Document:

Exhibit 4.1

 

CDRV INVESTORS, INC.

as Issuer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

INDENTURE

DATED AS OF DECEMBER 14, 2006

SENIOR FLOATING RATE NOTES DUE 2011

 

 

TABLE OF CONTENTS

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS AND OTHER PROVISIONS

  OF GENERAL APPLICATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 101

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 102

  	
   

  	
  Other Definitions

  	
   

  	
  30

  
	
  Section 103

  	
   

  	
  Rules of Construction

  	
   

  	
  31

  
	
  Section 104

  	
   

  	
  Incorporation by Reference
  of TIA

  	
   

  	
  31

  
	
  Section 105

  	
   

  	
  Conflict with TIA

  	
   

  	
  32

  
	
  Section 106

  	
   

  	
  Compliance Certificates
  and Opinions

  	
   

  	
  32

  
	
  Section 107

  	
   

  	
  Form of Documents
  Delivered to Trustee

  	
   

  	
  32

  
	
  Section 108

  	
   

  	
  Acts of Noteholders;
  Record Dates

  	
   

  	
  33

  
	
  Section 109

  	
   

  	
  Notices, etc., to Trustee
  and Company

  	
   

  	
  35

  
	
  Section 110

  	
   

  	
  Notices to Holders; Waiver

  	
   

  	
  35

  
	
  Section 111

  	
   

  	
  Effect of Headings and
  Table of Contents

  	
   

  	
  35

  
	
  Section 112

  	
   

  	
  Successors and Assigns

  	
   

  	
  35

  
	
  Section 113

  	
   

  	
  Separability Clause

  	
   

  	
  35

  
	
  Section 114

  	
   

  	
  Benefits of Indenture

  	
   

  	
  35

  
	
  Section 115

  	
   

  	
  GOVERNING LAW

  	
   

  	
  36

  
	
  Section 116

  	
   

  	
  Legal Holidays

  	
   

  	
  36

  
	
  Section 117

  	
   

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

  	
   

  	
  36

  
	
  Section 118

  	
   

  	
  Exhibits and Schedules

  	
   

  	
  36

  
	
  Section 119

  	
   

  	
  Counterparts

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NOTE FORMS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 201

  	
   

  	
  Forms Generally

  	
   

  	
  36

  
	
  Section 202

  	
   

  	
  Form of Trustee’s
  Certificate of Authentication

  	
   

  	
  37

  
	
  Section 203

  	
   

  	
  Restrictive and Global
  Note Legends

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THE NOTES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 301

  	
   

  	
  Title and Terms

  	
   

  	
  40

  
	
  Section 302

  	
   

  	
  Denominations

  	
   

  	
  41

  
	
  Section 303

  	
   

  	
  Execution, Authentication
  and Delivery and Dating

  	
   

  	
  41

  
	
  Section 304

  	
   

  	
  Temporary Notes

  	
   

  	
  42

  
	
  Section 305

  	
   

  	
  Registration, Registration
  of Transfer and Exchange

  	
   

  	
  42

  
	
  Section 306

  	
   

  	
  Mutilated, Destroyed, Lost
  and Stolen Notes

  	
   

  	
  43

  
	
  Section 307

  	
   

  	
  Payment of Interest Rights
  Preserved

  	
   

  	
  44

  
	
  Section 308

  	
   

  	
  Persons Deemed Owners

  	
   

  	
  45

  
	
  Section 309

  	
   

  	
  Cancellation

  	
   

  	
  45

  

 

i

 

	
  Section 310

  	
   

  	
  Computation of Interest

  	
   

  	
  45

  
	
  Section 311

  	
   

  	
  CUSIP Numbers

  	
   

  	
  45

  
	
  Section 312

  	
   

  	
  Book-Entry Provisions for
  Global Notes

  	
   

  	
  45

  
	
  Section 313

  	
   

  	
  Special Transfer
  Provisions

  	
   

  	
  47

  
	
  Section 314

  	
   

  	
  Payment of Additional
  Amounts

  	
   

  	
  49

  
	
  Section 315

  	
   

  	
  Tax Treatment of the Notes

  	
   

  	
  50

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 401

  	
   

  	
  Payment of Principal,
  Premium and Interest

  	
   

  	
  50

  
	
  Section 402

  	
   

  	
  Maintenance of Office or
  Agency

  	
   

  	
  50

  
	
  Section 403

  	
   

  	
  Money for Payments To Be
  Held in Trust

  	
   

  	
  50

  
	
  Section 404

  	
   

  	
  [Reserved]

  	
   

  	
  51

  
	
  Section 405

  	
   

  	
  SEC Reports

  	
   

  	
  51

  
	
  Section 406

  	
   

  	
  Statement as to Default

  	
   

  	
  51

  
	
  Section 407

  	
   

  	
  Limitation on Indebtedness

  	
   

  	
  52

  
	
  Section 408

  	
   

  	
  [Reserved]

  	
   

  	
  54

  
	
  Section 409

  	
   

  	
  Limitation on Restricted
  Payments

  	
   

  	
  55

  
	
  Section 410

  	
   

  	
  Limitation on Restrictions
  on Distributions from Restricted Subsidiaries

  	
   

  	
  58

  
	
  Section 411

  	
   

  	
  Limitation on Sales of
  Assets and Subsidiary Stock

  	
   

  	
  59

  
	
  Section 412

  	
   

  	
  Limitation on Transactions
  with Affiliates

  	
   

  	
  62

  
	
  Section 413

  	
   

  	
  Limitation on Liens

  	
   

  	
  63

  
	
  Section 414

  	
   

  	
  Future Subsidiary
  Guarantors

  	
   

  	
  63

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUCCESSORS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 501

  	
   

  	
  When the Company May
  Merge, etc.

  	
   

  	
  63

  
	
  Section 502

  	
   

  	
  Successor Company
  Substituted

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REMEDIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 601

  	
   

  	
  Events of Default

  	
   

  	
  64

  
	
  Section 602

  	
   

  	
  Acceleration of Maturity;
  Rescission and Annulment

  	
   

  	
  66

  
	
  Section 603

  	
   

  	
  Other Remedies; Collection
  Suit by Trustee

  	
   

  	
  67

  
	
  Section 604

  	
   

  	
  Trustee May File Proofs of
  Claim

  	
   

  	
  67

  
	
  Section 605

  	
   

  	
  Trustee May Enforce Claims
  Without Possession of Notes

  	
   

  	
  67

  
	
  Section 606

  	
   

  	
  Application of Money
  Collected

  	
   

  	
  67

  
	
  Section 607

  	
   

  	
  Limitation on Suits

  	
   

  	
  68

  
	
  Section 608

  	
   

  	
  Unconditional Right of
  Holders To Receive Principal and Interest

  	
   

  	
  68

  
	
  Section 609

  	
   

  	
  Restoration of Rights and
  Remedies

  	
   

  	
  68

  
	
  Section 610

  	
   

  	
  Rights and Remedies
  Cumulative

  	
   

  	
  69

  
	
  Section 611

  	
   

  	
  Delay or Omission Not
  Waiver

  	
   

  	
  69

  
	
  Section 612

  	
   

  	
  Control by Holders

  	
   

  	
  69

  
	
  Section 613

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  69

  
	
  Section 614

  	
   

  	
  Undertaking for Costs

  	
   

  	
  70

  

 

ii

 

	
  Section 615

  	
   

  	
  Waiver of Stay, Extension
  or Usury Laws

  	
   

  	
  70

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THE TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 701

  	
   

  	
  Certain Duties and
  Responsibilities

  	
   

  	
  70

  
	
  Section 702

  	
   

  	
  Notice of Defaults

  	
   

  	
  71

  
	
  Section 703

  	
   

  	
  Certain Rights of Trustee

  	
   

  	
  71

  
	
  Section 704

  	
   

  	
  Not Responsible for
  Recitals or Issuance of Notes

  	
   

  	
  72

  
	
  Section 705

  	
   

  	
  May Hold Notes

  	
   

  	
  72

  
	
  Section 706

  	
   

  	
  Money Held in Trust

  	
   

  	
  72

  
	
  Section 707

  	
   

  	
  Compensation and Reimbursement

  	
   

  	
  72

  
	
  Section 708

  	
   

  	
  Conflicting Interests

  	
   

  	
  73

  
	
  Section 709

  	
   

  	
  Corporate Trustee
  Required; Eligibility

  	
   

  	
  73

  
	
  Section 710

  	
   

  	
  Resignation and Removal;
  Appointment of Successor

  	
   

  	
  73

  
	
  Section 711

  	
   

  	
  Acceptance of Appointment
  by Successor

  	
   

  	
  74

  
	
  Section 712

  	
   

  	
  Merger, Conversion,
  Consolidation or Succession to Business

  	
   

  	
  74

  
	
  Section 713

  	
   

  	
  Preferential Collection of
  Claims Against the Company

  	
   

  	
  74

  
	
  Section 714

  	
   

  	
  Appointment of
  Authenticating Agent

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HOLDERS’ LISTS AND REPORTS BY

  TRUSTEE AND THE COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 801

  	
   

  	
  The Company To Furnish
  Trustee Names and Addresses of Holders

  	
   

  	
  75

  
	
  Section 802

  	
   

  	
  Preservation of
  Information; Communications to Holders

  	
   

  	
  75

  
	
  Section 803

  	
   

  	
  Reports by Trustee

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AMENDMENT, SUPPLEMENT OR WAIVER

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 901

  	
   

  	
  Without Consent of Holders

  	
   

  	
  76

  
	
  Section 902

  	
   

  	
  With Consent of Holders

  	
   

  	
  76

  
	
  Section 903

  	
   

  	
  Execution of Amendments,
  Supplements or Waivers

  	
   

  	
  77

  
	
  Section 904

  	
   

  	
  Revocation and Effect of
  Consents

  	
   

  	
  77

  
	
  Section 905

  	
   

  	
  Conformity with TIA

  	
   

  	
  78

  
	
  Section 906

  	
   

  	
  Notation on or Exchange of
  Notes

  	
   

  	
  78

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REDEMPTION OF NOTES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1001

  	
   

  	
  Optional Redemption

  	
   

  	
  78

  
	
  Section 1002

  	
   

  	
  Redemption Upon a Change
  of Control

  	
   

  	
  78

  
	
  Section 1003

  	
   

  	
  Redemption Upon an Initial
  Public Offering

  	
   

  	
  79

  
	
  Section 1004

  	
   

  	
  Applicability of Article

  	
   

  	
  79

  
	
  Section 1005

  	
   

  	
  Election To Redeem; Notice
  to Trustee

  	
   

  	
  79

  
	
  Section 1006

  	
   

  	
  Selection by Trustee of
  Notes To Be Redeemed

  	
   

  	
  79

  

 

iii

 

	
  Section 1007

  	
   

  	
  Notice of Redemption

  	
   

  	
  79

  
	
  Section 1008

  	
   

  	
  Deposit of Redemption
  Price

  	
   

  	
  80

  
	
  Section 1009

  	
   

  	
  Notes Payable on
  Redemption Date

  	
   

  	
  80

  
	
  Section 1010

  	
   

  	
  Notes Redeemed in Part

  	
   

  	
  81

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SATISFACTION AND DISCHARGE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1101

  	
   

  	
  Satisfaction and Discharge
  of Indenture

  	
   

  	
  81

  
	
  Section 1102

  	
   

  	
  Application of Trust Money

  	
   

  	
  82

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DEFEASANCE OR COVENANT
  DEFEASANCE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1201

  	
   

  	
  The Company’s Option To
  Effect Defeasance or Covenant Defeasance

  	
   

  	
  82

  
	
  Section 1202

  	
   

  	
  Defeasance and Discharge

  	
   

  	
  82

  
	
  Section 1203

  	
   

  	
  Covenant Defeasance

  	
   

  	
  83

  
	
  Section 1204

  	
   

  	
  Conditions to Defeasance
  or Covenant Defeasance

  	
   

  	
  83

  
	
  Section 1205

  	
   

  	
  Deposited Money and U.S.
  Government Obligations To Be Held in Trust; Other Miscellaneous Provisions

  	
   

  	
  84

  
	
  Section 1206

  	
   

  	
  Reinstatement

  	
   

  	
  85

  
	
  Section 1207

  	
   

  	
  Repayment to the Company

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUBSIDIARY GUARANTEES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1301

  	
   

  	
  Guarantees Generally

  	
   

  	
  85

  
	
  Section 1302

  	
   

  	
  Continuing Guarantees

  	
   

  	
  87

  
	
  Section 1303

  	
   

  	
  Release of Subsidiary
  Guarantees

  	
   

  	
  87

  
	
  Section 1304

  	
   

  	
  Waiver of Subrogation

  	
   

  	
  88

  
	
  Section 1305

  	
   

  	
  Notation Not Required

  	
   

  	
  88

  
	
  Section 1306

  	
   

  	
  Successors and Assigns of
  Subsidiary Guarantors

  	
   

  	
  88

  
	
  Section 1307

  	
   

  	
  Execution and Delivery of
  Subsidiary Guarantees

  	
   

  	
  88

  
	
  Section 1308

  	
   

  	
  Notices

  	
   

  	
  89

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  Form of Note

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Form of Certificate of
  Beneficial Ownership

  	
   

  	
   

  
	
  Exhibit C

  	
   

  	
  Form of Regulation S
  Certificate

  	
   

  	
   

  
	
  Exhibit D

  	
   

  	
  Form of Supplemental
  Indenture in Respect of Subsidiary Guarantees

  	
   

  	
   

  
	
  Exhibit E

  	
   

  	
  Form of Certificate from
  Acquiring Institutional Accredited Investors

  	
   

  	
   

  

 

iv

 

Certain Sections of this Indenture relating
to Sections 310 through 318

inclusive of the Trust Indenture Act of 1939:

	
  Trust
  Indenture Act Section

  	
   

  	
   

  	
  Indenture
  Section

  
	
  §
  310

  	
  (a)(1)

  	
   

  	
  709

  
	
   

  	
  (a)(2)

  	
   

  	
  709

  
	
   

  	
  (a)(3)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (a)(4)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (b)

  	
   

  	
  708

  
	
  §
  311

  	
  (a)

  	
   

  	
  713

  
	
   

  	
  (b)

  	
   

  	
  713

  
	
   

  	
  (b)(2)

  	
   

  	
  803

  
	
  §
  312

  	
  (a)

  	
   

  	
  801

  
	
   

  	
   

  	
   

  	
  802

  
	
   

  	
  (b)

  	
   

  	
  802

  
	
   

  	
  (c)

  	
   

  	
  802

  
	
  §
  313

  	
  (a)

  	
   

  	
  803

  
	
   

  	
  (b)

  	
   

  	
  803

  
	
   

  	
  (c)

  	
   

  	
  803

  
	
   

  	
  (d)

  	
   

  	
  803

  
	
  §
  314

  	
  (a)

  	
   

  	
  405

  
	
   

  	
  (a)(4)

  	
   

  	
  106

  
	
   

  	
   

  	
   

  	
  406

  
	
   

  	
  (b)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (c)(1)

  	
   

  	
  106

  
	
   

  	
  (c)(2)

  	
   

  	
  106

  
	
   

  	
  (c)(3)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (d)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (e)

  	
   

  	
  106

  
	
  §
  315

  	
  (a)

  	
   

  	
  701

  
	
   

  	
  (b)

  	
   

  	
  702

  
	
   

  	
   

  	
   

  	
  803

  
	
   

  	
  (c)

  	
   

  	
  701

  
	
   

  	
  (d)

  	
   

  	
  701

  
	
   

  	
  (d)(1)

  	
   

  	
  701

  
	
   

  	
  (d)(2)

  	
   

  	
  701

  
	
   

  	
  (d)(3)

  	
   

  	
  612

  
	
   

  	
  (e)

  	
   

  	
  614

  
	
  §
  316

  	
  (a)

  	
   

  	
  612

  
	
   

  	
   

  	
   

  	
  613

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  602

  
	
   

  	
   

  	
   

  	
  612

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  613

  
	
   

  	
  (a)(2)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (b)

  	
   

  	
  608

  
	
   

  	
  (c)

  	
   

  	
  108

  
	
  §
  317

  	
  (a)(1)

  	
   

  	
  603

  
	
   

  	
  (a)(2)

  	
   

  	
  604

  
	
   

  	
  (b)

  	
   

  	
  403

  
	
  §
  318

  	
  (a)

  	
   

  	
  105

  
					

______________________

This cross-reference table shall not for any
purpose be deemed to be part of this Indenture.

 

 

v

INDENTURE, dated as of
December 14, 2006 (as amended, supplemented or otherwise modified from time to
time, this “Indenture”), between CDRV Investors, Inc., a corporation
organized under the laws of the state of Delaware, as issuer, the Subsidiary
Guarantors from time to time parties hereto, as Subsidiary Guarantors, and
Wells Fargo Bank, National Association, a national banking association, as
Trustee.

RECITALS OF THE COMPANY

The Company has duly
authorized the execution and delivery of this Indenture to provide for the
issuance of the Notes.

All things necessary to make
the Original Notes, when executed and delivered by the Company and
authenticated and delivered by the Trustee hereunder and duly issued by the
Company, the valid several obligations of the Company, and to make this
Indenture a valid agreement of the Company, in accordance with the terms of the
Original Notes and this Indenture, have been done.

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

For and in consideration of
the premises and the purchase of the Notes by the Holders thereof, it is
mutually agreed, for the benefit of all Holders of the Notes, as follows:

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

Section
101            Definitions.

“Acquired Indebtedness”
means Indebtedness of a Person (i) existing at the time such Person becomes a
Subsidiary or (ii) assumed in connection with the acquisition of assets from
such Person, in each case other than Indebtedness Incurred in connection with,
or in contemplation of, such Person becoming a Subsidiary or such
acquisition.  Acquired Indebtedness shall
be deemed to be Incurred on the date of the related acquisition of assets from
any Person or the date the acquired Person becomes a Subsidiary.

“Acquisition” means
the acquisition by CDRV Acquisition of (i) all of the outstanding capital stock
of VWR International Corporation and (ii) approximately 4% of the outstanding
equity ownership interests of Immobilien, in each case pursuant to the Stock
Purchase Agreement, dated as of February 15, 2004, by and among CDRV
Acquisition, Merck KGaA, Merck Holding GmbH, VWR International Holding Europe
GmbH and EMD Chemicals, Inc.

“Additional Assets”
means (i) any property or assets that replace the property or assets that are
the subject of an Asset Disposition; (ii) any property or assets (other than
Indebtedness and Capital Stock) to be used by the Company or a Restricted
Subsidiary in a Related Business; (iii) the Capital Stock of a Person that is
engaged in a Related Business and becomes a Restricted Subsidiary as a result
of the acquisition of such Capital Stock by the Company or another Restricted
Subsidiary; or (iv) Capital Stock of any Person that at such time is a
Restricted Subsidiary acquired from a third party.

“Additional Notes”
means any notes issued under this Indenture in addition to the Original Notes
(other than any Notes issued pursuant to Section 304, 305, 306,
312(c), 312(d) or 1010).

 

 

 

“Affiliate” of any
specified Person means any other Person, directly or indirectly, controlling or
controlled by or under direct or indirect common control with such specified
Person.  For the purposes of this
definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.

“Applicable LIBOR Rate”
means for each quarterly interest period during which any Note is outstanding,
the rate (expressed as a percentage per annum) determined by the Company
(notice of such rate to be sent to the Trustee by the Company on the date of
determination thereof) equal to the applicable British Bankers’ Association
LIBOR rate for deposits in U.S. dollars for a period of three months as
reported by any generally recognized financial information service as of 11:00
a.m. (London time) two Business Days prior to the first day of such quarterly
interest period; provided that,
if no such British Bankers’ Association LIBOR rate is available to the Company,
the Applicable LIBOR Rate for the relevant quarterly interest period shall
instead be the rate at which Banc of America Securities LLC or one of its
affiliate banks offers to place deposits in U.S. dollars with first-class banks
in the London interbank market for a period of three months at approximately
11:00 a.m. (London time) two Business Days prior to the first day of such
quarterly interest period, in amounts equal to $1.0 million (notice of such
rate to be sent to the Trustee by the Company on the date of determination).

“Applicable Spread”
means (a) 450 basis points from (and including) the Issue Date to (but
excluding) the Initial Step-Up Date, (b) 500 basis points from (and including)
the Initial Step-Up Date to (but excluding) the date that is 365 days after the
Initial Step-Up Date and (c) thereafter, 550 basis points.

“Asset Disposition”
means any sale, lease, transfer or other disposition of shares of Capital Stock
of a Restricted Subsidiary (other than directors’ qualifying shares, or (in the
case of a Foreign Subsidiary) to the extent required by applicable law),
property or other assets (each referred to for the purposes of this definition
as a “disposition”) by the Company or any of its Restricted Subsidiaries
(including any disposition by means of a merger, consolidation or similar
transaction), other than (i) a disposition to the Company or a Restricted
Subsidiary, (ii) a disposition in the ordinary course of business, (iii) the
sale or discount (with or without recourse, and on customary or commercially
reasonable terms) of accounts receivable or notes receivable arising in the
ordinary course of business, or the conversion or exchange of accounts
receivable for notes receivable, (iv) any Restricted Payment Transaction, (v) a
disposition that is governed by Article V, (vi) any Financing
Disposition, (vii) any “fee in lieu” or other disposition of assets to any
governmental authority or agency that continue in use by the Company or any
Restricted Subsidiary, so long as the Company or any Restricted Subsidiary may
obtain title to such assets upon reasonable notice by paying a nominal fee,
(viii) any exchange of like property pursuant to Section 1031 (or
any successor section) of the Code, or any exchange of equipment to be used in
a Related Business, (ix) any financing transaction with respect to property
built or acquired by the Company or any Restricted Subsidiary after the Issue
Date, including any sale/leaseback transaction or asset securitization, (x) any
disposition arising from foreclosure, condemnation or similar action with
respect to any property or other assets, (xi) any disposition of Capital Stock,
Indebtedness or other securities of an Unrestricted Subsidiary, (xii) a
disposition of Capital Stock of a Restricted Subsidiary pursuant to an
agreement or other obligation with or to a Person (other than the Company or a
Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or
from whom such Restricted Subsidiary acquired its business and assets (having
been newly formed in connection with such acquisition), entered into in
connection with such acquisition, (xiii) a disposition of not more than 5% of
the outstanding Capital Stock of a Foreign Subsidiary that has been approved by
the Board of Directors, 

 

2

 

or
(xiv) any disposition or series of related dispositions for aggregate
consideration not to exceed $5.0 million.

“Authenticating Agent”
means any Person authorized by the Trustee pursuant to Section 714
to act on behalf of the Trustee to authenticate Notes of one or more series.

“Bank Indebtedness”
means any and all amounts, whether outstanding on the Issue Date or thereafter
incurred, payable under or in respect of any Credit Facility, including
principal, premium (if any), interest (including interest accruing on or after
the filing of any petition in bankruptcy or for reorganization relating to the
Company or any Restricted Subsidiary, whether or not a claim for post-filing
interest is allowed in such proceedings), fees, charges, expenses,
reimbursement obligations, guarantees, other monetary obligations of any nature
and all other amounts payable thereunder or in respect thereof.

“Board of Directors”
means the board of directors or other governing body of the Company or, if the
Company is owned or managed by a single entity, the board of directors or other
governing body of such entity or, in either case, any committee thereof duly
authorized to act on behalf of such board or governing body.

“Borrowing Base”
means the sum (determined as of the end of the most recently ended fiscal
quarter for which consolidated financial statements of the Company are
available) of (1) 60% of Inventory of the Company and its Restricted
Subsidiaries and (2) 85% of Receivables of the Company and its Restricted
Subsidiaries.

“Business Day” means
a day other than a Saturday, Sunday or other day on which commercial banking
institutions are authorized or required by law to close in New York City.

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

“Capitalized Lease
Obligation” means an obligation that is required to be classified and
accounted for as a capitalized lease for financial reporting purposes in
accordance with GAAP.  The Stated Maturity
of any Capitalized Lease Obligation shall be the date of the last payment of
rent or any other amount due under the related lease.

“Cash Equivalents”
means any of the following: (a) securities issued or fully guaranteed or
insured by the United States Government or any agency or instrumentality
thereof, (b) time deposits, certificates of deposit or bankers’ acceptances of
(i) any lender under the Senior Credit Agreement or any affiliate thereof or
(ii) any commercial bank having capital and surplus in excess of $500,000,000
and the commercial paper of the holding company of which is rated at least A-1
or the equivalent thereof by S&P or at least P-1 or the equivalent thereof
by Moody’s (or if at such time neither is issuing ratings, then a comparable
rating of another nationally recognized rating agency), (c) commercial paper
rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the
equivalent thereof by Moody’s (or if at such time neither is issuing ratings,
then a comparable rating of another nationally recognized rating agency), (d)
investments in money market funds subject to the risk limiting conditions of
Rule 2a-7 or any successor rule of the SEC under the Investment Company Act of
1940, as amended, and (e) investments similar to any of the foregoing
denominated in foreign currencies approved by the Board of Directors.

“CDR” means Clayton,
Dubilier & Rice, Inc.

 

3

 

“CDR Fund VI” means
Clayton, Dubilier & Rice Fund VI Limited Partnership, a Cayman Islands
exempted limited partnership, and any successor in interest thereto.

“CDRV Acquisition”
means CDRV Acquisition Corporation, a Delaware corporation, and any successor
in interest thereto.

“CDRV Delaware” means
CDRV Delaware, Inc., a Delaware corporation, and any successor in interest
thereto.

“CDRV Holdings” means
CDRV Holdings, Inc., a Delaware corporation, and any successor in interest
thereto.

“Change of Control”
means:

(i)       any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other
than one or more Permitted Holders or a Parent, becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the total voting power of the Voting Stock of
the Company, provided that (x) so long as the
Company is a Subsidiary of any Parent, no “person” shall be deemed to be or
become a “beneficial owner” of more than 50% of the total voting power of the
Voting Stock of the Company unless such “person” shall be or become a “beneficial
owner” of more than 50% of the total voting power of the Voting Stock of such
Parent and (y) any Voting Stock of which any Permitted Holder is the “beneficial
owner” shall not in any case be included in any Voting Stock of which any such “person”
is the “beneficial owner”;

(ii)      the
Company merges or consolidates with or into, or sells or transfers (in one or a
series of related transactions) all or substantially all of the assets of the
Company and its Restricted Subsidiaries to, another Person (other than one or
more Permitted Holders) and any “person” (as defined in clause (i) above),
other than one or more Permitted Holders or any Parent, is or becomes the “beneficial
owner” (as so defined), directly or indirectly, of more than 50% of the total
voting power of the Voting Stock of the surviving Person in such merger or
consolidation, or the transferee Person in such sale or transfer of assets, as
the case may be, provided that (x) so long as such
surviving or transferee Person is a Subsidiary of a parent Person, no “person”
shall be deemed to be or become a “beneficial owner” of more than 50% of the
total voting power of the Voting Stock of such surviving or transferee Person
unless such “person” shall be or become a “beneficial owner” of more than 50%
of the total voting power of the Voting Stock of such parent Person and (y) any
Voting Stock of which any Permitted Holder is the “beneficial owner” shall not
in any case be included in any Voting Stock of which any such “person” is the
beneficial owner; or

(iii)     during
any period of two consecutive years (during which period the Company has been a
party to this Indenture), individuals who at the beginning of such period were
members of the board of directors of the Company (together with any new members
thereof whose election by such board of directors or whose nomination for
election by holders of Capital Stock of the Company was approved by one or more
Permitted Holders or by a vote of a majority of the members of such board of directors
then still in office who were either members thereof at the beginning of such
period or whose election or nomination for election was previously so approved)
cease for any reason to constitute a majority of such board of directors then
in office.

Notwithstanding anything to
the contrary in the foregoing, the Recapitalization shall not constitute or
give rise to a “Change of Control.”

 

4

 

“Clearstream” means
Clearstream, société anonyme, or any successor
securities clearing agency.

“Code” means the
Internal Revenue Code of 1986, as amended.

“Commodities Agreements”
means, in respect of a Person, any commodity futures contract, forward
contract, option or similar agreement or arrangement (including derivative
agreements or arrangements), as to which such Person is a party or beneficiary.

“Company” means CDRV
Investors, Inc., a Delaware corporation, and any successor in interest thereto.

“Company Request”, “Company
Order” and “Company Consent” mean, respectively, a written request,
order or consent signed in the name of the Company by an Officer of the
Company.

“Consolidated Coverage
Ratio,” as of any date of determination, with respect to the Company,
Investment Holdings or VWR International, means the ratio of (i) the aggregate
amount of Consolidated EBITDA of such Specified Entity and its Restricted
Subsidiaries for the period of the most recent four consecutive fiscal quarters
ending prior to the date of such determination for which consolidated financial
statements of such Specified Entity are available to (ii) Consolidated Interest
Expense of such Specified Entity for such four fiscal quarters (in each of the
foregoing clauses (i) and (ii), determined for each fiscal quarter (or portion
thereof) of the four fiscal quarters ending prior to the Reference Date, on a pro forma basis to give effect to the Acquisition as if it
had occurred at the beginning of such four-quarter period); provided, that

(1)           if since the beginning of such period such Specified
Entity or any Restricted Subsidiary thereof has Incurred any Indebtedness that
remains outstanding on such date of determination or if the transaction giving
rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence
of Indebtedness, Consolidated EBITDA and Consolidated Interest Expense of such
Specified Entity for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness
had been Incurred on the first day of such period (except that in making such
computation, the amount of Indebtedness under any revolving credit facility
outstanding on the date of such calculation shall be computed based on (A) the
average daily balance of such Indebtedness during such four fiscal quarters or
such shorter period for which such facility was outstanding or (B) if such
facility was created after the end of such four fiscal quarters, the average
daily balance of such Indebtedness during the period from the date of creation
of such facility to the date of such calculation),

(2)           if since the beginning of such period such Specified
Entity or any Restricted Subsidiary thereof has repaid, repurchased, redeemed,
defeased or otherwise acquired, retired or discharged any Indebtedness that is
no longer outstanding on such date of determination (each, a “Discharge”)
or if the transaction giving rise to the need to calculate the Consolidated
Coverage Ratio involves a Discharge of Indebtedness (in each case other than
Indebtedness Incurred under any revolving credit facility unless such
Indebtedness has been permanently repaid), Consolidated EBITDA and Consolidated
Interest Expense of such Specified Entity for such period shall be calculated
after giving effect on a pro forma basis
to such Discharge of such Indebtedness, including with the proceeds of such new
Indebtedness, as if such Discharge had occurred on the first day of such
period,

(3)           if since the beginning of such period such Specified
Entity or any Restricted Subsidiary thereof shall have disposed of any company,
any business or any group of assets 

 

5

 

constituting
an operating unit of a business (any such disposition, a “Sale”), the
Consolidated EBITDA of such Specified Entity for such period shall be reduced
by an amount equal to the Consolidated EBITDA (if positive) attributable to the
assets that are the subject of such Sale for such period or increased by an
amount equal to the Consolidated EBITDA (if negative) attributable thereto for
such period and Consolidated Interest Expense of such Specified Entity for such
period shall be reduced by an amount equal to (A) the Consolidated Interest
Expense attributable to any Indebtedness of such Specified Entity or any
Restricted Subsidiary thereof repaid, repurchased, redeemed, defeased or
otherwise acquired, retired or discharged with respect to such Specified Entity
and its continuing Restricted Subsidiaries in connection with such Sale for
such period (including through the assumption of such Indebtedness by another
Person) plus (B) if the Capital Stock of any
Restricted Subsidiary of such Specified Entity is sold, the Consolidated
Interest Expense for such period attributable to the Indebtedness of such
Restricted Subsidiary to the extent such Specified Entity and its continuing
Restricted Subsidiaries are no longer liable for such Indebtedness after such
Sale,

(4)           if since the beginning of such period such Specified
Entity or any Restricted Subsidiary thereof (by merger, consolidation or
otherwise) shall have made an Investment in any Person that thereby becomes a
Restricted Subsidiary of such Specified Entity, or otherwise acquired any
company, any business or any group of assets constituting an operating unit of
a business, including any such Investment or acquisition occurring in
connection with a transaction causing a calculation to be made hereunder (any
such Investment or acquisition, a “Purchase”), Consolidated EBITDA and
Consolidated Interest Expense of such Specified Entity for such period shall be
calculated after giving pro forma
effect thereto (including the Incurrence of any related Indebtedness) as if
such Purchase occurred on the first day of such period, and

(5)           if since the beginning of such period any Person became a
Restricted Subsidiary of such Specified Entity or was merged or consolidated
with or into such Specified Entity or any Restricted Subsidiary thereof, and
since the beginning of such period such Person shall have Discharged any
Indebtedness or made any Sale or Purchase that would have required an
adjustment pursuant to clause (2), (3) or (4) above if made by such Specified
Entity or a Restricted Subsidiary thereof during such period, Consolidated
EBITDA and Consolidated Interest Expense of such Specified Entity for such
period shall be calculated after giving pro forma
effect thereto as if such Discharge, Sale or Purchase occurred on the first day
of such period.

For purposes of this
definition, whenever pro forma
effect is to be given to any Sale, Purchase or other transaction, or the amount
of income or earnings relating thereto and the amount of Consolidated Interest
Expense associated with any Indebtedness Incurred or repaid, repurchased,
redeemed, defeased or otherwise acquired, retired or discharged in connection
therewith, the pro forma calculations in respect
thereof (including in respect of anticipated cost savings or synergies relating
to any such Sale, Purchase or other transaction) shall be as determined in good
faith by a responsible financial or accounting Officer of the Company. If any
Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness
shall be calculated as if the rate in effect on the date of determination had
been the applicable rate for the entire period (taking into account any
Interest Rate Agreement applicable to such Indebtedness).  If any Indebtedness bears, at the option of
the Company or a Restricted Subsidiary, a rate of interest based on a prime or
similar rate, a eurocurrency interbank offered rate or other fixed or floating
rate, and such Indebtedness is being given pro forma
effect, the interest expense on such Indebtedness shall be calculated by
applying such optional rate as the Company or such Restricted Subsidiary may
designate. If any Indebtedness that is being given pro forma
effect was Incurred under a revolving credit facility, the interest expense on
such Indebtedness shall be 

 

6

 

computed
based upon the average daily balance of such Indebtedness during the applicable
period. Interest on a Capitalized Lease Obligation shall be deemed to accrue at
an interest rate determined in good faith by a responsible financial or
accounting Officer of the Company to be the rate of interest implicit in such
Capitalized Lease Obligation in accordance with GAAP.

“Consolidated EBITDA”
means, with respect to the Company, Investment Holdings or VWR International
for any period, the Consolidated Net Income of such Specified Entity for such
period, plus the following to the extent
deducted in calculating such Consolidated Net Income: (i) provision for all
taxes (whether or not paid, estimated or accrued) based on income, profits or
capital, (ii) Consolidated Interest Expense of such Specified Entity and any Receivables
Fees, (iii) depreciation, amortization (including amortization of goodwill and
intangibles and amortization and write-off of financing costs) and all other
non-cash charges or non-cash losses, (iv) any expenses or charges related to
any Equity Offering, Investment or Indebtedness permitted by this Indenture
(whether or not consummated or incurred) and (v) the amount of any minority
interest expense.

“Consolidated Interest
Expense” means, with respect to the Company, Investment Holdings or VWR
International for any period, (i) the total interest expense of such Specified
Entity and its Restricted Subsidiaries to the extent deducted in calculating
Consolidated Net Income of such Specified Entity, net of any interest income of
such Specified Entity and its Restricted Subsidiaries, including any such
interest expense consisting of (a) interest expense attributable to Capitalized
Lease Obligations, (b) amortization of debt discount, (c) interest in respect
of Indebtedness of any other Person that has been Guaranteed by such Specified
Entity or any Restricted Subsidiary thereof, but only to the extent that such
interest is actually paid by such Specified Entity or any Restricted Subsidiary
thereof, (d) non-cash interest expense, (e) the interest portion of any
deferred payment obligation and (f) commissions, discounts and other fees and
charges owed with respect to letters of credit and bankers’ acceptance
financing, plus (ii) Preferred Stock dividends paid
in cash in respect of Disqualified Stock of such Specified Entity held by
Persons other than such Specified Entity or a Restricted Subsidiary thereof and
minus (iii) to the extent otherwise included in such interest expense referred
to in clause (i) above, amortization or write-off of financing costs, in each
case under clauses (i) through (iii) as determined on a Consolidated basis in
accordance with GAAP; provided that
gross interest expense shall be determined after giving effect to any net
payments made or received by such Specified Entity and its Restricted
Subsidiaries with respect to Interest Rate Agreements.

