis & Kaplan, P.A. 

5500 Wells Fargo Center

90 South Seventh Street 

Minneapolis, Minnesota 55402 

Facsimile No.: (612) 375-1143 

Attention: Robert York, Esq. 

If
to the Trustee: 

The
Bank of New York 

101 Barclay Street 

New York, New York 10286 

Facsimile No.: (212) 815-5707

Attention: Corporate Trust Administration 

        The
Company, any Guarantor or the Trustee by written notice to the others may designate additional or different addresses for subsequent notices or communications. Any notice or
communication to the Company, any Guarantors or the Trustee, 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 telecopied; and five (5) days after mailing if sent by registered or certified mail, 

78

 

postage
prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee), provided,  however,
that notices to the Trustee shall be deemed given upon receipt. 

        Any
notice or communication mailed to a Holder shall be mailed to him by first-class mail, postage prepaid, at his address shown on the register kept by the Registrar. 

        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 to a Holder is
mailed in the manner provided above, it shall be deemed duly given, whether or not the addressee receives it. 

        In
case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of
notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 

        Section 13.03.    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 or the Notes. The Company, the Guarantors, the Trustee,
the Registrar and anyone else shall have the protection of TIA Section 312(c). 

        Section 13.04.    Certificate and Opinion as to Conditions Precedent.    

        Upon
any request or application by the Company or any Guarantor to the Trustee to take any action under this Indenture, the Company or such Guarantor, as the case may be, shall furnish
to the Trustee: 

        (1)   an
Officers' Certificate (which shall include the statements set forth in Section 13.05 below) stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

        (2)   an
Opinion of Counsel (which shall include the statements set forth in Section 13.05 below) stating that, in the opinion of such counsel, all such conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with. 

        Section 13.05.    Statements Required in Officers' Certificate and Opinion.    

        Each
certificate and opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

        (1)   a
statement that the person making such certificate or opinion has read such covenant or condition and the definitions relating thereto; 

        (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, it or he has made such examination or investigation as is necessary to enable such person 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 such person, such covenant or condition has been complied with. 

79

   
        Section 13.06.    Rules by Trustee and Agents.    

        The
Trustee may make reasonable rules for action by or at meetings of Holders. The Registrar and Paying Agent may make reasonable rules for their functions. 

        Section 13.07.    Business Days; Legal Holidays.    

        A
"Business Day" is a day that is not a Legal Holiday. A "Legal Holiday" is a Saturday, a
Sunday, a federally recognized holiday or a day on which banking institutions are not required to be open in the State of New York. If a payment date is a Legal Holiday at a place of payment, payment
may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

        Section 13.08.    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 CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES.

        Section 13.09.    No Adverse Interpretation of Other Agreements.    

        This
Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security or debt
agreement may be used to interpret this Indenture. 

        Section 13.10.    No Recourse Against Others    

        A
past, present or future director, officer, employee, stockholder or incorporator, as such, of the Company or any Guarantor shall not have any liability for any Obligations of the
Company or any Guarantor under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of or by reason of such Obligations or their creations. Each Holder by accepting a Note
waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

        Section 13.11.    Successors.    

        All
agreements of the Company and each Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee, any additional trustee and any
Paying Agents in this Indenture shall bind its successor. 

        Section 13.12.    Multiple Counterparts.    

        The
parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement. 

        Section 13.13.    Table of Contents, Headings, etc.    

        The
table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a
part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

        Section 13.14.    Separability.    

        Each
provision of this Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture or
the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

80

 

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

	

 	
 	

AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

/s/  THOMAS F. WOLFE      

	 	 	 	 	Name:	 	Thomas F. Wolfe
	 	 	 	 	Title:	 	Chief Financial Officer
	

 	
 	

GUARANTORS:
	

 	
 	

AFFINITY ADVERTISING, LP
	

 	
 	

By:	
 	

VBI, INC., its General Partner
	

 	
 	

By:	
 	

/s/  THOMAS F. WOLFE      

	 	 	 	 	Name:	 	Thomas F. Wolfe
	 	 	 	 	Title:	 	Chief Financial Officer
	

 	
 	

AFFINITY BROKERAGE, INC.

AFFINITY ROAD AND TRAVEL CLUB, INC.

CAMP COAST TO COAST, INC.

CAMPING REALTY, INC.

CAMPING WORLD, INC.

CAMPING WORLD INSURANCE SERVICES OF NEVADA, INC.

COAST MARKETING GROUP, INC.

CWI, INC.

CW MICHIGAN, INC.

EHLERT PUBLISHING GROUP, INC.

GOLF CARD INTERNATIONAL CORP.

GOLF CARD RESORT SERVICES, INC.

GSS ENTERPRISES, INC.

POWER SPORTS MEDIA, INC.

TL ENTERPRISES, INC.

VBI, INC.
	

 	
 	

By:	
 	

/s/  THOMAS F. WOLFE      

	 	 	 	 	Name:	 	Thomas F. Wolfe
	 	 	 	 	Title:	 	Chief Financial Officer
	

 	
 	

THE BANK OF NEW YORK,

    as Trustee
	

 	
 	

By:	
 	

/s/  TIMOTHY J. SHEA      

	 	 	 	 	Name:	 	Timothy J. Shea
	 	 	 	 	Title:	 	Assistant Treasurer

81

  

EXHIBIT A  

CUSIP No.:              

 
 

AFFINITY GROUP, INC.    
    SERIES A 9.0% SENIOR SUBORDINATED NOTE DUE 2012    
    

	No.	 	$                  

        AFFINITY
GROUP, INC., a Delaware corporation (the "Company", which term includes any successor entity), for value received promises
to pay to                        or registered assigns, the principal sum of $
[                        ] on February 15, 2012. 

        Interest
Payment Dates: February 15 and August 15, commencing August 15, 2004. 

        Record
Dates: February 1 and August 1. 

        Reference
is made to the further provisions of this Note contained on the reverse hereof and the Indenture (as defined), which will for all purposes have the same effect as if set forth
at this place. 

        This
Note shall not be valid or obligatory for any purpose until the certificate of authentication hereon shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers. 

        IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officers. 

	

 	
 	

AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

Dated:
February 18, 2004 

A-1

 

Certificate of Authentication  

        This is one of the Series A 9.0% Senior Subordinated Notes due 2012 referred to in the within-mentioned Indenture. 

	

 	
 	

THE BANK OF NEW YORK,

    as Trustee
	

 	
 	

By:	
 	

 Authorized Signatory

Dated:
February 18, 2004 

A-2

  

 
 

(REVERSE OF SECURITY)    
    9.0% SENIOR SUBORDINATED NOTE DUE 2012    
    

        1.    Interest.    AFFINITY GROUP, INC., a Delaware corporation (the "Company") promises to pay interest on the
principal amount of this Note at the rate per annum shown above. Interest on the Notes will accrue from the most recent date on which interest has been
paid or, if no interest has been paid, from the date of the original issuance of the Notes. The Company will pay interest semi-annually in arrears on each Interest Payment Date, commencing
August 15, 2004. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

        The
Company shall pay interest on overdue principal and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful from time to time on
demand at the rate borne by the Notes. 

        2.    Method of Payment.    The Company shall pay interest on the Notes (except defaulted interest) to the Persons who
are the registered Holders at the close of business on February 1 or August 1 immediately preceding the Interest Payment Date (whether or not such day is a Business Day) even if the
Notes are cancelled on registration of transfer or registration of exchange after such Record Date. Holders must surrender Notes to a Paying Agent to collect principal payments. Payments of principal,
premium, if any, and interest will be made (on presentation of such Notes if in certificated form) in money of the United States that at the time of payment is legal tender for payment of public and
private debts; provided, however, that the Company may pay principal, premium, if any, and interest by
check payable in such money. The Company may deliver any such interest payment to the Paying Agent or to a Holder at the Holder's registered address. 

        3.    Paying Agent and Registrar.    Initially, The Bank of New York, a New York banking corporation (the
"Trustee"), will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the
Holders. The Company or any of its Subsidiaries or Affiliates may act as Paying Agent or Registrar. 

        4.    Indenture.    The Company issued this Note under an Indenture, dated as of February 18, 2004 (the
"Indenture"), by and among the Company, the Guarantors and the Trustee. This Note is one of a duly authorized issue of Initial Notes of the Company
designated as its Series A 9.0% Senior Subordinated Notes due 2012 (the "Notes"). The Notes include the Initial Notes, the Additional Notes and
the Exchange Notes (as defined below) issued in exchange for the Initial Notes and Additional Notes pursuant to the Indenture. The Initial Notes, the Additional Notes and the Exchange Notes are
treated as a single class of securities under the Indenture. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. 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 Sections 77aaa-77bbbb) (the
"TIA"), as in effect on the date of the Indenture. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders
are referred to the Indenture and the TIA for a statement of them. The Notes are general unsecured Obligations of the Company. 

        5.    Subordination.    The Notes are unsecured obligations of the Company and subordinated in right of payment, in
the manner and to the extent set forth in the Indenture, to the prior payment in full in cash of all Senior Indebtedness of the Company, whether outstanding on the date of the Indenture or thereafter
created, incurred, assumed or guaranteed. Each Holder by his acceptance hereof agrees to be bound by such provisions and authorizes and expressly directs the Trustee, on his behalf, to take such
action as may be necessary or appropriate to effectuate the subordination provided for in the Indenture and appoints the Trustee his attorney-in-fact for such purposes. 

        6.    Guarantee.    The obligations of the Company hereunder are guaranteed on a senior subordinated basis by the
Guarantors. Each Guarantee by a Guarantor is subordinated in right of 

A-3

 

payment
to all Senior Indebtedness of such Guarantor to the same extent that the Notes are subordinated to Senior Indebtedness of the Company. 