“Consolidated Net Income”
means, with respect to the Company, Investment Holdings or VWR International
for any period, the net income (loss) of such Specified Entity and its
Restricted Subsidiaries, determined on a consolidated basis in accordance with
GAAP and before any reduction in respect of Preferred Stock dividends; provided that there shall not be included in such
Consolidated Net Income:

                  (i)           any net income (loss) of any Person
if such Person is not a Restricted Subsidiary of such Specified Entity, except
that (A) subject to the limitations contained in clause (iii) below, such
Specified Entity’s equity in the net income of any such Person for such period
shall be included in such Consolidated Net Income up to the aggregate amount
actually distributed by such Person during such period to the Specified Entity
or a Restricted Subsidiary thereof as a dividend or other distribution
(subject, in the case of a dividend or other distribution to a Restricted
Subsidiary of such Specified Entity, to the limitations contained in clause
(ii) below) and (B) such Specified Entity’s equity in the net loss of such
Person shall be included to the extent of the aggregate Investment of such
Specified Entity or any of its Restricted Subsidiaries in such Person,

 

7

 

                 (ii)           any net income (loss) of any
Restricted Subsidiary of such Specified Entity that is not a Subsidiary
Guarantor, a Senior Discount Notes Guarantor or a VWR Note Guarantor if such
Restricted Subsidiary is subject to restrictions, directly or indirectly, on
the payment of dividends or the making of similar distributions by such
Restricted Subsidiary, directly or indirectly, to such Specified Entity by operation
of the terms of such Restricted Subsidiary’s charter or any agreement,
instrument, judgment, decree, order, statute or governmental rule or regulation
applicable to such Restricted Subsidiary or its stockholders (other than (x)
restrictions that have been waived or otherwise released, (y) restrictions
pursuant to the Notes or the Indenture and (z) restrictions in effect on the
Issue Date with respect to a Restricted Subsidiary of such Specified Entity
(including pursuant to the Senior Discount Notes, the VWR Senior Notes, the VWR
Senior Subordinated Notes, the Senior Discount Notes Indenture, the VWR Senior
Notes Indenture, the VWR Senior Subordinated Notes Indenture or the Senior
Credit Agreement as in effect on the Issue Date) and other restrictions with
respect to such Restricted Subsidiary that taken as a whole are not materially
less favorable to the Noteholders than such restrictions in effect on the Issue
Date), except that (A) subject to the limitations contained in clause (iii)
below, such Specified Entity’s equity in the net income of any such Restricted
Subsidiary for such period shall be included in such Consolidated Net Income up
to the aggregate amount of any dividend or distribution that was or that could
have been made by such Restricted Subsidiary during such period to such
Specified Entity or another Restricted Subsidiary of such Specified Entity
(subject, in the case of a dividend that could have been made to another
Restricted Subsidiary of such Specified Entity, to the limitation contained in
this clause) and (B) the net loss of such Restricted Subsidiary shall be
included to the extent of the aggregate Investment of the Specified Entity or
any of its other Restricted Subsidiaries in such Restricted Subsidiary,

                (iii)           any gain or loss realized upon the
sale or other disposition of any asset of such Specified Entity or any
Restricted Subsidiary thereof (including pursuant to any sale/leaseback
transaction) that is not sold or otherwise disposed of in the ordinary course
of business (as determined in good faith by the Board of Directors),

               (iv)           any item classified as an
extraordinary, unusual or nonrecurring gain, loss or charge (including fees,
expenses and charges associated with the Transactions, the Recapitalization and
any acquisition, merger or consolidation after the Issue Date),

                (v)           the cumulative effect of a change in
accounting principles,

               (vi)           all deferred financing costs written
off and premiums paid in connection with any early extinguishment of
Indebtedness,

              (vii)           any unrealized gains or losses in
respect of Currency Agreements,

             (viii)           any unrealized foreign currency
transaction gains or losses in respect of Indebtedness of any Person
denominated in a currency other than the functional currency of such Person,

                (ix)           any non-cash compensation charge
arising from any grant of stock, stock options or other equity based awards,
and

                 (x)           to the extent otherwise included in
such Consolidated Net Income, any unrealized foreign currency translation or
transaction gains or losses in respect of Indebtedness or other obligations of
such Specified Entity or any Restricted Subsidiary thereof owing to such
Specified Entity or any Restricted Subsidiary thereof.

 

 

8

In the
case of any unusual or nonrecurring gain, loss or charge not included in
Consolidated Net Income of any Specified Entity pursuant to clause (iv) above
in any determination thereof, the Company will deliver an Officer’s Certificate
to the Trustee promptly after the date on which such Consolidated Net Income is
so determined, setting forth the nature and amount of such unusual or
nonrecurring gain, loss or charge. 
Notwithstanding the foregoing, for the purpose of Section 409(a)(3)(A)
only, there shall be excluded from Consolidated Net Income of the Company,
without duplication, any dividends, repayments of loans or advances or other
transfers of assets from Unrestricted Subsidiaries to the Company or a
Restricted Subsidiary to the extent such dividends, repayments or transfers are
applied by the Company to increase the amount of Restricted Payments permitted
under

Section 409(a)(3)(C) or (D).

“Consolidated Tangible
Assets” means, as of any date of determination, the total assets less the
goodwill, net, and other intangible assets, net, in each case shown on the
consolidated balance sheet of the Company and its Restricted Subsidiaries as of
the most recent date for which such a balance sheet is available, determined on
a consolidated basis in accordance with GAAP (and, in the case of any
determination relating to any Incurrence of Indebtedness or any Investment, on
a pro forma basis including any property
or assets being acquired in connection therewith); provided
that for purposes of Section 407(b), Section 411 and the
definition of “Permitted Investment,” Consolidated Tangible Assets shall not be
less than $945.6 million.

“Consolidation”
means, for either Specified Entity, the consolidation of the accounts of each
of its Restricted Subsidiaries with those of such Specified Entity in
accordance with GAAP; provided that “Consolidation”
will not include consolidation of the accounts of any Unrestricted Subsidiary,
but the interest of such Specified Entity or any Restricted Subsidiary thereof
in any Unrestricted Subsidiary will be accounted for as an investment.  The term “Consolidated” has a correlative
meaning.

“Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate
trust business shall be administered, which office on the Issue Date is located
at 213 Court Street; Suite 703; Middletown, CT 06457.

“Credit Facilities”
means one or more of (i) the Senior Credit Facility and (ii) other facilities
or arrangements designated by the Company, in each case with one or more banks
or other institutions providing for revolving credit loans, term loans,
receivables financings (including through the sale of receivables to such
institutions or to special purpose entities formed to borrow from such
institutions against such receivables), letters of credit or other
Indebtedness, in each case, including all agreements, instruments and documents
executed and delivered pursuant to or in connection with any of the foregoing,
including any notes and letters of credit issued pursuant thereto and any
guarantee and collateral agreement, patent and trademark security agreement,
mortgages or letter of credit applications and other  guarantees, pledge agreements, security
agreements and collateral documents, in each case as the same may be amended,
supplemented, waived or otherwise modified from time to time, or refunded,
refinanced, restructured, replaced, renewed, repaid, increased or extended from
time to time (whether in whole or in part, whether with the original banks or
other institutions or other banks or other institutions or otherwise, and
whether provided under any original Credit Facility or one or more other credit
agreements, indentures, financing agreements or other Credit Facilities or
otherwise). Without limiting the generality of the foregoing, the term “Credit
Facility” shall include any agreement (i) changing the maturity of any
Indebtedness Incurred thereunder or contemplated thereby, (ii) adding
Subsidiaries of VWR International as additional borrowers or guarantors
thereunder, (iii) increasing the amount of Indebtedness Incurred thereunder or
available to be borrowed thereunder or (iv) otherwise altering the terms and
conditions thereof.

 

9

 

“Currency Agreement”
means, in respect of a Person, any foreign exchange contract, currency swap
agreement or other similar agreement or arrangements (including derivative
agreements or arrangements) as to which such Person is a party or a
beneficiary.

“Default” means any
event or condition that is, or after notice or passage of time or both would
be, an Event of Default.

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

“Designated Non-Cash
Consideration” means the Fair Market Value of non-cash consideration received
by the Company or one of its Restricted Subsidiaries in connection with an
Asset Disposition that is so designated as Designated Non-Cash Consideration
pursuant to an Officer’s Certificate, setting forth the basis of such
valuation.

“Disinterested Director”
means, with respect to any Affiliate Transaction, a member of the Board of
Directors having no material direct or indirect financial interest in or with
respect to such Affiliate Transaction. A member of the Board of Directors shall
not be deemed to have such a financial interest by reason of such member’s
holding Capital Stock of the Company or any Parent or any options, warrants or
other rights in respect of such Capital Stock.

“Disqualified Stock”
means, with respect to any Person, any Capital Stock (other than Management
Stock) that by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable or exercisable) or upon the
happening of any event (other than following the occurrence of a Change of Control
or other similar event described under such terms as a “change of control,” or
an Asset Disposition) (i) matures or is mandatorily redeemable pursuant to a
sinking fund obligation or otherwise, (ii) is convertible or exchangeable for
Indebtedness or Disqualified Stock or (iii) is redeemable at the option of
the holder thereof (other than following the occurrence of a Change of Control
or other similar event described under such terms as a “change of control,” or
an Asset Disposition), in whole or in part, in each case on or prior to the
final Stated Maturity of the Notes.

“Dollars” or “$”
means dollars in lawful currency of the United States of America.

“Domestic Subsidiary”
means any Restricted Subsidiary of the Company (or in the case of
(x) Investment Holdings, of Investment Holdings, and (y) VWR
International, of VWR International) other than a Foreign Subsidiary.

“Equity Offering”
means a sale of Capital Stock that is a sale of Capital Stock (other than
Disqualified Stock) of the Company.

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

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

“Exchange Notes”
means the Company’s Senior Floating Rate Notes Due 2011, containing terms
substantially identical to the Initial Notes or any Initial Additional Notes
(except that (i) such Exchange Notes may omit terms with respect to transfer
restrictions and may be registered under the Securities Act, and (ii) certain
provisions relating to an increase in the stated rate of interest thereon may
be eliminated), that are issued and exchanged for (a) the Initial Notes, as
provided for in a registration rights agreement relating to such Initial Notes
and this Indenture, or (b) such Initial Additional Notes as 

 

10

 

may be provided in any
registration rights agreement relating to such Additional Notes and this
Indenture (including any amendment or supplement hereto).

“Excluded Contribution”
means Net Cash Proceeds, or the Fair Market Value of property or assets,
received by the Company as capital contributions to the Company after the Issue
Date or from the issuance or sale (other than to a Restricted Subsidiary) of
Capital Stock (other than Disqualified Stock) of the Company, in each case to
the extent designated as an Excluded Contribution pursuant to an Officer’s
Certificate of the Company and not previously included in the calculation set
forth in Section 409(a)(3)(B)(x) for purposes of determining
whether a Restricted Payment may be made.

“Fair Market Value”
means, with respect to any asset or property, the fair market value of such
asset or property as determined in good faith by the Board of Directors, whose
determination will be conclusive.

“Financing Disposition”
means any sale, transfer, conveyance or other disposition of property or assets
by the Company or any Subsidiary thereof to any Receivables Entity, or by any
Receivables Subsidiary, in each case in connection with the Incurrence by a
Receivables Entity of Indebtedness, or obligations to make payments to the
obligor on Indebtedness, which may be secured by a Lien in respect of such
property or assets.

“Foreign Subsidiary”
means (a) any Restricted Subsidiary of the Company (or in the case of
(x) Investment Holdings, of Investment Holdings, and (y) VWR
International, of VWR International) that is not organized under the laws of
the United States of America or any state thereof or the District of Columbia
and (b) any Restricted Subsidiary of the Company (or in the case of
(x) Investment Holdings, of Investment Holdings, and (y) VWR
International, of VWR International) that has no material assets other than
securities or Indebtedness of one or more Foreign Subsidiaries, and other
assets relating to an ownership interest in any such securities, Indebtedness
or Subsidiaries.

“GAAP” means
generally accepted accounting principles in the United States of America as in
effect on the Reference Date (for purposes of the definitions of the terms “Consolidated
Coverage Ratio,” “Consolidated EBITDA,” “Consolidated Interest Expense,” “Consolidated
Net Income” and “Consolidated Tangible Assets,” all defined terms in this
Indenture to the extent used in or relating to any of the foregoing definitions,
and all ratios and computations based on any of the foregoing definitions) and
as in effect from time to time (for all other purposes of this Indenture),
including those set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as approved by a significant segment
of the accounting profession. All ratios and computations based on GAAP
contained in this Indenture shall be computed in conformity with GAAP.

“Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Indebtedness or other obligation of any other Person; provided that the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business.  The term “Guarantee” used as a verb has a
corresponding meaning.

“Guarantor Subordinated
Obligations” means, with respect to a Subsidiary Guarantor, any
Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue
Date or thereafter Incurred) that is expressly subordinated in right of payment
to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee
pursuant to a written agreement.

 

11

 

“Hedging Obligations”
of any Person means the obligations of such Person pursuant to any Interest
Rate Agreement, Currency Agreement or Commodities Agreement.

“Holder” or “Noteholder”
means the Person in whose name a Note is registered in the Note Register.

“Immobilien” means
VWR International Immobilien GmbH, a German company, and any successor in
interest thereto.

“Incur” means issue,
assume, enter into any Guarantee of, incur or otherwise become liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such Person
becomes a Subsidiary (whether by merger, consolidation, acquisition or
otherwise) shall be deemed to be Incurred by such Subsidiary at the time it
becomes a Subsidiary. Accrual of interest, the accretion of accreted value and
the payment of interest in the form of additional Indebtedness will not be
deemed to be an Incurrence of Indebtedness. Any Indebtedness issued at a
discount (including Indebtedness on which interest is payable through the
issuance of additional Indebtedness) shall be deemed Incurred at the time of
original issuance of the Indebtedness at the initial accreted amount thereof.

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

                  (i)           the principal of indebtedness of such
Person for borrowed money,

                 (ii)           the principal of obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments,

                (iii)           all reimbursement obligations of such
Person in respect of letters of credit or other similar instruments (the amount
of such obligations being equal at any time to the aggregate then undrawn and
unexpired amount of such letters of credit or other instruments plus the
aggregate amount of drawings thereunder that have not then been reimbursed),

               (iv)           all obligations of such Person to pay
the deferred and unpaid purchase price of property (except Trade Payables), which
purchase price is due more than one year after the date of placing such
property in final service or taking final delivery and title thereto,

                (v)           all Capitalized Lease Obligations of
such Person,

               (vi)           the redemption, repayment or other
repurchase amount of such Person with respect to any Disqualified Stock of such
Person or (if such Person is a Subsidiary of the Company other than a
Subsidiary Guarantor, a Senior Discount Notes Guarantor or a VWR Note
Guarantor) any Preferred Stock of such Subsidiary, but excluding, in each case,
any accrued dividends (the amount of such obligation to be equal at any time to
the maximum fixed involuntary redemption, repayment or repurchase price for
such Capital Stock, or if less (or if such Capital Stock has no such fixed
price), to the involuntary redemption, repayment or repurchase price therefor
calculated in accordance with the terms thereof as if then redeemed, repaid or
repurchased, and if such price is based upon or measured by the fair market
value of such Capital Stock, such fair market value shall be as determined in
good faith by the Board of Directors or the board of directors or other
governing body of the issuer of such Capital Stock),

              (vii)           all Indebtedness of other Persons
secured by a Lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person; provided that the amount of 

 

12

 

Indebtedness of such Person shall be the
lesser of (A) the fair market value of such asset at such date of determination
(as determined in good faith by the Company) and (B) the amount of such
Indebtedness of such other Persons,

             (viii)           all Guarantees by such Person of
Indebtedness of other Persons, to the extent so Guaranteed by such Person, and

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

The amount of Indebtedness
of any Person at any date shall be determined as set forth above or otherwise
provided in this Indenture, or otherwise shall equal the amount thereof that
would appear on a balance sheet of such Person (excluding any notes thereto)
prepared in accordance with GAAP.

“Initial Additional Notes”
means Additional Notes issued in an offering not registered under the
Securities Act (and any Notes issued in respect thereof pursuant to Section 304,
305, 306, 312(c), 312(d) or 1010).

“Initial Notes” means
the Company’s Senior Floating Rate Notes Due 2011, issued on the Issue Date
(and any Notes issued in respect thereof pursuant to Section 304, 305,
306, 312(c), 312(d) or 1010).

“Initial Public Offering”
means an underwritten initial public offering of shares of common stock of the
Company pursuant to an effective registration statement under the Securities
Act (whether on a primary or secondary basis, or both).

“Initial Public Offering
Date” means the date of the closing of the Initial Public Offering.

“Initial Step-Up Date”
means the date that is the earlier of (i) the Initial Public Offering Date and
(ii) December 14, 2007.

“interest,” with
respect to the Notes, means interest on the Notes and, except for purposes of Article
IX, additional or special interest pursuant to the terms of any Note.

“Interest Payment Date”
means, when used with respect to any Note and any installment of interest
thereon, the date specified in such Note as the fixed date on which such
installment of interest is due and payable, as set forth in such Note.

“Interest Rate Agreement”
means, with respect to any Person, any interest rate protection agreement,
future agreement, option agreement, swap agreement, cap agreement, collar
agreement, hedge agreement or other similar agreement or arrangement (including
derivative agreements or arrangements), as to which such Person is party or a
beneficiary.

“Intermediate Holdco”
means any of Investment Holdings, CDRV Holdings and any other Person that is a
Subsidiary of the Company and of which VWR International is a Subsidiary.

 

13

 

“Inventory” means
goods held for sale or lease by a Person in the ordinary course of business,
net of any reserve for goods that have been segregated by such Person to be
returned to the applicable vendor for credit, as determined in accordance with
GAAP.

“Investment” in any
Person by any other Person means any direct or indirect advance, loan or other
extension of credit (other than to customers, suppliers, directors, officers or
employees of any Person in the ordinary course of business) or capital
contribution (by means of any transfer of cash or other property to others or
any payment for property or services for the account or use of others) to, or
any purchase or acquisition of Capital Stock, Indebtedness or other similar
instruments issued by, such Person.  For
purposes of the definition of “Unrestricted Subsidiary” and Section 409
only, (i) ”Investment” shall include the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the fair market value of the
net assets of any Subsidiary of the Company at the time that such Subsidiary is
designated an Unrestricted Subsidiary, provided that
upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company
shall be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to (x) the Company’s “Investment”
in such Subsidiary at the time of such redesignation less (y) the portion
(proportionate to the Company’s equity interest in such Subsidiary) of the fair
market value of the net assets of such Subsidiary at the time of such
redesignation, (ii) any property transferred to or from an Unrestricted
Subsidiary shall be valued at its fair market value at the time of such
transfer, and (iii) in each case under clause (i) or (ii) above, fair market
value shall be as determined in good faith by the Board of Directors. Guarantees
shall not be deemed to be Investments. 
The amount of any Investment outstanding at any time shall be the
original cost of such Investment, reduced (at the Company’s option) by any
dividend, distribution, interest payment, return of capital, repayment or other
amount or value received in respect of such Investment; provided,
that to the extent that the amount of Restricted Payments outstanding at any
time is so reduced by any portion of any such amount or value that would
otherwise be included in the calculation of Consolidated Net Income of the
Company, such portion of such amount or value shall not be so included for
purposes of calculating the amount of Restricted Payments that may be made
pursuant to Section 409(a).

“Investment Holdings”
means CDRV Investment Holdings Corporation, a Delaware corporation, and any
successor in interest thereto.

“Investors” means (a)
CDR Fund VI, (b) any of SSB Capital Partners (Master Fund) I, L.P., CGI Private
Equity L.P., LLC, Banc of America Capital Investors, L.P., Co-Investment
Partners, L.P., Norwest Equity Partners VII, L.P., General Electric Pension
Trust, GM Capital Partners I, L.P., JP Morgan Chase Bank, as trustee for First
Plaza Group Trust, Vesey Street Portfolio, L.P., Vesey Street Fund, L.P.,
Arthur Street Fund, L.P., Passage Portfolio, L.P., Arthur Street Portfolio,
L.P., the partners of or other investors in CDR Fund VI, and any of the
respective Affiliates of SSB Capital Partners (Master Fund) I, L.P., CGI
Private Equity L.P., LLC, Banc of America Capital Investors, L.P.,
Co-Investment Partners, L.P., Norwest Equity Partners VII, L.P., General
Electric Pension Trust, GM Capital Partners I, L.P., JP Morgan Chase Bank, as
trustee for First Plaza Group Trust, Vesey Street Portfolio, L.P., Vesey Street
Fund, L.P., Arthur Street Fund, L.P., Passage Portfolio, L.P., Arthur Street
Portfolio, L.P., or of any such partner or investor, that is or became a holder
of Voting Stock of the Company prior to the first anniversary of the Reference
Date, (c) any Person that directly or indirectly acquires Voting Stock of the
Company from CDR Fund VI (including by way of issuance of Voting Stock by the
Company in connection with its repurchase, redemption or other retirement of
Voting Stock thereof owned by CDR Fund VI) prior to the first anniversary of
the Reference Date, in an aggregate amount not exceeding (as to all such
Persons) ten percent (10%) of the Voting Stock of the Company owned by CDR Fund
VI on the Reference Date, and any Affiliate of any such Person, and (d) any of
their respective successors in interest.

 

14

 

“Issue Date” means
the first date on which Initial Notes are issued.

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

“Management Advances”
means (1) loans or advances made to directors, officers or employees of any
Parent, the Company or any Restricted Subsidiary of the Company (x) in respect
of travel, entertainment or moving-related expenses incurred in the ordinary
course of business, (y) in respect of moving-related expenses incurred in
connection with any closing or consolidation of any facility, or (z) in the ordinary
course of business and (in the case of this clause (z)) not exceeding $5.0
million in the aggregate outstanding at any time, (2) promissory notes of
Management Investors acquired in connection with the issuance of Management
Stock to such Management Investors, (3) Management Guarantees, or (4) other
Guarantees of borrowings by Management Investors in connection with the
purchase of Management Stock, which Guarantees are permitted under Section 407.

“Management Agreements”
means, collectively, (i) the Stock Subscription Agreements, each dated as of
the Reference Date, between the Company and each of CDR Fund VI, SSB Capital
Partners (Master Fund) I, L.P., CGI Private Equity L.P., LLC and Banc of
America Capital Investors, L.P., (ii) the Consulting Agreement, dated as of the
Reference Date, among the Company, CDRV Holdings, CDRV Acquisition, CDRV
Delaware and CDR, as amended by the First Amendment to Consulting Agreement,
dated December 6, 2006, among the Company, Investment Holdings, CDRV
Holdings, VWR International and CDR, (iii) the Indemnification Agreement, dated
as of the Reference Date, among the Company, CDRV Holdings, CDRV Acquisition,
CDRV Delaware, CDR and CDR Fund VI, as amended by the First Amendment to
Indemnification Agreement, dated December 6, 2006, among the Company,
Investment Holdings, CDRV Holdings, VWR International, CDR and CDR Fund VI, and
(iv) the Registration and Participation Agreement, dated as of the Reference
Date, among the Company, CDR Fund VI, SSB Capital Partners (Master Fund) I,
L.P., CGI Private Equity L.P., LLC, Banc of America Capital Investors, L.P. and
any other Person party thereto from time to time, in each case as may be
amended, supplemented, waived or otherwise modified thereafter from time to
time in accordance with the terms thereof and of this Indenture.

“Management Guarantees”
means guarantees (x) of up to an aggregate principal amount outstanding at any
time of $20.0 million of borrowings by Management Investors in connection with
their purchase of Management Stock or (y) made on behalf of, or in respect of
loans or advances made to, directors, officers or employees of any Parent, the
Company or any Restricted Subsidiary of the Company (1) in respect of travel,
entertainment and moving-related expenses incurred in the ordinary course of
business, or (2) in the ordinary course of business and (in the case of this
clause (2)) not exceeding $5.0 million in the aggregate outstanding at any
time.

“Management Investors”
means the officers, directors, employees and other members of the management of
any Parent, the Company or any of their respective Subsidiaries, or family
members or relatives thereof (provided that,
solely for purposes of the definition of “Permitted Holders,” such relatives
shall include only those Persons who are or become Management Investors in
connection with estate planning for or inheritance from other Management
Investors, as determined in good faith by the Company, which determination
shall be conclusive), or trusts, partnerships or limited liability companies
for the benefit of any of the foregoing, or any of their heirs, executors,
successors and legal representatives, who at any date beneficially own or have
the right to acquire, directly or indirectly, Capital Stock of the Company, any
Parent, any Intermediate Holdco or VWR International.

 

 

15

 

 

“Management Stock”
means Capital Stock of the Company, any Parent, any Intermediate Holdco or VWR
International (including any options, warrants or other rights in respect
thereof) held by any of the Management Investors.

“Mergers” means the
collective reference to (i) the merger of VWR International Corporation with
and into VWR International, Inc., a Pennsylvania corporation, with VWR
International, Inc. as the surviving corporation, (ii) the merger of CDRV
Acquisition with and into VWR International, Inc., a Pennsylvania corporation,
with VWR International, Inc. as the surviving corporation, and (iii) the
reincorporation of VWR International, Inc., a Pennsylvania corporation, as a
Delaware corporation.

“Moody’s” means Moody’s
Investors Service, Inc., and its successors.

“Net Available Cash”
from an Asset Disposition means cash payments received (including any cash
payments received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise, but only as and when received, but
excluding any other consideration received in the form of assumption by the
acquiring person of Indebtedness or other obligations relating to the
properties or assets that are the subject of such Asset Disposition or received
in any other non-cash form) therefrom, in each case net of (i) all legal, title
and recording tax expenses, commissions and other fees and expenses incurred,
and all Federal, state, provincial, foreign and local taxes required to be paid
or accrued as a liability under GAAP, as a consequence of such Asset
Disposition (including as a consequence of any transfer of funds in connection
with the application thereof in accordance with Section 411), (ii)
all payments made, and all installment payments required to be made, on any Indebtedness
that is secured by any assets subject to such Asset Disposition, in accordance
with the terms of any Lien upon such assets, or that must by its terms, or in
order to obtain a necessary consent to such Asset Disposition, or by applicable
law, be repaid out of the proceeds from such Asset Disposition, (iii) all
distributions and other payments required to be made to minority interest
holders in Subsidiaries or joint ventures as a result of such Asset
Disposition, or to any other Person (other than the Company or a Restricted
Subsidiary) owning a beneficial interest in the assets disposed of in such
Asset Disposition and (iv) any liabilities or obligations associated with the
assets disposed of in such Asset Disposition and retained by the Company or any
Restricted Subsidiary after such Asset Disposition, including pension and other
post-employment benefit liabilities, liabilities related to environmental
matters, and liabilities relating to any indemnification obligations associated
with such Asset Disposition.

“Net Cash Proceeds,”
with respect to any issuance or sale of any securities of the Company or any
Subsidiary by the Company or any Subsidiary, or any capital contribution, means
the cash proceeds of such issuance, sale or contribution net of attorneys’
fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or
commissions and brokerage, consultant and other fees actually incurred in
connection with such issuance, sale or contribution and net of taxes paid or
payable as a result thereof.

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

“Notes” means the
Initial Notes, any Additional Notes, the Exchange Notes and any notes issued in
respect thereof pursuant to Section 304, 305, 306, 312(c),
312(d) or 1010, and shall include any increase in the principal
amount thereof as a result of a PIK Payment in accordance with this Indenture.

“Officer” means, with
respect to any Person, the Chairman of the Board, the President, the Chief
Executive Officer, the Chief Financial Officer, any Vice President, the
Controller, the Treasurer or the Secretary (a) of such Person or (b) if such
Person is owned or managed by a single entity, of such 

 

16

 

entity (or any other
individual designated as an “Officer” for the purposes of this Indenture by the
Board of Directors).

“Officer’s Certificate”
means, with respect to the Company or any other obligor upon the Notes, a
certificate signed by one Officer of such Person.

“Opinion of Counsel”
means a written opinion from legal counsel who is reasonably acceptable to the
Trustee. The counsel may be an employee of or counsel to the Company, any of
its Restricted Subsidiaries or the Trustee.

“Original Notes”
means the Initial Notes and any Exchange Notes issued in exchange therefor.

“Outstanding,” when
used with respect to Notes means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture, except:

                  (i)           Notes theretofore cancelled by the
Trustee or delivered to the Trustee for cancellation;

                 (ii)           Notes for whose payment or redemption
money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent in trust for the Holders of such Notes, provided that, if such Notes are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision
therefor reasonably satisfactory to the Trustee has been made; and

                (iii)           Notes in exchange for or in lieu of
which other Notes have been authenticated and delivered pursuant to this
Indenture.

A Note does not cease to be
Outstanding because the Company or any Affiliate of the Company holds the Note,
provided that in determining whether the
Holders of the requisite amount of Outstanding Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Notes
owned by the Company or any Affiliate of the Company shall be disregarded and
deemed not to be Outstanding, except that, for the purpose of determining
whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver, only Notes which the
Trustee actually knows are so owned shall be so disregarded.  Notes so owned that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
reasonable satisfaction of the Trustee the pledgee’s right to act with respect
to such Notes and that the pledgee is not the Company or an Affiliate of the
Company.

“Parent” means any
Person that is a direct or indirect parent of the Company.

“Parent Expenses”
means (i) costs (including all professional fees and expenses) incurred by any
Parent in connection with its reporting obligations under, or in connection
with compliance with, applicable laws or applicable rules of any governmental,
regulatory or self-regulatory body or stock exchange, this Indenture, the
Senior Discount Notes Indenture, any VWR Indenture or any other agreement or
instrument relating to Indebtedness of the Company or any Restricted
Subsidiary, including in respect of any reports filed with respect to the
Securities Act, Exchange Act or the respective rules and regulations
promulgated thereunder, (ii) expenses incurred by any Parent or any Subsidiary
of any Parent in connection with any investment in equity ownership interests
of Immobilien, (iii) indemnification obligations of any Parent owing to
directors, officers, employees or other Persons under its charter or by-laws or
pursuant to written agreements with any such Person, or obligations in respect
of director and 

 

17

 

officer insurance (including
premiums therefor), (iv) other operational expenses of any Parent incurred in
the ordinary course of business, and (v) fees and expenses incurred by any
Parent in connection with any offering of Capital Stock or Indebtedness (x)
where the net proceeds of such offering are intended to be received by or
contributed or loaned to the Company or a Restricted Subsidiary, or (y) in a
prorated amount of such expenses in proportion to the amount of such net
proceeds intended to be so received, contributed or loaned, or (z) otherwise on
an interim basis prior to completion of such offering so long as any Parent
shall cause the amount of such expenses to be repaid to the Company or the
relevant Restricted Subsidiary out of the proceeds of such offering promptly if
completed.

“Paying Agent” means
any Person authorized by the Company to pay the principal of (and premium, if any)
or interest on any Notes on behalf of the Company; provided
that neither the Company nor any of its Affiliates shall act as Paying Agent
for purposes of Section 1102 or Section 1205.  The Trustee will initially act as Paying
Agent for the Notes.

“Permitted Holder”
means any of the following: (i) any of the Investors, Management Investors, CDR
and their respective Affiliates; (ii) any investment fund or vehicle managed,
sponsored or advised by CDR or any Investor or Affiliate thereof, and any
Affiliate of or successor to any such investment fund or vehicle; (iii) any
limited or general partners of, or other investors in, any Investor or
Affiliate thereof, or any such investment fund or vehicle; and (iv) any Person
acting in the capacity of an underwriter in connection with a public or private
offering of Capital Stock of the Company, any Parent, any Intermediate Holdco
or VWR International.

“Permitted Investment”
means an Investment by the Company or any Restricted Subsidiary in, or
consisting of, any of the following:

(i)            a Restricted Subsidiary, the Company, or a Person that
will, upon the making of such Investment, become a Restricted Subsidiary;

(ii)           another Person if as a result of such Investment such
other Person is merged or consolidated with or into, or transfers or conveys
all or substantially all its assets to, or is liquidated into, the Company or a
Restricted Subsidiary;

(iii)          Temporary Cash Investments or Cash Equivalents;

(iv)          receivables owing to the Company or any Restricted
Subsidiary, if created or acquired in the ordinary course of business;

(v)           any securities or other Investments received as
consideration in, or retained in connection with, sales or other dispositions
of property or assets, including Asset Dispositions made in compliance with Section 411;

(vi)          securities or other Investments received in settlement of
debts created in the ordinary course of business and owing to the Company or
any Restricted Subsidiary, or as a result of foreclosure, perfection or
enforcement of any Lien, or in satisfaction of judgments, including in
connection with any bankruptcy proceeding or other reorganization of another
Person;

(vii)         Investments in existence or made pursuant to legally binding
written commitments in existence on the Issue Date;

 

18

 

(viii)        Currency Agreements, Interest Rate
Agreements, Commodities Agreements and related Hedging Obligations, which
obligations are Incurred in compliance with Section 407;

(ix)           pledges or deposits (x) with respect to leases or
utilities provided to third parties in the ordinary course of business or (y)
otherwise described in the definition of “Permitted Liens” or made in
connection with Liens permitted under Section 413;

(x)            (1) Investments in any Receivables Subsidiary, or in
connection with a Financing Disposition by or to any Receivables Entity,
including Investments of funds held in accounts permitted or required by the
arrangements governing such Financing Disposition or any related Indebtedness,
or (2) any promissory note issued by the Company, any Parent, any Intermediate
Holdco or VWR International to any Receivables Subsidiary; provided
that if any Parent receives cash from the relevant Receivables Entity in
exchange for such note, an equal cash amount is contributed by any Parent to
the Company;

(xi)           bonds secured by assets leased to and operated by the
Company or any Restricted Subsidiary that were issued in connection with the
financing of such assets so long as the Company or any Restricted Subsidiary
may obtain title to such assets at any time by paying a nominal fee, canceling
such bonds and terminating the transaction;

(xii)          Notes, Senior Discount Notes, VWR Senior Notes or VWR
Senior Subordinated Notes;

(xiii)         any Investment to the extent made using
Capital Stock of the Company (other than Disqualified Stock), or Capital Stock
of any Parent, as consideration;

(xiv)        Management Advances; and

(xv)         other Investments in an aggregate amount outstanding at any
time not to exceed 5% of Consolidated Tangible Assets.

“Permitted Liens”
means:

(a)           Liens for taxes, assessments or other governmental charges
not yet delinquent or the nonpayment of which in the aggregate would not
reasonably be expected to have a material adverse effect on the Company and its
Restricted Subsidiaries or that are being contested in good faith and by
appropriate proceedings if adequate reserves with respect thereto are
maintained on the books of the Company or a Subsidiary thereof, as the case may
be, in accordance with GAAP;

(b)           carriers’, warehousemen’s, mechanics’, landlords’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course
of business in respect of obligations that are not overdue for a period of more
than 60 days or that are bonded or that are being contested in good faith and
by appropriate proceedings;

(c)           pledges, deposits or Liens in connection with workers’
compensation, unemployment insurance and other social security and other
similar legislation or other insurance related obligations (including pledges
or deposits securing liability to insurance carriers under insurance or
self-insurance arrangements);

(d)           pledges, deposits or Liens to secure the performance of
bids, tenders, trade, government or other contracts (other than for borrowed
money), obligations for utilities, leases, 

 

19

 

licenses,
statutory obligations, completion guarantees, surety, judgment, appeal or
performance bonds, other similar bonds, instruments or obligations, and other
obligations of a like nature incurred in the ordinary course of business;

(e)           easements (including reciprocal easement agreements),
rights-of-way, building, zoning and similar restrictions, utility agreements,
covenants, reservations, restrictions, encroachments, charges, and other
similar encumbrances or title defects incurred, or leases or subleases granted
to others, in the ordinary course of business, which do not in the aggregate
materially interfere with the ordinary conduct of the business of the Company and
its Subsidiaries, taken as a whole;

(f)            Liens existing on, or provided for under written
arrangements existing on, the Issue Date, or (in the case of any such Liens
securing Indebtedness of the Company or any of its Subsidiaries existing or
arising under written arrangements existing on the Issue Date) securing any
Refinancing Indebtedness in respect of such Indebtedness so long as the Lien
securing such Refinancing Indebtedness is limited to all or part of the same
property or assets (plus
improvements, accessions, proceeds or dividends or distributions in respect
thereof) that secured (or under such written arrangements could secure) the
original Indebtedness;

(g)           (i) mortgages, liens, security interests, restrictions,
encumbrances or any other matters of record that have been placed by any
developer, landlord or other third party on property over which the Company or
any Restricted Subsidiary of the Company has easement rights or on any leased
property and subordination or similar agreements relating thereto and (ii) any
condemnation or eminent domain proceedings affecting any real property;

(h)           Liens securing Hedging Obligations, Purchase Money
Obligations or Capitalized Lease Obligations Incurred in compliance with Section 407;

(i)            Liens arising out of judgments, decrees, orders or awards
in respect of which the Company shall in good faith be prosecuting an appeal or
proceedings for review, which appeal or proceedings shall not have been finally
terminated, or if the period within which such appeal or proceedings may be
initiated shall not have expired;

(j)            leases, subleases, licenses or sublicenses to third
parties;

(k)           Liens securing (1) Indebtedness Incurred in compliance
with Section 407(b)(i), Section 407(b)(iv), Section
407(b)(vii), Section 407(b)(viii)(E), Section 407(b)(x), Section
407(b)(xi), or Section 407(b)(iii) (other than Refinancing
Indebtedness Incurred in respect of Indebtedness described in Section 407(a)),
(2) Bank Indebtedness, (3) the Notes, the Senior Discount Notes, the VWR Senior
Notes, or the VWR Senior Subordinated Notes, (4) Indebtedness of any
Restricted Subsidiary, (5) Indebtedness or other obligations of any Receivables
Entity or (6) obligations in respect of Management Advances or Management
Guarantees;

(l)            Liens existing on property or assets of a Person at the
time such Person becomes a Subsidiary of the Company (or at the time the
Company or a Restricted Subsidiary acquires such property or assets, including
any acquisition by means of a merger or consolidation with or into the Company
or any Restricted Subsidiary); provided, however, that such Liens are not created in connection with,
or in contemplation of, such other Person becoming such a Subsidiary (or such
acquisition of such property or assets), and that such Liens are limited to all
or part of the same property or assets (plus
improvements, accessions, proceeds or dividends or distributions in 

 

20

 

respect
thereof) that secured (or, under the written arrangements under which such
Liens arose, could secure) the obligations to which such Liens relate;

(m)          Liens on Capital Stock or other securities of an
Unrestricted Subsidiary that secure Indebtedness or other obligations of such
Unrestricted Subsidiary;

(n)           any encumbrance or restriction (including put and call
agreements) with respect to Capital Stock of any joint venture or similar
arrangement pursuant to any joint venture or similar agreement;

(o)           Liens securing Refinancing Indebtedness Incurred in
respect of any Indebtedness secured by, or securing any refinancing, refunding,
extension, renewal or replacement (in whole or in part) of any other obligation
secured by, any other Permitted Liens, provided that
any such new Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured (or, under the written
arrangements under which the original Lien arose, could secure) the obligations
to which such Liens relate; and

(p)           Liens (1) arising by operation of law (or by agreement to
the same effect) in the ordinary course of business, (2) on property or assets
under construction (and related rights) in favor of a contractor or developer
or arising from progress or partial payments by a third party relating to such
property or assets, (3) on receivables (including related rights), (4) on cash
set aside at the time of the incurrence of any Indebtedness or government
securities purchased with such cash, in either case to the extent that such
cash or government securities prefund the payment of interest on such
Indebtedness and are held in an escrow account or similar arrangement to be
applied for such purpose, (5) securing or arising by reason of any netting or
set-off arrangement entered into in the ordinary course of banking or other
trading activities, (6) in favor of the Company or any Restricted Subsidiary or
(7) arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into in the ordinary course of
business.