        7.    Redemption.    Except as set forth in this Section 7, the Company may not redeem the notes. 

        (a)    Optional Redemption.    The Company may redeem the Notes, at its option, in whole at any time or in part from
time to time, on and after February 15, 2008 at the following Redemption Prices (expressed as percentages of the principal amount thereof), plus accrued and unpaid interest, if any, to the
redemption date, if redeemed during the twelve-month period beginning on February 15 of each year listed below: 

	Year
 
	 	Percentage
	 
	2008	 	104.500	%
	2009	 	102.250	%
	2010 and thereafter	 	100.000	%

        (b)    Optional Redemption Upon Public Equity Offerings.    The Company may redeem in the aggregate up to 35% of the
aggregate principal amount of Notes originally issued at any time and from time to time prior to August 15, 2007 at a Redemption Price equal to 109.00% of the aggregate principal amount so
redeemed, plus accrued and unpaid interest, if any, to the Redemption Date out of the Net Proceeds of one or more Public Equity Offerings; provided that 

        (1)   at
least 65% of the principal amount of Notes originally issued remains outstanding immediately after the occurrence of any such redemption; and 

        (2)   any
such redemption occurs within 60 days following the closing of such Public Equity Offering. 

        8.    Notice of Redemption.    Notice of redemption under paragraphs of this Note will be mailed at least
30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder's registered address. 

        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, then, unless the Company defaults in the payment of such Redemption Price plus accrued interest, if any, the Notes called for redemption will cease to bear interest from and after such
Redemption Date and the only right of the Holders of such Notes will be to receive payment of the Redemption Price plus accrued interest, if any. 

        9.    Offers to Purchase.    The Indenture provides that, after certain Asset Sales and upon the occurrence of a
Change of Control, and subject to further limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the procedures set forth in the
Indenture. 

        10.    Registration Rights.    Pursuant to the Registration Rights Agreement by and among the Company, the Guarantors
and the Initial Purchaser, the Company has agreed to use its best efforts to consummate an exchange offer pursuant to which the Holder of this Note, if this Note is an Initial Note issued on the Issue
Date, subject to certain exceptions for certain types of Holders, shall have the right to exchange this Note for the Company's Series B 9.0% Senior Subordinated Notes due 2012 (the
"Exchange Notes"), which have been registered under the Securities Act, in like principal amount, representing the same continuing indebtedness as the
Initial Notes and having terms identical in all material respects to the Initial Notes. The Holders of the Initial Notes issued on the Issue Date 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.
Additional Notes may from time to time be entitled to registration 

A-4

 

rights
and Additional Interest as may be determined in connection with the issuance of such Additional Notes. 

        11.    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 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 certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not
register the transfer of or exchange of any Notes or portions thereof selected for redemption. 

        12.    Persons Deemed Owners.    The registered holder of a Note shall be treated as the owner of it for all purposes. 

        13.    Unclaimed Money.    If money for the payment of principal or interest remains unclaimed for two years, the
Trustee and the Paying Agent will pay the money back to the Company. After that, Holders entitled to money must look to the Company for payment as general creditors unless an "abandoned property" law
designates another person. 

        14.    Legal Defeasance and Covenant Defeasance.    If the Company 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 maturity and complies with the other provisions of the Indenture relating to
defeasance, the Company will be discharged from certain provisions of the Indenture and the Notes
(including certain covenants, but excluding its obligation to pay the principal of and interest on the Notes). 

        15.    Amendments, Supplements, and Waivers.    Subject to certain exceptions, the Indenture or the Notes 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 may be waived with the written consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any
Holder, the parties thereto may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Notes in addition to or
in place of certificated Notes or make any other change that does not adversely affect in any material respect the rights of any Holder. 

        16.    Restrictive Covenants.    The Indenture imposes certain limitations on the ability of the Company and its
Subsidiaries to, among other things, incur additional Indebtedness, make payments in respect of its Capital Stock, enter into transactions with Affiliates, create dividend or other payment
restrictions affecting Restricted Subsidiaries, sell assets, create liens, issue capital stock, enter into sale and lease-back transactions, make certain Investments, merge or consolidate
with any other Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets. Such limitations are subject to a number of important qualifications and
exceptions. The Company must quarterly report to the Trustee on compliance with such limitations. 

        17.    Successor Entity.    When a successor entity assumes, in accordance with the Indenture, all the obligations of
its predecessor under the Notes and the Indenture, and immediately before and thereafter no Default or Event of Default exists and certain other conditions are satisfied, the predecessor entity will
be released from those obligations. 

        18.    Defaults and Remedies.    Events of Default are set forth in the Indenture. If an Event of Default (other than
an Event of Default pursuant to Section 6.01(f) or (g) of the Indenture with respect to the Company) shall have occurred and be continuing, then the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Notes then outstanding, may declare to be immediately due and payable the entire principal amount of all the Notes then outstanding plus 

A-5

 

accrued
interest to the date of acceleration, subject to the provisions of the Indenture. In case an Event of Default specified in Section 6.01(f) or (g) of the Indenture occurs with
respect to the Company, such principal amount, together with premium, if any, and interest with respect to all of the Notes, shall be due and payable immediately without any declaration or other act
on the part of the Trustee or the Holders. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity reasonably satisfactory to it. 

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

        20.    No Recourse Against Others.    As more fully described in the Indenture, no director, officer, employee,
stockholder or incorporator, as such, of the Company shall have any liability for any obligation of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

        21.    Authentication.    This Note shall not be valid until the Trustee or Authenticating Agent manually signs the
certificate of authentication on this Note. 

        22.    Governing Law.    THIS NOTE 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 CONFLICTS OF LAW. EACH OF THE PARTIES TO THE INDENTURE HAS
AGREED TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

        23.    Abbreviations and Defined Terms.    Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act). 

        24.    CUSIP Numbers.    Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders. No representation is made as to the accuracy of such numbers as printed on the Notes and
reliance may be placed only on the other identification numbers printed hereon. 

        25.    Indenture.    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. 

        The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture, which has the text of this Note in larger type. Requests may be made to: Affinity
Group, Inc., 2575 Vista Del Mar Drive, Ventura, California 93001, Attention: Thomas Wolfe. 

A-6

  

 
 

FORM OF GUARANTEE    
    

        Each Guarantor (capitalized terms used herein have the meanings given such terms in the Indenture referred to in the Note upon which this notation is endorsed)
hereby unconditionally guarantees on a senior subordinated basis (such guarantee being referred to herein as the "Guarantee") the due and punctual
payment of the principal of, premium, if any, and interest on the Notes, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal, premium
and interest on the Notes to the extent lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee, all in accordance with the terms set forth
in Article 10 of the Indenture. 

        The
obligations of each Guarantor to the Holders and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture, and are
expressly subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness of each Guarantor, to the extent and in the manner provided in Article 11 of the
Indenture. 

        This
Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Notes 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. 

        This
Guarantee shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. 

        This
Guarantee is subject to release upon the terms set forth in the Indenture. 

	

 	
 	

[                                         
                 ]
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:
	 	 	 	 	Title:

A-7

  

 
 

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 Company. The agent may substitute another to act for him. 

	Date:	 	          
	 	Signed:	 	          
 (Sign exactly as your name appears on the other side of this Note)

	Medallion Guarantee:	 	          
	 	 

A-8

  

 
 

[OPTION OF HOLDER TO ELECT PURCHASE]    
    

        If you want to elect to have this Note purchased by the Company pursuant to Section 4.13 or Section 4.18 of the Indenture, check the appropriate
box: 

Section 4.13
o

Section 4.18 o 

        If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.13 or Section 4.18 of the Indenture, state the
amount you elect to have purchased: 

	$	 	 	 	 
	 	 	
	 	 

	

Date:	
 	

 	
 	

 
	 	 	
	 	
 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.

	Medallion Guarantee:	 	 	 	 
	 	 	
	 	 

A-9

  

EXHIBIT B  

CUSIP No.:              

 
 

AFFINITY GROUP, INC.    
    SERIES B 9.0% SENIOR SUBORDINATED NOTE DUE 2012    
    

	No.	 	$                  

        AFFINITY
GROUP, INC., a Delaware corporation (the "Company", which term includes any successor entity), for value received promises
to pay to                        or registered assigns, the principal sum of $
[                        ] on February 18, 2012. 

        Interest
Payment Dates: February 15 and August 15, commencing August 15, 2004. 

        Record
Dates:    February 1 and August 1. 

        Reference
is made to the further provisions of this Note contained on the reverse hereof and the Indenture (as defined), which will for all purposes have the same effect as if set forth
at this place. 

        This
Note shall not be valid or obligatory for any purpose until the certificate of authentication hereon shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers. 

        IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officers. 

	

 	
 	

AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

Dated:

Certificate of Authentication 

        This
is one of the Series B 9.0% Senior Subordinated Notes due 2012 referred to in the within-mentioned Indenture. 

	

 	
 	

THE BANK OF NEW YORK,

    as Trustee
	

 	
 	

By:	
 	

  

	 	 	 	 	Authorized Signatory

Dated:

B-1

  

 
 

(REVERSE OF SECURITY)    
    9.0% SENIOR SUBORDINATED NOTE DUE 2012    
    

        1.    Interest.    AFFINITY GROUP, INC., a Delaware corporation (the
"Company") promises to pay interest on the principal amount of this Note at the rate per annum shown
above. Interest on the Notes will accrue from the most recent date on which interest has been paid or, if no interest has been paid, from the date of the original issuance of the Notes. The Company
will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 15, 2004. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 

        The
Company shall pay interest on overdue principal and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful from time to time on
demand at the rate borne by the Notes. 