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

“Place of Payment”
means a city or any political subdivision thereof referred to in Article III
and initially designated under Section 402.

“Predecessor Notes”
of any particular Note means every previous Note evidencing all or a portion of
the same debt as that evidenced by such particular Note; and, for the purposes
of this definition, any Note authenticated and delivered under Section 306
in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to
evidence the same debt as the mutilated, lost, destroyed or stolen Note.

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

“Purchase Money
Obligations” means any Indebtedness Incurred to finance or refinance the
acquisition, leasing, construction or improvement of property (real or
personal) or assets, and whether 

 

21

 

acquired
through the direct acquisition of such property or assets or the acquisition of
the Capital Stock of any Person owning such property or assets, or otherwise.

“QIB” or “Qualified
Institutional Buyer” means a “qualified institutional buyer,” as that term is
defined in Rule 144A under the Securities Act.

“Recapitalization” means
the collective reference to (a)  the
declaration and/or payment of a dividend or distribution (including by way of
any purchase, redemption, repurchase, or other acquisition of Capital Stock of
the Company) by the Company to holders of its Capital Stock with the net
proceeds from the offering of the Notes, (b) the entry into this Indenture, and
the offer, issuance and sale of the Notes, and (c) all other transactions
relating to any of the foregoing (including payment of fees and expenses
related to any of the foregoing).

“Receivable” means a
right to receive payment arising from a sale or lease of goods or services by a
Person pursuant to an arrangement with another Person pursuant to which such
other Person is obligated to pay for goods or services under terms that permit
the purchase of such goods and services on credit, as determined in accordance
with GAAP.

“Receivables Entity”
means (x) any Receivables Subsidiary or (y) any other Person that is engaged in
the business of acquiring, selling, collecting, financing or refinancing
Receivables, accounts (as defined in the Uniform Commercial Code as in effect
in any jurisdiction from time to time), other accounts and/or other
receivables, and/or related assets.

“Receivables Fees”
means distributions or payments made directly or by means of discounts with
respect to any participation interest issued or sold in connection with, and
other fees paid to a Person that is not a Restricted Subsidiary in connection
with, any Receivables Financing.

“Receivables Financing”
means any financing of Receivables of the Company or any Restricted Subsidiary
that have been transferred to a Receivables Entity in a Financing Disposition.

“Receivables Subsidiary”
means a Subsidiary of the Company that (a) is engaged solely in the business of
acquiring, selling, collecting, financing or refinancing Receivables, accounts
(as defined in the Uniform Commercial Code as in effect in any jurisdiction
from time to time) and other accounts and receivables (including any thereof
constituting or evidenced by chattel paper, instruments or general
intangibles), all proceeds thereof and all rights (contractual and other),
collateral and other assets relating thereto, and any business or activities
incidental or related to such business, and (b) is designated as a “Receivables
Subsidiary” by the Board of Directors.

“Redemption Date,”
when used with respect to any Note to be redeemed or purchased, means the date
fixed for such redemption or purchase by or pursuant to this Indenture and the
Notes.

“Reference Date”
means April 7, 2004.

“refinance” means
refinance, refund, replace, renew, repay, modify, restate, defer, substitute,
supplement, reissue, resell or extend (including pursuant to any defeasance or
discharge mechanism); and the terms “refinances,” “refinanced”
and “refinancing” as used for any purpose in this Indenture shall have a
correlative meaning.

“Refinancing Indebtedness”
means Indebtedness that is Incurred to refinance any Indebtedness existing on
the date of this Indenture or Incurred in compliance with this Indenture
(including Indebtedness of the Company that refinances Indebtedness of any
Restricted Subsidiary (to the 

 

22

 

extent permitted in this
Indenture) and Indebtedness of any Restricted Subsidiary that refinances
Indebtedness of another Restricted Subsidiary) including Indebtedness that
refinances Refinancing Indebtedness; provided that
(1) if the Indebtedness being refinanced is Subordinated Obligations or
Guarantor Subordinated Obligations, the Refinancing Indebtedness has a final
Stated Maturity at the time such Refinancing Indebtedness is Incurred that is
equal to or greater than the final Stated Maturity of the Indebtedness being
refinanced (or if shorter, the Notes), (2) such Refinancing Indebtedness is
Incurred in an aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than the sum of
(x) the aggregate principal amount (or if issued with original issue discount,
the aggregate accreted value) then outstanding of the Indebtedness being
refinanced, plus (y) fees, underwriting discounts,
premiums and other costs and expenses incurred in connection with such
Refinancing Indebtedness and (3) Refinancing Indebtedness shall not include (x)
Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor,
Senior Discount Notes Guarantor or VWR Note Guarantor that refinances
Indebtedness of the Company that could not have been initially Incurred by such
Restricted Subsidiary pursuant to Section 407 or (y) Indebtedness of the
Company or a Restricted Subsidiary that refinances Indebtedness of an
Unrestricted Subsidiary.

“Registration Rights
Agreement” means the Exchange and Registration Rights Agreement, dated December 14,
2006, among the Company and the initial purchaser of the Notes named therein.

“Regular Record Date”
for the interest payable on any Interest Payment Date means the date specified
for that purpose in Section 301.

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

“Regulation S Certificate”
means a certificate substantially in the form attached hereto as
Exhibit C.

“Related Business”
means those businesses in which the Company or any of its Subsidiaries is
engaged on the date of this Indenture, or that are related, complementary,
incidental or ancillary thereto or extensions, developments or expansions
thereof.

“Related Taxes” means
(x) any taxes, charges or assessments, including sales, use, transfer, rental,
ad valorem, value-added, stamp, property, consumption, franchise, license,
capital, net worth, gross receipts, excise, occupancy, intangibles or similar
taxes, charges or assessments (other than federal, state or local taxes
measured by income and federal, state or local withholding imposed on payments
made by any Parent other than to another Parent), required to be paid by any
Parent by virtue of its being incorporated or having Capital Stock outstanding
(but not by virtue of owning stock or other equity interests of any corporation
or other entity other than the Company, any of its Subsidiaries or any Parent),
or being a holding company parent of the Company, any of its Subsidiaries or
any Parent or receiving dividends from or other distributions in respect of the
Capital Stock of the Company, any of its Subsidiaries or any Parent, or having
guaranteed any obligations of the Company or any Subsidiary thereof, or having
made any payment in respect of any of the items for which the Company or any of
its Subsidiaries is permitted to make payments to any Parent pursuant to Section
409 or acquiring, developing, maintaining, owning, prosecuting, protecting
or defending its intellectual property and associated rights (including
receiving or paying royalties for the use thereof) relating to the business or
businesses of the Company or any Subsidiary thereof, or (y) any other federal,
state, foreign, provincial or local taxes measured by income for which any
Parent is liable up to an amount not to exceed, with respect to federal taxes,
the amount of any such taxes that the Company and its Subsidiaries would have
been required to pay on a separate company basis, or on a consolidated basis as
if the Company had filed a consolidated return on behalf of an affiliated group
(as defined in Section 1504 of the Code or an 

 

23

 

analogous provision of
state, local or foreign law) of which it were the common parent, or with
respect to state and local taxes, the amount of any such taxes that the Company
and its Subsidiaries would have been required to pay on a separate company
basis, or on a combined basis as if the Company had filed a combined return on
behalf of an affiliated group consisting only of the Company and its
Subsidiaries.

“Resale Restriction
Termination Date” means, with respect to any Note, the date that is two
years (or such other period as may hereafter be provided under Rule 144(k)
under the Securities Act or any successor provision thereto as permitting the
resale by non-affiliates of Restricted Securities without restriction) after
the later of the original issue date in respect of such Note and the last date
on which the Company or any Affiliate of the Company was the owner of such Note
(or any Predecessor Note thereto).

“Responsible Officer”
when used with respect to the Trustee means the chairman or vice-chairman of
the board of directors, the chairman or vice-chairman of the executive
committee of the board of directors, the president, any vice president or
assistant vice president, the secretary, any assistant secretary, the
treasurer, any assistant treasurer, the cashier, any assistant cashier, any
trust officer or assistant trust officer, the controller and any assistant
controller or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity
with the particular subject.

“Restricted Payment
Transaction” means any Restricted Payment permitted pursuant to Section
409, any Permitted Payment, any Permitted Investment, or any transaction
specifically excluded from the definition of the term “Restricted Payment.”

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

“Restricted Subsidiary”
means any Subsidiary of the Company (or in the case of (x) Investment
Holdings, of Investment Holdings, and (y) VWR International, of VWR
International) other than an Unrestricted Subsidiary.

“S&P” means
Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies,
Inc., and its successors.

“SEC” means the
Securities and Exchange Commission.

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

“Senior Credit Agreement”
means the Credit Agreement, dated as of the Reference Date, among VWR
International, any other borrowers party thereto from time to time, Deutsche
Bank AG, New York Branch, as administrative agent, and the lenders party
thereto from time to time, as such agreement may thereafter be amended,
supplemented, waived or otherwise modified from time to time or refunded,
refinanced, restructured, replaced, renewed, repaid, increased or extended from
time to time (whether in whole or in part, whether with the existing
administrative agent and lenders on the Issue Date or other agents and lenders
or otherwise, and whether provided under the Senior Credit Agreement existing
on the Issue Date or other credit agreements or otherwise).

 

 

24

 

“Senior Credit Facility”
means the collective reference to the Senior Credit Agreement, any Loan
Documents (as defined therein), any notes and letters of credit issued pursuant
thereto and any guarantee and collateral agreement, patent and trademark security
agreement, mortgages, letter of credit applications and other guarantees,
pledge agreements, security agreements and collateral documents, and other
instruments and documents, executed and delivered pursuant to or in connection
with any of the foregoing, in each case as the same may be amended,
supplemented, waived or otherwise modified from time to time, or refunded,
refinanced, restructured, replaced, renewed, repaid, increased or extended from
time to time (whether in whole or in part, whether with the existing agent and
lenders on the Issue Date or other agents and lenders or otherwise, and whether
provided under the original Senior Credit Agreement or one or more other credit
agreements, indentures (including this Indenture, the Senior Discount Notes
Indenture, the VWR Senior Notes Indenture or the VWR Senior Subordinated Notes
Indenture) or financing agreements or otherwise). Without limiting the
generality of the foregoing, the term “Senior Credit Facility” shall include
any agreement (i) changing the maturity of any Indebtedness Incurred thereunder
or contemplated thereby, (ii) adding Subsidiaries of the Company as additional
borrowers or guarantors thereunder, (iii) increasing the amount of Indebtedness
Incurred thereunder or available to be borrowed thereunder or (iv) otherwise
altering the terms and conditions thereof.

“Senior Discount Notes”
means the 9-5/8% Senior Discount Notes due 2015 of Investment Holdings,
including any Exchange Notes (as defined for purposes of this definition in the
Senior Discount Notes Indenture), in an aggregate principal amount at maturity
not exceeding $481.0 million (after giving effect to any issuance of any
such Exchange Notes in exchange for any such Senior Discount Notes).

“Senior Discount Notes
Guarantee” means any Guarantee by any Senior Discount Notes Guarantor of
obligations under the Senior Discount Notes.

“Senior Discount Notes
Guarantor” means any Subsidiary of Investment Holdings that has provided a
Guarantee of the Senior Discount Notes in accordance with the Senior Discount
Notes Indenture.

“Senior Discount Notes
Indenture” means the Indenture, dated as of December 16, 2004, among
Investment Holdings, as issuer, the Company, as parent guarantor, the Senior Discount
Notes Guarantors from time to time parties thereto and Wells Fargo Bank,
National Association, as trustee, governing the Senior Discount Notes, as
amended and supplemented by the First and Second Supplemental Indentures, each
dated as of December 6, 2006, among Investment Holdings, the Company and
Wells Fargo Bank, National Association, as trustee, and as further amended,
supplemented, waived or otherwise modified from time to time or refunded,
refinanced, restructured, replaced, renewed, repaid, increased or extended from
time to time (whether in whole or in part, and whether provided under the
original Senior Discount Notes Indenture or otherwise).

“Senior Indebtedness”
means any Indebtedness of the Company or any Restricted Subsidiary other than,
in the case of the Company, Subordinated Obligations and, in the case of any
Subsidiary Guarantor, Guarantor Subordinated Obligations.

“Significant Domestic
Subsidiary” means any Domestic Subsidiary that is a Significant Subsidiary.

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “significant subsidiary” of the
Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the
SEC, as in effect on the Issue Date.

 

25

 

“Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee
pursuant to Section 307.

“Special Interest”
has the meaning specified in the Registration Rights Agreement.

“Specified Entity”
means the Company, Investment Holdings or VWR International, as the case may be.

“Stated Maturity”
means, with respect to any security, the date specified in such security as the
fixed date on which the payment of principal of such security is due and
payable, including pursuant to any mandatory redemption provision (but
excluding any provision providing for the repurchase of such security at the
option of the holder thereof upon the happening of any contingency).

“Subordinated Obligations”
means any Indebtedness of the Company (whether outstanding on the date of this
Indenture or thereafter Incurred) that is expressly subordinated in right of
payment to the Notes pursuant to a written agreement.

“Subsidiary” of any
Person means any corporation, association, partnership or other business entity
of which more than 50% of the total voting power of shares of Capital Stock or
other equity interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by (i) such Person or (ii) one or more Subsidiaries of
such Person.

“Subsidiary Guarantee”
means any guarantee that may from time to time be entered into by a Restricted
Subsidiary of the Company pursuant to Section 414.

“Subsidiary Guarantor”
means any Restricted Subsidiary of the Company that enters into a Subsidiary
Guarantee.

“Supplemental Indenture”
means a Supplemental Indenture, to be entered into substantially in the form
attached hereto as Exhibit D.

“Tax Sharing Agreement”
means the Tax Sharing Agreement, dated as of the Reference Date, among the
Company, CDRV Holdings and VWR International, as amended by the First Amendment
to Tax Sharing Agreement, dated December 6, 2006, among the Company,
Investment Holdings, CDRV Holdings and VWR International, as the same may be
amended, supplemented, waived or otherwise modified from time to time in
accordance with the terms thereof and of this Indenture.

“Temporary Cash
Investments” means any of the following: (i) any investment in (x) direct
obligations of the United States of America or any agency or instrumentality
thereof or obligations Guaranteed by the United States of America or any agency
or instrumentality thereof or (y) direct obligations of any foreign country
recognized by the United States of America rated at least “A” by S&P or “A-1”
by Moody’s (or, in either case, the equivalent of such rating by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent
of such rating by any nationally recognized rating organization), (ii)
overnight bank deposits, and investments in time deposit accounts, certificates
of deposit, bankers’ acceptances and money market deposits (or, with respect to
foreign banks, similar instruments) maturing not more than one year after the
date of acquisition thereof issued by (x) any lender under the Senior Credit
Agreement or any affiliate thereof or (y) a bank or trust company that is
organized under the laws of the United States of America, any state thereof or
any foreign country recognized by the United States of America having capital
and surplus aggregating in excess of $250 million (or the foreign currency
equivalent thereof) and whose long term debt is rated at least “A” by S&P
or “A-1” by Moody’s

 

26

 

(or, in either case, the
equivalent of such rating by such organization or, if no rating of S&P or
Moody’s then exists, the equivalent of such rating by any nationally recognized
rating organization) at the time such Investment is made, (iii) repurchase
obligations with a term of not more than 30 days for underlying securities of
the types described in clause (i) or (ii) above entered into with a bank
meeting the qualifications described in clause (ii) above, (iv) Investments in
commercial paper, maturing not more than 270 days after the date of
acquisition, issued by a Person (other than that of the Company or any of its
Subsidiaries), with a rating at the time as of which any Investment therein is
made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according
to S&P (or, in either case, the equivalent of such rating by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent
of such rating by any nationally recognized rating organization), (v)
Investments in securities maturing not more than one year after the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States of America, or by any political subdivision or taxing
authority thereof, and rated at least “A” by S&P or “A” by Moody’s (or, in
either case, the equivalent of such rating by such organization or, if no
rating of S&P or Moody’s then exists, the equivalent of such rating by any
nationally recognized rating organization), (vi) Preferred Stock (other than
that of the Company or any of its Subsidiaries) having a rating of “A” or
higher by S&P or “A2” or higher by Moody’s (or, in either case, the
equivalent of such rating by such organization or, if no rating of S&P or
Moody’s then exists, the equivalent of such rating by any nationally recognized
rating organization), (vii) investment funds investing 95% of their assets in
securities of the type described in clauses (i)-(vi) above (which funds may
also hold reasonable amounts of cash pending investment and/or distribution),
(viii) any money market deposit accounts issued or offered by a domestic
commercial bank or a commercial bank organized and located in a country
recognized by the United States of America, in each case, having capital and
surplus in excess of $250 million (or the foreign currency equivalent thereof),
or investments in money market funds subject to the risk limiting conditions of
Rule 2a-7 (or any successor rule) of the SEC under the Investment Company Act
of 1940, as amended, and (ix) similar investments approved by the Board of
Directors in the ordinary course of business.

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

“Trade Payables”
means, with respect to any Person, any accounts payable or any indebtedness or
monetary obligation to trade creditors created, assumed or guaranteed by such
Person arising in the ordinary course of business in connection with the
acquisition of goods or services.

“Transactions” means,
collectively, any or all of the following transactions entered into in
connection with the consummation of the Acquisition:  (i) the entry into the VWR Notes Indentures,
and the offer and issuance of the VWR Notes, (ii) the entry into the Senior
Credit Facility and Incurrence of Indebtedness thereunder by one or more of
CDRV Acquisition, VWR International and its Subsidiaries, (iii) the
contribution of equity by CDRV Holdings to CDRV Acquisition, (iv) loans by CDRV
Acquisition and/or one or more of its Subsidiaries to one or more Subsidiaries
of VWR International Corporation, (v) the Acquisition, (vi) the Mergers, (vii)
the transfer of ownership interests in one or more Foreign Subsidiaries to VWR
International Holdings, (viii) the transfer of ownership interests in one or
more Domestic Subsidiaries to one or more Domestic Subsidiaries, and (ix) all
other transactions relating to any of the foregoing (including payment of fees
and expenses related to any of the foregoing).

“Trust Officer” means
the Chairman of the Board, the President or any other officer or assistant
officer of the Trustee assigned by the Trustee to administer its corporate
trust matters.

“Trustee” means the
party named as such in the first paragraph of this Indenture until a successor
replaces it and, thereafter, means the successor.

 

27

 

“Unrestricted Subsidiary”
means (i) any Subsidiary of the Company that at the time of determination is an
Unrestricted Subsidiary, as designated by the Board of Directors in the manner
provided below, and (ii) any Subsidiary of an Unrestricted Subsidiary.  The Board of Directors may designate any
Subsidiary of the Company (including any newly acquired or newly formed Subsidiary
of the Company) to be an Unrestricted Subsidiary unless such Subsidiary or any
of its Subsidiaries owns any Capital Stock or Indebtedness of, or owns or holds
any Lien on any property of, the Company or any other Restricted Subsidiary of
the Company that is not a Subsidiary of the Subsidiary to be so designated; provided that (A) such designation was made at or prior to
the Issue Date or (B) the Subsidiary to be so designated has total consolidated
assets of $1,000 or less or (C) if such Subsidiary has consolidated assets
greater than $1,000, then such designation would be permitted under Section
409.  The Board of Directors may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that (1) in the case of any Subsidiary of the
Company (other than Investment Holdings or any of its Subsidiaries),
immediately after giving effect to such designation either (x) the Company
could Incur at least $1.00 of additional Indebtedness under Section
407(a)(i) or (y) the Consolidated Coverage Ratio of the Company would be
greater than it was immediately prior to giving effect to such designation, (2)
in the case of Investment Holdings or any of its Subsidiaries (other than VWR
International or any of its Subsidiaries), immediately after giving effect to
such designation either (x) Investment Holdings could Incur at least $1.00 of
additional Indebtedness under Section 407(a)(ii) or (y) the Consolidated
Coverage Ratio of Investment Holdings would be greater than it was immediately
prior to giving effect to such designation and (3) in the case of VWR
International or any of its Subsidiaries, immediately after giving effect to
such designation either (x) VWR International could Incur at least $1.00 of
additional Indebtedness under Section 407(a)(iii) or (y) the
Consolidated Coverage Ratio of VWR International would be greater than it was
immediately prior to giving effect to such designation.  Any such designation by the Board of
Directors shall be evidenced to the Trustee by promptly filing with the Trustee
a copy of the resolution of the Company’s Board of Directors giving effect to
such designation and an Officer’s Certificate of the Company certifying that
such designation complied with the foregoing provisions.

“U.S. Government
Obligation” means (x) any security that is (i) a direct obligation of the
United States of America for the payment of which the full faith and credit of
the United States of America is pledged or (ii) an obligation 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 under the preceding clause (i) or (ii), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any U.S. Government Obligation that is specified in
clause (x) above and held by such bank for the account of the holder of such
depositary receipt, or with respect to any specific payment of principal of or
interest on any U.S. Government Obligation that is so specified and held, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of
the U.S. Government Obligation or the specific payment of principal or interest
evidenced by such depositary receipt.

“Vice President”,
when used with respect to any Person, means any vice president of such Person,
whether or not designated by a number or a word or words added before or after
the title “vice president.”

“Voting Stock” of an
entity means all classes of Capital Stock of such entity then outstanding and
normally entitled to vote in the election of directors or all interests in such
entity with the ability to control the management or actions of such entity.

 

28

 

“VWR International”
means VWR International, Inc., a Delaware corporation, and any successor in
interest thereto.

“VWR International
Corporation” means VWR International Corporation, a Delaware corporation,
and any successor in interest thereto.

“VWR International
Holdings” means VWR International Holdings, Inc., a Delaware corporation,
and any successor in interest thereto.

“VWR Notes” means the
collective reference to the VWR Senior Notes and the VWR Senior Subordinated
Notes.

“VWR Note Guarantees”
means the collective reference to the VWR Senior Note Guarantees and the VWR
Senior Subordinated Note Guarantees.

“VWR Note Guarantors”
means the collective reference to the VWR Senior Note Guarantors and the VWR
Senior Subordinated Note Guarantors.

“VWR Notes Indentures”
means the collective reference to the VWR Senior Notes Indenture and the VWR
Senior Subordinated Notes Indenture.

“VWR Senior Notes”
means the 6-7/8% Senior Notes of VWR International due 2012, including any “Exchange
Notes” (as defined, for purposes of this definition, in the VWR Senior Notes
Indenture), in an aggregate principal amount not exceeding $200.0 million
(after giving effect to any issuance of any such “Exchange Notes” in exchange
for any such VWR Senior Notes).

“VWR Senior Note
Guarantee” means any Guarantee by any VWR Senior Note Guarantor of
obligations under the VWR Senior Notes.

“VWR Senior Note
Guarantor” means any Subsidiary of VWR International that has provided a
Guarantee of the VWR Senior Notes in accordance with the VWR Senior Notes
Indenture.

“VWR Senior Notes
Indenture” means the Indenture, dated as of April 7, 2004, among CDRV
Acquisition, the VWR Senior Note Guarantors from time to time parties thereto
and Wells Fargo Bank, National Association, as trustee, governing the VWR Senior
Notes, as amended, supplemented, waived or otherwise modified from time to
time, or refunded, refinanced, restructured, replaced, renewed, repaid,
increased or extended from time to time (whether in whole or in part, and
whether provided under the original VWR Senior Notes Indenture or otherwise).

“VWR Senior Subordinated
Notes” means the 8% Senior Subordinated Notes of VWR International due
2014, including any “Exchange Notes” (as defined, for purposes of this
definition, in the VWR Senior Subordinated Notes Indenture), in an aggregate
principal amount not exceeding $320.0 million (after giving effect to any
issuance of any such “Exchange Notes” in exchange for any such VWR Senior
Subordinated Notes).

“VWR Senior Subordinated
Note Guarantee” means any Guarantee by any VWR Senior Subordinated Note
Guarantor of obligations under the VWR Senior Subordinated Notes.

“VWR Senior Subordinated
Note Guarantor” means any Subsidiary of VWR International that has provided
a Guarantee of the VWR Senior Subordinated Notes in accordance with the VWR
Senior Subordinated Notes Indenture.

 

29

 

“VWR Senior Subordinated
Notes Indenture” means the Indenture, dated as of April 7, 2004, among CDRV
Acquisition, the VWR Senior Subordinated Note Guarantors from time to time
parties thereto and Wells Fargo Bank, National Association, as trustee,
governing the VWR Senior Subordinated Notes, as amended, supplemented, waived
or otherwise modified from time to time, or refunded, refinanced, restructured,
replaced, renewed, repaid, increased or extended from time to time (whether in
whole or in part, and whether provided under the original VWR Senior
Subordinated Notes Indenture or otherwise).

Section 102            Other
Definitions.

	
  Term

  	
   

  	
  Defined in 

  Section

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Act”

  	
   

  	
  108

  	
   

  
	
  “Affiliate Transaction”

  	
   

  	
  412

  	
   

  
	
  “Agent Members”

  	
   

  	
  312

  	
   

  
	
  “Amendment”

  	
   

  	
  410

  	
   

  
	
  “Authentication Order”

  	
   

  	
  303

  	
   

  
	
  “Bankruptcy Law”

  	
   

  	
  601

  	
   

  
	
  “Cash Interest”

  	
   

  	
  301

  	
   

  
	
  “Cash Interest Rate”

  	
   

  	
  301

  	
   

  
	
  “Certificate of
  Beneficial Ownership”

  	
   

  	
  313

  	
   

  
	
  “Covenant Defeasance”

  	
   

  	
  1203

  	
   

  
	
  “Custodian”

  	
   

  	
  601

  	
   

  
	
  “Defaulted Interest”

  	
   

  	
  307

  	
   

  
	
  “Defeasance”

  	
   

  	
  1202

  	
   

  
	
  “Defeased Notes”

  	
   

  	
  1201

  	
   

  
	
  “Event of Default”

  	
   

  	
  601

  	
   

  
	
  “Excess Proceeds”

  	
   

  	
  411

  	
   

  
	
  “Expiration Date”

  	
   

  	
  108

  	
   

  
	
  “Global Notes”

  	
   

  	
  201

  	
   

  
	
  “Guaranteed Note Obligations”

  	
   

  	
  1301

  	
   

  
	
  “Initial Agreement”

  	
   

  	
  410

  	
   

  
	
  “Initial Lien”

  	
   

  	
  413

  	
   

  
	
  “Note Register” and
  “Note Registrar”

  	
   

  	
  305

  	
   

  
	
  “Notice of Default”

  	
   

  	
  601

  	
   

  
	
  “Offer”

  	
   

  	
  411

  	
   

  
	
  “Offshore Global Note”

  	
   

  	
  201

  	
   

  
	
  “Offshore Note Exchange
  Date”

  	
   

  	
  313

  	
   

  
	
  “Offshore Permanent
  Global Note”

  	
   

  	
  201

  	
   

  
	
  “Offshore Physical Note”

  	
   

  	
  201

  	
   

  
	
  “Offshore Temporary
  Global Note”

  	
   

  	
  201

  	
   

  
	
  “Permitted Payment”

  	
   

  	
  409

  	
   

  
	
  “Physical Notes”

  	
   

  	
  201

  	
   

  
	
  “PIK Interest”

  	
   

  	
  301

  	
   

  
	
  “PIK Payment”

  	
   

  	
  301

  	
   

  
	
  “Private Placement
  Legend”

  	
   

  	
  203

  	
   

  
	
  “Refinancing Agreement”

  	
   

  	
  410

  	
   

  
	
  “Regular Record Date”

  	
   

  	
  301

  	
   

  
	
  “Restricted Payment”

  	
   

  	
  409

  	
   

  

 

30

 

	
  Term

  	
   

  	
  Defined in 

  Section

  	
   

  
	
  “Subsidiary Guaranteed
  Obligation”

  	
   

  	
  1301

  	
   

  
	
  “Successor Company”

  	
   

  	
  501

  	
   

  
	
  “U.S. Global Note”

  	
   

  	
  201

  	
   

  
	
  “U.S. Physical Note”

  	
   

  	
  201

  	
   

  

 

Section 103            Rules of Construction.

(a)           For all purposes of this
Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

(1)           the terms defined in this Indenture have the meanings
assigned to them in this Indenture;

(2)           “or” is not exclusive;

(3)           all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP;

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

(5)           all references to “$” or “dollars” shall
refer to the lawful currency of the United States of America;

(6)           the words “include,” “included” and “including,”
as used herein, shall be deemed in each case to be followed by the phrase “without
limitation,” if not expressly followed by such phrase or the phrase “but
not limited to”;

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

(8)           any reference to a Section or Article refers to such
Section or Article of this Indenture.

(b)           All percentages resulting
from the calculation of the Applicable LIBOR Rate shall be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with
five one-millionths of a percentage point being rounded upwards (e.g.,
9.876545% will be rounded to 9.87655%) and all dollar amounts used in or
resulting from such calculations shall be rounded to the nearest cent, with
one-half cent being rounded upwards.

Section
104            Incorporation by
Reference of TIA.  Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. 
This Indenture is subject to the mandatory provisions of the TIA, which
are incorporated by reference in and made a part of this Indenture.  Any terms incorporated by reference in this
Indenture that are defined by the TIA, defined by any TIA reference to another
statute or defined by SEC rule under the TIA, have the meanings so assigned to
them therein.  The following TIA terms
have the following meanings:

“indenture securities”
means the Notes.

 

31

 

“indenture security
holder” means a Noteholder.

“indenture to be qualified”
means this Indenture.

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

“obligor” on the
indenture securities means the Company, any Subsidiary Guarantor, and any other
obligor on the indenture securities.

Section
105            Conflict with TIA.  If any provision hereof limits, qualifies or
conflicts with a provision of the TIA that is required under the TIA to be a
part of and govern this Indenture, the latter provision shall control.  If any provision of this Indenture modifies
or excludes any provision of the TIA that may be so modified or excluded, the
latter provision shall be deemed (i) to apply to this Indenture as so modified
or (ii) to be excluded, as the case may be.

Section
106            Compliance Certificates
and Opinions.  Upon any application
or request by the Company or by any other obligor upon the Notes (including any
Subsidiary Guarantor) to the Trustee to take any action under any provision of
this Indenture, the Company or such other obligor (including any Subsidiary
Guarantor), as the case may be, shall furnish to the Trustee such certificates
and opinions as may be required under the TIA. 
Each such certificate or opinion shall be given in the form of one or
more Officer’s Certificates, if to be given by an Officer, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of
the TIA and any other requirements set forth in this Indenture.  Notwithstanding the foregoing, in the case of
any such request or application as to which the furnishing of any Officer’s
Certificate or Opinion of Counsel is specifically required by any provision of
this Indenture relating to such particular request or application, no
additional certificate or opinion need be furnished.

Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this
Indenture (except for certificates provided for in Section 406) shall
include:

(1)           a statement that the individual signing such certificate
or opinion has read such covenant or condition and the definitions herein
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 individual, he or
she made such examination or investigation as is necessary to enable him or her
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, in the opinion of such
individual, such condition or covenant has been complied with.

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

 

32

Any certificate or opinion
of an Officer may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such Officer
knows that the certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are erroneous.  Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an Officer or Officers to the effect that
the information with respect to such factual matters is in the possession of
the Company, unless such counsel knows that the certificate or opinion or
representations with respect to such matters are erroneous.

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

Section 108            Acts of Noteholders; Record Dates.

(a)           Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Holders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such
Holders in person or by agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee, and, where it is hereby
expressly required, to the Company, as the case may be.  Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Holders signing such instrument or instruments.  Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 701) conclusive in favor of
the Trustee, the Company and any other obligor upon the Notes, if made in the
manner provided in this Section 108.

(b)           The fact and date of the
execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by the certificate of any notary
public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged
to him the execution thereof.  Where such
execution is by an officer of a corporation or a member of a partnership or
other entity, on behalf of such corporation or partnership or other entity,
such certificate or affidavit shall also constitute sufficient proof of such
Person’s authority.  The fact and date of
the execution of any such instrument or writing, or the authority of the person
executing the same, may also be proved in any other manner that the Trustee
deems sufficient.

(c)           The ownership of Notes shall
be proved by the Note Register.

(d)           Any request, demand,
authorization, direction, notice, consent, waiver or other action by the Holder
of any Note shall bind the Holder of every Note issued upon the transfer
thereof or in exchange therefor or in lieu thereof, in respect of anything done
or suffered to be done by the Trustee, the Company or any other obligor upon
the Notes in reliance thereon, whether or not notation of such action is made
upon such Note.

(e)           (i) The Company may set any
day as a record date for the purpose of determining the Holders of Outstanding
Notes entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Notes, provided that the Company may not set a record date for, and
the provisions of this paragraph shall not apply with respect to, the giving or
making of any notice, declaration, request or direction referred to in the next
paragraph.  If any record date is set
pursuant to this

33

paragraph, the Holders of
Outstanding Notes on such record date (or their duly designated proxies), and
no other Holders, shall be entitled to take the relevant action, whether or not
such Persons remain Holders after such record date; provided
that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Notes on such record date. 
Nothing in this paragraph shall be construed to prevent the Company from
setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be cancelled and of no
effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding
Notes on the date such action is taken. 
Promptly after any record date is set pursuant to this paragraph, the
Company, at its expense,  shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of
Notes in the manner set forth in Section 110.

(ii)           The Trustee may set any day as a record date for the
purpose of determining the Holders of Outstanding Notes entitled to join in the
giving or making of (A) any Notice of Default, (B) any declaration of
acceleration referred to in Section 602, (C) any request to
institute proceedings referred to in Section 607(ii) or (D) any direction
referred to in Section 612, in each case with respect to Notes.  If any record date is set pursuant to this
paragraph, the Holders of Outstanding Notes on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Notes on such record date.  Nothing in this paragraph shall be construed
to prevent the Trustee from setting a new record date for any action for which
a record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person
be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Notes on the date such action is taken.  Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Notes in the manner set forth in Section 110.

(iii)          With respect to any record date set pursuant to this Section
108, the party hereto that sets such record dates may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to
any earlier or later day; provided that
no such change shall be effective unless notice of the proposed new Expiration
Date is given to the Company or the Trustee, whichever such party is not setting
a record date pursuant to this Section 108(e) in writing, and to each
Holder of Notes in the manner set forth in Section 110, on or prior to
the existing Expiration Date.  If an
Expiration Date is not designated with respect to any record date set pursuant
to this Section, the party hereto that set such record date shall be deemed to
have initially designated the 180th day after such record date as the
Expiration Date with respect thereto, subject to its right to change the
Expiration Date as provided in this paragraph. 
Notwithstanding the foregoing, no Expiration Date shall be later than
the 180th day after the applicable record date.

(iv)          Without limiting the foregoing, a
Holder entitled hereunder to take any action hereunder with regard to any
particular Note may do so with regard to all or any part of the principal
amount of such Note or by one or more duly appointed agents each of which may
do so pursuant to such appointment with regard to all or any part of such
principal amount.

34

Section
109            Notices, etc., to
Trustee and Company.  Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with,

(1)           the Trustee by any Holder or by the Company or by any
other obligor upon the Notes shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Trustee at 213 Court
Street, Suite 703, Middletown, CT 06457, Attention:  Corporate Trust Department (telephone:  (860) 704-6217; telecopier:  (860) 704-6219) or at any other address
furnished in writing to the Company by the Trustee, or

(2)           the Company by the Trustee or by any Holder shall be
sufficient for every purpose hereunder if in writing and mailed, first class
postage prepaid, to the Company at 1310 Goshen Parkway, West Chester, PA 19380,
Attention: Chief Financial Officer (telephone: (610) 431-1700; telecopier:  (610) 436-1760), with copies to Debevoise
& Plimpton LLP, 919 Third Avenue, New York, New York 10022, Attention:  Peter J. Loughran, Esq. (telephone:  (212) 909-6000; telecopier:  (212) 909-6836), or at any other address
previously furnished in writing to the Trustee by the Company.

Section
110            Notices to Holders;
Waiver.  Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed,
first class postage prepaid, to each Holder affected by such event, at such
Holder’s address as it appears in the Note Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such
notice.  In any case where notice to
Holders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders.

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

In case, by reason of the
suspension of regular mail service, or by reason of any other cause, it shall
be impossible to mail notice of any event as required by any provision of this
Indenture, then such notification as shall be made with the approval of the
Trustee (such approval not to be unreasonably withheld) shall constitute a
sufficient notification for every purpose hereunder.

Section
111            Effect of Headings and
Table of Contents.  The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

Section
112            Successors and Assigns.  All covenants and agreements in this
Indenture by the Company shall bind its respective successors and assigns,
whether so expressed or not.

Section
113            Separability Clause.  In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

Section
114            Benefits of Indenture.  Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, any Paying Agent and the Holders, any benefit or
any legal or equitable right, remedy or claim under this Indenture.

35

Section
115            GOVERNING LAW.  THIS INDENTURE AND THE NOTES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR
IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS
AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT
LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES.

Section
116            Legal Holidays.  In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Note shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Notes) payment of interest or principal and premium (if
any) need not be made at such Place of Payment on such date, but may be made on
the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at
the Stated Maturity.

Section
117            No Personal Liability of
Directors, Officers, Employees, Incorporators and Stockholders.  No director, officer, employee, incorporator
or stockholder, as such, of the Company, any Subsidiary Guarantor or any
Subsidiary of any thereof shall have any liability for any obligation of the Company
or any Subsidiary Guarantor under this Indenture, the Notes or any Subsidiary
Guarantee, or for any claim based on, in respect of, or by reason of, any such
obligation or its creation.  Each
Noteholder, by accepting the Notes, waives and releases all such
liability.  The waiver and release are
part of the consideration for issuance of the Notes.

Section
118            Exhibits and Schedules.  All exhibits and schedules attached hereto
are by this reference made a part hereof with the same effect as if herein set
forth in full.

Section
119            Counterparts.  This Indenture may be executed in any number
of counterparts, each of which shall be an original; but such counterparts
shall together constitute but one and the same instrument.

ARTICLE II

NOTE FORMS

Section 201            Forms
Generally.

(a)           The Notes and the Trustee’s
certificate of authentication relating thereto shall be in substantially the
forms set forth, or referenced, in this Article II and Exhibit A
annexed hereto, which Exhibit is hereby incorporated in and expressly made a
part of this Indenture.  The Notes may
have such appropriate insertions, omissions, substitutions, notations, legends,
endorsements, identifications and other variations as are required or permitted
by law, stock exchange rule or depositary rule or usage, agreements to which
the Company is subject, if any, or other customary usage, or as may
consistently herewith be determined by the Officers of the Company executing
such Notes, as evidenced by such execution (provided always that any such notation,
legend, endorsement, identification or variation is in a form acceptable to the
Company).  Each Note shall be dated the
date of its authentication.  The terms of
the Notes set forth in Exhibit A are part of the terms of this
Indenture.  Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

(b)           Initial Notes and any
Initial Additional Notes offered and sold in reliance on Rule 144A under the
Securities Act shall, unless (in the case of Additional Notes) the Company
otherwise notifies the Trustee in writing, be issued in the form of one or more
permanent global Notes in

36

substantially the form set
forth in Exhibit A (each, a “U.S. Global Note”), deposited with
the Trustee, as custodian for the Depositary or its nominee, duly executed by
the Company and authenticated by the Trustee as hereinafter provided.  The aggregate principal amount of a U.S.
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 or its nominee,
as hereinafter provided.

(c)           Initial Notes and any
Initial Additional Notes offered and sold in offshore transactions in reliance
on Regulation S under the Securities Act shall, unless (in the case of
Additional Notes) the Company otherwise notifies the Trustee in writing, be
issued in the form of one or more temporary global Notes in substantially the
form set forth in Exhibit A (each, an “Offshore Temporary Global Note”),
deposited with the Trustee, as custodian for the Depositary or its nominee,
duly executed by the Company and authenticated by the Trustee as hereinafter
provided.  Following the Offshore Note
Exchange Date with respect to any such Offshore Temporary Global Note,
beneficial interests in the Offshore Temporary Global Note shall be exchanged
as provided in Sections 312 and 313 for beneficial interests in
one or more permanent global Notes in the form of Exhibit A (each an “Offshore
Permanent Global Note” and, together with the Offshore Temporary Global
Notes, the “Offshore Global Notes”), deposited with the Trustee, as
custodian for the Depositary or its nominee, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.  Simultaneously with the authentication of an
Offshore Permanent Global Note, the Trustee shall cancel the related Offshore
Temporary Global Note.  The aggregate
principal amount of an Offshore Global Note may from time to time be increased
or decreased by adjustments made in the records of the Trustee, as custodian
for the Depositary or its nominee, as hereinafter provided.

(d)           Subject to the limitations
on the issuance of certificated Notes set forth in Sections 312 and 313,
Initial Notes and any Initial Additional Notes issued pursuant to Section
305 in exchange for or upon transfer of beneficial interests (x) in a U.S.
Global Note shall be in the form of permanent certificated Notes substantially
in the form set forth in Exhibit A (the “U.S. Physical Notes”) or (y) in
an Offshore Global Note (if any), on or after the Offshore Note Exchange Date
with respect to such Offshore Global Note, shall be in the form of permanent
certificated Notes substantially in the form set forth in Exhibit A (the
“Offshore Physical Notes”), respectively, as hereinafter provided.

(e)           The U.S. Physical Notes and
Offshore Physical Notes shall be construed to include any certificated Notes
issued in respect thereof pursuant to Section 304, 305, 306
or 1010, and the U.S. Global Notes and Offshore Global Notes shall be
construed to include any global Notes issued in respect thereof pursuant to Section
304, 305, 306 or 1010 
The Offshore Physical Notes and the U.S. Physical Notes, together with
any other certificated Notes issued and authenticated pursuant to this
Indenture, are sometimes collectively herein referred to as the “Physical
Notes”.  The U.S. Global Notes and
the Offshore Global Notes, together with any other global Notes that are issued
and authenticated pursuant to this Indenture, are sometimes collectively
referred to as the “Global Notes.”

(f)            Exchange
Notes shall be issued substantially in the form set forth in Exhibit A
and, subject to 

Section 312(b), shall be in the form of one or more Global Notes.

Section
202            Form of Trustee’s
Certificate of Authentication.  The
Notes will have endorsed thereon  a
Trustee’s certificate of authentication in substantially the following form:

This is one of the Notes
referred to in the within mentioned Indenture.

37

                                                                                

                                                                                

as Trustee

By:                                                                          

Authorized Officer

Dated:

If an appointment of an
Authenticating Agent is made pursuant to Section 714, the Notes may
have endorsed thereon, in lieu of the Trustee’s certificate of authentication,
an alternative certificate of authentication in substantially the following
form:

This is one of the Notes
referred to in the within mentioned Indenture.

                                                                                                

                                                                                                

as Trustee

By:                                                                                          

As Authenticating Agent

By:                                                                                          

Authorized Officer

Dated:

Section
203            Restrictive and Global
Note Legends.  Each Global Note and
Physical Note shall bear the following legend set forth below (the “Private
Placement Legend”) on the face thereof until the Private Placement Legend
is removed or not required in accordance with Section 313(4):

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
ANY STATE SECURITIES LAWS OR OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. 
EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF
THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION
UNDER THE SECURITIES ACT.

BY ITS ACCEPTANCE HEREOF, THE HOLDER OF THIS
SECURITY (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND
IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE
904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN
RULE 501(a)(1), (2), (3), OR (7) UNDER REGULATION D PROMULGATED UNDER THE
SECURITIES ACT (AN “ACCREDITED INVESTOR”) AND (2) AGREES THAT IT WILL NOT
RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) (I) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, (II) FOR SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT INSIDE THE UNITED STATES TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
IN COMPLIANCE

38

WITH RULE 144A UNDER THE SECURITIES ACT,
(III) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH
TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO
THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (IV) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE
904 UNDER THE SECURITIES ACT (IF AVAILABLE), (V) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR
(VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE
UNITED STATES AND OTHER JURISDICTIONS. 
THE HOLDER OF THIS SECURITY FURTHER AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND.  IN CONNECTION
WITH ANY TRANSFER OF THIS SECURITY PURSUANT TO SUBCLAUSES (III) TO (V) OF
CLAUSE (A) ABOVE, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE
TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  AS USED HEREIN, THE TERMS “OFFSHORE
TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM
BY REGULATION S UNDER THE SECURITIES ACT.

Each Global Note, whether or
not an Initial Note, shall also bear the following legend on the face thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO.
OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN SECTIONS 312 AND 313 OF THE INDENTURE (AS DEFINED
HEREIN).

Each Offshore Temporary
Global Note shall also bear the following legend on the face thereof:

 

39

EXCEPT AS SPECIFIED IN THE INDENTURE,
BENEFICIAL OWNERSHIP INTERESTS IN THIS OFFSHORE TEMPORARY GLOBAL NOTE WILL NOT
BE EXCHANGEABLE FOR INTERESTS IN THE OFFSHORE PERMANENT GLOBAL NOTE OR ANY
OTHER SECURITY REPRESENTING AN INTEREST IN THE SECURITIES REPRESENTED HEREBY
WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE
EXPIRATION OF THE “40 DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING
OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT).  DURING SUCH 40 DAY DISTRIBUTION COMPLIANCE
PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS OFFSHORE TEMPORARY GLOBAL NOTE
MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED THROUGH EUROCLEAR BANK S.A./N.A., AS
OPERATOR OF THE EUROCLEAR SYSTEM, OR CLEARSTREAM, SOCIÉTÉ ANONYME.

ARTICLE III

THE NOTES

Section
301            Title and Terms.  The aggregate principal amount of Notes that
may be authenticated and delivered and Outstanding under this Indenture is not
limited.  The Initial Notes will be
initially issued in an aggregate principal amount of $350.0 million.

All the Notes shall vote and
consent together on all matters as one class, and none of the Notes will have
the right to vote or consent as a class separate from one another on any
matter.  Additional Notes (including any
Exchange Notes issued in exchange therefor) will vote (or consent) as a class
with the other Notes and otherwise be treated as Notes for all purposes of this
Indenture.

The Notes shall be known and
designated as the “Senior Floating Rate Notes Due 2011” of the Company.  The final Stated Maturity of the Notes shall
be December 1, 2011.

For any quarterly interest
period, the Company may, at its option, elect to pay interest on the Notes (1)
entirely in cash (“Cash Interest”), (2) entirely by increasing the
principal amount of the Outstanding Notes (“PIK Interest”) or
(3) 50% as Cash Interest and 50% as PIK Interest.  Cash Interest shall accrue on the Notes at a
rate per annum equal to the Applicable LIBOR Rate plus the Applicable Spread
(the “Cash Interest Rate”).  PIK
Interest shall accrue on the Notes at a rate per annum equal to the Cash Interest
Rate plus 75 basis points.  The
Applicable LIBOR Rate shall be reset quarterly, as determined by the Company in
accordance with the definition thereof.

To elect the form of
interest payment with respect to any quarterly interest period, the Company
shall give the Trustee irrevocable written notice of such election not less
than 20 Business Days prior to the related Interest Payment Date.  Such notice shall include information to the
following effect:  (1) the relevant
Interest Payment Date; (2) whether interest shall be paid on such Interest
Payment Date entirely as Cash Interest, entirely as PIK Interest, or 50% as
Cash Interest and 50% as PIK Interest; and (3) in the case of any PIK Payment,
the increase in the principal amount of the Notes to be effective upon the
relevant Interest Payment Date as a result of such PIK Payment and the
principal amount of the Outstanding Notes as of such Interest Payment Date
giving effect to such PIK Payment, as determined in accordance with this
Indenture.  The Trustee shall promptly
deliver a corresponding notice to the Holders. 
In the absence of such an election for any quarterly interest period,
interest on the Notes shall be payable entirely in the form of PIK Interest on
the related Interest Payment Date.  PIK
Interest shall be payable on the related Interest Payment Date by increasing
the principal amount of the Outstanding Notes by an amount equal to the amount
of PIK Interest for the applicable quarterly interest period (a “PIK Payment”),
as hereinafter provided.  If the Company
elects to pay 50% as Cash Interest and 50% as PIK

40

Interest, such Cash Interest
and PIK Interest shall be paid to Holders pro rata in
accordance with their interests. 
Following an increase in the principal amount of the Outstanding Notes
as a result of a PIK Payment, the Notes shall accrue interest on such increased
principal amount from and after the related Interest Payment Date of such PIK
Payment.  On the Interest Payment Date
for such PIK Payment, the principal amount of each Note shall be increased by
the amount of the PIK Interest payable, rounded up to the nearest $1.00, for
the relevant quarterly interest period on the principal amount of such Note as
of the relevant Regular Record Date for such Interest Payment Date, to the
credit of the Holders on such Regular Record Date, pro rata in accordance with
their interests, automatically without any further action by any Person.  In the case of the Global Notes, such
increase in principal amount shall be recorded in the Note Registrar’s books
and records and in the schedule to the Global Notes in accordance with Section
312(h) hereof.  In the case of Physical
Notes (if any), Holders shall be entitled upon surrender for transfer or
exchange of Physical Notes to receive one or more new Physical Notes reflecting
such increase in principal amount in accordance with the last paragraph of
Section 305 hereof.  References in this
Indenture and the Notes to the “principal amount” of the Notes shall include
increases in the principal amount of the Outstanding Notes as a result of any
PIK Payment.

Interest on each Note shall
be payable quarterly as aforesaid in arrears to Holders, in accordance with
Section 307, at the close of business on the February 15, May 15, August 15 and
November 15 (each such February 15, May 15, August 15 and November 15, a “Regular
Record Date”) immediately preceding the interest payment date on March 1,
June 1, September 1 and December 1 of each year, commencing March 1, 2007.  Interest on the Notes shall accrue from the
Issue Date, or from the most recent date to which interest has been paid.

The interest rate on the
Notes shall in no event be higher than the maximum rate permitted by the laws
of the State of New York (including any applicable federal laws of the United
States of America).  The Company shall,
upon the request of any Holder, provide the Applicable LIBOR Rate then in
effect with respect to the Notes.

The principal of, and
premium, if any, and interest on, the Notes shall be payable, and the Notes may
be exchanged or transferred, at the office or agency of the Company maintained
for that purpose (which initially shall be the Corporate Trust Office of the
Trustee) (the “Place of Payment”); provided, however, that at the option of the Company payment of cash
interest on a Note may be made by wire transfer of immediately available funds
to the account designated to the Company by the Person entitled thereto or by
check mailed to the address of the Person entitled thereto as such address
shall appear in the Note Register.

Section
302            Denominations.  The Notes shall be issuable only in fully
registered form, without coupons, and only in denominations of $2,000 and any
integral multiples of $1,000 in excess thereof, subject to the provisions of
Section 301 of this Indenture in respect of increases in principal amount of
Notes resulting from any PIK Payment.

Section
303            Execution,
Authentication and Delivery and Dating. 
The Notes shall be executed on behalf of the Company by one Officer of
the Company.  The signature of any such
Officer on the Notes may be manual or facsimile.

Notes bearing the manual or
facsimile signature of an individual who was at any time a proper Officer of
the Company shall bind the Company, notwithstanding that such individual has
ceased to hold such office prior to the authentication and delivery of such
Notes or did not hold such office at the date of such Notes.

41

At any time and from time to
time after the execution and delivery of this Indenture, the Company may
deliver Notes executed by the Company to the Trustee for authentication; and
the Trustee shall authenticate and deliver (i) Initial Notes for original issue
in the aggregate principal amount not to exceed $350.0 million, (ii) Additional
Notes in one or more series from time to time for original issue in aggregate
principal amounts specified by the Company and (iii) Exchange Notes from time
to time for issue in exchange for a like principal amount of Initial Notes or
Initial Additional Notes, in each case specified in clauses (i) through (iii)
above, upon a written order of the Company in the form of an Officer’s
Certificate of the Company (an “Authentication Order”).  Such Officer’s Certificate shall specify the
amount of Notes to be authenticated and the date on which the Notes are to be
authenticated, whether the Notes are to be Initial Notes, Additional Notes or
Exchange Notes and whether the Notes are to be issued as one or more Global
Notes or Physical Notes and such other information as the Company may include
or the Trustee may reasonably request.

All Notes shall be dated the
date of their authentication.

No Note shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Note a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature,
and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

Section
304            Temporary Notes.  Until definitive Notes are ready for
delivery, the Company may prepare and upon receipt of an Authentication Order
the Trustee shall authenticate temporary Notes. 
Temporary Notes shall be substantially in the form of definitive Notes
but may have variations that the Company consider appropriate for temporary
Notes.  If temporary Notes are issued,
the Company will cause definitive Notes to be prepared without unreasonable
delay.  After the preparation of
definitive Notes, the temporary Notes shall be exchangeable for definitive
Notes upon surrender of the temporary Notes at the office or agency of the
Company in a Place of Payment, without charge to the Holder.  Upon surrender for cancellation of any one or
more temporary Notes the Company shall execute and upon receipt of an
Authentication Order the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Notes of authorized
denominations.  Until so exchanged the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as definitive Notes of the same series and tenor.

Section
305            Registration,
Registration of Transfer and Exchange. 
The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the “Note Register”) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Notes and of transfers of Notes.  The Trustee is hereby appointed “Note
Registrar” for the purpose of registering Notes and transfers of Notes as
herein provided.

Upon surrender for transfer
of any Note at the office or agency of the Company in a Place of Payment, in
compliance with all applicable requirements of this Indenture and applicable
law, the Company shall execute, and the Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Notes
of the same series, of any authorized denominations and of a like aggregate
principal amount.

At the option of the Holder,
Notes may be exchanged for other Notes of the same series, of any authorized
denominations and of a like tenor and aggregate principal amount, upon
surrender of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for

42

exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Notes that the
Holder making the exchange is entitled to receive.

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

Every Note presented or
surrendered for transfer or exchange shall (if so required by the Company or
the Trustee) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Note Registrar duly executed,
by the Holder thereof or such Holder’s attorney duly authorized in writing.

No service charge shall be
made for any registration, transfer or exchange of Notes, but the Company may
require payment of a sum sufficient to cover any transfer tax or other
governmental charge that may be imposed in connection therewith.

The Company shall not be
required (i) to issue, transfer or exchange any Note during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of
redemption of Notes selected for redemption under Section 1006 and
ending at the close of business on the day of such mailing, or (ii) to transfer
or exchange any Note so selected for redemption in whole or in part.

The Note Registrar shall
record in the Note Register the increase in principal amount of each Note as a
result of any PIK Payment and the related Interest Payment Date of such PIK
Payment.  No consent of the Holders shall
be required for any such increase in principal amount of any Note or for the
recording thereof in the Note Register. 
The Company shall not be required to execute, and the Trustee shall not
be required to authenticate and deliver, any Note to reflect any such increase
in the principal amount of any Note as a result of any PIK Payment (other than
with respect to Physical Notes (if any) in accordance with the following
paragraph), nor shall the Company, the Trustee or the Note Registrar be
required to make any notation on any Note to reflect any such increase in
principal amount (other than any notation on any Global Note that may be made
by the Note Registrar in accordance with Section 312(h) hereof).

If the Global Notes have
been exchanged for Physical Notes in accordance with Section 312(b) of this
Indenture, at any time after any PIK Payment in accordance with Section 301,
upon surrender for transfer or exchange of any Physical Note as provided in
this Section 305, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees or the
Holder of such Physical Note, as the case may be, one or more new Physical
Notes in aggregate principal amount equal to the then current principal amount
of the Physical Note being transferred or exchanged which principal amount shall
reflect all increases in the principal amount thereof as a result of PIK
Payments as recorded in the Note Register.

Section
306            Mutilated, Destroyed,
Lost and Stolen Notes.  If (i) any
mutilated Note is surrendered to the Trustee, or the Company and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Company and the Trustee such security
or indemnity as may be required by them to save each of them harmless, then, in
the absence of notice to the Company or the Trustee that such Note has been
acquired by a bona fide purchaser, the Company shall execute and upon receipt
of an Authentication Order the Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note,
a new Note of like tenor and principal amount, bearing a number not
contemporaneously Outstanding.

43

In case any such mutilated,
destroyed, lost or stolen Note has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Note, pay
such Note.

Upon the issuance of any new
Note under this Section 306, the Company may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith.

Every new Note issued
pursuant to this Section 306 in lieu of any destroyed, lost or stolen
Note shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and ratably with any and all other Notes duly issued
hereunder.

The provisions of this Section
306 are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

Section
307            Payment of Interest
Rights Preserved.  Interest on any
Note that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Note (or
one or more Predecessor Notes) is registered at the close of business on the
Regular Record Date for such interest specified in Section 301. For the
avoidance of doubt and notwithstanding any other provision of this Indenture or
the Notes, interest that is paid in the form of PIK Interest shall be
considered paid or duly provided for, for all purposes of this Indenture and
the Notes, and shall not be considered overdue.

Any cash interest on any
Note that is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the registered Holder on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted Interest
may be paid by the Company, at its election, as provided in clause (1) or
clause (2) below:

(1)           The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest, which shall be fixed in the
following manner.  The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each Note and the date of the proposed payment, and at the same time
the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements reasonably satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such Defaulted Interest as
provided in this clause (1).  Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 nor less than 10 days prior to the
date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. 
The Trustee shall promptly notify the Company of such Special Record
Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first class postage prepaid, to each Holder at such Holder’s
address as it appears in the Note Register, not less than 10 days prior to such
Special Record Date.  Notice of the
proposed payment of such Defaulted Interest and the Special Record Date
therefor having been so mailed, such Defaulted Interest shall be paid to the
Persons in whose names the Notes (or

44

their
respective Predecessor Notes) are registered on such Special Record Date and
shall no longer be payable pursuant to the following clause (2).

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

Subject to the foregoing
provisions of this Section 307, each Note delivered under this Indenture
upon transfer of or in exchange for or in lieu of any other Note shall carry
the rights to interest accrued and unpaid, and to accrue, that were carried by
such other Note.

Section
308            Persons Deemed Owners.  The Company, any Subsidiary Guarantor, the
Trustee and any agent of any of them may treat the Person in whose name any
Note is registered as the owner of such Note for the purpose of receiving
payment of principal of (and premium, if any), and (subject to Section 307)
interest on, such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and neither the Company, any Subsidiary Guarantor, the
Trustee nor any agent of any of them shall be affected by notice to the
contrary.

Section
309            Cancellation.  All Notes surrendered for payment, redemption,
transfer, exchange or conversion shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and, if not already cancelled, shall
be promptly cancelled by it.  The Company
may at any time deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder that the Company may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by
the Trustee.  No Notes shall be
authenticated in lieu of or in exchange for any Notes cancelled as provided in
this Section, except as expressly permitted by this Indenture.  All cancelled Notes held by the Trustee shall
be disposed of in accordance with its customary procedures.

Section
310            Computation of Interest.  Interest on the Notes shall be computed on
the basis of a 360-day year consisting of twelve 30-day months.

Section
311            CUSIP Numbers.  The Company in issuing the Notes may use “CUSIP”
numbers (if then generally in use), and if so, the Trustee may use the CUSIP numbers
in notices of redemption or exchange as a convenience to Holders; provided, however, that
any such notice may state that no representation is made as to the correctness
or accuracy of the CUSIP number printed in the notice or on the Notes, and that
reliance may be placed only on the other identification numbers printed on the
Notes.

Section 312            Book-Entry
Provisions for Global Notes.

(a)           Each Global Note initially
shall (i) be registered in the name of the Depositary for such Global Note or
the nominee of such Depositary and (ii) be delivered to the Trustee as
custodian for such Depositary. 
Neither  the Company nor any agent
of the Company shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Global Note, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

Members of, or participants
in, the Depositary (“Agent Members”) shall have no rights under this
Indenture with respect to any Global Note, and the Depositary may be treated by
the Company, any other obligor upon the Notes, the Trustee and any agent of any
of them as the absolute owner of such

45

Global Note for all purposes
whatsoever.  Notwithstanding the
foregoing, nothing herein shall prevent the Company, any other obligor upon the
Notes, the Trustee or any agent of any of them 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 beneficial owner
of any Note.  The registered holder of a
Global Note may grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through Agent Members, to
take any action that a Holder is entitled to take under this Indenture or the
Notes.

(b)           Transfers of a Global Note
shall be limited to transfers of such Global Note in whole, but, subject to the
immediately succeeding sentence, not in part, to the Depositary, its successors
or their respective nominees.  Interests
of beneficial owners in a Global Note may not be transferred or exchanged for
Physical Notes unless (i) such transfer or exchange is made pursuant to the
next sentence and (ii) such transfer or exchange is in accordance with the
applicable rules and procedures of the Depositary and the provisions of Sections
305 and 313.  Subject to the
limitation on issuance of Physical Notes set forth in Section 313(3),
Physical Notes shall be transferred to beneficial owners in exchange for their
beneficial interests in the relevant Global Note, only if (i) the Depositary
notifies the Company that it is unwilling or unable to continue as Depositary
for the Global Notes or the Depositary ceases to be a “Clearing Agency”
registered under the Exchange Act and in either case a successor depositary is
not appointed by the Company within 90 days, (ii) the Company, at its option,
notifies the Trustee in writing that it is electing to cause the issuance of
Physical Notes under this Indenture or (iii) an Event of Default has occurred
and is continuing and the Trustee has received a written request from the
Depositary to issue Physical Notes.

(c)           In connection with any
transfer or exchange of a portion of the beneficial interest in any Global Note
to beneficial owners for Physical Notes pursuant to Section 312(b), the
Note Registrar shall record on its books and records the date and a decrease in
the principal amount of such Global Note in an amount equal to the beneficial
interest in the Global Note being transferred, and the Company shall execute,
and the Trustee shall authenticate and deliver, one or more Physical Notes of
like tenor and principal amount of authorized denominations.

(d)           In connection with a
transfer of an entire Global Note to beneficial owners pursuant to Section
312(b), the applicable Global Note shall be deemed to be surrendered to the
Trustee for cancellation, and the Company shall execute, and the Trustee shall
authenticate and deliver, to each beneficial owner identified by the Depositary
in exchange for its beneficial interest in the applicable Global Note, an equal
aggregate principal amount of U.S. Physical Notes (in the case of any U.S.
Global Note), Offshore Physical Notes (in the case of any Offshore Global Note)
or other Physical Notes (in the case of any other Global Note), as the case may
be, of authorized denominations.

(e)           The transfer and exchange of
a Global Note or beneficial interests therein shall be effected through the
Depositary, in accordance with this Indenture (including applicable
restrictions on transfer set forth in Section 313) and the procedures of
the Depositary therefor.  Any beneficial
interest in one of the Global Notes that is transferred to a Person who takes
delivery in the form of an interest in a different Global Note will, upon
transfer, cease to be an interest in such Global Note and become an interest in
the other Global Note and, accordingly, will thereafter be subject to all
transfer restrictions, if any, and other procedures applicable to beneficial
interests in such other Global Note for as long as it remains such an interest.  A transferor of a beneficial interest in a
Global Note shall deliver to the Note Registrar a written order given in
accordance with the Depositary’s procedures containing information regarding
the participant account of the Depositary to be credited with a beneficial interest
in the relevant Global Note.  Subject to Section
313, the Note Registrar shall, in accordance with such instructions,
instruct the Depositary to credit to the account of the Person specified in
such instructions a beneficial

46

interest in such Global Note
and to debit the account of the Person making the transfer the beneficial
interest in the Global Note being transferred.

(f)            Any Physical Note delivered
in exchange for an interest in a Global Note pursuant to Section 312(b)
shall, unless such exchange is made on or after the Resale Restriction
Termination Date applicable to such Note and except as otherwise provided in Section
203 and Section 313, bear the Private Placement Legend.

(g)           The Company, any other
obligor upon the Notes or the Trustee, in the discretion of any of them, may
treat as the Act of a Holder any instrument or writing of any Person that is
identified by the Depositary as the owner of a beneficial interest in the
Global Note, provided that the fact and date
of the execution of such instrument or writing is proved in accordance with Section 108(b).

(h)           The Note Registrar shall
record on its books and records the increase in principal amount of each Global
Note as a result of any PIK Payment and the related Interest Payment Date of
such PIK Payment and shall record such increase in the “Schedule of Increases
or Decreases in Global Note” attached to such Global Note.  No consent of the Holders shall be required
for any such increase in principal amount of any Global Note or for the
recording thereof on the Note Registrar’s books and records.

Section 313            Special
Transfer Provisions.

(1)           Transfers to Non U.S. Persons.  The following provisions shall apply with
respect to the registration of any proposed transfer of a Note that is a
Restricted Security to any Non U.S. Person: 
The Note Registrar shall register such transfer if it complies with all
other applicable requirements of this Indenture (including Section 305)
and,

(a)           if (x) such transfer is after the relevant Resale
Restriction Termination Date with respect to such Note or (y) the proposed
transferor has delivered to the Note Registrar a Regulation S Certificate and,
unless otherwise agreed by the Company and the Trustee, an opinion of counsel,
certifications and other information satisfactory to the Company and the
Trustee, and

(b)           if the proposed transferor is or is acting through an
Agent Member holding a beneficial interest in a Global Note, upon receipt by
the Note Registrar of (x) the certificate, opinion, certifications and other
information, if any, required by clause (a) above and (y) written instructions
given in accordance with the Depositary’s and the Note Registrar’s procedures;

whereupon (i) the Note
Registrar shall reflect on its books and records the date and (if the transfer
does not involve a transfer of any Outstanding Physical Note) a decrease in the
principal amount of the relevant Global Note in an amount equal to the
principal amount of the beneficial interest in the relevant Global Note to be
transferred, and (ii) either (A) if the proposed transferee is or is acting
through an Agent Member holding a beneficial interest in a relevant Offshore
Global Note, the Trustee shall reflect on its books and records the date and an
increase in the principal amount of such Offshore Global Note in an amount
equal to the principal amount of the beneficial interest being so transferred
or (B) otherwise the Company shall execute and the Trustee shall authenticate
and deliver one or more Physical Notes of like tenor and amount.

(2)           Transfers to QIBs. 
The following provisions shall apply with respect to the registration of
any proposed transfer of a Note that is a Restricted Security to a QIB
(excluding transfers

47

to Non-U.S. Persons):  The Note Registrar shall register such
transfer if it complies with all other applicable requirements of this
Indenture (including Section 305) and,

(a)           if such transfer is being made by a proposed transferor
who has checked the box provided for on the form of such Note stating, or has
otherwise certified to the Company and the Note Registrar in writing, that the
sale has been made in compliance with the provisions of Rule 144A to a
transferee who has signed the certification provided for on the form of such
Note stating, or has otherwise certified to the Company and the Note Registrar
in writing, that it is purchasing such Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a QIB within the meaning of Rule 144A, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Company as it has requested
pursuant to Rule 144A or has determined not to request such information and
that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Rule 144A; and

(b)           if the proposed transferee is an Agent Member, and the
Note to be transferred consists of a Physical Note that after transfer is to be
evidenced by an interest in a Global Note or consists of a beneficial interest
in a Global Note that after the transfer is to be evidenced by an interest in a
different Global Note, upon receipt by the Note Registrar of written
instructions given in accordance with the Depositary’s and the Note Registrar’s
procedures, whereupon the Note Registrar shall reflect on its books and records
the date and an increase in the principal amount of the transferee Global Note
in an amount equal to the principal amount of the Physical Note or such
beneficial interest in such transferor Global Note to be transferred, and the
Trustee shall cancel the Physical Note so transferred or reflect on its books
and records the date and a decrease in the principal amount of such transferor
Global Note, as the case may be.

(3)           Limitation on Issuance of Physical Notes.  No Physical Note shall be exchanged for a beneficial
interest in any Global Note, except in accordance with Section 312 and
this Section 313.

A beneficial owner of an
interest an Offshore Temporary Global Note (and, in the case of any Additional
Notes for which no Offshore Temporary Global Note is issued, any Offshore
Global Note) shall not be permitted to exchange such interest for a Physical
Note or (in the case of such interest in an Offshore Temporary Global Note) an
interest in an Offshore Permanent Global Note until a date, which must be after
the expiration of the distribution compliance period set forth in Regulation S,
on which the Company receives a certificate of beneficial ownership
substantially in the form of Exhibit B from such beneficial owner (a “Certificate
of Beneficial Ownership”).  Such
date, as it relates to an Offshore Global Note, is herein referred to as the “Offshore
Note Exchange Date.”

(4)           Private Placement Legend.  Upon the transfer, exchange or replacement of
Notes not bearing the Private Placement Legend, the Note 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 Note Registrar shall deliver
only Notes that bear the Private Placement Legend unless (i) the requested
transfer is after the relevant Resale Restriction Termination Date with respect
to such Notes, (ii) upon written request of the Company after there is
delivered to the Note Registrar an opinion of counsel (which opinion and
counsel are 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, (iii)
with respect to an Offshore Global Note (on or after the Offshore Note Exchange
Date with respect to such Offshore Global Note) or Offshore Physical Note, in
each case with the agreement of the Company, or (iv) such Notes are sold or
exchanged pursuant to an effective registration statement under the Securities
Act.

48

 

 

(5)           Other Transfers. 
The Note Registrar shall effect and register, upon receipt of a written
request from the Company to do so, a transfer not otherwise permitted by this Section
313, such registration to be done in accordance with the otherwise applicable
provisions of this Section 313, upon the furnishing by the proposed
transferor or transferee of a written opinion of counsel (which opinion and
counsel are satisfactory to the Company and the Trustee) to the effect that,
and such other certifications or information as the Company or the Trustee may
require (including, in the case of a transfer to an Accredited Investor (as
defined in Rule 501(a)(1), (2), (3) or (7) under Regulation D promulgated under
the Securities Act), a certificate substantially in the form of Exhibit E)
to confirm that, the proposed transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act.

A Note that is a Restricted
Security may not be transferred other than as provided in this Section 313.  A beneficial interest in a Global Note that
is a Restricted Security may not be exchanged for a beneficial interest in
another Global Note other than through a transfer in compliance with this Section 313.

(6)           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 Note Registrar shall
retain copies of all letters, notices and other written communications received
pursuant to Section 312 or this Section 313 (including all Notes
received for transfer pursuant to Section 313).  The Company shall have the right to require
the Note Registrar to deliver to the Company, at the Company’s expense, copies
of all such letters, notices or other written communications at any reasonable
time upon the giving of reasonable written notice to the Note Registrar.

In connection with any
transfer of any Note, the Trustee, the Note Registrar and the Company shall be
entitled to receive, shall be under no duty to inquire into, may conclusively
presume the correctness of, and shall be fully protected in relying upon the
certificates, opinions and other information referred to herein (or in the
forms provided herein, attached hereto or to the Notes, or otherwise) received
from any Holder and any transferee of any Note regarding the validity, legality
and due authorization of any such transfer, the eligibility of the transferee
to receive such Note and any other facts and circumstances related to such
transfer.

Section 314            Payment
of Additional Amounts.

(a)           Under certain circumstances
the Company will be obligated to pay certain additional amounts of interest to
the Holders of certain Initial Notes, as more particularly set forth in such
Initial Notes and the Registration Rights Agreement.

(b)           Under certain circumstances
the Company may be obligated to pay certain additional amounts of interest to
the Holders of certain Initial Additional Notes, as may be more particularly
set forth in such Initial Additional Notes.

(c)           Prior to any Interest
Payment Date on which any such additional amounts of interest payable, the
Company shall give notice to the Trustee of the amount of any additional
amounts of interest due on such Interest Payment Date.

 

49

 

Section
315            Tax Treatment of the
Notes.  Except to the extent
otherwise required by law, the Company shall, and by acquiring a beneficial
interest in the Notes, each beneficial owner of the Notes shall be deemed to
have agreed to, treat the Notes as indebtedness subject to the Treasury
Regulations governing variable rate debt instruments for U.S. federal income
tax purposes.

ARTICLE IV

COVENANTS

Section
401            Payment of Principal,
Premium and Interest.  The Company
shall duly and punctually pay the principal of (and premium, if any) and
interest on the Notes in accordance with the terms of the Notes and this
Indenture.

Section
402            Maintenance of Office or
Agency.  The Company shall maintain
an office or agency where Notes may be presented or surrendered for payment,
where Notes may be surrendered for transfer or exchange and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may
be served.  The Company shall give prompt
written notice to the Trustee of the location, and of any change in the
location, of such office or agency.  If
at any time the Company shall fail to maintain such office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee.  The Company
hereby designates the Corporate Trust Office as the initial Place of Payment
and appoints the Trustee its agent to receive all such presentations,
surrenders, notices and demands so long as such Corporate Trust Office remains
the Place of Payment.

Section
403            Money for Payments To Be
Held in Trust.  If the Company shall
at any time act as its own Paying Agent, it shall, on or before each due date
of the principal of (and premium, if any) or interest on, any of the Notes,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay the principal (and premium, if any) or cash interest so
becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided, and shall promptly notify the Trustee of its
action or failure so to act.

If the Company is not acting
as its own Paying Agent, it shall, on or prior to each due date of the
principal of (and premium, if any) or interest on, any Notes, deposit with a
Paying Agent a sum sufficient to pay the principal, and premium, if any, or
cash interest, so becoming due, such sum to be held in trust for the benefit of
the Persons entitled to such principal, premium or interest, and (unless such
Paying Agent is the Trustee) the Company shall promptly notify the Trustee of
its action or failure so to act.