        2.    Method of Payment.    The Company shall pay interest on the Notes (except defaulted interest) to the Persons who
are the registered Holders at the close of business on February 1 or August 1 immediately preceding the Interest Payment Date (whether or not such day is a Business Day) even if the
Notes are cancelled on registration of transfer or registration of exchange after such Record Date. Holders must surrender Notes to a Paying Agent to collect principal payments. Payments of principal,
premium, if any, and interest will be made (on presentation of such Notes if in certificated form) in money of the United States that at the time of payment is legal tender for payment of public and
private debts; provided, however, that the Company may pay principal, premium, if any, and interest by
check payable in such money. The Company may deliver any such interest payment to the Paying Agent or to a Holder at the Holder's registered address. 

        3.    Paying Agent and Registrar.    Initially, The Bank of New York, a New York banking corporation (the
"Trustee"), will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the
Holders. The Company or any of its Subsidiaries or Affiliates may act as Paying Agent or Registrar. 

        4.    Indenture.    The Company issued this Note under an Indenture, dated as of February 18, 2004 (the
"Indenture"), by and among the Company, the Guarantors and the Trustee. This Note is one of a duly authorized issue of Notes of the Company designated
as its Series B 9.0% Senior Subordinated Notes due 2012 (the "Exchange Notes") issued in exchange for the initial Series A 9.0% Senior
Subordinated Notes due 2012 (the "Initial Notes" and, together with the Additional Notes and the Exchange Notes, the
"Notes") and evidencing the same continuing indebtedness as the Initial Notes. Capitalized terms herein are used as defined in the Indenture unless
otherwise defined herein. 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 Sections
77aaa-77bbbb) (the "TIA"), as in effect on the date of the Indenture. Notwithstanding anything to the contrary herein, the Notes are subject
to all such terms, and Holders are referred to the Indenture and the TIA for a statement of them. The Notes are general unsecured Obligations of the Company. 

        5.    Subordination.    The Notes are unsecured obligations of the Company and subordinated in right of payment, in
the manner and to the extent set forth in the Indenture, to the prior payment in full in cash of all Senior Indebtedness of the Company, whether outstanding on the date of the Indenture or thereafter
created, incurred, assumed or guaranteed. Each Holder by his acceptance hereof agrees to be bound by such provisions and authorizes and expressly directs the Trustee, on his behalf, to take such
action as may be necessary or appropriate to effectuate the subordination provided for in the Indenture and appoints the Trustee his attorney-in-fact for such purposes. 

        6.    Guarantee.    The obligations of the Company hereunder are guaranteed on a senior subordinated basis by the
Guarantors. Each Guarantee by a Guarantor is subordinated in right of 

B-2

 

payment
to all Senior Indebtedness of such Guarantor to the same extent that the Notes are subordinated to Senior Indebtedness of the Company. 

        7.    Redemption.    

        Except
as set forth in this Section 7, the Company may not redeem the notes. 

        (a)    Optional Redemption.    The Company may redeem the Notes, at its option, in whole at any time or in part from
time to time, on and after February 15, 2008 at the following Redemption Prices (expressed as percentages of the principal amount thereof), plus accrued and unpaid interest, if any, to the
redemption date, if redeemed during the twelve-month period beginning on December 15 of each year listed below: 

	Year
 
	 	Percentage
	 
	2008	 	104.500	%
	2009	 	102.250	%
	2010 and thereafter	 	100.000	%

        (b)    Optional Redemption Upon Public Equity Offerings.    The Company may redeem in the aggregate up to 35% of the
aggregate principal amount of Notes originally issued at any time and from time to time prior to August 15, 2007 at a Redemption Price equal to 109.00% of the aggregate principal amount so
redeemed, plus accrued and unpaid interest, if any, to the Redemption Date out of the Net Proceeds of one or more Equity Offerings; provided that 

        (1)   at
least 65% of the principal amount of Notes originally issued remains outstanding immediately after the occurrence of any such redemption and 

        (2)   any
such redemption occurs within 60 days following the closing of such Equity Offering. 

        8.    Notice of Redemption.    Notice of redemption under paragraphs of this Note will be mailed at least
30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder's registered address. 

        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, then, unless the Company defaults in the payment of such Redemption Price plus accrued interest, if any, the Notes called for redemption will cease to bear interest from and after such
Redemption Date and the only right of the Holders of such Notes will be to receive payment of the Redemption Price plus accrued interest, if any. 

        9.    Offers to Purchase.    The Indenture provides that, after certain Asset Sales and upon the occurrence of a
Change of Control, and subject to further limitations contained therein, the Company will make an offer to purchase certain amounts of the Notes in accordance with the procedures set forth in the
Indenture. 

        10.    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 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 certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not
register the transfer of or exchange of any Notes or portions thereof selected for redemption. 

        11.    Persons Deemed Owners.    The registered holder of a Note shall be treated as the owner of it for all purposes. 

B-3

 

        12.    Unclaimed Money.    If money for the payment of principal or interest remains unclaimed for two years, the
Trustee and the Paying Agent will pay the money back to the Company. After that, Holders entitled to money must look to the Company for payment as general creditors unless an "abandoned property" law
designates another person. 

        13.    Legal Defeasance and Covenant Defeasance.    If the Company 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 maturity and complies with the other provisions of the Indenture relating to
defeasance, the Company will be discharged from certain provisions of the Indenture and the Notes (including certain covenants, but excluding its obligation to pay the principal of and interest on the
Notes). 

        14.    Amendments, Supplements, and Waivers.    Subject to certain exceptions, the Indenture or the Notes 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 may be waived with the written consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any
Holder, the parties thereto may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Notes in addition to or
in place of certificated Notes or make any other change that does not adversely affect in any material respect the rights of any Holder. 

        15.    Restrictive Covenants.    The Indenture imposes certain limitations on the ability of the Company and its
Subsidiaries to, among other things, incur additional Indebtedness, make payments in respect of its Capital Stock, enter into transactions with Affiliates, create dividend or other payment
restrictions affecting Restricted Subsidiaries, sell assets, create liens, issue capital stock, enter into sale and lease-back transactions, make certain Investments, merge or consolidate
with any other Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets. Such limitations are subject to a number of important qualifications and
exceptions. The Company must annually report to the Trustee on compliance with such limitations. 

        16.    Successor Entity.    When a successor entity assumes, in accordance with the Indenture, all the obligations of
its predecessor under the Notes and the Indenture, and immediately before and thereafter no Default exists and certain other conditions are satisfied, the predecessor entity will be released from
those obligations. 

        17.    Defaults and Remedies.    Events of Default are set forth in the Indenture. If an Event of Default (other than
an Event of Default pursuant to Section 6.01(f) or (g) of the Indenture with respect to the Company) shall have occurred and be continuing, then the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Notes then outstanding, may declare to be immediately due and payable the entire principal amount of all the Notes then outstanding plus accrued interest
to the date of acceleration subject to the provisions of the Indenture. In case an Event of Default specified in Section 6.01(f) or (g) of the Indenture occurs with respect to the
Company, such principal amount, together with premium, if any, and interest with respect to all of the Notes, shall be due and payable immediately without any declaration or other act on the part of
the Trustee or the Holders. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity reasonably satisfactory to it. 

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

B-4

 

        19.    No Recourse Against Others.    As more fully described in the Indenture, no director, officer, employee,
stockholder or incorporator, as such, of the Company shall have any liability for any obligation of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

        20.    Authentication.    This Note shall not be valid until the Trustee or Authenticating Agent manually signs the
certificate of authentication on this Note. 

        21.    Governing Law.    THIS NOTE 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 CONFLICTS OF LAW. EACH OF THE PARTIES TO THE INDENTURE HAS
AGREED TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

        22.    Abbreviations and Defined Terms.    Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act). 

        23.    CUSIP Numbers.    Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders. No representation is made as to the accuracy of such numbers as printed on the Notes and
reliance may be placed only on the other identification numbers printed hereon. 

        24.    Indenture.    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. 

        The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture, which has the text of this Note in larger type. Requests may be made to: Affinity
Group, Inc., 2575 Vista Del Mar Drive, Ventura, California 93001, Attention: Thomas Wolfe. 

B-5

  

 
 

FORM OF GUARANTEE    
    

        Each Guarantor (capitalized terms used herein have the meanings given such terms in the Indenture referred to in the Note upon which this notation is endorsed)
hereby unconditionally guarantees on a senior subordinated basis (such guarantee being referred to herein as the "Guarantee") the due and punctual
payment of the principal of, premium, if any, and interest on the Notes, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal, premium
and interest on the Notes to the extent lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee, all in accordance with the terms set forth
in Article 10 of the Indenture. 

        The
obligations of each Guarantor to the Holders and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture, and are
expressly subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness of each Guarantor, to the extent and in the manner provided in Article 11 of the
Indenture. 

        This
Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Notes 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. 

        This
Guarantee shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. 

        This
Guarantee is subject to release upon the terms set forth in the Indenture. 

	

 	
 	

[                        ]
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

B-6

  

 
 

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 Company. The agent may substitute another to act for him. 

	Date:	 	          
	 	Signed:	 	          
 (Sign exactly as your name appears on the other side of this Note)

	Medallion Guarantee:	 	          
	 	 

B-7

  

 
 

[OPTION OF HOLDER TO ELECT PURCHASE]    
    

        If you want to elect to have this Note purchased by the Company pursuant to Section 4.13 or Section 4.18 of the Indenture, check the appropriate
box: 

Section 4.13
o

Section 4.18 o 

        If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.13 or Section 4.18 of the Indenture, state the
amount you elect to have purchased: 

	$	 	
	 	 

	

Date:	
 	

	
 	

 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.