If the Company is not acting
as its own Paying Agent, the Company shall cause any Paying Agent other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this Section
403, that such Paying Agent shall

(1)           hold all sums held by it for the payment of principal of
(and premium, if any) or interest on Notes in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise
disposed of as herein provided;

(2)           give the Trustee notice of any default by the Company (or
any other obligor upon the Notes) in the making of any such payment of
principal and premium, if any, or interest;

 

50

 

(3)           at any time during the continuance of any such default,
upon the written request of the Trustee, forthwith pay to the Trustee all sums
so held in trust by such Paying Agent; and

(4)           acknowledge, accept and agree to comply in all respects
with the provisions of this Indenture and TIA relating to the duties, rights
and liabilities of such Paying Agent.

The Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture
or for any other purpose, pay, or by Company Order direct any Paying Agent to
pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which
such sums were held by the Company or such Paying Agent; and, upon such payment
by any Paying Agent to the Trustee, such Paying Agent shall be released from
all further liability with respect to such money.

Any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of (and premium, if any) or interest on any Note and
remaining unclaimed for two years after such principal, and premium, if any, or
interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Note shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease.

Section
404            [Reserved]

Section
405            SEC Reports.  Notwithstanding that the Company may not be required
to be or remain subject to the reporting requirements of Section 13(a) or 15(d)
of the Exchange Act, the Company shall file with the SEC (unless such filing is
not permitted under the Exchange Act or by the SEC), so long as the Notes are
Outstanding, the annual reports, information, documents and other reports that
the Company is required to file with the SEC pursuant to such Section 13(a) or
15(d) or would be so required to file if the Company were so subject.  The Company shall also, within 15 days after
the date on which the Company was so required to file or would be so required
to file if the Company were so subject, transmit by mail to all Holders, as
their names and addresses appear in the Note Register, and to the Trustee
copies of any such information, documents and reports (without exhibits) so
required to be filed.  The Company shall
be deemed to have satisfied such requirements if any Parent files and provides
reports, documents and information of the types otherwise so required, in each case
within the applicable time periods, and the Company is not required to file
such reports, documents and information separately under the applicable rules
and regulations of the SEC (after giving effect to any exemptive relief)
because of the filings by such Parent. 
The Company also shall comply with the other provisions of TIA § 314(a).

Section
406            Statement as to Default.  The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after
the date hereof, an Officer’s Certificate to the effect that to the best
knowledge of the signer thereof the Company is or is not in default in the
performance and observance of any of the terms, provisions and conditions of
this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which such signer may have
knowledge.  To the extent required by the
TIA, each Subsidiary Guarantor shall comply with TIA § 314(a)(4).  The individual signing any certificate given
by any Person pursuant to this Section 406 shall be the principal
executive, financial or accounting officer of such Person, in compliance with
TIA § 314(a)(4).

 

51

 

Section 407            Limitation
on Indebtedness.

(a)           The Company shall not, and
shall not permit any Restricted Subsidiary to, Incur any Indebtedness; provided, however, that:

(i)            the Company or any Restricted Subsidiary
of the Company (other than Investment Holdings or any of its Subsidiaries) may
Incur Indebtedness if on the date of the Incurrence of such Indebtedness, after
giving effect to the Incurrence thereof, the Consolidated Coverage Ratio of the
Company would be greater than 1.75:1.00;

(ii)           Investment Holdings or any Restricted
Subsidiary of Investment Holdings (other than VWR International or any of its
Subsidiaries) may Incur Indebtedness if on the date of the Incurrence of such
Indebtedness, after giving effect to the Incurrence thereof, the Consolidated
Coverage Ratio of Investment Holdings would be greater than 2.00:1.00; and

(iii)          VWR International or any Restricted
Subsidiary of VWR International may Incur Indebtedness if on the date of the
Incurrence of such Indebtedness, after giving effect to the Incurrence thereof,
the Consolidated Coverage Ratio of VWR International would be greater than
2.00:1.00.

(b)           Notwithstanding the
foregoing paragraph (a), the Company and its Restricted Subsidiaries may Incur
the following Indebtedness:

(i)            Indebtedness Incurred
pursuant to any Credit Facility (including in respect of letters of credit or
bankers’ acceptances issued or created thereunder) and Indebtedness of any
Foreign Subsidiary Incurred other than under any Credit Facility, and (without
limiting the foregoing), in each case, any Refinancing Indebtedness in respect
thereof, in a maximum principal amount at any time outstanding not exceeding in
the aggregate the amount equal to (A) $800.0 million, plus
(B) the amount, if any, by which (x) the Borrowing Base minus (y) the aggregate
principal amount of Indebtedness Incurred by a Receivables Subsidiary and then
outstanding pursuant to clause (ix) of this paragraph (b), or by a Foreign
Subsidiary and then outstanding pursuant to clause (xi) of this paragraph (b),
exceeds $221.9 million, plus (C) in the
case of any refinancing of any Credit Facility or any portion thereof, the
aggregate amount of fees, underwriting discounts, premiums and other costs and
expenses incurred in connection with such refinancing;

(ii)           Indebtedness (A) of any
Restricted Subsidiary to the Company or (B) of the Company or any Restricted
Subsidiary to any Restricted Subsidiary; provided that
any subsequent issuance or transfer of any Capital Stock of such Restricted
Subsidiary to which such Indebtedness is owed, or other event, that results in
such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other
subsequent transfer of such Indebtedness (except to the Company or a Restricted
Subsidiary) will be deemed, in each case, an Incurrence of such Indebtedness by
the issuer thereof not permitted by this clause (ii);

(iii)          Indebtedness represented by:
the Notes, the VWR Senior Notes, the VWR Senior Subordinated Notes, the VWR
Senior Note Guarantees, the VWR Senior Subordinated Note Guarantees, the Senior
Discount Notes, the Senior Discount Notes Guarantees, and any other
Indebtedness (other than the Indebtedness described in clauses (i) or (ii)
above) outstanding on the Issue Date; and any Refinancing Indebtedness Incurred
in respect of any Indebtedness described in this clause (iii) or paragraph (a)
above;

 

52

 

(iv)          Purchase Money Obligations
and Capitalized Lease Obligations, and any Refinancing Indebtedness with
respect thereto, in an aggregate principal amount at any time outstanding not
exceeding an amount equal to 5% of Consolidated Tangible Assets;

(v)           Indebtedness consisting of
accommodation guarantees for the benefit of trade creditors of the Company or
any of its Restricted Subsidiaries;

(vi)          (A) Guarantees by the
Company or any Restricted Subsidiary of Indebtedness or any other obligation or
liability of the Company or any Restricted Subsidiary (other than any
Indebtedness Incurred by the Company or such Restricted Subsidiary, as the case
may be, in violation of this Section 407), or (B) without limiting Section
413, Indebtedness of the Company or any Restricted Subsidiary arising by
reason of any Lien granted by or applicable to such Person securing
Indebtedness of the Company or any Restricted Subsidiary (other than any
Indebtedness Incurred by the Company or such Restricted Subsidiary, as the case
may be, in violation of this Section 407);

(vii)         Indebtedness of the Company
or any Restricted Subsidiary (A) arising from the honoring of a check, draft or
similar instrument of such Person drawn against insufficient funds, provided that such Indebtedness is extinguished within five
Business Days of its Incurrence, or (B) consisting of guarantees, indemnities,
obligations in respect of earnouts or other purchase price adjustments, or
similar obligations, Incurred in connection with the acquisition or disposition
of any business, assets or Person;

(viii)        Indebtedness of the Company
or any Restricted Subsidiary in respect of (A) letters of credit, bankers’
acceptances or other similar instruments or obligations issued, or relating to
liabilities or obligations incurred, in the ordinary course of business
(including those issued to governmental entities in connection with
self-insurance under applicable workers’ compensation statutes), or (B)
completion guarantees, surety, judgment, appeal or performance bonds, or other
similar bonds, instruments or obligations, provided, or relating to liabilities
or obligations incurred, in the ordinary course of business, or (C) Hedging
Obligations, entered into for bona fide hedging purposes, or (D) Management
Guarantees, or (E) the financing of insurance premiums in the ordinary course
of business;

(ix)           Indebtedness of a
Receivables Subsidiary secured by a Lien on all or part of the assets disposed
of in, or otherwise Incurred in connection with, a Financing Disposition;

(x)            Indebtedness of any Person
that is assumed by the Company or any Restricted Subsidiary in connection with
its acquisition of assets from such Person or any Affiliate thereof or is
issued and outstanding on or prior to the date on which such Person was
acquired by the Company or any Restricted Subsidiary or merged or consolidated
with or into any Restricted Subsidiary (other than Indebtedness Incurred to
finance, or otherwise Incurred in connection with, such acquisition), provided that on the date of such acquisition, merger or
consolidation, after giving effect thereto, (x) in the case of Indebtedness of
the Company or any Restricted Subsidiary of the Company (other than Investment
Holdings or any of its Subsidiaries), the Company could Incur at least $1.00 of
additional Indebtedness pursuant to paragraph (a)(i) above, (y) in the
case of Indebtedness of Investment Holdings or any of its Restricted
Subsidiaries (other than VWR International or any of its Subsidiaries),
Investment Holdings could incur at least $1.00 of additional Indebtedness
pursuant to paragraph (a)(ii) above and (z) in the case of Indebtedness of VWR
International or any of its Restricted Subsidiaries, VWR International could
Incur at least $1.00 of additional Indebtedness pursuant to paragraph (a)(iii)
above; and any Refinancing Indebtedness with respect to any such Indebtedness;

 

53

 

(xi)           Indebtedness of any Foreign
Subsidiary Incurred for working capital purposes in an aggregate principal
amount at any time outstanding not exceeding an amount equal to the sum
(determined as of the end of the most recently ended fiscal quarter for which
consolidated financial statements of the Company are available) of (A) 90% of
Receivables of all Foreign Subsidiaries and (B) 75% of Inventory of all Foreign
Subsidiaries; and

(xii)          Indebtedness of the Company
or any Restricted Subsidiary in an aggregate principal amount at any time
outstanding not exceeding an amount equal to 5% of Consolidated Tangible
Assets.

(c)           For purposes of determining
compliance with, and the outstanding principal amount of any particular
Indebtedness Incurred pursuant to and in compliance with, this Section 407,
(i) any other obligation of the obligor on such Indebtedness (or of any
other Person who could have Incurred such Indebtedness under this Section
407) arising under any Guarantee, Lien or letter of credit, bankers’
acceptance or other similar instrument or obligation supporting such
Indebtedness shall be disregarded to the extent that such Guarantee, Lien or
letter of credit, bankers’ acceptance or other similar instrument or obligation
secures the principal amount of such Indebtedness; (ii) in the event that
Indebtedness meets the criteria of more than one of the types of Indebtedness
described in paragraph (b) above, the Company, in its sole discretion, shall
classify such item of Indebtedness and may include the amount and type of such
Indebtedness in one or more of such clauses (including in part under one such
clause and in part under another such clause); and (iii) the amount of
Indebtedness issued at a price that is less than the principal amount thereof
shall be equal to the amount of the liability in respect thereof determined in
accordance with GAAP.  Any Indebtedness
Incurred by VWR International on the Reference Date under the Senior Credit
Facility shall be classified as Incurred under Section 407(b), and not
under Section 407(a).

(d)           For purposes of determining
compliance with any Dollar denominated restriction on the Incurrence of
Indebtedness denominated in a foreign currency, the Dollar equivalent principal
amount of such Indebtedness Incurred pursuant thereto shall be calculated based
on the relevant currency exchange rate in effect on the date that such
Indebtedness was Incurred, in the case of term Indebtedness, or first
committed, in the case of revolving credit Indebtedness, provided
that (x) the Dollar equivalent principal amount of any such Indebtedness
outstanding on the Issue Date shall be calculated based on the relevant
currency exchange rate in effect on the Issue Date, (y) if such Indebtedness is
Incurred to refinance other Indebtedness denominated in a foreign currency, and
such refinancing would cause the applicable Dollar denominated restriction to
be exceeded if calculated at the relevant currency exchange rate in effect on
the date of such refinancing, such Dollar denominated restriction shall be
deemed not to have been exceeded so long as the principal amount of such
refinancing Indebtedness does not exceed the principal amount of such
Indebtedness being refinanced and (z) the Dollar equivalent principal amount of
Indebtedness denominated in a foreign currency and Incurred pursuant to the
Senior Credit Facility shall be calculated based on the relevant currency
exchange rate in effect on, at the Company’s option, (i) the Issue Date, (ii)
any date on which any of the respective commitments under the Senior Credit
Facility shall be reallocated between or among facilities or subfacilities
thereunder, or on which such rate is otherwise calculated for any purpose
thereunder, or (iii) the date of such Incurrence.  The principal amount of any Indebtedness
Incurred to refinance other Indebtedness, if Incurred in a different currency
from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing.

Section
408            [Reserved].

 

54

 

Section 409            Limitation
on Restricted Payments.

(a)           The Company shall not, and
shall not permit any Restricted Subsidiary, directly or indirectly, to (i)
declare or pay any dividend or make any distribution on or in respect of its
Capital Stock (including any such payment in connection with any merger or
consolidation to which the Company is a party) except (x) dividends or
distributions payable solely in its Capital Stock (other than Disqualified
Stock) and (y) dividends or distributions payable to the Company or any
Restricted Subsidiary (and, in the case of any such Restricted Subsidiary
making such dividend or distribution, to other holders of its Capital Stock on
no more than a pro rata basis, measured by
value), (ii) purchase, redeem, retire or otherwise acquire for value any
Capital Stock of the Company held by Persons other than the Company or a
Restricted Subsidiary, (iii) voluntarily purchase, repurchase, redeem, defease
or otherwise voluntarily acquire or retire for value, prior to scheduled
maturity, scheduled repayment or scheduled sinking fund payment, any
Subordinated Obligations (other than a purchase, repurchase, redemption,
defeasance or other acquisition or retirement for value in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity,
in each case due within one year of the date of such acquisition or retirement)
or (iv) make any Investment (other than a Permitted Investment) in any Person
(any such dividend, distribution, purchase, redemption, repurchase, defeasance,
other acquisition or retirement or Investment being herein referred to as a “Restricted
Payment”), if at the time the Company or such Restricted Subsidiary makes
such Restricted Payment and after giving effect thereto:

(1)           a Default shall have occurred and be continuing (or would
result therefrom);

(2)           (x) in the case of any Restricted Payment by the Company
or any of its Restricted Subsidiaries (other than Investment Holdings and its
Subsidiaries), the Company could not Incur at least an additional $1.00 of
Indebtedness pursuant to Section 407(a)(i) (y) in the case of any
Restricted Payment by Investment Holdings or any of its Restricted Subsidiaries
(other than VWR International and its Subsidiaries), Investment Holdings could
not Incur at least an additional $1.00 of Indebtedness pursuant to Section 407(a)(ii)
and (z) in the case of any Restricted Payment by VWR International or any
of its Restricted Subsidiaries, VWR International could not Incur at least an
additional $1.00 of Indebtedness pursuant to Section 407(a)(iii);
or

(3)           the aggregate amount of such Restricted Payment and all
other Restricted Payments (the amount so expended, if other than in cash, to be
as determined in good faith by the Board of Directors, whose determination
shall be conclusive and evidenced by a resolution of the Board of Directors)
declared or made subsequent to the Reference Date and then outstanding would
exceed, without duplication, the sum of:

(A)          50% of the Consolidated Net Income of the Company accrued
during the period (treated as one accounting period) beginning on January 1,
2004 to the end of the most recent fiscal quarter ending prior to the date of
such Restricted Payment for which consolidated financial statements of the
Company are available (or, in case such Consolidated Net Income shall be a
negative number, 100% of such negative number);

(B)           the aggregate Net Cash Proceeds and the fair value (as
determined in good faith by the Board of Directors) of property or assets
received (x) by the Company as capital contributions to the Company after the
Reference Date or from the issuance or sale (other than to a Restricted
Subsidiary) of its Capital Stock (other than Disqualified Stock) after the
Reference Date (other than Excluded Contributions) or (y) by the Company or any
Restricted Subsidiary from the issuance and sale by the Company or any
Restricted Subsidiary after the Reference Date of Indebtedness that shall have
been

 

55

 

converted into or exchanged
for Capital Stock of the Company (other than Disqualified Stock), plus the amount of any cash and the fair value (as
determined in good faith by the Board of Directors) of any property or assets
received by the Company or any Restricted Subsidiary upon such conversion or
exchange;

(C)           the aggregate amount equal to the net reduction in
Investments in Unrestricted Subsidiaries resulting from (i) dividends,
distributions, interest payments, return of capital, repayments of Investments
or other transfers of assets to the Company or any Restricted Subsidiary from
any Unrestricted Subsidiary, or (ii) the redesignation of any Unrestricted
Subsidiary as a Restricted Subsidiary (valued in each case as provided in the
definition of “Investment”), not to exceed in the case of any such Unrestricted
Subsidiary the aggregate amount of Investments (other than Permitted
Investments) made by the Company or any Restricted Subsidiary in such
Unrestricted Subsidiary after the Reference Date; and

(D)          in the case of any disposition or repayment of any
Investment constituting a Restricted Payment (without duplication of any amount
deducted in calculating the amount of Investments at any time outstanding
included in the amount of Restricted Payments), an amount in the aggregate
equal to the lesser of the return of capital, repayment or other proceeds with
respect to all such Investments received by the Company or a Restricted
Subsidiary and the initial amount of all such Investments constituting
Restricted Payments.

(b)           The provisions of Section
409(a) will not prohibit any of the following (each, a “Permitted
Payment”):

(i)            any purchase, redemption,
repurchase, defeasance or other acquisition or retirement of Capital Stock of
the Company or Subordinated Obligations made by exchange (including any such
exchange pursuant to the exercise of a conversion right or privilege in
connection with which cash is paid in lieu of the issuance of fractional
shares) for, or conversion into, or out of the proceeds of the substantially
concurrent issuance or sale of, Capital Stock of the Company (other than Disqualified
Stock and other than Capital Stock issued or sold to a Subsidiary) or out of
the proceeds of a substantially concurrent capital contribution to the Company,
in each case other than Excluded Contributions; provided
that the Net Cash Proceeds from such issuance, sale or capital contribution
shall be excluded in subsequent calculations under Section 409(a)(3)(B);

(ii)           any purchase, redemption,
repurchase, defeasance or other acquisition or retirement of Subordinated
Obligations (w) made by exchange for, or out of the proceeds of the
substantially concurrent issuance or sale of, Indebtedness of the Company or
Refinancing Indebtedness Incurred in compliance with Section 407, (x)
from Net Available Cash to the extent permitted by Section 411, (y)
following the occurrence of a Change of Control (or other similar event
described therein as a “change of control”), but only if the Company shall have
complied with Section 1002 prior to purchasing or repaying such
Subordinated Obligations or (z) constituting Acquired Indebtedness;

(iii)          dividends paid within 60
days after the date of declaration thereof if at such date of declaration such
dividend would have complied with Section 409(a);

(iv)          Investments or other
Restricted Payments in an aggregate amount outstanding at any time not to
exceed the amount of Excluded Contributions;

 

56

 

 

 

(v)           loans, advances, dividends
or distributions by the Company to any Parent to permit any Parent to
repurchase or otherwise acquire its Capital Stock (including any options,
warrants or other rights in respect thereof), or payments by the Company, any
Intermediate Holdco or VWR International to repurchase or otherwise acquire
Capital Stock of the Company, any Parent, any Intermediate Holdco or VWR
International (including any options, warrants or other rights in respect
thereof), in each case from Management Investors, such payments, loans,
advances, dividends or distributions not to exceed an amount (net of repayments
of any such loans or advances) equal to (1) $15.0 million, plus
(2) $3.0 million multiplied by the number of calendar years that have commenced
since the Reference Date, plus the Net
Cash Proceeds received by the Company since the Reference Date from, or as a
capital contribution from, the issuance or sale to Management Investors of
Capital Stock (including any options, warrants or other rights in respect
thereof), to the extent such Net Cash Proceeds are not included in any
calculation under Section 409(a)(3)(B)(x);

(vi)          the payment by the Company,
any Intermediate Holdco or VWR International of, or loans, advances, dividends
or distributions by the Company to any Parent to pay, dividends on the common
stock or equity of the Company, any Parent, any Intermediate Holdco or VWR
International following a public offering of such common stock or equity in an
amount not to exceed in any fiscal year 6% of the aggregate gross proceeds
received by the Company, any Parent, any Intermediate Holdco or VWR
International in or from such public offering;

(vii)         Restricted Payments
(including loans or advances) in an aggregate amount outstanding at any time
not to exceed $35.0 million (net of repayments of any such loans or advances);

(viii)        loans, advances, dividends
or distributions to any Parent or other payments by the Company or any
Restricted Subsidiary (A) to satisfy or permit any Parent to satisfy obligations
under the Management Agreements, or (B) pursuant to the Tax Sharing Agreement,
or (C) to pay or permit any Parent to pay any Parent Expenses or any Related
Taxes;

(ix)           payments by the Company, any
Intermediate Holdco, or VWR International, or loans, advances, dividends or
distributions by the Company to any Parent to make payments, to holders of
Capital Stock of the Company, any Parent, any Intermediate Holdco or VWR
International in lieu of issuance of fractional shares of such Capital Stock,
not to exceed $100,000 in the aggregate outstanding at any time;

(x)            dividends or other
distributions of Capital Stock, Indebtedness or other securities of
Unrestricted Subsidiaries; and

(xi)           the Recapitalization;

provided that (A) in
the case of clauses (iii), (vi), (vii) and (ix), the net amount of any such
Permitted Payment shall be included in subsequent calculations of the amount of
Restricted Payments, (B) in the case of clause (v), at the time of any
calculation of the amount of Restricted Payments, the net amount of Permitted
Payments that have then actually been made under clause (v) that is in excess
of 50% of the total amount of Permitted Payments then permitted under clause
(v) shall be included in such calculation of the amount of Restricted Payments,
(C) in all cases other than pursuant to clauses (A) and (B) immediately above,
the net amount of any such Permitted Payment shall be excluded in subsequent
calculations of the amount of Restricted Payments and (D) solely with respect
to clause (vii), no Default or Event of Default shall have occurred or be
continuing at the time of any such Permitted Payment after giving effect
thereto.

 

57

 

Section
410            Limitation on
Restrictions on Distributions from Restricted Subsidiaries.  The Company will not, and will not permit any
Restricted Subsidiary to, create or otherwise cause to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to (i) pay dividends or make any other distributions on
its Capital Stock or pay any Indebtedness or other obligations owed to the
Company, (ii) make any loans or advances to the Company or (iii) transfer any
of its property or assets to the Company, except any encumbrance or restriction:

(1)           pursuant to an agreement or instrument in effect at or
entered into on the Issue Date, any Credit Facility, the VWR Senior Notes
Indenture, the VWR Senior Subordinated Notes Indenture, the Senior Discount
Notes Indenture, this Indenture, the VWR Senior Notes, the VWR Senior
Subordinated Notes, the Senior Discount Notes, or the Notes;

(2)           pursuant to any agreement or instrument of a Person, or
relating to Indebtedness or Capital Stock of a Person, which Person is acquired
by or merged or consolidated with or into the Company or any Restricted
Subsidiary, or which agreement or instrument is assumed by the Company or any
Restricted Subsidiary in connection with an acquisition of assets from such
Person, as in effect at the time of such acquisition, merger or consolidation
(except to the extent that such Indebtedness was Incurred to finance, or
otherwise in connection with, such acquisition, merger or consolidation); provided that for purposes of this clause (2), if another
Person is the Successor Company, any Subsidiary thereof or agreement or
instrument of such Person or any such Subsidiary shall be deemed acquired or
assumed, as the case may be, by the Company or a Restricted Subsidiary, as the
case may be, when such Person becomes the Successor Company;

(3)           pursuant to an agreement or instrument (a “Refinancing
Agreement”) effecting a refinancing of Indebtedness Incurred pursuant to,
or that otherwise extends, renews, refunds, refinances or replaces, an
agreement or instrument referred to in clause (1) or (2) of this Section 410
or this clause (3) (an “Initial Agreement”) or contained in any
amendment, supplement or other modification to an Initial Agreement (an “Amendment”);
provided, however,
that the encumbrances and restrictions contained in any such Refinancing
Agreement or Amendment are not materially less favorable to the Holders of the
Notes taken as a whole than encumbrances and restrictions contained in the
Initial Agreement or Initial Agreements to which such Refinancing Agreement or Amendment
relates (as determined in good faith by the Company);

(4)           (A) that restricts in a customary manner the subletting,
assignment or transfer of any property or asset that is subject to a lease,
license or similar contract, or the assignment or transfer of any lease,
license or other contract, (B) by virtue of any transfer of, agreement to
transfer, option or right with respect to, or Lien on, any property or assets
of the Company or any Restricted Subsidiary not otherwise prohibited by this
Indenture, (C) contained in mortgages, pledges or other security agreements
securing Indebtedness of a Restricted Subsidiary to the extent restricting the
transfer of the property or assets subject thereto, (D) pursuant to customary
provisions restricting dispositions of real property interests set forth in any
reciprocal easement agreements of the Company or any Restricted Subsidiary, (E)
pursuant to Purchase Money Obligations that impose encumbrances or restrictions
on the property or assets so acquired, (F) on cash or other deposits or net
worth imposed by customers under agreements entered into in the ordinary course
of business, (G) pursuant to customary provisions contained in agreements and
instruments entered into in the ordinary course of business (including  leases and joint venture and other similar
agreements entered into in the ordinary course of business), (H) that arises or
is agreed to in the ordinary course of business and does not detract from the
value of property or 

 

58

 

assets
of the Company or any Restricted Subsidiary in any manner material to the
Company or such Restricted Subsidiary or (I) pursuant to Hedging Obligations;

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

(6)           by reason of any applicable law, rule, regulation or
order, or required by any regulatory authority having jurisdiction over the
Company or any Restricted Subsidiary or any of their businesses; or

(7)           pursuant to an agreement or instrument (A) relating to any
Indebtedness permitted to be Incurred subsequent to the Issue Date pursuant to
the provisions of Section 407 (i) if the encumbrances and
restrictions contained in any such agreement or instrument taken as a whole are
not materially less favorable to the Holders of the Notes than the encumbrances
and restrictions contained in the Initial Agreements (as determined in good
faith by the Company), or (ii) if such encumbrance or restriction is not
materially more disadvantageous to the Holders of the Notes than is customary
in comparable financings (as determined in good faith by the Company) and
either (x) the Company determines that such encumbrance or restriction will not
materially affect the Company’s ability to make principal or interest payments
on the Notes or (y) such encumbrance or restriction applies only if a
default occurs in respect of a payment or financial covenant relating to such
Indebtedness, (B) relating to any sale of receivables by a Foreign Subsidiary
or (C) relating to Indebtedness of or a Financing Disposition to or by any
Receivables Entity.

Section 411            Limitation
on Sales of Assets and Subsidiary Stock.

(a)           The Company shall not, and
shall not permit any Restricted Subsidiary to, make any Asset Disposition
unless

(i)            the Company or such
Restricted Subsidiary receives consideration (including by way of relief from,
or by any other Person assuming responsibility for, any liabilities, contingent
or otherwise) at the time of such Asset Disposition at least equal to the fair
market value of the shares and assets subject to such Asset Disposition, as
such fair market value may be determined (and shall be determined, to the
extent such Asset Disposition or any series of related Asset Dispositions involves
aggregate consideration in excess of $25.0 million) in good faith by the Board
of Directors, whose determination shall be conclusive (including as to the
value of all non-cash consideration),

(ii)           in the case of any Asset
Disposition (or series of related Asset Dispositions) having a fair market
value of $25.0 million or more, at least 75% of the consideration therefor
(excluding, in the case of an Asset Disposition (or series of related Asset
Dispositions), any consideration by way of relief from, or by any other Person
assuming responsibility for, any liabilities, contingent or otherwise, that are
not Indebtedness) received by the Company or such Restricted Subsidiary is in
the form of cash, and

(iii)          an amount equal to 100% of
the Net Available Cash from such Asset Disposition is applied by the Company
(or any Restricted Subsidiary, as the case may be) as follows:

 

59

 

(A)          first, either
(x) to the extent the Company or such Restricted Subsidiary elects (or is
required by the terms of any Bank Indebtedness, any Senior Indebtedness of the
Company or any Subsidiary Guarantor or any Indebtedness of a Restricted
Subsidiary that is not a Subsidiary Guarantor), to prepay, repay or purchase
any such Indebtedness (in each case other than Indebtedness owed to the Company
or a Restricted Subsidiary) within 365 days after the later of the date of such
Asset Disposition and the date of receipt of such Net Available Cash, or (y) to
the extent the Company or such Restricted Subsidiary elects, to reinvest in
Additional Assets (including by means of an investment in Additional Assets by
a Restricted Subsidiary with an amount equal to Net Available Cash received by
the Company or another Restricted Subsidiary) within 365 days from the later of
the date of such Asset Disposition and the date of receipt of such Net
Available Cash, or, if such reinvestment in Additional Assets is a project
authorized by the Board of Directors that will take longer than such 365 days
to complete, the period of time necessary to complete such project;

(B)           second, to the
extent of the balance of such Net Available Cash after application in
accordance with clause (A) above (such balance, the “Excess Proceeds”),
to make an offer to purchase Notes and (to the extent the Company or such
Restricted Subsidiary elects, or is required by the terms thereof) to purchase,
redeem or repay any other Senior Indebtedness of the Company or any
Indebtedness of a Restricted Subsidiary, pursuant and subject to Section 411(b)
and Section 411(c) and the agreements governing such other Indebtedness;
and

(C)           third, to the
extent of the balance of such Net Available Cash after application in
accordance with clauses (A) and (B) above, to fund (to the extent consistent
with any other applicable provision of this Indenture) any general corporate
purpose (including the repurchase, repayment or other acquisition or retirement
of any Subordinated Obligations);

provided, however, that in connection with any prepayment, repayment
or purchase of Indebtedness pursuant to clause (A)(x) or (B) above, the Company
or such Restricted Subsidiary shall retire such Indebtedness and shall cause
the related loan commitment (if any) to be permanently reduced in an amount
equal to the principal amount so prepaid, repaid or purchased.

Notwithstanding the
foregoing provisions of this Section 411, the Company and the Restricted
Subsidiaries shall not be required to apply any Net Available Cash in
accordance with this Section 411 except to the extent that the aggregate
Net Available Cash from all Asset Dispositions that is not applied in
accordance with this Section 411 exceeds $20.0 million. If the aggregate
principal amount of Notes or other Indebtedness of the Company or a Restricted
Subsidiary validly tendered and not withdrawn (or otherwise subject to
purchase, redemption or repayment) in connection with an offer pursuant to
clause (B) above exceeds the Excess Proceeds, the Excess Proceeds shall be
apportioned between such Notes and such other Indebtedness of the Company or a
Restricted Subsidiary, with the portion of the Excess Proceeds payable in
respect of such Notes to equal the lesser of (x) the Excess Proceeds amount
multiplied by a fraction, the numerator of which is the outstanding principal amount
of such Notes and the denominator of which is the aggregate of the outstanding
principal amount of the Notes and the relevant other Indebtedness of the
Company or a Restricted Subsidiary, and (y) the aggregate principal amount of
Notes validly tendered and not withdrawn.

For the purposes of clause
(ii) of paragraph (a) above, the following are deemed to be cash:  (1) Temporary Cash Investments and Cash
Equivalents, (2) the assumption of Indebtedness of the Company (other than
Disqualified Stock of the Company) or any Restricted Subsidiary and the release
of

 

60

 

the Company or such
Restricted Subsidiary from all liability on payment of the principal amount of
such Indebtedness in connection with such Asset Disposition, (3) Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a
result of such Asset Disposition, to the extent that the Company and each other
Restricted Subsidiary are released from any Guarantee of payment of the
principal amount of such Indebtedness in connection with such Asset
Disposition, (4) securities received by the Company or any Restricted
Subsidiary from the transferee that are converted by the Company or such
Restricted Subsidiary into cash within 180 days, (5) consideration consisting
of Indebtedness of the Company or any Restricted Subsidiary and (6) any
Designated Non-Cash Consideration received by the Company or any of its
Restricted Subsidiaries in an Asset Disposition having an aggregate Fair Market
Value, taken together with all other Designated Non-Cash Consideration received
pursuant to this clause, not to exceed an aggregate amount at any time
outstanding equal to 3% of Consolidated Tangible Assets (with the Fair Market
Value of each item of Designated Non-Cash Consideration being measured at the
time received and without giving effect to subsequent changes in value).

(b)           In the event of an Asset
Disposition that requires the purchase of Notes pursuant to Section
411(a)(iii)(B), the Company shall be required to purchase Notes tendered
pursuant to an offer by the Company for the Notes (the “Offer”) at a purchase
price of 100% of the principal amount thereof on the purchase date, plus accrued and unpaid interest, if any, to the purchase
date in accordance with the procedures (including prorating in the event of
oversubscription) set forth in Section 411(c).  If the aggregate purchase price of the Notes
tendered pursuant to the Offer is less than the Net Available Cash allotted to
the purchase of Notes, the remaining Net Available Cash shall be available to
the Company for use in accordance with Section 411(a)(iii)(B) (to repay
other Indebtedness of the Company or a Restricted Subsidiary) or Section
411(a)(iii)(C).  The Company shall
not be required to make an Offer for Notes pursuant to this Section 411
if the Net Available Cash available therefor (after application of the proceeds
as provided in Section 411(a)(iii)(A)) is less than $20.0 million for
any particular Asset Disposition (which lesser amounts shall be carried forward
for purposes of determining whether an Offer is required with respect to the
Net Available Cash from any subsequent Asset Disposition).

(c)           The Company shall, not later
than 45 days after the Company becomes obligated to make an Offer pursuant to
this Section 411, mail a notice to each Holder with a copy to the
Trustee stating:  (1) that an Asset
Disposition that requires the purchase of a portion of the Notes has occurred
and that such Holder has the right (subject to the prorating described below)
to require the Company to purchase a portion of such Holder’s Notes at a
purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of
purchase (subject to the right of Holders of record on a record date to receive
interest, if any, on the relevant Interest Payment Date); (2) the
circumstances and relevant facts and financial information regarding such Asset
Disposition; (3) the repurchase date (which shall be no earlier than 30
days nor later than 60 days from the date such notice is mailed); (4) the
instructions determined by the Company, consistent with this Section 411,
that a Holder must follow in order to have its Notes purchased; and (5) the
amount of the Offer.  If, upon the
expiration of the period for which the Offer remains open, the aggregate
principal amount of Notes surrendered by Holders exceeds the amount of the
Offer, the Company shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed
appropriate by the Company so that only Notes in denominations of $2,000 or
integral multiples of $1,000 in excess thereof shall be purchased).

(d)           The Company shall comply, to
the extent applicable, with the requirements of Section 14(e) of the Exchange
Act and any other securities laws or regulations in connection with the
repurchase of Notes pursuant to this Section 411  To the extent that the provisions of any
securities laws or regulations conflict with provisions of this Section 411,
the Company shall comply with the applicable

 

61

 

securities laws and
regulations and shall not be deemed to have breached its obligations under this
Section 411 by virtue thereof.

Section 412            Limitation
on Transactions with Affiliates.

(a)           The Company shall not, and
shall not permit any Restricted Subsidiary to, directly or indirectly, enter
into or conduct any transaction or series of related transactions (including
the purchase, sale, lease or exchange of any property or the rendering of any
service) with any Affiliate of the Company (an “Affiliate Transaction”)
unless (i) the terms of such Affiliate Transaction are not materially less
favorable to the Company or such Restricted Subsidiary, as the case may be,
than those that could be obtained at the time in a transaction with a Person
who is not such an Affiliate and (ii) if such Affiliate Transaction involves
aggregate consideration in excess of $25.0 million, the terms of such Affiliate
Transaction have been approved by a majority of the Disinterested Directors.
For purposes of this Section 412(a), any Affiliate Transaction
shall be deemed to have satisfied the requirements set forth in this Section 412(a)
if (x) such Affiliate Transaction is approved by a majority of the
Disinterested Directors or (y) in the event there are no Disinterested
Directors, a fairness opinion is provided by a nationally recognized appraisal
or investment banking firm with respect to such Affiliate Transaction.

(b)      The provisions of Section
412(a) shall not apply to:

(i)       any Restricted Payment
Transaction,

(ii)      (1) the entering into,
maintaining or performance of any employment contract, collective bargaining
agreement, benefit plan, program or arrangement, related trust agreement or any
other similar arrangement for or with any employee, officer or director
heretofore or hereafter entered into in the ordinary course of business,
including vacation, health, insurance, deferred compensation, severance,
retirement, savings or other similar plans, programs or arrangements, (2) the
payment of compensation, performance of indemnification or contribution
obligations, or any issuance, grant or award of stock, options, other equity
related interests or other securities, to employees, officers or directors in
the ordinary course of business, (3) the payment of reasonable fees to
directors of the Company or any of its Subsidiaries (as determined in good
faith by the Company or such Subsidiary), (4) any transaction with an officer
or director in the ordinary course of business not involving more than $100,000
in any one case, or (5) Management Advances and payments in respect thereof,

(iii)     any transaction with the
Company, any Restricted Subsidiary or any Receivables Entity,

(iv)     any transaction arising out
of agreements or instruments in existence on the Issue Date, and any payments
made pursuant thereto,

(v)      any transaction in the
ordinary course of business on terms not materially less favorable to the
Company or the relevant Restricted Subsidiary than those that could be obtained
at the time in a transaction with a Person who is not an Affiliate of the
Company,

(vi)     any transaction in the
ordinary course of business, or approved by a majority of the Board of
Directors, between the Company or any Restricted Subsidiary and any Affiliate
of the Company controlled by the Company that is a joint venture or similar
entity,

(vii)    the execution, delivery and
performance of any Tax Sharing Agreement and any Management Agreements,
including payment to CDR or any Affiliate of CDR of fees of up to

 

62

 

$2.0 million in any fiscal
year, and fees in connection with any acquisition, merger, recapitalization or
similar transaction as provided in any such Management Agreement, plus all out-of-pocket expenses incurred by CDR or any such
Affiliate in connection with its performance of management consulting,
monitoring, financial advisory or other services with respect to the Company
and its Restricted Subsidiaries,

(viii)   the Recapitalization, all
transactions in connection therewith (including the financing thereof), and all
fees and expenses paid or payable in connection with the Recapitalization, and

(ix)     any issuance or sale of
Capital Stock (other than Disqualified Stock) of the Company or options,
warrants or other rights to acquire such Capital Stock.

Section
413            Limitation on Liens.  The Company shall not directly or indirectly,
create or permit to exist any Lien (other than Permitted Liens) on any of its
property or assets (including Capital Stock of any other Person), whether owned
on the date of this Indenture or thereafter acquired, securing any Indebtedness
(the “Initial Lien”), unless contemporaneously therewith effective
provision is made to secure the Indebtedness due under this Indenture and the
Notes, equally and ratably with (or on a senior basis to, in the case of
Subordinated Obligations) such obligation for so long as such obligation is so
secured by such Initial Lien.  Any such
Lien thereby created in favor of the Notes shall be automatically and
unconditionally released and discharged upon (i) the release and discharge of
the Initial Lien to which it relates or (ii) any sale, exchange or transfer
(other than a transfer constituting a transfer of all or substantially all of
the assets of the Company that is governed by the provisions of Section 501)
to any Person not an Affiliate of the Company of the property or assets secured
by such Initial Lien.

Section
414            Future Subsidiary
Guarantors.  After the Issue Date,
the Company shall cause each Significant Domestic Subsidiary that guarantees
payment by the Company of any Indebtedness of the Company to execute and
deliver to the Trustee a Supplemental Indenture or other instrument pursuant to
which such Subsidiary shall guarantee payment of the Notes, whereupon such
Subsidiary shall become a Subsidiary Guarantor for all purposes under this
Indenture. In addition, the Company may cause any Subsidiary that is not a
Subsidiary Guarantor to so guarantee payment of the Notes and become a
Subsidiary Guarantor.

ARTICLE V

SUCCESSORS

Section 501            When the
Company May Merge, etc.

(a)           The Company shall not
consolidate with or merge with or into, or convey, transfer or lease all or
substantially all its assets to, any Person, unless:

(i)            the resulting, surviving or
transferee Person (the “Successor Company”) shall be a Person organized
and existing under the laws of the United States of America, any State thereof
or the District of Columbia and the Successor Company (if not the Company)
shall expressly assume all the obligations of the Company under the Notes and
this Indenture by executing and delivering to the Trustee a supplemental
indenture or one or more other documents or instruments in form reasonably
satisfactory to the Trustee;

(ii)           immediately after giving
effect to such transaction (and treating any Indebtedness that becomes an
obligation of the Successor Company or any Restricted Subsidiary as a result of

 

63

 

such transaction as having
been Incurred by the Successor Company or such Restricted Subsidiary at the
time of such transaction), no Default shall have occurred and be continuing;

(iii)          immediately after giving
effect to such transaction, either (A) the Successor Company could Incur at
least $1.00 of additional Indebtedness pursuant to Section 407(a)(i) or
(B) the Consolidated Coverage Ratio of the Successor Company would equal or
exceed the Consolidated Coverage Ratio of the Company immediately prior to giving
effect to such transaction;

(iv)          each Subsidiary Guarantor
(other than any party to any such consolidation or merger) shall have delivered
a supplemental indenture or other document or instrument in form reasonably
satisfactory to the Trustee, confirming its Subsidiary Guarantee; and

(v)           the Company shall have
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each to the effect that such consolidation, merger or transfer complies with
the provisions described in this paragraph, provided that
(x) in giving such opinion such counsel may rely on an Officer’s Certificate as
to compliance with the foregoing clauses (ii) and (iii) and as to any matters
of fact, and (y) no Opinion of Counsel shall be required for a consolidation,
merger or transfer described in Section 501(b).

Any Indebtedness that
becomes an obligation of the Company or any Restricted Subsidiary (or that is
deemed to be Incurred by any Restricted Subsidiary that becomes a Restricted
Subsidiary) as a result of any such transaction undertaken in compliance with
this Section 501, and any Refinancing Indebtedness with respect thereto,
shall be deemed to have been Incurred in compliance with Section 407.

(b)           Clauses (ii) and (iii) of Section
501(a) will not apply to any transaction in which (1) any Restricted
Subsidiary consolidates with, merges into or transfers all or part of its
assets to the Company or (2) the Company consolidates or merges with or into or
transfers all or substantially all its properties and assets to (x) an
Affiliate incorporated or organized for the purpose of reincorporating or
reorganizing the Company in another jurisdiction or changing its legal
structure to a corporation or other entity or (y) a Restricted Subsidiary of
the Company so long as all assets of the Company and the Restricted
Subsidiaries immediately prior to such transaction (other than Capital Stock of
such Restricted Subsidiary) are owned by such Restricted Subsidiary and its
Restricted Subsidiaries immediately after the consummation thereof.

Section
502            Successor Company
Substituted.  Upon any transaction
involving the Company in accordance with Section 501 in which the
Company is not the Successor Company, the Successor Company shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture, and thereafter the predecessor Company shall be relieved
of all obligations and covenants under this Indenture, except that the
predecessor Company in the case of a lease of all or substantially all its
assets shall not be released from the obligation to pay the principal of and
interest on the Notes.

ARTICLE VI

REMEDIES

Section
601            Events of Default.  An “Event of Default” means the
occurrence of the following:

 

64

(i)            a default in any payment of
interest on any Note when due, continued for a period of 30 days;

(ii)           a default in the payment of
principal of any Note when due, whether at its Stated Maturity, upon optional
or mandatory redemption, upon required repurchase, upon declaration of
acceleration or otherwise;

(iii)          the failure by the Company
to comply with its obligations under Section 501(a);

(iv)          the failure by the Company
to comply for 60 days after the notice specified in the penultimate paragraph
of this Section 601 with its other agreements contained in the Notes or
this Indenture;

(v)           the failure of any
Subsidiary Guarantor to comply for 45 days after the notice specified in the
penultimate paragraph of this Section 601 with its obligations under its
Subsidiary Guarantee;

(vi)          the failure by the Company
or any Restricted Subsidiary to pay any Indebtedness within any applicable
grace period after final maturity or the acceleration of any such Indebtedness
by the holders thereof because of a default, if the total amount of such
Indebtedness so unpaid or accelerated exceeds $40.0 million or its foreign
currency equivalent; provided that
no Default or Event of Default will be deemed to occur with respect to any such
accelerated Indebtedness that is paid or otherwise acquired or retired within
20 Business Days after such acceleration;

(vii)         the taking of any of the
following actions by the Company or any Significant Subsidiary, or by each of
such other Restricted Subsidiaries that are not Significant Subsidiaries but
would in the aggregate constitute a Significant Subsidiary if considered as a
single Person, pursuant to or within the meaning of any Bankruptcy Law:

(A)                              the
commencement of a voluntary case;

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

(C)                                the consent to
the appointment of a Custodian of it or for any substantial part of its
property; or

(D)                               the making of a
general assignment for the benefit of its creditors;

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

(A)          is for relief against the Company or any Significant
Subsidiary, or against each of such other Restricted Subsidiaries that are not
Significant Subsidiaries but would in the aggregate constitute a Significant
Subsidiary if considered as a single Person, in an involuntary case;

(B)           appoints (x) a Custodian of the Company or any Significant
Subsidiary or for any substantial part of its property, or (y) a Custodian of
each of such other Restricted Subsidiaries that are not Significant
Subsidiaries but would in the aggregate

 

65

 

constitute a Significant
Subsidiary if considered as a single Person, or for any substantial part of
their property in the aggregate; or

(C)           orders the winding up or liquidation of the Company or any
Significant Subsidiary, or of each of such other Restricted Subsidiaries that
are not Significant Subsidiaries but would in the aggregate constitute a
Significant Subsidiary if considered as a single Person;

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

(ix)           the rendering of any
judgment or decree for the payment of money in an amount (net of any insurance
or indemnity payments actually received in respect thereof prior to or within
90 days from the entry thereof, or to be received in respect thereof in the
event any appeal thereof shall be unsuccessful) in excess of $35.0 million or
its foreign currency equivalent against the Company or a Significant
Subsidiary, or jointly and severally against other Restricted Subsidiaries that
are not Significant Subsidiaries but would in the aggregate constitute a
Significant Subsidiary if considered as a single Person, that is not
discharged, or bonded or insured by a third Person, if such judgment or decree
remains outstanding for a period of 90 days following such judgment or decree
and is not discharged, waived or stayed; or

(x)            the failure of any
Subsidiary Guarantee by a Subsidiary Guarantor that is a Significant Subsidiary
to be in full force and effect (except as contemplated by the terms thereof or
of this Indenture) or the denial or disaffirmation in writing by any Subsidiary
Guarantor that is a Significant Subsidiary of its obligations under this
Indenture or its Subsidiary Guarantee (other than by reason of the termination
of this Indenture or such Subsidiary Guarantee or the release of such
Subsidiary Guarantee in accordance with such Subsidiary Guarantee and this
Indenture), if such Default continues for 10 days.

The foregoing will
constitute Events of Default whatever the reason for any such Event of Default
and whether it is voluntary or involuntary or is effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body.

The term “Bankruptcy Law”
means Title 11, United States Code, or any similar Federal, state or foreign
law for the relief of debtors.  The term “Custodian”
means any receiver, trustee, assignee, liquidator, custodian or similar
official under any Bankruptcy Law.

However, a Default under
clause (iv) or (v) will not constitute an Event of Default until the Trustee or
the Holders of at least 25% in principal amount of the Outstanding Notes notify
the Company of the Default and the Company does not cure such Default within
the time specified in such clause after receipt of such notice.  Such notice must specify the Default, demand
that it be remedied and state that such notice is a “Notice of Default.”  When a Default or an Event of Default is
cured, it ceases.

The Company shall deliver to
the Trustee, within 30 days after the occurrence thereof, written notice in the
form of an Officer’s Certificate of any Event of Default under clause (vi) or
(ix) and any event that with the giving of notice or the lapse of time would
become an Event of Default under clause (iv) or (v), its status and what action
the Company is taking or proposes to take with respect thereto.

Section
602            Acceleration of
Maturity; Rescission and Annulment. 
If an Event of Default (other than an Event of Default specified in Section
601(vii) or Section 601(viii)) occurs and is

66

continuing, the Trustee by
notice to the Company, or the Holders of at least a majority in principal
amount of the Outstanding Notes by notice to the Company and the Trustee, in
either case specifying in such notice the respective Event of Default and that
such notice is a “notice of acceleration,” may declare the principal of and accrued
but unpaid interest on all the Notes to be due and payable.  Upon the effectiveness of such a declaration,
such principal and interest will be due and payable immediately.

Notwithstanding the
foregoing, if an Event of Default specified in Section 601(vii) or Section
601(viii) occurs and is continuing, the principal of and accrued interest
on all the Outstanding Notes will ipso facto
become immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder.  The Holders
of a majority in principal amount of the Outstanding Notes by notice to the
Company and the Trustee may rescind an acceleration and its consequences if the
rescission would not conflict with any judgment or decree and if all existing
Events of Default have been cured or waived except non-payment of principal or
interest that has become due solely because of such acceleration.  No such rescission shall affect any
subsequent Default or impair any right consequent thereto.

Section
603            Other Remedies; Collection
Suit by Trustee.  If an Event of
Default occurs and is continuing, the Trustee may, but is not obligated under Section
603 to, pursue any available remedy to collect the payment of principal of
or interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture.  If an Event of
Default specified in Section 601(i) or 601(ii) 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 then due and owing
(together with interest on any unpaid interest to the extent lawful) and the
amounts provided for in Section 707.

Section
604            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 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, unless prohibited by law or
applicable regulations, may vote on behalf of the Holders in any election of a
trustee in bankruptcy or other Person performing similar functions, and any
Custodian in any such judicial proceeding is hereby authorized by each Holder
to make 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 it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and its counsel, and any
other amounts due the Trustee under Section 707.

No provision of this
Indenture shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding.

Section
605            Trustee May Enforce
Claims Without Possession of Notes. 
All rights of action and claims under this Indenture or the Notes may be
prosecuted and enforced by the Trustee without the possession of any of the
Notes or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes in respect of which such judgment has been
recovered.

Section
606            Application of Money
Collected.  Any money collected by
the Trustee pursuant to this Article VI shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal, or premium, if any, or
interest,

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upon presentation of the
Notes and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid:

First:  To the payment of all amounts due the Trustee
under Section 707;

Second:  To the payment of the amounts then due and
unpaid upon the Notes for principal, and premium, if any, and interest, in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts
due and payable on such Notes for principal, and premium, if any, and interest,
respectively; and

Third:  to the Company.

Section
607            Limitation on Suits.  No Holder may pursue any remedy with respect
to this Indenture or the Notes unless:

(i)            such Holder has previously
given the Trustee written notice that an Event of Default is continuing;

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

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

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

(v)           the Holders of a majority in
principal amount of the Outstanding Notes have not given the Trustee a direction
inconsistent with the request within such 60 day period.

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

Section
608            Unconditional Right of
Holders To Receive Principal and Interest. 
Notwithstanding any other provision in this Indenture, the Holder of any
Note shall have the absolute and unconditional right to receive payment of the
principal of and all (subject to Section 307) interest on such Note on
the respective Stated Maturity or Interest Payment Dates expressed in such Note
and to institute suit for the enforcement of any such payment on or after such
respective Stated Maturity or Interest Payment Dates, and such right shall not
be impaired without the consent of such Holder.

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

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Section
610            Rights and Remedies
Cumulative.  No right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise.  The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

Section
611            Delay or Omission Not
Waiver.  No delay or omission of the
Trustee or of any Holder of any Note to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article
VI or by law to the Trustee or to the Holders may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.

Section
612            Control by Holders.  The Holders of not less than a majority in
aggregate principal amount of the Outstanding Notes shall have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the
Trustee, provided that

(1)           such direction shall not be in conflict with any rule of
law or with this Indenture, and

(2)           the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction.

However, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture or,
subject to Section 701, that the Trustee determines is unduly
prejudicial to the rights of any other Holder or that would involve the Trustee
in personal liability; provided, however, that the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction.  Prior to taking any action under this
Indenture, the Trustee shall be entitled to indemnification satisfactory to it
in its sole discretion against all losses and expenses caused by taking or not
taking such action.  This Section 612
shall be in lieu of § 316(a)(1)(A) of the TIA, and such
§ 316(a)(1)(A) of the TIA is hereby expressly excluded from this Indenture
and the Notes, as permitted by the TIA.

Section
613            Waiver of Past Defaults.  The Holders of not less than a majority in
aggregate principal amount of the Outstanding Notes may on behalf of the
Holders of all the Notes waive any past Default hereunder and its consequences,
except a Default

(1)           in the payment of the principal of or interest on any Note
(which may only be waived with the consent of each Holder of Notes affected),
or

(2)           in respect of a covenant or provision hereof that pursuant
to the second paragraph of Section 902 cannot be modified or amended
without the consent of the Holder of each Outstanding Note affected.

Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereon.  In
case of any such waiver, the Company, any other obligor upon the Notes, the
Trustee and the Holders shall be restored to their former positions and rights
hereunder and under the Notes, respectively.

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This paragraph of this Section
613 shall be in lieu of § 316(a)(1)(B) of the TIA and such
§ 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture
and the Notes, as permitted by the TIA.

Section
614            Undertaking for Costs.  All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture or the Notes, or in any
suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant. 
This Section 614 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in
the aggregate more than 10% in principal amount of the Outstanding Notes, or to
any suit instituted by any Holder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Note on or after the
respective Stated Maturity or Interest Payment Dates expressed in such Note.

Section
615            Waiver of Stay,
Extension or Usury Laws.  The Company
(to the extent that it may lawfully do so) shall not at any time insist upon,
or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law or any usury or other similar law wherever
enacted, now or at any time hereafter in force, that would prohibit or forgive
the Company from paying all or any portion of the principal of (or premium, if
any) or interest on the Notes contemplated herein or in the Notes or that may
affect the covenants or the performance of this Indenture; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and shall 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.

ARTICLE VII

THE TRUSTEE

Section 701            Certain
Duties and Responsibilities.

(a)           Except during the
continuance of an Event of Default,

(1)           the Trustee undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee;
and

(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; but in the case
of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be
under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture, but need not verify the contents thereof.

(b)           In case 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 their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

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(c)           No provision of this
Indenture shall be construed to relieve the Trustee from liability for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that (i) this paragraph does not limit the effect of Section
701(a); (ii) the Trustee shall not be liable for any error of judgment made
in good faith by a Trust Officer, unless it is proved that the Trustee was
negligent in ascertaining the pertinent facts; and (iii) the Trustee shall not
be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 612.

(d)           No provision of this
Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

(e)           Whether or not therein
expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Sections 701 and Section
703.

Section
702            Notice of Defaults.  If a Default occurs and is continuing and is
known to the Trustee, the Trustee must mail within 90 days after it occurs, to
all Holders as their names and addresses appear in the Note Register, notice of
such Default hereunder known to the Trustee unless such Default shall have been
cured or waived; provided, however,
that, except in the case of a Default in the payment of the principal of,
premium, if any, or interest on any Note, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interests of the
Holders.

Section
703            Certain Rights of
Trustee.  Subject to the provisions
of Section 701:

(1)           the Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, note, other
evidence of indebtedness or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;

(2)           any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order thereof,
and any resolution of any Person’s board of directors shall be sufficiently
evidenced if certified by an Officer of such Person as having been duly adopted
and being in full force and effect on the date of such certificate;

(3)           whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its
part, rely upon an Officer’s Certificate of the Company;

(4)           the Trustee may consult with counsel and the written
advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon;

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

71

(6)           the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
note, other evidence of indebtedness or other paper or document; and

(7)           the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct
or negligence on the part of any agent or attorney appointed with due care by
it hereunder.

Section
704            Not Responsible for
Recitals or Issuance of Notes.  The
recitals contained herein and in the Notes, except the Trustee’s certificates
of authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness.  The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Notes, except that the Trustee represents that it is duly authorized to execute
and deliver this Indenture, authenticate the Notes and perform its obligations
hereunder and that the statements made by it in a Statement of Eligibility and
Qualification on Form T-1 supplied to the Company and any other obligor upon
the Notes in connection with the registration of any Notes and any Subsidiary
Guarantees issued hereunder are and will be true and accurate subject to the
qualifications set forth therein. 
Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of the Notes or the proceeds thereof.

Section
705            May Hold Notes.  The Trustee, any Authenticating Agent, any
Paying Agent, any Note Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Notes and,
subject to Section 708 and Section 713, may otherwise deal with
the Company or its Affiliates with the same rights it would have if it were not
Trustee, Authenticating Agent, Paying Agent, Note Registrar or such other
agent.

Section
706            Money Held in Trust.  Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by
law.  The Trustee shall be under no
liability for interest on any money received by it hereunder except as
otherwise agreed in writing with the Company.

Section
707            Compensation and
Reimbursement.  The Company agrees,

(1)           to pay to the Trustee from time to time reasonable
compensation for all services rendered by the Trustee hereunder (which
compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);

(2)           except as otherwise expressly provided herein, to
reimburse the Trustee upon its request for all reasonable out-of-pocket
expenses incurred by the Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith; and

(3)           to indemnify the Trustee for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad
faith on the Trustee’s part, arising out of or in connection with the
administration of the trust or trusts hereunder, including the costs and
expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder.

72

The Company need not pay for
any settlement made without its consent.

Section
708            Conflicting Interests.  If the Trustee has or shall acquire a
conflicting interest within the meaning of the TIA, the Trustee shall eliminate
such interest, apply to the SEC for permission to continue as Trustee with such
conflict or resign, to the extent and in the manner provided by, and subject to
the provisions of, the TIA and this Indenture. 
To the extent permitted by the TIA, the Trustee shall not be deemed to
have a conflicting interest by virtue of being a trustee under this Indenture
with respect to Original Notes and Additional Notes, or a trustee under any
other indenture between the Company and the Trustee.

Section
709            Corporate Trustee
Required; Eligibility.  There shall
at all times be one (and only one) Trustee hereunder.  The Trustee shall be a Person that is
eligible pursuant to the TIA to act as such and has a combined capital and
surplus of at least $50,000,000.  If any such
Person publishes reports of condition at least annually, pursuant to law or to
the requirements of its supervising or examining authority, then for the
purposes of this Section and to the extent permitted by the TIA, the combined
capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so
published.  If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section
709, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

Section
710            Resignation and Removal;
Appointment of Successor.  No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 711.

The Trustee may resign at
any time by giving written notice thereof to the Company.  If the instrument of acceptance by a
successor Trustee required by Section 711 shall not have been delivered
to the Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

The Trustee may be removed
at any time by Act of the Holders of a majority in principal amount of the
Outstanding Notes, delivered to the Trustee and to the Company.

If at any time:

(1)           the Trustee shall fail to comply with Section 708
after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Note for at least six months, or

(2)           the Trustee shall cease to be eligible under Section
709 and shall fail to resign after written request therefor by the Company
or by any such Holder, or

(3)           the Trustee shall become incapable of acting or shall be
adjudged bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation,

then, in any such case, (A)
the Company may remove the Trustee, or (B) subject to Section 614, any
Holder who has been a bona fide Holder of a Note for at least six months may,
on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee or Trustees.

73

If the Trustee shall resign,
be removed or become incapable of acting, or if a vacancy shall occur in the
office of Trustee for any cause, the Company shall promptly appoint a successor
Trustee and shall comply with the applicable requirements of Section 711  If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
shall be appointed by Act of the Holders of a majority in principal amount of
the Outstanding Notes delivered to the Company and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 711,
become the successor Trustee and to that extent supersede the successor Trustee
appointed by the Company.  If no
successor Trustee shall have been so appointed by the Company or the Holders
and accepted appointment in the manner required by Section 711, then,
subject to Section 614, any Holder who has been a bona fide Holder of a
Note for at least six months may, on behalf of itself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee.

The Company shall give
notice of each resignation and each removal of the Trustee and each appointment
of a successor Trustee to all Holders in the manner provided in Section 110.  Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.

Section
711            Acceptance of
Appointment by Successor.  In case of
the appointment hereunder of a successor Trustee, every such successor Trustee
so appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.

Upon request of any such
successor Trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all
such rights, powers and trusts referred to above.

No successor Trustee shall
accept its appointment unless at the time of such acceptance such successor
Trustee shall be qualified and eligible under this Article VII.

Section
712            Merger, Conversion,
Consolidation or Succession to Business. 
Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article
VII, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Notes shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Notes so authenticated with the same effect
as if such successor Trustee had itself authenticated such Notes.

Section
713            Preferential Collection
of Claims Against the Company.  If
and when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Notes), the Trustee shall be subject to the provisions of the
TIA regarding the collection of claims against the Company (or any such other
obligor) or realizing on certain property received by it in respect of such
claims.

 

74

 

 

Section
714            Appointment of
Authenticating Agent.  The Trustee
may appoint an Authenticating Agent acceptable to the Company to authenticate
the Notes.  Any such appointment shall be
evidenced by an instrument in writing signed by a Trust Officer, a copy of
which instrument shall be promptly furnished to the Company.  Unless limited by the terms of such
appointment, an Authenticating Agent may authenticate Notes whenever the
Trustee may do so.  Each reference in
this Indenture to authentication (or execution of a certificate of
authentication) by the Trustee includes authentication (or execution of a
certificate of authentication) by such Authenticating Agent.  An Authenticating Agent has the same rights
as any Note Registrar, Paying Agent or agent for service of notices and
demands.

ARTICLE VIII

HOLDERS’ LISTS AND REPORTS BY

TRUSTEE AND THE COMPANY

Section
801            The Company To Furnish
Trustee Names and Addresses of Holders. 
The Company will furnish or cause to be furnished to the Trustee

(1)           semiannually, not more than 10 days after each Regular
Record Date, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders as of such Regular Record Date, and

(2)           at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time
such list is furnished;

provided, however, that if and so long as the Trustee shall be the
Note Registrar, no such list need be furnished pursuant to this Section 801.

Section
802            Preservation of
Information; Communications to Holders. 
The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list, if any, furnished to the Trustee as provided in Section 801 and
the names and addresses of Holders received by the Trustee in its capacity as
Note Registrar; provided, however,
that if and so long as the Trustee shall be the Note Registrar, the Note
Register shall satisfy the requirements relating to such list.  None of the Company, any Subsidiary Guarantor
or the Trustee or any other Person shall be under any responsibility with
regard to the accuracy of such list.  The
Trustee may destroy any list furnished to it as provided in Section 801
upon receipt of a new list so furnished.

The rights of Holders to
communicate with other Holders with respect to their rights under this
Indenture or under the Notes, and the corresponding rights and privileges of
the Trustee, shall be as provided by the TIA.

Every Holder of Notes, by
receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee, nor any agent of either of them, shall be
held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the TIA.

Section
803            Reports by Trustee.  Within 60 days after each December 1
beginning with December 1, 2007, the Trustee shall transmit to Holders
such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the TIA at the times and in the manner provided
pursuant thereto for so long as any Notes remain outstanding.  A copy of each such report shall, at the time
of such transmission to Holders, be filed by the Trustee with each stock
exchange upon which

 

75

 

any Notes are listed, with
the SEC and with the Company.  The
Company will notify the Trustee when any Notes are listed on any stock
exchange.

ARTICLE IX

AMENDMENT, SUPPLEMENT OR WAIVER

Section
901            Without Consent of
Holders.  Without the consent of the
Holders of any Notes, the Company, the Trustee and (as applicable) each
Subsidiary Guarantor may amend or supplement this Indenture or the Notes, for
any of the following purposes:

(1)           to cure any ambiguity, omission, defect or inconsistency,

(2)           to provide for the assumption by a Successor Company of
the obligations of the Company or a Subsidiary Guarantor under this Indenture,

(3)           to provide for uncertificated Notes in addition to or in
place of certificated Notes,

(4)           to add Guarantees with respect to the Notes, to secure the
Notes, to confirm and evidence the release, termination or discharge of any Guarantee
or Lien with respect to or securing the Notes when such release, termination or
discharge is provided for under this Indenture,

(5)           to add to the covenants of the Company for the benefit of
the Holders or to surrender any right or power conferred upon the Company,

(6)           to provide for or confirm the issuance of Additional
Notes,

(7)           to make any change that does not materially adversely
affect the rights of any Holder under the Notes or this Indenture, or

(8)           to comply with any requirement of the SEC in connection
with the qualification of this Indenture under the TIA or otherwise.

Section
902            With Consent of Holders.  Subject to Section 608, the
Company,  the Trustee and (if applicable)
each Subsidiary Guarantor may amend or supplement this Indenture or the Notes
with the written consent of the Holders of a majority in aggregate principal
amount of the Outstanding Notes (including consents obtained in connection with
a tender offer or exchange offer for Notes), and the Holders of not less than a
majority in aggregate principal amount of the Outstanding Notes by written
notice to the Trustee (including consents obtained in connection with a tender
offer or exchange offer for Notes) may waive any existing Default or Event of
Default or compliance by the Company or any Subsidiary Guarantor with any
provision of this Indenture, the Notes or any Subsidiary Guarantee.

Notwithstanding the
provisions of this Section 902, without the consent of each Holder
affected, an amendment or waiver, including a waiver pursuant to Section 613,
may not:

(i)            reduce the principal amount
of the Notes whose Holders must consent to an amendment or waiver;

(ii)           reduce the rate of or extend
the time for payment of interest on any Note;

 

76

 

(iii)          reduce the principal of or
extend the Stated Maturity of any Note;

(iv)          reduce the premium payable
upon the redemption of any Note or change the date on which any Note may be
redeemed as described in Section 1001;

(v)           make any Note payable in money
other than that stated in such Note;

(vi)          impair the right of any
Holder to receive payment of principal of and interest on such Holder’s Notes
on or after the due dates therefor or to institute suit for the enforcement of
any such payment on or with respect to such Holder’s Notes; or

(vii)         make any change in the
amendment or waiver provisions described in this paragraph.

It shall not be necessary
for the consent of the Holders under this Section 902 to approve the
particular form of any proposed amendment, supplement or waiver, but it shall
be sufficient if such consent approves the substance thereof.

After an amendment,
supplement or waiver under this Section 902 becomes effective, the
Company shall mail to the Holders, with a copy to the Trustee, 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
supplemental indenture or the effectiveness of any such amendment, supplement
or waiver.

Section
903            Execution of Amendments,
Supplements or Waivers.  The Trustee
shall sign any amendment, supplement or waiver authorized pursuant to this Article
IX if the amendment, supplement or waiver does not adversely affect the
rights, duties, liabilities or immunities of the Trustee.  If it does, the Trustee may, but need not,
sign it.  In signing or refusing to sign
such amendment, supplement or waiver, the Trustee shall be entitled to receive,
and shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel to the effect that the execution of such amendment,
supplement or waiver has been duly authorized, executed and delivered by the
Company and that, subject to applicable bankruptcy, insolvency, fraudulent
transfer, fraudulent conveyance, reorganization, moratorium and other laws now
or hereinafter in effect affecting creditors’ rights or remedies generally and
the general principles of equity (including standards of materiality, good faith,
fair dealing and reasonableness), whether considered in a proceeding at law or
at equity, such amendment, supplement or waiver is a valid and binding
agreement of the Company, enforceable against the Company in accordance with
its terms.

Section
904            Revocation and Effect of
Consents.  Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder is a
continuing consent by the Holder and every subsequent Holder of that Note or
any Note that evidences all or any part of 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 of this Section
904, any such Holder or subsequent Holder may revoke the consent as to such
Holder’s Note by written notice to the Trustee or the Company, received by the
Trustee or the Company, as the case may be, before the date on which the
Trustee receives an Officer’s 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 as set forth in Section 108.

 

77

 

After an amendment,
supplement or waiver becomes effective, it shall bind every Holder of Notes,
unless it makes a change described in any of clauses (i) through (vii) of the
second paragraph of Section 902 
In that case, the amendment, supplement or waiver shall bind each Holder
of a Note who has consented to it and every subsequent Holder of such Note or
any Note that evidences all or any part of the same debt as the consenting
Holder’s Note.

Section
905            Conformity with TIA.  Every amendment or supplemental indenture
executed pursuant to this Article shall conform to the requirements of the TIA
as then in effect.

Section
906            Notation on or Exchange
of Notes.  If an amendment,
supplement or waiver changes the terms of a Note, the Trustee shall (if
required by the Company and in accordance with the specific direction of the
Company) request the Holder of the Note to deliver it to the Trustee.  The Trustee shall (if required by the Company
and in accordance with the specific direction of the Company) 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 determines, the Company in exchange for the Note 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.

ARTICLE X

REDEMPTION OF NOTES

Section
1001          Optional Redemption.  The Notes will be redeemable, at the Company’s
option, in whole or in part, at any time and from time to time and prior to
maturity at the applicable redemption price set forth below. Such redemption
may be made upon notice mailed by first-class mail to each Holder’s registered
address in accordance with Section 1007. 
The Company may provide in such notice that payment of the redemption
price and the performance of the Company’s obligations with respect to such
redemption may be performed by another Person. Any such redemption and notice
may, in the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent.  The Notes will be
so redeemable at the following redemption prices (expressed as a percentage of
principal amount thereof), plus accrued
and unpaid interest, if any, to the relevant redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due
on the relevant Interest Payment Date), if redeemed during the 12-month period
commencing on December 1 of the years set forth below:

	
  Period

  	
   

  	
  Redemption Price

  
	
  2006

  	
   

  	
  100.000%

  
	
  2007

  	
   

  	
  102.000%

  
	
  2008

  	
   

  	
  101.000%

  
	
  2009 and thereafter

  	
   

  	
  100.000%

  

 

Section
1002          Redemption Upon a Change
of Control.  Not later than 30 days
following the date the Company obtains actual knowledge of any Change of
Control having occurred, the Company will be required to redeem 100% of the
aggregate principal amount of the Notes Outstanding.  The Notes will be so redeemable at a redemption
price equal to 100% of the principal amount thereof, plus accrued and unpaid
interest, if any, to the Redemption Date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
Interest Payment Date).  The Company will
make such redemption upon notice mailed by first-class mail to each
Holder’s registered address in accordance with Section 1007.  The Company may provide in such notice that
payment of the redemption price and performance of the Company’s obligations
with respect to such redemption may be performed

 

78

 

by another Person.  Any such notice may be given prior to the
occurrence of a Change of Control, and any such redemption or notice will be
subject to the occurrence of such Change of Control.

Section
1003          Redemption Upon an
Initial Public Offering.  Not later
than 30 days following an Initial Public Offering Date, the Company will be
required to redeem an aggregate principal amount of Notes equal to the lesser
of (x) the aggregate principal amount of the Notes outstanding on the Initial
Public Offering Date and (y) 100% of the amount of the Net Cash Proceeds to the
Company from the Initial Public Offering, provided that,
in the case of clause (y), not less than $100.0 million in aggregate principal
amount of the Notes must remain Outstanding following such redemption (and the
aggregate principal amount of the Notes will be reduced accordingly).  The Notes will be so redeemable at a redemption
price equal to 100% of the principal amount thereof, plus accrued and unpaid
interest, if any, to the Redemption Date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
Interest Payment Date).  The Company will
make such redemption upon notice mailed by first-class mail to each
Holder’s registered address in accordance with Section 1007.  The Company may provide in such notice that
payment of the redemption price and performance of the Company’s obligations
with respect to such redemption may be performed by another Person.  Any such notice may be given prior to the
Initial Public Offering Date, and any such redemption or notice will be subject
to the completion of an Initial Public Offering.

Section
1004          Applicability of Article.  Redemption of Notes as permitted by Section
1001, 1002 or 1003 shall be made in accordance with this Article
X.

Section
1005          Election To Redeem;
Notice to Trustee.  In case of any
redemption of less than all of the Notes, the Company shall, at least 30 days
prior to the Redemption Date initially fixed by the Company (unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Notes to be redeemed.

Section
1006          Selection by Trustee of
Notes To Be Redeemed.  In the case of
any partial redemption, selection of the Notes for redemption will be made by
the Trustee not more than 60 days prior to the Redemption Date on a pro rata basis, by lot or by such other method as the
Trustee in its sole discretion shall deem to be fair and appropriate, although
no Note of $2,000 in principal amount or less will be redeemed in part.

The Trustee shall promptly
notify the Company in writing of the Notes selected for redemption and, in the
case of any Note selected for partial redemption, the principal amount thereof
to be redeemed.  On and after the
Redemption Date, interest will cease to accrue on Notes or portions thereof called
for redemption.

For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to
the redemption of Notes shall relate, in the case of any Note redeemed or to be
redeemed only in part, to the portion of the principal amount of such Note that
has been or is to be redeemed.

Section
1007          Notice of Redemption.  Notice of redemption as provided in Section
1001, 1002 or 1003 shall be given by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Notes to be redeemed, at such Holder’s
address appearing in the Note Register.

Any such notice shall state:

(1)           the expected Redemption Date,

 

79

 

(2)           the redemption price,

(3)           if less than all Outstanding Notes are to be redeemed, the
identification (and, in the case of partial redemption, the respective
principal amounts) of the Notes to be redeemed,

(4)           that, on the Redemption Date, the redemption price will
become due and payable upon each such Note, and that, unless the Company
defaults in making such redemption payment or the Paying Agent is prohibited
from making such payment pursuant to the terms of this Indenture, interest
thereon shall cease to accrue from and after said date, and

(5)           the place where such Notes are to be surrendered for
payment of the redemption price.

In addition, if such
redemption or notice is subject to satisfaction of one or more conditions
precedent, as permitted by Sections 1001, 1002 or 1003, as
applicable, such notice shall describe each such condition, and if applicable,
shall state that, in the Company’s discretion, the Redemption Date may be
delayed until such time as any or all such conditions shall be satisfied, or
such redemption may not occur and such notice may be rescinded in the event
that any or all such conditions shall not have been satisfied by the Redemption
Date, or by the Redemption Date as so delayed.

The Company may provide in
such notice that payment of the redemption price and the performance of the Company’s
obligations with respect to such redemption may be performed by another Person.

Notice of such redemption of
Notes to be so redeemed at the election of the Company shall be given by the
Company or, at the Company’s request (made to the Trustee at least 35 days (or
such shorter period as shall be satisfactory to the Trustee) prior to the
Redemption Date), by the Trustee in the name and at the expense of the Company.

The notice if mailed in the
manner herein provided shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. 
In any case, failure to give such notice by mail or any defect in the
notice to the Holder of any Note designated for redemption as a whole or in part
shall not affect the validity of the proceedings for the redemption of any
other Note.