	Medallion Guarantee:	 	          
	 	 

B-8

  

EXHIBIT C  

 
 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
  OR REGISTRATION OF TRANSFER OF NOTES    
    

	Re:
	Affinity
Group, Inc. (the "Company")
 9.0% Senior Subordinated Notes due 2012 (the "Notes")

        This
Certificate relates to $            principal amount of Notes held in the form of*    a beneficial interest in a Global Note
or*            Certificated Notes by
            (the "Transferor"). 

The
Transferor: 

        o     has
requested by written order that the Registrar deliver in exchange for its beneficial interest in the Global Note held by
the Depositary a Certificated Note or Certificated Notes in definitive, registered form of authorized denominations and an aggregate number equal to its beneficial interest in such Global Note (or the
portion thereof indicated above); or 

        o     has
requested by written order that the Registrar exchange or register the transfer of a Certificated Note or Certificated
Notes. 

        In connection with such request and in respect of each such Note, the Transferor does hereby certify that the Transferor is familiar with the Indenture relating
to the above captioned Notes and the restrictions on transfers thereof as provided in Section 2.16 of such Indenture, and that the transfer of the Notes does not require registration under the
Securities Act of 1933, as amended (the "Securities Act"), because*: 

        o     Such
Note is being acquired for the Transferor's own account, without transfer (in satisfaction of Section 2.16 of the
Indenture). 

        o     Such
Note is being transferred to a "qualified institutional buyer" (as defined in Rule 144A under the Securities
Act), in reliance on Rule 144A. 

        o     Such
Note is being transferred to an institutional "accredited investor" (within the meaning of subparagraph (a)(1), (2),
(3) or (7) of Rule 501 under the Securities Act) which delivers a certificate to the Trustee in the form of Exhibit D to the
Indenture. An Opinion of Counsel to the effect that such transfer does not require registration under the Securities Act accompanies this certification. 

        o     Such
Note is being transferred in reliance on Regulation S under the Securities Act and a transfer certificate for
Regulation S transfers in the form of Exhibit E to the Indenture accompanies this certification. 

        o     Such
Note is being transferred in reliance on Rule 144 under the Securities Act. An Opinion of Counsel to the effect
that such transfer does not require registration under the Securities Act accompanies this certification. 

        o     Such
Note is being transferred in reliance on and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144A or Rule 144 under the Securities 

C-1

 

Act
to a person other than an institutional "accredited investor." An Opinion of Counsel to the effect that such transfer does not require registration under the Securities Act accompanies this
certification. 

	

 	
 	

 	
 	

 [INSERT NAME OF TRANSFEROR]
	

 	
 	

 	
 	

By:	
 	

  
 [Authorized Signatory]
	

Date:	
 	

  
	
 	

 	
 	

 
	*Check applicable box.	 	 	 	 

C-2

  

EXHIBIT D  

 
 

Form of Transferee Letter of Representation    
    

The
Bank of New York

101 Barclay Street

New York, New York 10286

Attention: Corporate Trust Division 

Ladies
and Gentlemen: 

        This
certificate is delivered to request a transfer of $            principal amount of the 9.0% Senior Subordinated Notes due 2012 of Affinity Group, Inc. and (the
"Company") and any guarantee thereof (the "Notes"). Upon transfer, the Notes would be registered in the
name of the new beneficial owner as follows: 

	

Name:	
 	

	Address:	 	

	Taxpayer ID Number:	 	

        The
undersigned represents and warrants to you that: 

        1.     We
are an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933 (the
"Securities Act")) purchasing Notes for our own account or for the account of such an institutional "accredited investor" and we are acquiring the Notes
not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risk of our investment in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for
which we are acting are each able to bear the economic risk of our or its investment. 

        2.     We
acknowledge that we have had access to such financial and other information, and have been afforded the opportunity to ask such questions of representatives of the
Company and receive answers thereto, as we deem necessary. 

        3.     We
understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence.
We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes that we will not prior to the date (the "Resale Restriction Termination
Date") that is two years after the later of the original issuance of the Notes and the last date on which the Company or any affiliate of the Company was the owner of such
Notes (or any predecessor thereto) offer, sell or otherwise transfer such Notes except (a) to the Company or any subsidiary of the Company, (b) inside the United States to a "qualified
institutional buyer" in compliance with Rule 144A under the Securities Act, (c) inside the United States to an "institutional accredited investor" as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to the Trustee a signed letter substantially in
the form of this letter, (d) outside the United States in an offshore transaction in compliance with Rule 904 under the Securities Act, (e) pursuant to any other available
exemption from the registration requirements of the Securities Act or (f) pursuant to an effective registration statement under the Securities Act. We acknowledge that the Company and the
Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the applicable Notes pursuant to clause (c) or (e) above to
require the delivery of an Opinion of Counsel, certification and/or other information satisfactory to the Company and the Trustee. 

D-1

 

        We
understand that the Trustee will not be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Company and
the Trustee that the foregoing restrictions on transfer have been complied with. We further understand that any Notes
purchased by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting the substance of paragraph 3 of this letter. We further agree to
provide to any person acquiring any of the Notes from us a notice advising such person that transfers of such Notes are restricted as stated herein and that certificates representing such Notes will
bear a legend to that effect. 

        We
represent that the Company and the Trustee and others are entitled to rely upon the truth and accuracy of our acknowledgments, representations and agreements set forth herein, and we
agree to notify you promptly in writing if any of our acknowledgments, representations or agreements herein cease to be accurate and complete. You are also irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

        We
represent to you that we have full power to make the foregoing acknowledgments, representations and agreements on our own behalf and on behalf of any investor account for which we are
acting as fiduciary agent. 

        As
used herein, the terms "offshore transaction," "United States" and "U.S. person" have the respective meanings given to them in Regulation S under the Securities Act. 

        THIS
LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

	Dated:	 	  
	 	 	 	TRANSFEREE:
	

 	
 	

 	
 	

 	
 	

By:	
 	

  

D-2

  

EXHIBIT E  

 
 

Form of Certificate to be
  Delivered in Connection
  with Regulation S Transfers    
    

            ,            

The
Bank of New York

101 Barclay Street

New York, New York 10286

Attention: Corporate Trust Division 

	Re:
	Affinity
Group, Inc. (the "Company")
 9.0% Senior Subordinated Notes due 2012 (the "Notes")

Ladies
and Gentlemen: 

        In
connection with our proposed sale of $                        aggregate principal amount of the Notes, we confirm that such sale
has been effected pursuant to and in accordance with
Regulation S under the 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 offshore securities market and neither we nor any person
acting on our behalf knows that the transaction has been prearranged 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(a) or Rule 904(a) 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. 

        You
and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Defined terms used herein without definition have the respective meanings provided in Regulation S. 

	

 	
 	

Very truly yours,
	

 	
 	

[Name of Transferor]
	

 	
 	

By:	
 	

  

E-1

  

EXHIBIT F  

 
 

FORM OF SUPPLEMENTAL INDENTURE    
    

        SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as
of                        ,
among                        (the
"New Guarantor"), a subsidiary of Affinity Group, Inc. (or its successor), a Delaware corporation (the
"Company"), the Guarantors (the "Existing Guarantors") under the Indenture referred to below, 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 Company has heretofore executed and delivered to the Trustee an Indenture (as such may be amended from time to time, the
"Indenture"), dated as of February 18, 2004, providing for the issuance of its 9.0% Senior Subordinated Notes due 2012 (the
"Notes"); 

        WHEREAS,
Section 4.23 of the Indenture provides that under certain circumstances the Company is required to cause the New Guarantor to execute and deliver to the Trustee a
supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company's obligations under the Notes pursuant to a Guarantee on the terms and conditions set
forth herein; and 

        WHEREAS,
pursuant to Section 8.01 of the Indenture, the Trustee, the Company and Existing Guarantors are authorized to execute and deliver this Supplemental Indenture; 

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

        1.    Definitions.    (a) Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture. 

        (b)   For
all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires: (i) the terms and
expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words "herein," "hereof" and "hereby" and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

        2.    Agreement to Guarantee.    The New Guarantor hereby agrees, jointly and severally with all other Guarantors, to
Guarantee the Company's obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other applicable provisions of the
Indenture. From and after the date hereof, the New Guarantor shall be a Guarantor for all purposes under the Indenture and the Notes. 

        3.    Ratification of Indenture; Supplemental Indentures Part of Indenture.    Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of
the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby. 

        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 CONFLICTS OF LAW. EACH OF THE PARTIES HERETO
AGREES  

F-1

 

 TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

        5.    Trustee Makes No Representation.    The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company. 

        6.    Multiple Counterparts.    The parties may sign multiple counterparts of this Supplemental Indenture. Each signed
counterpart shall be deemed an original, but all of them together represent one and the same agreement. 