Section
1008          Deposit of Redemption
Price.  On or prior to any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, the Company shall segregate and
hold in trust as provided in Section 403) an amount of money sufficient
to pay the redemption price of, and any accrued and unpaid interest on, all the
Notes or portions thereof which are to be redeemed on that date.

Section
1009          Notes Payable on
Redemption Date.  Notice of
redemption having been given as provided in this Article X, the Notes so
to be redeemed shall, on the Redemption Date, become due and payable at the
redemption price herein specified and from and after such date (unless the
Company shall default in the payment of the redemption price or the Paying
Agent is prohibited from paying the redemption price pursuant to the terms of
this Indenture) such Notes shall cease to bear interest.  Upon surrender of such Notes for redemption
in accordance with such notice, such Notes shall be paid by the Company at the
redemption price.  Installments of
interest whose Interest Payment Date is on or prior to the Redemption Date
shall be payable to the Holders of such Notes registered as such on the
relevant Regular Record Dates according to their terms and the provisions of Section
307.

 

80

 

On and after any Redemption
Date, if money sufficient to pay the redemption price of and any accrued and
unpaid interest on Notes called for redemption shall have been made available
in accordance with Section 1008, the Notes (or the portions thereof)
called for redemption will cease to accrue interest and the only right of the
Holders of such Notes (or portions thereof) will be to receive payment of the
redemption price of and, subject to the last sentence of the preceding
paragraph, any accrued and unpaid interest on such Notes (or portions thereof)
to the Redemption Date.  If any Note (or
portion thereof) called for redemption shall not be so paid upon surrender
thereof for redemption, the principal, and premium, if any, shall, until paid,
bear interest from the Redemption Date at the rate borne by the Note (or
portion thereof).

Section
1010          Notes Redeemed in Part.  Any Note that is to be redeemed only in part
shall be surrendered at the Place of Payment (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or its attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Note without service charge, a new Note or Notes, of any authorized
denomination as requested by such Holder in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Note so
surrendered.

ARTICLE XI

SATISFACTION AND DISCHARGE

Section
1101          Satisfaction and
Discharge of Indenture.  This
Indenture shall cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange of Notes herein expressly
provided for), and the Trustee, on demand of and at the  expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

(i)            either

(a)           all Notes theretofore authenticated and delivered (other
than (i) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 306, 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, as provided in Section 403) have been delivered to the
Trustee for cancellation; or

(b)           all such Notes not theretofore delivered to the Trustee
for cancellation

(1)           have become due and payable,

(2)           will become due and payable at their Stated Maturity
within one year, or

(3)           have been or are to be called for redemption within one
year under arrangements reasonably satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the
Company,

(ii)           the Company has irrevocably
deposited or caused to be deposited with the Trustee an amount in United States
dollars, U.S. Government Obligations, or a combination thereof, sufficient
(without reinvestment) to pay and discharge the entire Indebtedness on such
Notes not theretofore delivered to the Trustee for cancellation, for principal,
and premium, if any, 

 

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and interest to the date of
such deposit (in the case of Notes that have become due and payable), or to the
Stated Maturity or Redemption Date, as the case may be (provided
if such amount shall relate to the Stated Maturity or the Redemption Date (if
relevant for the determination of such amount) (x) the amount of money or
U.S. Government Obligations, or a combination thereof, that the Company must
irrevocably deposit or cause to be deposited shall be determined using an
assumed Applicable LIBOR Rate calculated as of the date of such deposit and
assuming the payment of interest in the form of Cash Interest, as calculated by
the Company, and (y) the Company must irrevocably deposit or cause to be
deposited any additional money in trust on the Stated Maturity or the
Redemption Date as necessary to pay the amount due on the Stated Maturity or
the Redemption Date, as the case may be, and as determined as of such date);

(iii)          the Company has paid or
caused to be paid all other sums then payable hereunder by the Company; and

(iv)          the Company has delivered to
the Trustee an Officer’s Certificate of the Company and an Opinion of Counsel,
each to the effect that all conditions precedent provided for in this Section
1101 relating to the satisfaction and discharge of this Indenture have been
complied with, provided that any such counsel
may rely on any Officer’s Certificate as to matters of fact (including as to
compliance with the foregoing clauses (i), (ii) and (iii)).

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to
the Trustee under Section 707 and, if money shall have been deposited
with the Trustee pursuant to Section 1101(ii), the obligations of the
Trustee under Section 1102 shall survive.

Section
1102          Application of Trust
Money.  Subject to the provisions of
the last paragraph of Section 403, all money deposited with the Trustee
pursuant to Section 1101 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent as the Trustee may determine, to
the Persons entitled thereto, of the principal, and premium, if any, and
interest on the Notes; but such money need not be segregated from other funds
except to the extent required by law.

ARTICLE XII

DEFEASANCE OR COVENANT DEFEASANCE

Section 1201          The
Company’s Option To Effect Defeasance or Covenant Defeasance.

The Company may,
concurrently (and not separately) at its option, at any time, elect to have
terminated the obligations of the Company with respect to Outstanding Notes and
to have terminated all of the obligations of the Subsidiary Guarantors with
respect to the Subsidiary Guarantees, in each case, as set forth in this Article
XII, and elect to have either Section 1202 or Section 1203 be
applied to all of the Outstanding Notes (the “Defeased Notes”), upon
compliance with the conditions set forth below in Section 1204.  Either Section 1202 or Section 1203
may be applied to the Defeased Notes to any Redemption Date or the Stated
Maturity of the Notes.

Section
1202          Defeasance and Discharge.  Upon the Company’s exercise under Section
1201 of the option applicable to this Section 1202, the Company
shall be deemed to have been released and discharged from its obligations with
respect to the Defeased Notes on the date the relevant conditions set forth in Section
1204 below are satisfied (hereinafter, “Defeasance”).  For this purpose, such Defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Defeased Notes, which shall thereafter be deemed to be “Outstanding”
only for the 

 

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purposes of Section 1205
and the other Sections of this Indenture referred to in clauses (a) and (b)
below, and the Company and each of the Subsidiary Guarantors shall be deemed to
have satisfied all other obligations under such Notes and this Indenture
insofar as such Notes are concerned (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except for
the following, which shall survive until otherwise terminated or discharged
hereunder:  (a) the rights of Holders of
Defeased Notes to receive, solely from the trust fund described in Section
1204 and as more fully set forth in such Section, payments in respect of
the principal of and premium, if any, and interest on such Notes when such payments
are due, (b) the Company’s obligations with respect to such Defeased Notes
under Sections 304, 305, 306, 402 and 403,
(c) the rights, powers, trusts, duties and immunities of the Trustee hereunder,
including the Trustee’s rights under Section 707, and (d) this Article
XII.  If the Company exercises its
option under this Section 1202, payment of the Notes may not be
accelerated because of an Event of Default with respect thereto.  Subject to compliance with this Article
XII, the Company may, at its option and at any time, exercise its option
under this Section 1202 notwithstanding the prior exercise of its option
under Section 1203 with respect to the Notes.

Section
1203          Covenant Defeasance.  Upon the Company’s exercise under Section
1201 of the option applicable to this Section 1203, (a) the Company
and the Subsidiary Guarantors shall be released from their respective
obligations under any covenant or provision contained in Section 405 and
Sections 407 through 414 and the provisions of clauses (iii),
(iv) and (v) of Section 501(a) shall not apply, and (b) the occurrence
of any event specified in clause (iv), (with respect to Section 405 and Sections
407 through 414, inclusive), (v), (vi), (vii) (with respect to
Subsidiaries), (viii) (with respect to Subsidiaries), (ix) or (x) of Section
601 shall be deemed not to be or result in an Event of Default, in each
case with respect to the Defeased Notes on and after the date the conditions
set forth below are satisfied (hereinafter, “Covenant Defeasance”), and
the Notes shall thereafter be deemed not to be “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 or provisions,
but shall continue to be deemed “Outstanding” for all other purposes
hereunder.  For this purpose, such
Covenant Defeasance means that, with respect to the Outstanding Notes, the
Company and the Subsidiary Guarantors may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
covenant or provision, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or provision or by reason of
any reference in any such covenant or provision to any other provision herein
or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 601, but, except as
specified above, the remainder of this Indenture and such Outstanding Notes
shall be unaffected thereby.

Section
1204          Conditions to Defeasance
or Covenant Defeasance.  The
following shall be the conditions to application of either Section 1202
or Section 1203 to the Outstanding Notes:

(1)           The Company shall have irrevocably deposited or caused to
be deposited with the Trustee in trust cash, in United States dollars, or U.S.
Government Obligations or a combination thereof, in amounts as will be
sufficient (without reinvestment), to pay and discharge the principal of, and
premium, if any, and interest on the Defeased Notes on the Stated Maturity or
relevant Redemption Date in accordance with the terms of this Indenture and the
Notes (provided if such amount shall relate to
the Stated Maturity or the Redemption Date (if relevant for the determination
of such amount) (x) the amount of money or U.S. Government Obligations, or
a combination thereof, that the Company must irrevocably deposit or cause to be
deposited shall be determined using an assumed Applicable LIBOR Rate calculated
as of the date of such deposit and assuming the payment of interest in the form
of Cash Interest, as calculated by the Company, and (y) the Company must
irrevocably deposit or cause to be deposited any additional money in

 

83

 

trust
on the Stated Maturity or the Redemption Date as necessary to pay the amount
due on the Stated Maturity or the Redemption Date, as the case may be, and as
determined as of such date);

(2)           No Default or Event of Default shall have occurred and be
continuing on the date of such deposit;

(3)           Such deposit shall not result in a breach or violation of,
or constitute a Default or Event of Default under, this Indenture or any other
material agreement or instrument to which the Company is a party or by which it
is bound;

(4)           In the case of an election under Section 1202, the
Company shall have delivered to the Trustee an Opinion of Counsel from
Debevoise & Plimpton LLP or other counsel in the United States to the
effect that (x) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling or (y) since the Issue Date, there has
been a change in the applicable Federal income tax law, in either case to the
effect that, and based thereon such opinion shall confirm to the effect that,
the Holders of the Outstanding Notes will not recognize income, gain or loss
for Federal income tax purposes as a result of such Defeasance and will be
subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such Defeasance had not occurred;
provided that such Opinion of Counsel
need not be delivered if all Notes theretofore authenticated and delivered
(other than (i) Notes that have been destroyed, lost or stolen and that have
been replaced or paid as provided in Section 306, 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, as provided in Section 403) not theretofore delivered
to the Trustee for cancellation have become due and payable, will become due
and payable at their Stated Maturity within one year, or are to be called for
redemption within one year under arrangements reasonably satisfactory to the
Trustee in the name, and at the expense, of the Company;

(5)           In the case of an election under Section 1203, the
Company shall have delivered to the Trustee an Opinion of Counsel from
Debevoise & Plimpton LLP or other counsel in the United States to the
effect that the Holders of the Outstanding Notes will not recognize income,
gain or loss for Federal income tax purposes as a result of such Covenant
Defeasance and will be subject to Federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred; and

(6)           The Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each to the effect that all conditions
precedent provided for in this Section 1204 relating to either the
Defeasance under Section 1202 or the Covenant Defeasance under Section
1203, as the case may be, have been complied with.  In rendering such Opinion of Counsel, counsel
may rely on an Officer’s Certificate as to compliance with the foregoing
clauses (1), (2) and (3) of this Section 1204 or as to any matters of
fact.

Section
1205          Deposited Money and U.S.
Government Obligations To Be Held in Trust; Other Miscellaneous Provisions.  Subject to the provisions of the last
paragraph of Section 403, all money and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or such other
Person that would qualify to act as successor trustee under Article VII,
collectively and solely for purposes of this Section 1205, the “Trustee”)
pursuant to Section 1204 in respect of the Defeased 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,

 

84

 

premium, if any, and
interest, but such money need not be segregated from other funds except to the
extent required by law.

The Company shall pay and
indemnify the Trustee and its agents and hold them harmless against any tax,
fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1204, or the principal, premium, if any,
and interest received in respect thereof, other than any such tax, fee or other
charge that by law is for the account of the Holders of the Defeased Notes.

Anything in this Article
XII to the contrary notwithstanding, the Trustee shall deliver to the
Company from time to time, upon Company Request, any money or U.S. Government
Obligations held by it as provided in Section 1204 that, in the opinion
of a nationally recognized accounting or investment banking firm expressed in a
written certification thereof to the Trustee, are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent
Defeasance or Covenant Defeasance. 
Subject to Article VII, the Trustee shall not incur any liability
to any Person by relying on such opinion.

Section
1206          Reinstatement.  If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Obligations in accordance with Section
1202 or 1203, as the case may be, by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the obligations of the Company and each of
the Subsidiary Guarantors under this Indenture, the Notes and the Subsidiary
Guarantees shall be revived and reinstated as though no deposit had occurred
pursuant to Section 1202 or 1203, as the case may be, until such
time as the Trustee or Paying Agent is permitted to apply all such money and
U.S. Government Obligations in accordance with Section 1202 or 1203,
as the case may be; provided, however, that if the Company or any Subsidiary Guarantor
makes any payment of principal, premium, if any, or interest on any Note
following the reinstatement of its obligations, the Company or Subsidiary
Guarantor, as the case may be, shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the money and U.S. Government
Obligations held by the Trustee or Paying Agent.

Section
1207          Repayment to the Company.  The Trustee shall pay to the Company upon
Company Request any money held by it for the payment of principal or interest
that remains unclaimed for two years. 
After payment to the Company, Holders entitled to money must look to the
Company for payment as general creditors unless an applicable abandoned
property law designates another Person and all liability of the Trustee or
Paying Agent with respect to such money shall thereupon cease.

ARTICLE XIII

SUBSIDIARY GUARANTEES

Section 1301          Guarantees
Generally.

(a)           Guarantee of Each Subsidiary
Guarantor.  Each
Subsidiary Guarantor, as primary obligor and not merely as surety, will jointly
and severally, irrevocably and fully and unconditionally Guarantee, on an
unsecured senior basis, the punctual payment when due, whether at Stated
Maturity, by acceleration or otherwise, of all monetary obligations of the
Company under this Indenture and the Notes, whether for principal of or
interest on the Notes, expenses, indemnification or otherwise (all such obligations
guaranteed by such Subsidiary Guarantors being herein called the “Subsidiary
Guaranteed Obligations”).

 

85

 

The obligations of each
Subsidiary Guarantor will be limited to the maximum amount as will, after
giving effect to all other contingent and fixed liabilities of such Subsidiary
Guarantor and after giving effect to any collections from or payments made by
or on behalf of any other Subsidiary Guarantor in respect of the obligations of
such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to
its contribution obligations under this Indenture, result in the obligations of
such Subsidiary Guarantor under the Subsidiary Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under applicable law, or being
void or unenforceable under any law relating to insolvency of debtors.

(b)           Further Agreements of Each
Subsidiary Guarantor.  (i)  Each Subsidiary Guarantor hereby agrees that
(to the fullest extent permitted by law) its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of
this Indenture, the Notes or the obligations of the Company or any other
Subsidiary Guarantor to the Holders or the Trustee hereunder or thereunder, the
absence of any action to enforce the same, any waiver or consent by any Holder
with respect to any provisions hereof or thereof, any release of any other
Subsidiary Guarantor, the recovery of any judgment against the Company, any
action to enforce the same, whether or not a notation concerning its Subsidiary
Guarantee is made on any particular Note, or any other circumstance that might
otherwise constitute a legal or equitable discharge or defense of a guarantor.

(ii)           Each Subsidiary Guarantor hereby waives (to the fullest
extent permitted by law) the benefit of 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 (except as
otherwise provided in Section 1303) its Subsidiary Guarantee will not be
discharged except by complete performance of the obligations contained in the
Notes, this Indenture and this Subsidiary Guarantee.  Such Subsidiary Guarantee is a guarantee of
payment and not of collection.  Each
Subsidiary Guarantor further agrees (to the fullest extent permitted by law)
that, as between it, on the one hand, and the Holders of Notes and the Trustee,
on the other hand, subject to this Article XIII, (1) the maturity of the
obligations guaranteed by its Subsidiary Guarantee may be accelerated as and to
the extent provided in Article VI for the purposes of such Subsidiary
Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed by such Subsidiary
Guarantee, and (2) in the event of any acceleration of such obligations as
provided in Article VI, such obligations (whether or not due and
payable) shall forthwith become due and payable by such Subsidiary Guarantor in
accordance with the terms of this Section 1301 for the purpose of such
Subsidiary Guarantee.  Neither the
Trustee nor any other Person shall have any obligation to enforce or exhaust
any rights or remedies or to take any other steps under any security for the
Guaranteed Note Obligations or against the Company or any other Person or any
property of the Company or any other Person before the Trustee is entitled to
demand payment and performance by any or all Subsidiary Guarantors of their
obligations under their respective Subsidiary Guarantees or under this
Indenture.

(iii)          Until terminated in accordance with Section 1303,
each Subsidiary Guarantee shall remain in full force and effect and continue to
be effective should any petition be filed by or against the Company for
liquidation or reorganization, should the Company become insolvent or make an
assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Company’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be
reinstated, as the case may be, if at any time payment and performance of the
Notes are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on such Notes, whether as a “voidable
preference,” “fraudulent transfer” or otherwise, all as though such payment or
performance had not been made.  In the
event that any payment, or any part thereof, is rescinded, reduced, restored or
returned, the Notes shall, to the fullest extent permitted by law,

 

86

 

be reinstated and deemed
reduced only by such amount paid and not so rescinded, reduced, restored or
returned.

(c)           Each Subsidiary Guarantor
that makes a payment or distribution under its Subsidiary Guarantee shall have
the right to seek contribution from the Company or any non-paying Subsidiary
Guarantor that has also Guaranteed the relevant Guaranteed Note Obligations in
respect of which such payment or distribution is made, so long as the exercise
of such right does not impair the rights of the Holders under the Subsidiary
Guarantees.

(d)           Each Subsidiary Guarantor
acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that its Subsidiary
Guarantee, and the waiver set forth in Section 1304, are knowingly made
in contemplation of such benefits.

(e)           Each Subsidiary Guarantor,
pursuant to its Subsidiary Guarantee, also hereby agrees to pay any and all
reasonable out-of-pocket expenses (including reasonable counsel fees and
expenses) incurred by the Trustee or the Holders in enforcing any rights under
its Subsidiary Guarantee.

Section 1302          Continuing Guarantees.

(a)           Each Subsidiary Guarantee
shall be a continuing Guarantee and shall (i) subject to Section 1303,
remain in full force and effect until payment in full of the principal amount
of all Outstanding Notes (whether by payment at maturity, purchase, redemption,
defeasance, retirement or other acquisition) and all other Subsidiary
Guaranteed Obligations of the Subsidiary Guarantor then due and owing, (ii) be
binding upon such Subsidiary Guarantor and (iii) inure to the benefit of and be
enforceable by the Trustee, the Holders and their permitted successors,
transferees and assigns.

(b)           The obligations of each
Subsidiary Guarantor hereunder shall continue to be effective or shall be reinstated,
as the case may be, if at any time any payment which would otherwise have
reduced or terminated the obligations of any Subsidiary Guarantor hereunder and
under its Subsidiary Guarantee (whether such payment shall have been made by or
on behalf of the Company or by or on behalf of a Subsidiary Guarantor) is
rescinded or reclaimed from any of the Holders upon the insolvency, bankruptcy,
liquidation or reorganization of the Company or any Subsidiary Guarantor or
otherwise, all as though such payment had not been made.

Section 1303          Release of Subsidiary Guarantees.  Notwithstanding the provisions of Section
1302, Subsidiary Guarantees will be subject to termination and discharge
under the circumstances described in this Section 1303:  Any Subsidiary Guarantor will automatically
and unconditionally be released from all obligations under its Subsidiary
Guarantee, and such Subsidiary Guarantee shall thereupon terminate and be
discharged and of no further force or effect, (i) concurrently with any sale or
disposition (by merger or otherwise) of any Subsidiary Guarantor or any
interest therein in accordance with the terms of this Indenture (including Section
411 and Section 501) by the Company or a Restricted Subsidiary,
following which such Subsidiary Guarantor is no longer a Restricted Subsidiary
of the Company, (ii) at any time that such Subsidiary Guarantor is released
from all of its obligations under all of its Guarantees of payment by the
Company of any Indebtedness of the Company the guarantee of which resulted in
such Subsidiary Guarantor’s obligations to the guarantee the Notes under Section
414 (other than by reason of payment under such Guarantees of such
Indebtedness), (iii) upon the merger or consolidation of any Subsidiary
Guarantor with and into the Company or another Subsidiary Guarantor that is the
surviving Person in such merger or consolidation, (iv) concurrently with any
Subsidiary Guarantor becoming an Unrestricted Subsidiary, (v) upon legal or
covenant defeasance of the Company’s obligations, or satisfaction and discharge
of this Indenture, or (vi) subject to Section 1302(b), upon

 

87

 

payment in full of the
aggregate principal amount of all Notes then Outstanding and all other
Subsidiary Guaranteed Obligations then due and owing.  In addition, the Company will have the right,
upon 30 days’ notice to the Trustee, to cause any Subsidiary Guarantor that has
not guaranteed payment by the Company of any Indebtedness of the Company other
than Subsidiary Guaranteed Obligations to be unconditionally released from all
obligations under its Subsidiary Guarantee, and such Subsidiary Guarantee shall
thereupon terminate and be discharged and of no further force or effect.  Upon any such occurrence specified in this
paragraph, the Trustee shall execute any documents reasonably required in order
to evidence such release, discharge and termination in respect of such
Subsidiary Guarantee.

Upon any such occurrence
specified in this Section 1303, the Trustee shall execute any documents
reasonably required in order to evidence such release, discharge and
termination in respect of the applicable Subsidiary Guarantee.

Section 1304          Waiver of Subrogation.  Each Subsidiary Guarantor hereby irrevocably
waives any claim or other rights that it may now or hereafter acquire against
the Company that arise from the existence, payment, performance or enforcement
of the Company’s obligations under the Notes and this Indenture or such
Subsidiary Guarantor’s obligations under its Subsidiary Guarantee and this
Indenture, including any right of subrogation, reimbursement, exoneration,
indemnification, and any right to participate in any claim or remedy of any
Holder of Notes against the Company, whether or not such claim, remedy or right
arises in equity, or under contract, statute or common law, until this
Indenture is discharged and all of the Notes are discharged and paid in
full.  If any amount shall be paid to any
Subsidiary Guarantor in violation of the preceding sentence and the Notes shall
not have been paid in full, such amount shall be deemed to have been paid to
such Subsidiary Guarantor for the benefit of, and held in trust for the benefit
of, the Holders of the Notes, and shall forthwith be paid to the Trustee for
the benefit of such Holders to be credited and applied upon the Notes, whether
matured or unmatured, in accordance with the terms of this Indenture.

Section 1305          Notation Not Required.  Neither the Company nor any Subsidiary
Guarantor shall be required to make a notation on the Notes to reflect any
Subsidiary Guarantee or any such release, termination or discharge thereof.

Section 1306          Successors and Assigns of
Subsidiary Guarantors.  All covenants
and agreements in this Indenture by each Subsidiary Guarantor shall bind its
respective successors and assigns, whether so expressed or not.

Section 1307          Execution and Delivery of
Subsidiary Guarantees.  The Company
shall cause each Restricted Subsidiary that is required to become a Subsidiary
Guarantor pursuant to Section 414, and each Subsidiary of the Company
that the Company causes to become a Subsidiary Guarantor pursuant to Section
414, to promptly execute and deliver to the Trustee a Supplemental
Indenture substantially in the form set forth in Exhibit D to this Indenture,
or otherwise in form and substance reasonably satisfactory to the Trustee,
evidencing its Subsidiary Guarantee on substantially the terms set forth in
this Article XIII.  Concurrently
therewith, the Company shall deliver to the Trustee an Opinion of Counsel in
form and substance reasonably satisfactory to the Trustee to the effect that
such Supplemental Indenture has been duly authorized, executed and delivered by
such Restricted Subsidiary and that, subject to applicable bankruptcy,
insolvency, fraudulent transfer, fraudulent conveyance, reorganization,
moratorium and other laws now or hereafter in effect affecting creditors’
rights or remedies generally and the general principles of equity (including
standards of materiality, good faith, fair dealing and reasonableness), whether
considered in a proceeding at law or at equity, such Supplemental Indenture is
a valid and binding agreement of such Restricted Subsidiary, enforceable
against such Restricted Subsidiary in accordance with its terms.

 

88

 

Section 1308          Notices.  Notice to any Subsidiary Guarantor shall be
sufficient if addressed to such Subsidiary Guarantor care of the Company at the
address, place and manner provided in Section 109.

 

 

 

89

 

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

	
   

  	
  CDRV
  INVESTORS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  George Van Kula

  
	
   

  	
   

  	
  Name:

  	
  George
  Van Kula

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President, General

  
	
   

  	
   

  	
   

  	
  Counsel
  and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, NATIONAL ASSOCIATION,

  as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Joseph P. O’Donnell

  
	
   

  	
   

  	
  Name:

  	
  Joseph
  P. O’Donnell

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

S-1

EXHIBIT
A

FOR THE PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT
(“OID”).  FOR INFORMATION ABOUT THE ISSUE PRICE, THE AMOUNT OF OID, THE
ISSUE DATE AND THE YIELD TO MATURITY WITH RESPECT TO THIS SECURITY, PLEASE
CONTACT: CDRV INVESTORS, INC., 1310 GOSHEN PARKWAY, P.O. BOX 2656, WEST
CHESTER, PA 19380, ATTN: CORPORATE TREASURER.

 

Form of Note(1)

(FACE OF NOTE)

CDRV
INVESTORS, INC.

Senior Floating Rate Notes Due 2011

	
  CUSIP No.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  No.

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  
							

CDRV
Investors, Inc., a corporation duly organized and existing under the laws of
the State of Delaware (and its successors and assigns) (the “Company”),
promises to pay to ________________________, or registered assigns, the
principal sum of $________________
([                     ]
United States Dollars) (or such lesser or greater amount as shall be
outstanding hereunder from time to time in accordance with Sections 301,
312 and 313, as applicable, of the Indenture referred to on the
reverse hereof) on December 1, 2011.

For any quarterly interest
period, the Company may, at its option, elect to pay interest on this Note (1)
entirely in cash (“Cash Interest”), (2) entirely by increasing the
principal amount of this Note (“PIK Interest”) or (3) 50% as Cash
Interest and 50% as PIK Interest.  Cash
Interest shall accrue on this Note at a rate per annum equal to the Applicable
LIBOR Rate plus the Applicable Spread (the “Cash Interest Rate”).  PIK Interest shall accrue on this Note at a
rate per annum equal to the Cash Interest Rate plus 75 basis points.  The Applicable LIBOR Rate shall be reset
quarterly, as determined by the Company in accordance with the definition
thereof.

To elect the form of
interest payment with respect to any quarterly interest period, the Company
shall give the Trustee irrevocable written notice of such election not less
than 20 Business Days prior to the related Interest Payment Date in accordance
with the Indenture.  The Trustee shall
promptly deliver a corresponding notice to the Holders.  In the absence of such an election for any
quarterly interest period, interest on the Notes shall be payable entirely in
the form of PIK Interest on the related Interest Payment Date.  PIK Interest shall be payable on the related
Interest Payment Date by increasing the 

 

(1)           Insert any applicable legends from
Article II.

A-1

principal amount of this
Note by an amount equal to the amount of PIK Interest for the applicable
quarterly interest period (a “PIK Payment”), as hereinafter provided,
and as provided in the Indenture. 
Following an increase in the principal amount of this Note as a result
of a PIK Payment, this Note shall accrue interest on such increased principal amount
from and after the related Interest Payment Date of such PIK Payment.  On the Interest Payment Date for such PIK
Payment, the principal amount of each Note shall be increased by the amount of
the PIK Interest payable, rounded up to the nearest $1.00, for the relevant
quarterly interest period on the principal amount of such Note as of the
relevant Regular Record Date for such Interest Payment Date, to the credit of
the Holders on such Regular Record Date, pro rata in accordance with their
interests, automatically without any further action by any Person, as further
provided in the Indenture.  References in
this Note to the “principal amount” of this Note include increases in the
principal amount of this Note as a result of any PIK Payment.

Interest on this Note shall
be payable as aforesaid quarterly in arrears on March 1, June 1, September 1
and December 1 of each year, commencing March 1, 2007 (each, an “Interest
Payment Date”).  Interest on this
Note shall accrue from the Issue Date, or from the most recent date to which interest
has been paid.

The interest rate on this
Note shall in no event be higher than the maximum rate permitted by the laws of
the State of New York (including any applicable federal laws of the United
States of America).

Interest on the Notes shall
be computed on the basis of a 360-day year consisting of twelve 30-day
months.  The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Note (or
one or more Predecessor Notes) is registered at the close of business on the
Regular Record Date for such interest, which shall be the February 15, May 15,
August 15 and November 15 (whether or not a Business Day) (a “Regular Record
Date”), as the case may be, immediately preceding such Interest Payment
Date.  Any cash interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in
whose name this Note (or one or more Predecessor Notes) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders
of Notes not more than 15 days nor less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

[The Holder of this Note is
entitled to the benefits of the Exchange and Registration Rights Agreement,
dated December 14, 2006, among the Company and the initial purchaser named
therein (the “Registration Rights Agreement”).](2), (3)

Payment of the principal of
(and premium, if any) and interest on this Note will be made at the Corporate
Trust Office of the Trustee, or such other office or agency of the Company
maintained for that purpose; provided, however, that at the option of the Company payment of cash
interest may be 

 

(2)                 Include only for Initial
Note when required by the Registration Rights Agreement.

(3)                 For an Initial
Additional Note, add any similar provision, if any, as may be agreed by the
Issuer with respect to additional interest on such Initial Additional Note.

 

A-2

 

made
by wire transfer of immediately available funds to the account designated to
the Company by the Person entitled thereto or by check mailed to the address of
the Person entitled thereto as such address shall appear in the Note Register.

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

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

A-3

 

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

	
   

  	
   

  
	
   

  	
  CDRV
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

This is one of the Notes
referred to in the within mentioned Indenture.

	
   

  	
  WELLS
  FARGO BANK, NATIONAL ASSOCIATION

  
	
   

  	
  As
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  
	
   

  	
   

  	
   

  

 

Dated:

 

A-4

 

(REVERSE OF NOTE)

This Note is one of the duly
authorized issue of Senior Floating Rate Notes Due 2011 of the Company (herein
called the “Notes”), issued under an Indenture, dated as of December 14,
2006 (herein called the “Indenture,” which term shall have the meanings
assigned to it in such instrument), among the Company, as issuer, and Wells
Fargo Bank, National Association, as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, any
other obligor upon this Note, the Trustee and the Holders of the Notes and of
the terms upon which the Notes are, and are to be, authenticated and delivered.  The terms of the Notes include those stated
in the Indenture and those made a part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended, as in effect from time to time (the “TIA”).  The Notes are subject to all such terms, and
Holders are referred to the Indenture and the TIA for a statement of such
terms.  Additional Notes may be issued
under the Indenture which will vote as a class with the Notes and otherwise be
treated as Notes for purposes of the Indenture.

All terms used in this Note
that are defined in the Indenture shall have the meanings assigned to them in
the Indenture.

This Note may hereafter be
entitled to certain senior Subsidiary Guarantees made for the benefit of the
Holders.  Reference is made to Article
XIII of the Indenture for terms relating to such Subsidiary Guarantees,
including the release, termination and discharge thereof.  Neither the Company nor any Subsidiary
Guarantor shall be required to make any notation on this Note to reflect any
Subsidiary Guarantee or any such release, termination or discharge.

This Note shall be subject
to optional and mandatory redemption as provided in Article X of
the Indenture.

The Notes will not be
entitled to the benefit of a sinking fund.

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Note
or certain restrictive covenants and certain Events of Default with respect to
this Note, in each case upon compliance with certain conditions set forth in
the Indenture.

If an Event of Default with
respect to the Notes shall occur and be continuing, the principal of the Notes
may be declared due and payable in the manner and with the effect provided in
the Indenture.

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the
Holders of the Notes to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of at least a majority in
principal amount of the Notes at the time Outstanding to be affected.  The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the
Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note.

 

A-5

 

As provided in and subject
to the provisions of the Indenture, the Holder of this Note shall not have the
right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Notes, the Holders of not less
than 25% in principal amount of the Notes at the time Outstanding shall have
made written request to the Trustee to pursue such remedy in respect of such
Event of Default as Trustee and offered the Trustee reasonable security or
indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of Notes at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of
security or indemnity.  The foregoing
shall not apply to any suit instituted by the Holder of this Note for the
enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and any premium and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Note
is registrable in the Note Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company in a Place of
Payment, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Note Registrar duly executed by,
the Holder hereof or such Holder’s attorney duly authorized in writing, and
thereupon one or more new Notes of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

The Notes are issuable only
in registered form without coupons in denominations of $2,000.00 and any
integral multiple of $1,000.00 in excess thereof, subject to the provisions of
Section 301 of the Indenture in respect of increases in principal amount of
Notes resulting from any PIK Payment.  As
provided in the Indenture and subject to certain limitations therein set forth,
the Notes are exchangeable for a like aggregate principal amount of Notes of
like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

No service charge shall be
made for any such registration, transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

Prior to due presentment of
this Note for registration or transfer, the Company, any other obligor in
respect of this Note, the Trustee and any agent of the Company, such other
obligor or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Company, any other obligor upon this Note, the Trustee
nor any such agent shall be affected by notice to the contrary.

No director, officer,
employee, incorporator or stockholder, as such, of the Company, any Subsidiary
Guarantor or any Subsidiary of any thereof shall have any liability for any
obligation of the Company, or any Subsidiary Guarantor under the Indenture, the
Notes or any Subsidiary Guarantee, or for any claim based on, in respect of, or
by reason of, any such obligation or its creation.  Each Holder, by accepting this Note, hereby
waives and releases all such liability. 
The waiver and release are part of the consideration for issuance of the
Notes.

 

A-6

 

THE INDENTURE AND THE NOTES
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.  THE TRUSTEE, THE COMPANY, ANY
OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES)
THE HOLDERS, AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL
OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES
OR THE SUBSIDIARY GUARANTEES, IF ANY.

 

A-7

 

[FORM OF CERTIFICATE OF TRANSFER]

FOR
VALUE RECEIVED the undersigned holder hereby sell(s), assign(s) and transfer(s)
unto

Insert
Taxpayer Identification No.

(Please print or typewrite
name and address including zip code of assignee)

                                                                                                                                                
                                                                                                                                                

the
within Note and all rights thereunder, hereby irrevocably constituting and
appointing

                                                                                                                                                

attorney
to transfer such Note on the books of the Company with full power of
substitution in the premises.

[Check
One

o                                    (a)                                  this Note is
being transferred in compliance with the exemption from registration under the
Securities Act of 1933, as amended, provided by Rule 144A thereunder.

or

o                                    (b)                                 this Note is
being transferred other than in accordance with (a) above and documents are
being furnished which comply with the conditions of transfer set forth in this
Note and the Indenture.

If
neither of the foregoing boxes is checked, the Trustee or other Note Registrar
shall not be obligated to register this Note in the name of any Person other
than the Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Section 313 of the Indenture shall
have been satisfied.](4)

Date:                                        

                                                 

(4)           Include only for an Initial Note or an Initial Additional
Note, in accordance with the Indenture.

 

 

A-8

NOTICE:  The signature to this assignment must
correspond with the name as written upon the face of the within-mentioned
instrument in every particular, without alteration or any change whatsoever.

Signature
Guarantee:                                            

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

 

A-9

 

[TO BE COMPLETED BY
PURCHASER IF (a) ABOVE IS CHECKED.

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of
Rule 144A under the Securities Act of 1933, as amended, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Dated:
                                                                                                                                                      

                                                                                                NOTICE:  To
be executed by an executive

                                                                                                officer](5)

 

(5)           Include
only for an Initial Note or an Initial Additional Note, in accordance with the
Indenture.

 

 

A-10

 

OPTION OF HOLDER TO ELECT PURCHASE

If you wish to have this
Note purchased by the Company pursuant to Section 411 of the Indenture,
check the box:  o.

If you wish to have a
portion of this Note purchased by the Company pursuant to Section 411 of
the Indenture, state the amount below:

$                    

Date:
                                        

Your
Signature:
                                        

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

Signature Guarantee:

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

 

A-11

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

The following increases or
decreases in this Global Note have been made:

	
  Interest Payment Date
  for PIK Payments or Date of Exchange

  	
  Amount of decreases in
  principal mount of this Global Note

  	
  Amount of increases in
  principal amount of this Global Note

  	
  Principal amount of
  this Global Note following such decreases or increases

  	
  Signature of authorized
  officer of Trustee or Notes Custodian

  

 

 

 

A-12

EXHIBIT
B

Form of Certificate of
Beneficial Ownership

On or after [__________], 20[  ]

WELLS FARGO BANK, NATIONAL ASSOCIATION

213 Court Street

Suite 703

Middletown,
Connecticut 06457

Attention:
Corporate Trust Department

Re:                       CDRV Investors,
Inc. (the “Company”)

Senior Floating Rate Notes Due 2011 (the “Notes”)

Ladies
and Gentlemen:

This letter relates to
$___________ principal amount of Notes represented by the offshore [temporary]
global note certificate (the “Offshore [Temporary] Global Note”).  Pursuant to Section 313(3) of the
Indenture dated as of December 14, 2006 relating to the Notes (the “Indenture”),
we hereby certify that (1) we are the beneficial owner of such principal amount
of Notes represented by the Offshore [Temporary] Global Note and (2) we are
either (i) a Non-U.S. Person to whom the Notes could be transferred in
accordance with Rule 903 or 904 of Regulation S (“Regulation S”)
promulgated under the Securities Act of 1933, as amended (the “Securities
Act”) or (ii) a U.S. Person who purchased securities in a transaction that
did not require registration under the Securities Act.