        7.    Headings.    The headings of this Supplemental Indenture have been inserted for convenience of reference only,
are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

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

	

 	
 	

[NEW GUARANTOR]
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:
	 	 	 	 	Title:
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:
	 	 	 	 	Title:
	

 	
 	

AFFINITY GROUP, INC.
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:
	 	 	 	 	Title:
	

 	
 	

EXISTING GUARANTORS:
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:
	 	 	 	 	Title:
	

 	
 	

THE BANK OF NEW YORK,

  as Trustee
	

 	
 	

By:	
 	

  

	 	 	 	 	Name:
	 	 	 	 	Title:

F-2

QuickLinks

AFFINITY GROUP, INC. as Issuer, The GUARANTORS named herein and THE BANK OF NEW YORK, as Trustee INDENTURE Dated as o
f February 18, 2004

CROSS-REFERENCE TABLE

TABLE OF CONTENTS

ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE

ARTICLE 2 THE NOTES

ARTICLE 3 REDEMPTION

ARTICLE 4 COVENANTS

ARTICLE 5 SUCCESSOR CORPORATION

ARTICLE 6 DEFAULTS AND REMEDIES

ARTICLE 7 TRUSTEE

ARTICLE 8 AMENDMENTS, SUPPLEMENTS AND WAIVERS

ARTICLE 9 DISCHARGE OF INDENTURE; DEFEASANCE

ARTICLE 10 GUARANTEE

ARTICLE 11 SUBORDINATION OF GUARANTEE

ARTICLE 12 SUBORDINATION OF NOTES

ARTICLE 13 MISCELLANEOUS

AFFINITY GROUP, INC. SERIES A 9.0% SENIOR SUBORDINATED NOTE DUE 2012

(REVERSE OF SECURITY) 9.0% SENIOR SUBORDINATED NOTE DUE 2012

FORM OF GUARANTEE

ASSIGNMENT FORM

[OPTION OF HOLDER TO ELECT PURCHASE]

AFFINITY GROUP, INC. SERIES B 9.0% SENIOR SUBORDINATED NOTE DUE 2012

(REVERSE OF SECURITY) 9.0% SENIOR SUBORDINATED NOTE DUE 2012

FORM OF GUARANTEE

ASSIGNMENT FORM

[OPTION OF HOLDER TO ELECT PURCHASE]

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF TRANSFER OF NOTES

Form of Transferee Letter of Representation

Form of Certificate to be Delivered in Connection with Regulation S Transfers

FORM OF SUPPLEMENTAL INDENTURE

W I T N E S S E T HQuickLinks
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Exhibit 4.2  

 
 

REGISTRATION RIGHTS AGREEMENT    
    
    Dated as of February 18, 2004    
    

by and among  

 AFFINITY GROUP, INC.,  

 THE GUARANTORS

named herein  

 and  

 CIBC WORLD MARKETS CORP.  

 as Initial Purchaser  

 $200,000,000  

 9% SENIOR SUBORDINATED NOTES DUE 2012  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	 
	 	Page

	1.	 	DEFINITIONS	 	1
	2.	 	EXCHANGE OFFER	 	3
	3.	 	SHELF REGISTRATION	 	6
	4.	 	ADDITIONAL INTEREST	 	6
	5.	 	REGISTRATION PROCEDURES	 	8
	6.	 	REGISTRATION EXPENSES	 	14
	7.	 	INDEMNIFICATION	 	14
	8.	 	RULES 144 AND 144A	 	17
	9.	 	UNDERWRITTEN REGISTRATIONS	 	17
	10.	 	MISCELLANEOUS	 	17
	 	 	(a	)	Remedies	 	17
	 	 	(b	)	No Inconsistent Agreements	 	17
	 	 	(c	)	Adjustments Affecting Registrable Notes	 	18
	 	 	(d	)	Amendments and Waivers	 	18
	 	 	(e	)	Notices	 	18
	 	 	(f	)	Successors and Assigns	 	19
	 	 	(g	)	Counterparts	 	19
	 	 	(h	)	Headings	 	19
	 	 	(i	)	Governing Law	 	19
	 	 	(j	)	Severability	 	19
	 	 	(k	)	Notes Held by any Issuer or Its Affiliates	 	19
	 	 	(l	)	Third Party Beneficiaries	 	19
	 	 	(m	)	Entire Agreement	 	20
	 	 	(n	)	Joint and Several Obligations	 	20

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights Agreement (the "Agreement") is made and entered into as of February 18, 2004, by
and among Affinity Group, Inc., a Delaware corporation (the "Company"), the Guarantors listed on the signature pages hereto and CIBC World Market
Corp. (the "Initial Purchaser"). 

        This
Agreement is entered into in connection with the Purchase Agreement, dated February 6, 2004, by and among the Company, the Guarantors and the Initial Purchaser (the
"Purchase Agreement") relating to the sale by the Company to the Initial Purchaser of $200,000,000 aggregate principal amount of the Company's 9% Senior
Subordinated Notes due 2012 (the "Notes") and the unconditional guarantee thereof by the Guarantors on a joint and several basis (the
"Guarantee"). In order to induce the Initial Purchaser to enter into the Purchase Agreement, the Issuers (as defined) have agreed to provide the
registration rights set forth in this Agreement for the benefit of the holders of Registrable Notes (as defined), including, without limitation, the Initial Purchaser. The execution and delivery of
this Agreement is a condition to the Initial Purchaser's obligation to purchase the Notes under the Purchase Agreement. 

        The
parties hereby agree as follows: 

        1.    Definitions    

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

        Additional Interest: See Section 4(a). 

        Advice: See the last paragraph of Section 5. 

        Agreement: See the first introductory paragraph to this Agreement. 

        Applicable Period: See Section 2(b). 

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

        Closing Date: The Closing Date as defined in the Purchase Agreement. 

        Commission: The Securities and Exchange Commission. 

        Company: See the first introductory paragraph to this Agreement. 

        Effectiveness Date: (i) The 150th day after the Issue Date, in the case of the Exchange Registration Statement or an Initial Shelf
Registration filed in lieu of the Exchange Registration Statement, and (ii) in the case of an Initial Shelf Registration filed following delivery of a Shelf Notice, the 60th day after the
filing of such Initial Shelf Registration. 

        Effectiveness Period: See Section 3(a). 

        Event Date: See Section 4(b). 

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

        Exchange Notes: See Section 2(a). 

        Exchange Offer: See Section 2(a). 

        Exchange Registration Statement: See Section 2(a). 

        Filing Date: The 45th day after the Issue Date (regardless of whether the actual filing precedes such date). 

        Guarantee: See the second introductory paragraph to this Agreement. 

        Guarantors: The guarantors identified on the signature pages attached hereto. 

        Holder: Any registered holder of Registrable Notes. 

 

        Indemnified Person: See Section 7(c). 

        Indemnifying Person: See Section 7(c). 

        Indenture: The Indenture, dated as of February 18, 2004, by and among the Issuers and The Bank of New York, as trustee, pursuant to
which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 

        Initial Purchaser: See the first introductory paragraph to this Agreement. 

        Initial Shelf Registration: See Section 3(a). 

        Inspectors: See Section 5(o). 

        Issue Date: The date on which the Notes were sold to the Initial Purchaser pursuant to the Purchase Agreement. 

        Issuers: The Company and the Guarantors, collectively. 

        NASD: National Association of Securities Dealers, Inc. 

        Notes: See the second introductory paragraph to this Agreement. 

        Participant: See Section 7(a). 

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

        Person: Any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust,
unincorporated organization or government (including any agency or political subdivision thereof). 

        Private Exchange: See Section 2(b). 

        Private Exchange Notes: See Section 2(b). 

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

        Purchase Agreement: See the second introductory paragraph to this Agreement. 

        Records: See Section 5(o). 

        Registrable Notes: Each Note upon original issuance thereof and at all times subsequent thereto, each Exchange Note as to which
Section 2(c)(iv) hereof is applicable upon original issuance thereof and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times
subsequent thereto, until, in the case of any such Note, Exchange Note or Private Exchange Note, as the case may be, the earliest to occur of (i) a Registration Statement (other than, with
respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable) covering such Note, Exchange Note or Private Exchange Note, as the case may be, has been declared
effective by the Commission and such Note, Exchange Note or Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such
Note, Exchange Note or Private Exchange Note, as the case may be, is sold in compliance with Rule 144, (iii) in the case of any Note, such Note has been exchanged pursuant to the
Exchange Offer for an Exchange Note or Exchange Notes which may be resold without 

2

 

restriction
under federal securities laws, or (iv) such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes of the Indenture. 

        Registration Statement: Any registration statement of the Company, including, but not limited to, the Exchange Registration Statement,
that covers any of the Registrable Notes pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

        Rule 144: Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than
Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that
are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 

        Rule 144A: Rule 144A under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144) or regulation hereafter adopted by the Commission. 

        Rule 415: Rule 415 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission. 

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

        Shelf Notice: See Section 2(c). 

        Shelf Registration: See Section 3(b). 

        Subsequent Shelf Registration: See Section 3(b). 

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

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

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

        2.    Exchange Offer    

        (a)   Each
of the Issuers agrees to file with the Commission no later than the Filing Date, an offer to exchange (the "Exchange
Offer") any and all of the Registrable Notes (other than Private Exchange Notes, if any) for a like aggregate principal amount of debt securities of the Company which are
identical in all material respects to the Notes (the "Exchange Notes") (and which are entitled to the benefits of the Indenture or a trust indenture
which is identical in all material respects to the Indenture (including, without limitation, the guarantee provisions thereof) (other than such changes to the Indenture or any such identical trust
indenture as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either case, has been qualified under the
TIA), except that the Exchange Notes shall have been registered pursuant to an effective Registration Statement under the Securities Act and shall contain no restrictive legend thereon. The Exchange
Offer shall be registered under the Securities Act on the appropriate form (the "Exchange Registration Statement") and shall comply with all applicable
tender offer rules and regulations under the Exchange Act. Each of the Issuers agrees to use its best efforts to (x) cause the Exchange Registration Statement to be declared effective under the
Securities Act on or before the Effectiveness Date; (y) keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date that notice of
the Exchange Offer is first mailed to Holders; 

3

 

and
(z) consummate the Exchange Offer on or prior to the 45th day following the date on which the Exchange Registration Statement is declared effective (but in no event later than the 180th day
after the Issue Date). If after such Exchange Registration Statement is initially declared effective by the Commission, the Exchange Offer or the issuance of the Exchange Notes thereunder is
interfered with by any stop order, injunction or other order or requirement of the Commission or any other governmental agency or court, such Exchange Registration Statement shall be deemed not to
have become effective for purposes of this Agreement. Each Holder who participates in the Exchange Offer will be required to represent that any Exchange Notes received by it will be acquired in the
ordinary course of its business, that at the time of the consummation of the Exchange Offer such Holder will have no arrangement or understanding with any Person to participate in the distribution of
the Exchange Notes, that such Holder is not an affiliate of any Issuer within the meaning of the Securities Act, and any additional representations that in the written opinion of counsel to the
Issuers are necessary under then-existing interpretations of the Commission in order for the Exchange Registration Statement to be declared effective. Upon consummation of the Exchange
Offer in accordance with this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to
Registrable Notes that are Private Exchange Notes and Exchange Notes held by Participating Broker-Dealers, and the Issuers shall have no further obligation to register Registrable Notes (other than
Private Exchange Notes and other than in respect of any Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 of this Agreement. 

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

        Each
of the Issuers shall use its best efforts to keep the Exchange Registration Statement effective and to amend and supplement the Prospectus contained therein, in order to permit such
Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time beginning when the Exchange Notes are first issued in
the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed and such Persons are no longer required to comply with the prospectus
delivery requirements in connection with offers and sales of the Exchange Notes (the "Applicable Period"). 

        If,
upon consummation of the Exchange Offer, the Initial Purchaser holds any Notes acquired by it and having the status of an unsold allotment in the initial distribution, the Issuers
upon the request of the Initial Purchaser shall, simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to the Initial Purchaser, in exchange (the
"Private Exchange") for the Notes held by the Initial Purchaser, a like principal amount of debt securities of the Company that are identical in all
material respects to the Exchange Notes except for the existence of restrictions on transfer thereof under the Securities Act and securities laws of the several states of the U.S. (the
"Private Exchange Notes") (and which are issued pursuant to the same indenture as the Exchange Notes). The Private Exchange Notes shall bear the same
CUSIP number as the Exchange Notes. Interest on the Exchange Notes and Private Exchange Notes will accrue from the last interest payment 

4

 

date
on which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been paid on the Notes, from the Issue Date. 

        In
connection with the Exchange Offer, the Issuers shall: 

        (1)   mail
to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement and, in the case of the Holders in Canada, any wrapper used in
connection with the private placement of the Exchange Notes in Canada, together with an appropriate letter of transmittal and related documents; 

        (2)   utilize
the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate
thereof; 

        (3)   permit
Holders to withdraw tendered Registrable Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer
shall remain open; and 

        (4)   otherwise
comply in all material respects with all applicable laws. 

        As
soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case may be, the Issuers shall: 

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

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

        (3)   cause
the Trustee to authenticate and deliver promptly to each Holder tendering such Registrable Notes, Exchange Notes or Private Exchange Notes, as the case may be,
equal in principal amount to the Notes of such Holder so accepted for exchange. 

        The
Exchange Notes and the Private Exchange Notes may be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture, which in
either event will provide that the Exchange Notes will not be subject to the transfer restrictions set forth in the Indenture and that the Exchange Notes, the Private Exchange Notes and the Notes, if
any, will vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes, if any, will have the right to vote or consent as a
separate class on any matter. 

        (c)   If,
(i) because of any change in law or in currently prevailing interpretations of the staff of the Commission, the Company is not permitted to effect an Exchange
Offer, (ii) the Exchange Offer is not consummated within 180 days of the Issue Date, (iii) any holder of Private Exchange Notes so requests in writing to the Company or
(iv) in the case of any Holder that participates in the Exchange Offer (and tenders its Registrable Notes prior to the expiration thereof), such Holder does not receive Exchange Notes on the
date of the exchange that may be sold without restriction under federal securities laws (other than due solely to the status of such Holder as an affiliate of any Issuer within the meaning of the
Securities Act) and so notifies the Company within 30 days following the consummation of the Exchange Offer (and providing a reasonable basis for its conclusions), in the case of each of
clauses (i)-(iv), then the Issuers shall promptly deliver to the Holders and the Trustee written notice thereof (the "Shelf Notice") and shall
file a Shelf Registration pursuant to Section 3. 

        (d)   [Any
distribution in Canada of the Exchange Notes will be effected solely to holders of Registrable Notes who would be eligible to acquire Exchange Notes
pursuant to prospectus exemptions under applicable Canadian securities legislation and, as a condition to the sale of their Registrable Notes pursuant to the Exchange Offer, holders of Registrable
Notes in Canada will be required to make certain representations to the Issuers, including a representation that they are entitled under applicable Canadian securities legislation to acquire the
Exchange Notes without the benefit of a prospectus qualified under such applicable securities laws.] 

5

 

        3.    Shelf Registration    

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

        (a)    Shelf Registration.    The Issuers shall as promptly as reasonably practicable file with the Commission a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the "Initial Shelf
Registration"). If the Issuers shall not have yet filed the Exchange Registration Statement, each of the Issuers shall file with the Commission the Initial Shelf Registration
on or prior to the Filing Date and shall use its best efforts to cause such Initial Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date.
Otherwise, each of the Issuers shall file as promptly as practicable (such period not to exceed 45 days) with the Commission the Initial Shelf Registration upon the delivery of the Shelf Notice
and shall use its best efforts to cause such Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date. The Initial Shelf Registration shall be on
Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners designated by them (including, without
limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes to be included in any Shelf Registration. Each of the Issuers shall use
its best efforts to keep the Initial Shelf Registration continuously effective under the Securities Act until the date which is 24 months from the Issue Date (or, if Rule 144(k) under
the Securities Act is amended to permit unlimited resales by non-affiliates within a lesser period, such lesser period) (subject to extension pursuant to
the last paragraph of Section 5 hereof) (the "Effectiveness Period") or such shorter period ending when (i) all Registrable Notes covered
by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration or (ii) a Subsequent Shelf Registration covering all of the
Registrable Notes has been declared effective under the Securities Act. 

        (b)    Subsequent Shelf Registrations.    If the Initial Shelf Registration or any Subsequent Shelf Registration
ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), each of the Issuers shall use its
best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend the Shelf
Registration in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional "shelf" Registration Statement pursuant to Rule 415 covering all of
the Registrable Notes (a "Subsequent Shelf Registration"). If a Subsequent Shelf Registration is filed, each of the Issuers shall use its best efforts
to cause the Subsequent Shelf Registration to be declared effective as soon as practicable after such filing and to keep such Subsequent Shelf Registration continuously effective for a period equal to
the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration or any Subsequent Shelf Registrations was previously continuously
effective. As used herein the term "Shelf Registration" means the Initial Shelf Registration and any Subsequent Shelf Registration. 

        (c)    Supplements and Amendments.    Each of the Issuers shall promptly supplement and amend any Shelf Registration
if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders
of a majority in aggregate principal amount of the Registrable Notes covered by such Shelf Registration or by any underwriter of such Registrable Notes, in each case, with each Issuer's consent, which
consent shall not be unreasonably withheld or delayed. 

        4.    Additional Interest    

        (a)   The
Issuers and the Initial Purchaser agree that the Holders of Registrable Notes will suffer damages if the Issuers fail to fulfill their obligations under
Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, each of the 

6

 

Issuers
agrees to pay, as liquidated damages, additional interest on the Registrable Notes ("Additional Interest") under the circumstances and to the
extent set forth below (each of which shall be given independent effect): 

          (i)  if
(A) neither the Exchange Registration Statement nor the Initial Shelf Registration has been filed on or prior to the Filing Date or (B) notwithstanding
that the Issuers have consummated or will
consummate an Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not filed on or prior to the 45th day after delivery of the Shelf Notice,
then, in the case of subclause (A), commencing on the day after the Filing Date or, in the case of subclause (B), commencing on the 46th day following delivery of the Shelf Notice, Additional Interest
shall accrue on the Registrable Notes over and above the stated interest at a rate of 0.50% per annum for the first 90 days immediately following the Filing Date or such 45th day, as the case
may be, such Additional Interest rate increasing by an additional 0.50% per annum at the beginning of each subsequent 90-day period; 

         (ii)  if
(A) neither the Exchange Registration Statement nor the Initial Shelf Registration is declared effective on or prior to the Effectiveness Date applicable
thereto or (B) notwithstanding that the Issuers have consummated or will consummate an Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration
is not declared effective by the Commission on or prior to the applicable Effectiveness Date, then, commencing on the day after such applicable Effectiveness Date, Additional Interest shall accrue on
the Registrable Notes over and above the stated interest at a rate of 0.50% per annum for the first 90 days immediately following the day after the applicable Effectiveness Date, such
Additional Interest rate increasing by an additional 0.50% per annum at the beginning of each subsequent 90-day period; and 

        (iii)  if
(A) the Company has not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to the 180th
day after the Issue Date, (B) the Exchange Registration Statement ceases to be effective prior to consummation of the Exchange Offer or (C) if applicable, a Shelf Registration has been
declared effective and such Shelf Registration ceases to be effective at any time during the Effectiveness Period, then Additional Interest shall accrue on the Registrable Notes over and above the
stated interest at a rate of 0.50% per annum for the first 90 days commencing on the (x) 181st day after the Issue Date in the case of (A) above or (y) the day such
Exchange Registration Statement or Shelf Registration ceases to be effective in the case of (B) and (C) above, such Additional Interest rate increasing by an additional 0.50% per annum
at the beginning of each such subsequent 90-day period; 

provided, however, that the Additional Interest rate on the Registrable Notes may not exceed in the
aggregate 1.50% per annum; provided further that (1) upon the filing of the Exchange Registration Statement or each Shelf Registration (in the
case of (i) above), (2) upon the effectiveness of the Exchange Registration Statement or each Shelf Registration, as the case may be (in the case of (ii) above), or
(3) upon the exchange of Exchange Notes for all Registrable Notes tendered (in the case of (iii)(A) above) or upon the effectiveness of an Exchange Registration Statement or Shelf Registration
which had ceased to remain effective (in the case of (iii)(B) and (C) above), Additional Interest on any Registrable Notes then accruing Additional Interest as a result of such clause (or the
relevant subclause thereof), as the case may be, shall cease to accrue. 

        (b)   The
Issuers shall notify the Trustee within one Business Day after each and every date on which an event occurs in respect of which Additional Interest is required to be
paid (an "Event Date"). Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be
payable in cash semi-annually on each regular interest payment date specified in the Indenture (to the Holders of Registrable Notes of record on the regular record date therefor (as
specified in the Indenture) immediately preceding such dates), commencing with the first such regular interest payment 

7

 

date
occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal
amount of the Notes subject thereto, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of
a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 

        5.    Registration Procedures    

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

        (a)   Prepare
and file with the Commission prior to the Filing Date, the Exchange Registration Statement or if the Exchange Registration Statement is not filed or is
unavailable, a Shelf Registration as prescribed by Section 2 or 3, and use its best efforts to cause each such Registration Statement to become effective and remain effective as provided
herein; provided that, if (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange
Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period and has advised the Company that it is a Participating Broker-Dealer, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall, if
requested, furnish to and afford the Holders of the Registrable Notes to be registered pursuant to such Shelf Registration or each such Participating Broker-Dealer, as the case may be, covered by such
Registration Statement, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by
reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing). The Issuers shall not file any such Registration Statement or
Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such
Participating Broker-Dealer, as the case may be, their counsel, or the managing underwriters, if any, shall reasonably object. 

        (b)   Prepare
and file with the Commission such amendments and post-effective amendments to each Shelf Registration or Exchange Registration Statement, as the case
may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be
supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act;
and comply with the provisions of the Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in
such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus. The Issuers shall be deemed
not to have used their best efforts to keep a Registration Statement effective during the Applicable Period if they voluntarily take any action that would result in selling Holders of the Registrable
Notes covered thereby or Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such Exchange Notes during that period unless such action is
required by applicable law, rule or regulation or unless the Issuers comply with this Agreement, including, without limitation, the provisions of paragraph 5(k) hereof and the last paragraph of
Section 5. 

8

  

        (c)   If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period from whom the Issuers have
received written notice that it will be a Participating Broker-Dealer, notify the selling Holders of Registrable Notes, and each such Participating Broker-Dealer, their counsel and the managing
underwriters, if any, promptly (but in any event within two Business Days), and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective (including in such notice a written statement
that any Holder may, upon request, obtain, without charge, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules,
documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement
or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the
Securities Act to be delivered in connection with sales of the Registrable Notes the representations and warranties of any Issuer contained in any agreement (including any underwriting agreement
contemplated by Section 5(n) hereof) cease to be true and correct in any material respect, (iv) of the receipt by any Issuer of any notification with respect to the suspension of the
qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any
jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known that makes
any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires
the making of any changes in, or amendments or supplements to, such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, and (vi) of the Issuers' reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. 

        (d)   If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its best efforts to prevent
the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from
qualification) of any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, to use its best
efforts to obtain the withdrawal of any such order at the earliest possible date. 

        (e)   If
a Shelf Registration is filed pursuant to Section 3 and if requested by the managing underwriters, if any, or the Holders of a majority in aggregate principal
amount of the Registrable Notes being sold in connection with an underwritten offering, (i) as promptly as practicable incorporate in a prospectus supplement or post-effective
amendment such information or revisions to information therein relating to such underwriters or selling Holders as the managing underwriters, if any, or such Holders or their counsel reasonably
request to be included or made therein, (ii) make all required filings of such prospectus supplement or such post-effective 

9

 

amendment
as soon as practicable after the Issuers have received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment, and
(iii) supplement or make amendments to such Registration Statement. 

        (f)    If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder
of Registrable Notes and to each such Participating Broker-Dealer who so requests and to counsel and each managing underwriter, if any, without charge, one conformed copy of the Registration Statement
or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be
incorporated therein by reference and all exhibits. 

        (g)   If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer, deliver to each selling Holder of Registrable Notes or each such Participating Broker-Dealer,
as the case may be, their respective counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each
amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuers
hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes and each Participating Broker-Dealer, and the underwriters or
agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such
Prospectus and any amendment or supplement thereto. 

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

        (i)    If
a Shelf Registration is filed pursuant to Section 3, cooperate with the selling Holders of Registrable Notes, any Participating Broker-Dealer and the managing
underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable 

10

 

Notes
to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in
such denominations and registered in such names as the managing underwriter or underwriters, if any, or Holders may reasonably request. 

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

        (k)   If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event
contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the Commission, at the Issuers' sole
expense, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein
by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom
such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

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

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

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

11

 

Issuer
for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to each of the underwriters, such letters to be in customary
form and covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten offerings of debt securities similar to the Notes and such other matters as
reasonably requested by the managing underwriter or underwriters; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less
favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by
such Registration Statement and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing
under such underwriting agreement, or as and to the extent required thereunder. 

        (o)   If
(1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by
any selling Holder of such Registrable Notes being sold, and each
Participating Broker-Dealer, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder, each
Participating Broker-Dealer, as the case may be, or underwriter (collectively, the "Inspectors"), at the offices where normally kept, during reasonable
business hours, all financial and other records, pertinent corporate documents and properties of each Issuer and its subsidiaries (collectively, the
"Records") as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors
and employees of each Issuer and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Records which an Issuer
determines, in good faith, to be confidential and any Records which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such
Records is necessary to avoid or correct a misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction, (iii) the information in such Records has been made generally available to the public other than as a result of a disclosure or failure to safeguard by such
Inspector or (iv) disclosure of such information is, in the opinion of counsel for any Inspector, necessary or advisable in connection with any action, claim, suit or proceeding, directly or
indirectly, involving or potentially involving such Inspector and arising out of, based upon, related to, or involving this Agreement, or any transactions contemplated hereby or arising hereunder.
Each selling Holder of such Registrable Notes and each Participating Broker-Dealer will be required to agree that information obtained by it as a result of such inspections shall be deemed
confidential and shall not be used by it as the basis for any market transactions in the securities of any Issuer unless and until such is made generally available to the public. Each Inspector, each
selling Holder of such Registrable Notes and each Participating Broker-Dealer will be required to further agree that it will, upon learning that disclosure of such Records is sought in a court of
competent jurisdiction pursuant to clauses (ii) or (iv) of the previous sentence or otherwise, give notice to the Issuers and allow the Issuers to undertake appropriate action to obtain
a protective order or otherwise prevent disclosure of the Records deemed confidential at its expense. 

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

12

 

execute,
all documents as may be required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely
manner. 

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

        (r)   Upon
consummation of the Exchange Offer or a Private Exchange, obtain an opinion of counsel to the Issuers, in a form customary for underwritten transactions, addressed
to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or the Private Exchange
Notes, as the case may be, the Guarantees and the related indenture constitute legally valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their respective
terms. 

        (s)   If
the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Issuers (or to such other Person as directed
by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Issuers shall mark, or caused to be marked, on such Registrable Notes that such Registrable
Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 

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

        (u)   Use
its best efforts to take all other steps reasonably necessary to effect the registration of the Registrable Notes covered by a Registration Statement contemplated
hereby. 

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

        Each
Holder of Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer, as
the case may be, that, upon receipt of any notice from the Issuers of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi), such Holder will
forthwith discontinue disposition of such Registrable Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case
may be, and, in each case, dissemination of such Prospectus until such Holder's or Participating Broker-Dealer's receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 5(k), or until it is advised in writing (the "Advice") by the Company that the use of the applicable Prospectus may be resumed, and has
received copies of any amendments or supplements thereto. In the event the Issuers 

13

 

shall
give any such notice, each of the Effectiveness Period and the Applicable Period shall be extended by the number of days during such periods from and including the date of the giving of such
notice to and including the date when each seller of Registrable Notes covered by such Registration Statement or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be,
shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 5(k) or (y) the Advice. 

        6.    Registration Expenses    

        All
fees and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers whether or not the Exchange Offer or a Shelf
Registration is filed or becomes effective, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required
to be made with the NASD in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable
fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes
for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of the Exchange Notes, or (y) as provided in Section 5(h)
hereof, in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation,
expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses
is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or by
any Participating Broker-Dealer, as the case may be, (iii) reasonable messenger, telephone and delivery expenses incurred in connection with the Exchange Registration Statement and any Shelf
Registration, (iv) fees and disbursements of one special counsel for all of the sellers of Registrable Notes, (v) fees and disbursements of all independent certified public accountants
referred to in Section 5(n)(iii) (including, without limitation, the expenses of any special audit and "cold comfort" letters required by or incident to such performance),
(vi) rating agency fees, (vii) Securities Act liability insurance, if any Issuer desires such insurance, (viii) fees and expenses of all other Persons retained by the Issuers,
(ix) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Issuers performing legal or accounting duties), (x) the
expense of any annual or special audit, (xi) the fees and expenses incurred in connection with the listing of the securities to be registered on any
securities exchange, (xii) the fees and disbursements of underwriters, if any, customarily paid by issuers or sellers of securities (but not including any underwriting discounts or commissions
or transfer taxes, if any, attributable to the sale of the Registrable Notes which discounts, commissions or taxes shall be paid by Holders of such Registrable Notes) and (xiii) the expenses
relating to printing, word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary in order to
comply with this Agreement. 

        7.    Indemnification    

        (a)   Each
of the Issuers jointly and severally agrees to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer, the officers,
directors, employees and agents of each such Person, and each Person, if any, who controls any such Person within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act (each, a "Participant"), from and against any and all losses, claims, damages and liabilities (including, without limitation, the
reasonable legal fees and other reasonable expenses actually incurred in connection with any suit, action or proceeding or any claim asserted) caused by, arising out of or based upon any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (as amended or supplemented if the Issuers shall have furnished any amendments or 

14

 

supplements
thereto) or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities are caused by any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Participant furnished to the Issuers in writing by or on behalf of such Participant
expressly for use therein; provided, however, that the Issuers shall not be liable if such untrue
statement or omission or alleged untrue statement or omission was contained or made in any preliminary prospectus and corrected in the Prospectus or any amendment or supplement thereto and the
Prospectus does not contain any other untrue statement or omission or alleged untrue statement or omission of a material fact that was the subject matter of the related proceeding and any such loss,
liability, claim, damage or expense suffered or incurred by the Participants resulted from any action, claim or suit by any Person who purchased Registrable Notes or Exchange Notes which are the
subject thereof from such Participant and it is established in the related proceeding that such Participant failed to deliver or provide a copy of the Prospectus (as amended or supplemented) to such
Person with or prior to the confirmation of the sale of such Registrable Notes or Exchange Notes sold to such Person if required by applicable law, unless such failure to deliver or provide a copy of
the Prospectus (as amended or supplemented) was a result of noncompliance by the Issuers with Section 5 of this Agreement. 

        (b)   Each
Participant will be required to agree, severally and not jointly, to indemnify and hold harmless each Issuer, its directors and officers and each Person who
controls each Issuer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuers to each
Participant, but only with reference to information relating to such Participant furnished to the Issuers in writing by such Participant expressly for use in any Registration Statement or Prospectus,
any amendment or supplement thereto, or any preliminary prospectus. The liability of any Participant under this paragraph shall in no event exceed the proceeds received by such Participant from sales
of Registrable Notes or Exchange Notes giving rise to such obligations. 

        (c)   If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of
which indemnity may be sought pursuant to either of the two preceding paragraphs, such Person (the "Indemnified Person") shall promptly notify the
Person against whom such indemnity may be sought (the "Indemnifying Person") in writing, and the Indemnifying Person, upon request of the Indemnified
Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others the Indemnifying Person may reasonably designate in such proceeding
and shall pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding; provided,  however, that the failure to so
notify the Indemnifying Person shall not relieve it of any obligation or liability which it may have under
Section 7 (a) or 7 (b) above except to the extent that the Indemnifying Person is unaware of the commencement of such action and such omission results in the forfeiture by the
Indemnifying Person of substantial rights and defenses. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall
be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed in writing to the contrary, (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person or (iii) the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and the Indemnified Person shall have reasonably concluded that there may be one or more legal defenses available to it and/or
other Indemnified Persons that are different from or in addition to those available to any such Indemnifying Person. It is understood that, unless there is a conflict among Indemnified Persons, the
Indemnifying Person shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any
local counsel) for all Indemnified Persons, and that all 

15

 

such
fees and expenses shall be reimbursed as they are incurred. Any such separate firm for the Participants and control Persons of Participants shall be designated in writing by Participants who sold
a majority in interest of Registrable Notes sold by all such Participants and any such separate firm for the Issuers, their respective directors, officers and such control Persons of the Issuers shall
be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there is a final non-appealable judgment for the plaintiff, the Indemnifying Person agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested an Indemnifying Person to reimburse the Indemnified Person for reasonable fees
and expenses actually incurred by counsel as contemplated by the third sentence of this paragraph, the Indemnifying Person agrees that it shall be liable for any settlement of any proceeding effected
without its consent if (i) such settlement is entered into more than 30 days after receipt by such Indemnifying Person of the aforesaid request and (ii) such Indemnifying Person
shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement; provided,  however, that the
Indemnifying Person shall not be liable for any settlement effected without its consent pursuant to this sentence if the Indemnifying
Person is contesting, in good faith, the request for reimbursement. No Indemnifying Person shall, without the prior written consent of the Indemnified Person, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement
(A) includes an unconditional release of such Indemnified Person, in form and substance satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such
proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of an Indemnified Person. 

        (d)   If
the indemnification provided for in the first and second paragraphs of this Section 7 is unavailable to, or insufficient to hold harmless, an Indemnified
Person in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraphs, in lieu of indemnifying such Indemnified Person thereunder and
in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons on the one hand and the Indemnified Person or Persons on the other in connection with the statements or
omissions (or alleged statements or omissions) that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The
relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Issuers on the one hand or by the Participants or such other Indemnified Person, as the case may be, on the other, the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission and any other equitable considerations appropriate under the circumstances. 

        (e)   The
parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation (even if the Participants were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Person in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Participant be required to contribute any amount in
excess of the amount by which proceeds received by such Participant from sales of Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of any damages that such Participant has
otherwise been required to pay 

16

 

by
reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

        (f)    The
indemnity and contribution agreements contained in this Section 7 will be in addition to any liability which the Indemnifying Persons may otherwise have to
the Indemnified Persons referred to above. 

        8.    Rules 144 and 144A    

        Each
of the Issuers covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the
Commission thereunder in a
timely manner and, if at any time it is not required to file such reports, it will, upon the request of any Holder of Registrable Notes, make publicly available other information so long as necessary
to permit sales pursuant to Rule 144 and Rule 144A under the Securities Act. Each of the Issuers further covenants, for so long as any Registrable Notes remain outstanding, to make
available to any Holder or beneficial owner of Registrable Notes in connection with any sale thereof and any prospective purchaser of such Registrable Notes from such Holder or beneficial owner, the
information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Notes pursuant to Rule 144A. 

        9.    Underwritten Registrations    

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

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

        10.    Miscellaneous    

        (a)    Remedies.    In the event of a breach by any Issuer of any of its obligations under this Agreement, each Holder
of Registrable Notes and each Participating Broker-Dealer holding Exchange Notes, in addition to being entitled to exercise all rights provided herein, in the Indenture or, in the case of theInitial
Purchaser, in the Purchase Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. Each Issuer agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

        (b)    No Inconsistent Agreements.    None of the Issuers has entered, as of the date hereof, and none of the Issuers
shall enter, after the date of this Agreement, into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this
Agreement or otherwise conflicts with the provisions hereof. None of the Issuers has entered and none of the Issuers shall enter into any agreement with respect to any of its securities which will
grant to any Person piggy-back rights with respect to a Registration Statement. 

17

   
        (c)    Adjustments Affecting Registrable Notes.    None of the Issuers shall, directly or indirectly, take any
action
with respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to
this Agreement. 

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

        (e)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand delivery, registered first-class mail, next-day air courier or telecopier: 

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

CIBC
WORLD MARKETS CORP.

c/o CIBC World Markets Corp.

424 Lexington Avenue

3rd Floor

New York, New York 10017

Facsimile No.: (212) 885-4801

Attention: Leveraged Finance Group 

        with
a copy to: 

Cahill
Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Facsimile No.: (212) 269-5420

Attention: Roger Meltzer, Esq. 

        2.     if
to the Initial Purchaser, at the address specified in Section 10(e)(1); 

        3.     if
to the Issuers, as follows: 

Affinity
Group, Inc.

2575 Vista Del Mar Drive

Ventura, California 93001

Facsimile No.: (805) 667-4419

Attention: Thomas Wolfe 

18

 

        with
copies to: 

Kaplan,
Strangis & Kaplan, P.A.

5500 Wells Fargo Center

90 South Seventh Street

Minneapolis, Minnesota 55402

Facsimile No.: (612) 375-1143

Attention: Robert York, Esq. 

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

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

        (f)    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties hereto and the Holders; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the
extent such successor or assign holds Registrable Notes. 

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

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

        (i)    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE
PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

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

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

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

19

 

        (m)    Entire Agreement.    This Agreement, together with the Purchase Agreement and the Indenture, is intended by the
parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written
agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda among the Initial Purchaser on the one hand and the Issuers on the other, or between
or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and
replaced hereby. 

        (n)    Joint and Several Obligations.    All of the obligations of the Issuers hereunder shall be joint and several
obligations of each of them. 

20

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

	 	 	AFFINITY GROUP, INC.
	

 	
 	

By:	

/s/  THOMAS F. WOLFE          
 Name:    Thomas F. Wolfe

Title:    Chief Financial Officer
	

 	
 	

GUARANTORS:
	

 	
 	

AFFINITY ADVERTISING, LP
	

 	
 	

By:	

VBI, INC., its General Partner
	

 	
 	

By:	

/s/  THOMAS F. WOLFE          
 Name:    Thomas F. Wolfe

Title:    Chief Financial Officer
	

 	
 	

AFFINITY BROKERAGE, INC.

AFFINITY ROAD AND TRAVEL CLUB, INC.

CAMP COAST TO COAST, INC.

CAMPING REALTY, INC.

CAMPING WORLD, INC.

CAMPING WORLD INSURANCE SERVICES OF NEVADA, INC.

COAST MARKETING GROUP, INC.

CWI, INC.

CW MICHIGAN, INC.

EHLERT PUBLISHING GROUP, INC.

GOLF CARD INTERNATIONAL CORP.

GOLF CARD RESORT SERVICES, INC.

GSS ENTERPRISES, INC.

POWER SPORTS MEDIA, INC.

TL ENTERPRISES, INC.

VBI, INC.
	

 	
 	

By:	

/s/  THOMAS F. WOLFE          
 Name:    Thomas F. Wolfe

Title:    Chief Financial Officer
	

 	
 	

CIBC WORLD MARKETS CORP.
	

 	
 	

By:	

/s/  BRIAN S. PERMAN          
 Name:    Brian S. Perman

Title:    Managing Director

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REGISTRATION RIGHTS AGREEMENT Dated as of February 18, 2004

TABLE OF CONTENTS

REGISTRATION RIGHTS AGREEMENT

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