You, the Company and counsel
for 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.  Terms used in
this certificate have the meanings set forth in Regulation S.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signature

  

 

B-1

 

 

EXHIBIT
C

Form of Regulation S
Certificate

Regulation S Certificate

WELLS FARGO BANK, NATIONAL ASSOCIATION

213 Court Street

Suite 703

Middletown,
Connecticut 06457

Attention:
Corporate Trust Department

Re:                               CDRV Investors,
Inc. (the “Company”)

Senior Floating Rate Notes Due 2011 (the “Notes”)

Ladies
and Gentlemen:

In connection with our
proposed sale of $_____ aggregate principal amount of Notes, we confirm that
such sale has been effected pursuant to and in accordance with Regulation S (“Regulation
S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly, we hereby certify as follows:

1.             The offer of the Notes was not made to a person in the
United States (unless such person or the account held by it for which it is
acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)
of Regulation S under the circumstances described in Rule 902(h)(3) of
Regulation S) or specifically targeted at an identifiable group of U.S.
citizens abroad.

2.             Either (a) at the time the buy order was originated, the
buyer was outside the United States or we and any person acting on our behalf
reasonably believed that the buyer 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 was pre-arranged with a buyer in the United States.

3.             No directed selling efforts have been made in the United
States in contravention of the requirements of Rule 903(a)(2) or Rule 904(a)(2)
of Regulation S, as applicable.

4.             The proposed transfer of Notes is not part of a plan or
scheme to evade the registration requirements of the Securities Act.

5.             If we are a dealer or a person receiving a selling
concession or other fee or remuneration in respect of the Notes, and the
proposed transfer takes place before end of the distribution compliance period
under Regulation S, or we are an officer or director of the Company or a
distributor, we certify that the proposed transfer is being made in accordance
with the provisions of Rules 903 and 904 of Regulation S.

 

C-1

6.             If the proposed transfer takes place before the end of
the distribution compliance period under Regulation S, the beneficial interest
in the Notes so transferred will be held immediately thereafter through
Euroclear (as defined in such Indenture) or Clearstream (as defined in such
Indenture).

7.             We have advised the transferee of the transfer
restrictions applicable to the Notes.

You, the Company and counsel
for the Company are entitled to rely upon this Certificate and are irrevocably
authorized to produce this Certificate or a copy hereof to any interested party
in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby.  Terms used
in this certificate have the meanings set forth in Regulation S.

	
   

  	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [NAME
  OF SELLER]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Address:

  

 

Date of this Certificate:  _______________ __, 200_

 

C-2

EXHIBIT
D

Form of Supplemental
Indenture in Respect of Subsidiary Guarantee

SUPPLEMENTAL INDENTURE,
dated as of [_________] (this “Supplemental Indenture”), among [name of
Guarantor(s)] (the “Subsidiary Guarantor(s)”), CDRV Investors, Inc., a
corporation duly organized and existing under the laws of the State of Delaware
(and any successors in interest or assigns thereto, the “Company”), and
each other then existing Subsidiary Guarantor under the Indenture referred to
below (the “Existing Guarantors”), and Wells Fargo Bank, National
Association, as Trustee under the Indenture referred to below.

W I
T N E S S E T H:

WHEREAS, the Company, any
Existing Guarantors and the Trustee have heretofore become parties to an
Indenture, dated as of December 14, 2006 (as amended, supplemented, waived or
otherwise modified, the “Indenture”), providing for the issuance of
Senior Floating Rate Notes Due 2011 of the Company (the “Notes”);

WHEREAS, Section 1307
of the Indenture provides that the Company is required to cause the Subsidiary
Guarantors to execute and deliver to the Trustee a supplemental indenture
pursuant to which the Subsidiary Guarantors shall guarantee the Company’s
Guaranteed Note Obligations under the Notes pursuant to a Subsidiary Guarantee
on the terms and conditions set forth herein and in Article XIII of the
Indenture;

WHEREAS, each Subsidiary
Guarantor desires to enter into such supplemental indenture for good and
valuable consideration, including substantial economic benefit in that the
financial performance and condition of such Subsidiary Guarantor is dependent
on the financial performance and condition of the Company, the obligations
hereunder of which such Subsidiary Guarantor has guaranteed, and on such
Subsidiary Guarantor’s access to working capital through the Company’s access
to revolving credit borrowings under the Senior Credit Agreement; and

WHEREAS, pursuant to Section
901 of the Indenture, the parties hereto are authorized to execute and
deliver this Supplemental Indenture to amend the Indenture, without the consent
of any Holder;

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

1              Defined Terms. 
As used in this Supplemental Indenture, terms defined in the Indenture
or in the preamble or recital hereto are used herein as therein defined.  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] [Each] Subsidiary Guarantor hereby
agrees, jointly and severally with [all] [any] other Subsidiary Guarantors and
fully and unconditionally, to guarantee the Subsidiary Guaranteed Obligations
under the Indenture and the Notes on the terms and subject to the conditions
set forth in Article XIII of the Indenture and to be bound by

D-1

(and
shall be entitled to the benefits of) all other applicable provisions of the
Indenture as a Subsidiary Guarantor.  The
Subsidiary Guarantee of each Subsidiary Guarantor is subject to the
subordination provisions of the Indenture.

3              Termination, Release and Discharge.  [The] [Each] Subsidiary Guarantor’s
Subsidiary Guarantee shall terminate and be of no further force or effect, and
[the] [each] Subsidiary Guarantor shall be released and discharged from all
obligations in respect of such Subsidiary Guarantee, as and when provided in Section
1303 of the Indenture.

4              Parties. 
Nothing in this Supplemental Indenture is intended or shall be construed
to give any Person, other than the Holders and the Trustee, any legal or
equitable right, remedy or claim under or in respect of [the] [each] Subsidiary
Guarantor’s Subsidiary Guarantee or any provision contained herein or in Article
XIII of the Indenture.

5              Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.  THE TRUSTEE, THE COMPANY, ANY
OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES)
THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

6.             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
of Notes heretofore or hereafter authenticated and delivered shall be bound
hereby.  The Trustee makes no
representation or warranty as to the validity or sufficiency of this
Supplemental Indenture or as to the accuracy of the recitals to this
Supplemental Indenture.

7              Counterparts. 
The parties hereto may sign one or more copies of this Supplemental
Indenture in counterparts, all of which together shall constitute one and the
same agreement.

8              Headings. 
The section headings herein are for convenience of reference only and
shall not be deemed to alter or affect the meaning or interpretation of any
provisions hereof.

D-2

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

	
   

  	
  [NAME
  OF SUBSIDIARY GUARANTOR(S)], as

  Subsidiary Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CDRV
  INVESTORS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, NATIONAL ASSOCIATION,

  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

D-3

EXHIBIT E

Form of Certificate from
Acquiring Institutional Accredited Investors

Certificate from Acquiring
Institutional Accredited Investor

WELLS FARGO BANK, NATIONAL ASSOCIATION

213 Court Street

Suite 703

Middletown,
Connecticut 06457

Attention:
Corporate Trust Department

Re:                               CDRV Investors,
Inc. (the “Company”)

Senior Floating Rate Notes Due 2011 (the “Notes”)

Ladies
and Gentlemen:

In connection with our
proposed sale of $_____ aggregate principal amount of Notes, we confirm that:

1.             We understand that any subsequent transfer of the Notes
is subject to certain restrictions and conditions set forth in the Indenture
dated as of December 14, 2006 relating to the Notes (the “Indenture”)
and the undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Notes except in compliance with, such restrictions and conditions
and the Securities Act of 1933, as amended (the “Securities Act”).

2.             We understand that the Notes have not been registered
under the Securities Act or any other applicable securities law, and that the
Notes may not be offered, sold or otherwise transferred except as permitted in
the following sentence.  We agree, on our
own behalf and on behalf of any accounts for which we are acting as hereinafter
stated, that if we should offer, sell, transfer, pledge, hypothecate or
otherwise dispose of any Notes within two years after the original issuance of
the Notes, we will do so only (A) to 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 below) that, prior to such transfer, furnishes to you a
signed letter substantially in the form of this letter, (D) outside the United
States to a foreign person in compliance with Rule 904 of Regulation S under
the Securities Act, (E) pursuant to the exemption from registration provided by
Rule 144 under the Securities Act (if available), or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any person purchasing any of the Notes from us a notice advising
such purchaser that resales of the Notes are restricted as stated herein and in
the Indenture.

3.             We understand that, on any proposed transfer of any
Notes prior to the later of the original issue date of the Notes and the last
date the Notes were held by an affiliate of the Company pursuant to paragraphs
2(C), 2(D) and 2(E) above, we will be required to furnish to you and the
Company such certifications, legal opinions and other information as you and
the Company may reasonably require to confirm that the proposed transfer
complies with the

E-1

foregoing
restrictions.  We further understand that
the Notes purchased by us will bear a legend to the foregoing effect.

4.             We are an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and have
such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and
we and any accounts for which we are acting are acquiring the Notes for
investment purposes and not with a view to, or offer or sale in connection
with, any distribution in violation of the Securities Act, and we are each able
to bear the economic risk of our or its investment.

5.             We are acquiring the Notes purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

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.

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  (Name
  of Transferee)

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signature

  

 

E-2Exhibit
4.2

CDRV Investors, Inc.

$350,000,000 Senior Floating Rate Notes due 2011

 

Exchange
and Registration Rights Agreement

December
14, 2006

Banc of America Securities LLC

9 West 57th Street

New
York, New York 10019

Ladies
and Gentlemen:

CDRV
Investors, Inc., a Delaware corporation (the “Company”), proposes to issue and
sell to the Purchaser (as defined herein) upon the terms set forth in the
Purchase Agreement (as defined herein) $350,000,000 principal amount of its
Senior Floating Rate Notes due 2011.  As
an inducement to the Purchaser to enter into the Purchase Agreement and in
satisfaction of a condition to the obligations of the Purchaser thereunder, the
Company agrees with the Purchaser for the benefit of holders (as defined
herein) from
time to time of the Registrable Securities (as defined herein) as follows:

1.             Certain Definitions. 
For purposes of this Exchange and Registration Rights Agreement, the
following terms shall have the following respective meanings:

“Base Interest” shall mean the interest that would otherwise
accrue on the Securities under the terms thereof and the Indenture, without
giving effect to the provisions of this Agreement.

The
term “broker-dealer” shall mean any broker or
dealer registered with the Commission under the Exchange Act.

“Business Day” shall mean each day that other than a
Saturday, a Sunday or a day on which banking institutions are not required to
be open in the State of New York.

“Commission” shall mean the United States Securities and
Exchange Commission, or any other federal agency at the time administering the
Exchange Act or the Securities Act, whichever is the relevant statute for the
particular purpose.

“Effective Time,” in the case of (i) an Exchange
Registration, shall mean the time and date as of which the Commission declares
the Exchange Registration Statement effective or as of which the Exchange
Registration Statement otherwise becomes effective and (ii) a Shelf
Registration, shall mean the time and date as of

 

 

which the Commission declares the Shelf Registration Statement
effective or as of which the Shelf Registration Statement otherwise becomes
effective.

“Electing Holder” shall mean any holder of Registrable
Securities that has returned a completed and signed Notice and Questionnaire to
the Company in accordance with Section 3(d)(ii) or 3(d)(iii) hereof.

“Exchange Act” shall mean the Securities Exchange Act of
1934, or any successor thereto, as the same shall be amended from time to time.

“Exchange Offer” shall have the meaning assigned thereto in
Section 2(a) hereof.

“Exchange Registration” shall have the meaning assigned
thereto in Section 3(c) hereof.

“Exchange Registration Statement” shall have the meaning
assigned thereto in Section 2(a) hereof.

“Exchange Securities” shall have the meaning assigned thereto
in Section 2(a) hereof.

“Guarantors” shall have the meaning assigned to the term
“Subsidiary Guarantors” in the Indenture.

The
term “holder” shall mean the Purchaser and
each other person who acquires Registrable Securities from time to time (including
any successors or assigns), in each case for so long as such person owns any
Registrable Securities.

“Indenture” shall mean the Indenture, dated as of December
14, 2006, between the Company and Wells Fargo Bank, National Association, as
Trustee governing the Company’s Senior Floating Rate Notes due 2011, as the
same may be amended from time to time.

“Initial Public Offering” shall have the meaning assigned
thereto in the Indenture.

“Initial Public Offering Date” shall have the meaning
assigned thereto in the Indenture.

“Majority Electing Holders” shall have the meaning assigned
thereto in Section 3(d)(vi) hereof.

 

 

2

 

“Notice and Questionnaire” means a Notice of Registration
Statement and Selling Securityholder Questionnaire substantially in the form of
Exhibit A hereto, with such changes thereto as the Company may reasonably
determine.

The
term “person” shall mean a corporation,
association, partnership, organization, business, individual, government or
political subdivision thereof or governmental agency.

“PIK Interest” shall have the meaning assigned thereto in the
Indenture.

“Purchase Agreement” shall mean the Purchase Agreement, dated
as of November 30, 2006, between the Purchaser and the Company relating to the
Securities.

“Purchaser” shall mean Banc of America Securities LLC.

“Registrable Securities” shall mean the Securities; provided,
however, that a Security shall cease to be a Registrable Security when (i) the
Security has been exchanged for an Exchange Security in an Exchange Offer as
contemplated in Section 2(a) hereof (provided that any Exchange Security that,
pursuant to the last two sentences of Section 2(a) hereof, is included in a
prospectus for use in connection with resales by broker-dealers shall be deemed
to be a Registrable Security with respect to Sections 6 and 9 until resale of
such Registrable Security has been effected within the 90-day period referred
to in Section 2(a) hereof); (ii) a Shelf Registration Statement registering
such Security under the Securities Act has been declared or becomes effective
and such Security has been sold or otherwise transferred by the holder thereof
pursuant to and in a manner contemplated by such effective Shelf Registration
Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances
in which any legend borne by such Security relating to restrictions on
transferability thereof, under the Securities Act or otherwise, is removed by
the Company or pursuant to the Indenture; (iv) such Security is eligible to be
sold pursuant to paragraph (k) of Rule 144; or (v) such Security shall cease to
be outstanding.

“Registration Default” shall have the meaning assigned
thereto in Section 2(c) hereof.

“Registration Expenses” shall have the meaning assigned
thereto in Section 4 hereof.

“Resale Period” shall have the meaning assigned thereto in
Section 2(a) hereof.

“Restricted Holder” shall mean (i) a holder that is an
affiliate of the Company within the meaning of Rule 405, (ii) a holder that
acquires Exchange Securities outside the ordinary course of such holder’s
business, (iii) a holder that has arrangements or understandings with any
person to participate in the Exchange Offer for the purpose of

 

3

 

distributing Exchange Securities and (iv) a holder that is a
broker-dealer, but only with respect to Exchange Securities received by such
broker-dealer pursuant to an Exchange Offer in exchange for Registrable
Securities acquired by the broker-dealer directly from the Company.

“Rule 144,” “Rule 405” and “Rule 415” shall mean, in each case, such rule promulgated
under the Securities Act (or any successor provision), as the same shall be
amended from time to time.

“Securities” shall mean, collectively, the Senior Floating
Rate Notes due 2011 of the Company to be issued and sold to the Purchaser, and
securities issued in exchange therefor or in lieu thereof pursuant to the
Indenture.  Each Security is entitled to
the benefit of the guarantees, if any, provided for in the Indenture (the
“Guarantees”) and, unless the context otherwise requires, any reference herein
to a “Security,” an “Exchange Security” or a “Registrable Security” shall
include a reference to the related Guarantees, if any.

“Securities Act” shall mean the Securities Act of 1933, or
any successor thereto, as the same shall be amended from time to time.

“Shelf Registration” shall have the meaning assigned thereto
in Section 2(b) hereof.

“Shelf Registration Statement” shall have the meaning assigned
thereto in Section 2(b) hereof.

“Special Interest” shall have the meaning assigned thereto in
Section 2(c) hereof.

“Trustee” shall mean the trustee with respect to the
Securities under the Indenture.

“Trust Indenture Act” shall mean the Trust Indenture Act of
1939, or any successor thereto, and the rules, regulations and forms
promulgated thereunder, all as the same shall be amended from time to time.

Unless
the context otherwise requires, any reference herein to a “Section” or “clause”
refers to a Section or clause, as the case may be, of this Exchange and Registration
Rights Agreement, and the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Exchange and Registration Rights
Agreement as a whole and not to any particular Section or other subdivision.

2.             Registration Under the Securities Act.

(a)           Except as set forth
in Section 2(b) below, the Company agrees to use its reasonable best efforts to
file under the Securities Act, within 150 days after the Initial Public

 

4

 

Offering
Date, a registration statement relating to an offer to exchange (such
registration statement, the “Exchange Registration Statement”, and such offer,
the “Exchange Offer”) any and all of the Securities for a like aggregate
principal amount of debt securities issued by the Company and guaranteed by the
Guarantors (if any), which debt securities and guarantees (if any) are
substantially identical to the Securities (and are entitled to the benefits of
a trust indenture which is substantially identical to the Indenture or is the
Indenture and which has been qualified under the Trust Indenture Act), except
that they have been registered pursuant to an effective registration statement
under the Securities Act and do not contain restrictions on transfer or
provisions for the additional interest contemplated in Section 2(c) below or
the liquidated damages provided in Section 2(e) below (such new debt
securities hereinafter called “Exchange Securities”). The Company agrees to use
its reasonable best efforts to cause the Exchange Registration Statement to
become effective under the Securities Act within 240 days after the Initial
Public Offering Date. The Exchange Offer will be registered under the Securities
Act on the appropriate form and will comply with all applicable tender offer
rules and regulations under the Exchange Act. The Company further agrees to use
its reasonable best efforts to commence the Exchange Offer promptly, hold the
Exchange Offer open for the period required by applicable law (including
pursuant to any applicable interpretation by the staff of the Commission), but
in any event for at least 10 Business Days, and exchange the Exchange Securities
for all Registrable Securities that have been validly tendered and not
withdrawn on or prior to the expiration of the Exchange Offer.  If the Company commences the Exchange Offer,
the Company will be entitled to close the Exchange Offer 30 days after the
commencement thereof (or at the end of such shorter period permitted by
applicable law), provided that the Company has accepted all the Registrable
Securities validly tendered in accordance with the terms of the Exchange
Offer.  The Company agrees (x) to include
in the Exchange Registration Statement a prospectus for use in any resales by
any holder of Exchange Securities that is a broker-dealer and (y) to keep
such Exchange Registration Statement effective for a period (the “Resale
Period”) beginning when Exchange Securities are first issued in the Exchange
Offer and ending upon the earlier of the expiration of the 90th day after the
Exchange Offer has been completed and such time as such broker-dealers no
longer own any Registrable Securities.

Each
holder participating in the Exchange Offer shall be required to represent to
the Company that (i) any Exchange Securities received by such holder will
be acquired in the ordinary course of business, (ii) at the time of the
commencement of the Exchange Offer such holder has no arrangements or
understanding with any person to participate in the distribution of the
Securities or the Exchange Securities within the meaning of the Securities Act,
(iii) such holder is not an “affiliate,” as defined in Rule 405 of the
Securities Act, of the Company, (iv) if such holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities, (v) if such holder is a
broker-dealer, that it will receive Exchange Securities for its own account in
exchange for Securities that were acquired as a result of market-making
activities or other trading activities and that it will deliver a prospectus in
connection with any resale of such Exchange Securities and (vi) such
holder is not acting on behalf of any person who could not truthfully make the
foregoing representations.

 

5

 

(b)           If (i) on or prior
to the time the Exchange Offer is consummated existing Commission
interpretations are changed such that the Exchange Securities received by
holders other than Restricted Holders in the Exchange Offer for Registrable
Securities are not or would not be, upon receipt, transferable by each such
holder without restriction under the Securities Act, (ii) the Exchange Offer
has not been completed within 270 days following the Initial Public Offering
Date, (iii) the Purchaser so requests with respect to Registrable Securities
not eligible to be exchanged for Exchange Securities in the Exchange Offer and
held by it following consummation of the Exchange Offer or (iv) any holder
(other than the Purchaser) shall be, and shall notify the Company that such
holder is, prohibited by law or Commission policy from participating in the
Exchange Offer or such holder may not resell the Exchange Securities acquired
in the Exchange Offer to the public without delivering a prospectus and the
prospectus contained in the Exchange Registration Statement is not available
for such resales by such holder (other than in either case (x) due solely to
the status of such holder as an affiliate of the Company within the meaning of
the Securities Act or (y) due to such holder’s inability to make the representations
set forth in the second paragraph of Section 2(a) hereof) and any such holder
so requests, the Company shall, in lieu of (or, in the case of clauses (iii)
and (iv), in addition to) conducting the Exchange Offer contemplated by Section
2(a), use its reasonable best efforts to file under the Securities Act as
promptly as reasonably practicable, a “shelf” registration statement providing
for the registration of, and the sale on a continuous or delayed basis by the
holders of, all of the Registrable Securities (or in the case of clause (iii),
the Registrable Securities held by the Purchaser), pursuant to Rule 415 or any
similar rule that may be adopted by the Commission (such filing, the “Shelf
Registration” and such registration statement, the “Shelf Registration
Statement”). The Company agrees to use its reasonable best efforts (x) to cause
the Shelf Registration Statement to become effective within 150 days after the
date on which the obligation to file such Shelf Registration Statement arises
and to use its reasonable best efforts to cause such Shelf Registration
Statement to remain effective for a period ending on the earlier of the second
anniversary of the Effective Time or such shorter period that will terminate
when all the Registrable Securities covered by the Shelf Registration Statement
have been sold pursuant to the Shelf Registration Statement or are distributed
to the public pursuant to Rule 144 or become eligible for resale pursuant to
Rule 144 without volume restriction, if any; provided, however,
that no holder shall be entitled to be named as a selling securityholder in the
Shelf Registration Statement or to use the prospectus forming a part thereof
for resales of Registrable Securities unless such holder is an Electing Holder,
and (y) after the Effective Time of the Shelf Registration Statement, promptly
upon the request of any holder of Registrable Securities that is not then an
Electing Holder, to take any action reasonably necessary to enable such holder
to use the prospectus forming a part thereof for resales of Registrable
Securities, including, without limitation, any action necessary to identify
such holder as a selling securityholder in the Shelf Registration Statement; provided,
however, that nothing in this clause (y) shall relieve any such holder of the
obligation to return a completed and signed Notice and Questionnaire to the
Company in accordance with Section 3(d)(iii) hereof. The Company further agrees
to supplement or make amendments to the Shelf Registration Statement, as and
when required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or
by the Securities Act or rules and regulations thereunder for shelf
registration, and the 

 

6

 

Company
agrees to furnish to each Electing Holder copies of any such supplement or
amendment promptly following its filing with the Commission.

Notwithstanding
the foregoing, the Company may suspend the availability of any Shelf
Registration Statement (x) for up to an aggregate of 30 days in any consecutive
twelve-month period if (i) such action is required by applicable law or (ii)
such action is taken by the Company in good faith and for valid business
reasons (not including avoidance of the Company’s obligations hereunder),
including the acquisition or divestiture of assets, or (y) with respect to a
Shelf Registration Statement required to be filed due to a failure to
consummate the Exchange Offer within the required time period, if such action occurs
following the consummation of the Exchange Offer.

(c)           In the event that (i)
the Exchange Registration Statement has not become effective or been declared
effective by the Commission on or before 240 days after the Initial Public
Offering Date, or (ii) the Exchange Offer has not been consummated within 270
days after the Initial Public Offering Date, or (iii) if a Shelf Registration
Statement required to be filed under Section 2(b) hereof is not declared
effective on or before 150 days after the date on which the obligation to file
the Shelf Registration Statement arises, or (iv) if any Shelf Registration Statement
required by Section 2(b) hereof is filed and declared effective, and during the
period the Company is required to use its reasonable best efforts to cause the
Shelf Registration Statement to remain effective, (x) the Company shall have suspended
the Shelf Registration Statement pursuant to Section 2(b) hereof for more than
30 days in the aggregate in any consecutive twelve-month period and be
continuing to suspend the availability of the Shelf Registration Statement or
(y) the Shelf Registration Statement shall cease to be effective (other than by
action of the Company pursuant to the second paragraph of Section 2(b)
hereof) without being replaced within 60 days by a shelf registration statement
that is filed and declared effective (each such event referred to in clauses
(i) through (iv), a “Registration Default” and each period during which a
Registration Default has occurred and is continuing, a “Registration Default
Period”), then, as liquidated damages for such Registration Default, subject to
the provisions of Section 9(b), special interest (“Special Interest”), in
addition to the Base Interest, shall accrue on Registrable Securities for the
Registration Default Period (but only with respect to one Registration Default at
any particular time) until such time as all Registration Defaults have been
cured, at a per annum rate of 0.25% for the first 90 days of the Registration
Default Period, which rate shall increase by an additional 0.25% during each
subsequent 90-day period, up to a maximum of 0.50% regardless of the number of
Registration Defaults that shall have occurred and be continuing.  Following the cure of all Registration
Defaults, the accrual of Special Interest will cease.  A Registration Default under clause (iii) or
(iv) will be deemed cured upon consummation of the Exchange Offer in the case
of a Shelf Registration Statement required to be filed due to a failure to
consummate the Exchange Offer within the required time period.

(d)           Any Special Interest
accrued pursuant to Section 2(c) hereof shall be payable in the form of
interest (that is, entirely in cash, entirely in PIK Interest or 50% in cash
and 50% in PIK Interest) that Base Interest is payable in accordance with the
terms of the

 

7

 

Indenture,
in each case, quarterly on each March 1, June 1, September 1 and December 1 (to
the holders of record on the February 15, May 15, August 15 and November 15
immediately preceding such dates), commencing with the first such date
occurring after such Special Interest commences to accrue.

(e)           If during the 90 day
period referenced in the last sentence of the first paragraph of Section 2(a)
hereof the Exchange Registration Statement is suspended by the Company or
ceases to be effective such that any broker-dealer that (i) receives Exchange
Securities in the Exchange Offer and (ii) is subject to prospectus delivery
requirements cannot fulfill such requirements, the Company shall pay liquidated
damages to such broker-dealers in an amount calculated and paid in a manner
consistent with that specified above with respect to Registration Defaults.

(f)            The Company shall
take all actions reasonably necessary or advisable to be taken by it to ensure
that the transactions contemplated herein are effected as so contemplated,
including all actions necessary or desirable to register the Guarantees (if
any) under the registration statement contemplated in Section 2(a) or 2(b)
hereof, as applicable.

(g)           Any reference herein
to a registration statement as of any time shall be deemed to include any
document incorporated, or deemed to be incorporated, therein by reference as of
such time and any reference herein to any post-effective amendment to a registration
statement as of any time shall be deemed to include any document incorporated,
or deemed to be incorporated, therein by reference as of such time.

3.             Registration Procedures.

If the Company files a
registration statement pursuant to Section 2(a) or Section 2(b), the following
provisions shall apply:

(a)           At or before the
Effective Time of the Exchange Offer or the Shelf Registration, as the case may
be, the Company shall qualify the Indenture under the Trust Indenture Act.

(b)           In the event that
such qualification would require the appointment of a new trustee under the
Indenture, the Company shall appoint a new trustee thereunder pursuant to the
applicable provisions of the Indenture.

(c)           In connection with
the Company’s obligations with respect to the registration of Exchange
Securities as contemplated by Section 2(a) (the “Exchange Registration”), if
applicable, the Company shall:

(i)      use
its reasonable best efforts to prepare and file with the Commission within 150
days after the Initial Public Offering Date, an Exchange Registration Statement
on any form which may be utilized by the Company and which shall permit the
Exchange Offer and resales of Exchange Securities by broker-dealers during the
Resale Period to be effected as contemplated by Section 2(a), and use its
reasonable

 

8

 

best efforts to cause such Exchange Registration Statement to become
effective within 240 days after the Initial Public Offering Date;

(ii)     prepare
and file with the Commission such amendments and supplements to such Exchange
Registration Statement and the prospectus included therein as may be necessary
to effect and maintain the effectiveness of such Exchange Registration
Statement for the periods and purposes contemplated in Section 2(a) hereof and
as may be required by the applicable rules and regulations of the Commission
and the instructions applicable to the form of such Exchange Registration
Statement, and promptly provide each broker-dealer holding Exchange Securities
with such number of copies of the prospectus included therein (as then amended
or supplemented), in conformity in all material respects with the requirements
of the Securities Act and the rules and regulations of the Commission thereunder,
as such broker-dealer reasonably may request prior to the expiration of the
Resale Period, for use in connection with resales of Exchange Securities;

(iii)    promptly
notify each broker-dealer that has requested or received copies of the
prospectus included in such registration statement, and confirm such advice in writing,
(A) when such Exchange Registration Statement or the prospectus included
therein or any prospectus amendment or supplement or post-effective
amendment has been filed, and, with respect to such Exchange Registration
Statement or any post-effective amendment, when the same has become
effective, (B) of any request by the Commission for amendments or supplements
to such Exchange Registration Statement or prospectus or for additional information,
(C) of the issuance by the Commission of any stop order suspending the
effectiveness of such Exchange Registration Statement or the initiation of any
proceedings for that purpose, (D) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Exchange Securities for sale in any jurisdiction or the initiation of any proceeding
for such purpose, or (E) at any time during the Resale Period when a prospectus
is required to be delivered under the Securities Act, that such Exchange
Registration Statement, prospectus, prospectus amendment or supplement or post-effective
amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the rules and regulations of the
Commission thereunder or contains an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing;

(iv)    in
the event that the Company would be required, pursuant to Section 3(c)(iii)(E)
above, to notify any broker-dealers holding Exchange Securities, use its
reasonable best efforts to prepare and furnish as soon as practicable to each
such broker-dealer a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to purchasers of such Exchange
Securities during the Resale Period, such prospectus shall conform in all
material respects to the applicable requirements of the Securities Act and the
rules and regulations of the Commission thereunder and shall not contain an
untrue statement of a material fact or

 

9

 

omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances then existing;

(v)     use
its reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of such Exchange Registration Statement or any post-effective
amendment thereto at the earliest practicable date;

(vi)    use
its reasonable best efforts to (A) register or qualify the Exchange Securities
under the securities laws or blue sky laws of such jurisdictions as any participating
holder of the Registrable Securities reasonably requests in writing no later
than the commencement of the Exchange Offer, (B) keep such registrations or
qualifications in effect and comply with such laws so as to permit the
continuance of offers, sales and dealings therein in such jurisdictions until
the expiration of the Resale Period and (C) take any and all other actions as
may be reasonably necessary to enable each broker-dealer holding Exchange Securities
to consummate the disposition thereof in such jurisdictions; provided, however,
that neither the Company nor any Guarantor shall be required for any such
purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it
would not otherwise be required to qualify but for the requirements of this
Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction
or (3) make any changes to its certificate of incorporation, by-laws or
other organizational document, or any agreement between it and any of its
equityholders;

(vii)   provide
a CUSIP number for all Exchange Securities, not later than the consummation of
the Exchange Offer; and

(viii)  comply
in all material respects with all applicable rules and regulations of the
Commission, and make generally available to its securityholders as soon as
practicable but no later than eighteen months after the effective date of such
Exchange Registration Statement, an earning statement of the Company and its
subsidiaries complying with Section 11(a) of the Securities Act (including, at
the option of the Company, Rule 158 thereunder).

(d)           In connection with
the Company’s obligations with respect to the Shelf Registration, if
applicable, the Company shall:

(i)      use
its reasonable best efforts to prepare and file with the Commission within the
time periods specified in Section 2(b), a Shelf Registration Statement on any
form which may be utilized by the Company and which shall register all of the
Registrable Securities (or in the case of a Shelf Registration Statement filed
pursuant to Section 2(b)(iii), the Registrable Securities held by the
Purchaser) for resale by the holders thereof in accordance with such method or
methods of disposition as may be specified in the applicable Notice and
Questionnaire by such of the holders as, from time to time, may be Electing
Holders and use their reasonable best efforts to cause such Shelf Registration
Statement to become effective within the time periods specified in Section
2(b);

 

10

 

(ii)     not
less than 15 calendar days prior to the Effective Time of the Shelf
Registration Statement, mail the Notice and Questionnaire to the holders of
Registrable Securities; no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement as of the Effective Time,
and no holder shall be entitled to use the prospectus forming a part thereof
for resales of Registrable Securities at any time, unless such holder has
returned a completed and signed Notice and Questionnaire to the Company by the
deadline for response set forth therein; provided, however, holders of
Registrable Securities shall have at least 13 calendar days from the date on
which the Notice and Questionnaire is first mailed to such holders to return a
completed and signed Notice and Questionnaire to the Company;

(iii)    after
the Effective Time of the Shelf Registration Statement, upon the request of any
holder of Registrable Securities that is not then an Electing Holder, promptly
send a Notice and Questionnaire to such holder; provided that the Company shall
not be required to take any action to name such holder as a selling
securityholder in the Shelf Registration Statement or to enable such holder to
use the prospectus forming a part thereof for resales of Registrable Securities
until such holder has returned a completed and signed Notice and Questionnaire
to the Company;

(iv)    as
soon as practicable prepare and file with the Commission such amendments and
supplements to such Shelf Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such
Shelf Registration Statement for the period specified in Section 2(b) hereof
and as may be required by the applicable rules and regulations of the Commission
and the instructions applicable to the form of such Shelf Registration
Statement, and furnish to the Electing Holders copies of any such supplement or
amendment as soon as practicable following its filing with the Commission.  Notwithstanding the foregoing, the Company
may suspend the availability of any Shelf Registration Statement (x) for up to
an aggregate of 30 days in any consecutive twelve-month period if (i) such
action is required by applicable law or, (ii) such action is taken by the
Company in good faith and for valid business reasons (not including avoidance
of the Company’s obligations hereunder), including the acquisition or divestiture
of assets, or (y) with respect to a Shelf Registration Statement required to be
filed due to a failure to consummate the Exchange Offer within the required
time period,  if such action occurs
following the consummation of the Exchange Offer;

(v)     comply
in all material respects with the provisions of the Securities Act with respect
to the disposition of all of the Registrable Securities covered by such Shelf
Registration Statement in accordance with the intended methods of disposition
by the Electing Holders provided for in such Shelf Registration Statement;

(vi)    for
a reasonable period prior to the filing of such Shelf Registration Statement,
and throughout the period specified in Section 2(b), make reasonably available
at reasonable times at the Company’s principal place of business or such

 

11

 

other reasonable place for inspection by a representative of, and not
more than one counsel acting for, Electing Holders holding at least a majority
in aggregate principal amount of the Registrable Securities at the time
outstanding (the “Majority Electing Holders”) and any underwriter participating
in the distribution of the Registrable Securities being sold (including any
person who may be deemed an underwriter within the meaning of
Section 2(a)(11) of the Securities Act) such relevant financial and other
pertinent information and books and records of the Company, and use its
reasonable best efforts to cause the officers, employees, counsel and
independent certified public accountants of the Company to respond to such
inquiries, as shall be reasonably necessary to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act; provided,
however, that the foregoing investigation and information gathering shall be
coordinated on behalf of all such parties by one counsel designated by and on
behalf of all such parties and provided, further, that each such party shall be
required (pursuant to an agreement in form and substance reasonably
satisfactory to the Company) to maintain in confidence and not to disclose to
any other person any information or records reasonably designated by the
Company as being confidential, until such time as (A) such information becomes
a matter of public record (whether by virtue of its inclusion in such
registration statement or otherwise except as a result of a breach of this or
any other obligation of confidentiality to the Company known to such party), or
(B) such person shall be required so to disclose such information pursuant to a
subpoena or order of any court or other governmental agency or body having
jurisdiction over the matter (subject to the requirements of such order, and
only after such person shall have given the Company prompt prior written notice
of such requirement so that the Company, at its expense, may undertake
appropriate action to prevent disclosure of such information or records), or
(C) such information is required to be set forth in such Shelf Registration
Statement or the prospectus included therein or in an amendment to such Shelf
Registration Statement or an amendment or supplement to such prospectus in
order that such Shelf Registration Statement, prospectus, amendment or
supplement, as the case may be, complies with applicable requirements of the
federal securities laws and the rules and regulations of the Commission and
does not contain an untrue statement of a material fact or omit to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;

(vii)   promptly
notify each of the Electing Holders and any managing underwriter thereof and
confirm such advice in writing, (A) when such Shelf Registration Statement or
the prospectus included therein or any prospectus amendment or supplement or
post-effective amendment has been filed, and, with respect to such Shelf
Registration Statement or any post-effective amendment, when the same has
become effective, (B) of any request by the Commission for amendments or
supplements to such Shelf Registration Statement or prospectus or for
additional information, (C) of the issuance by the Commission of any stop order
suspending the effectiveness of such Shelf Registration Statement or the
initiation of any proceedings for that purpose, (D) of the receipt by the
Company of any notification with respect to

 

12

 

the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation of any proceeding for such purpose
or (E) if at any time when a prospectus is required to be delivered under the
Securities Act, that such Shelf Registration Statement, prospectus, prospectus
amendment or supplement or post-effective amendment does not conform in
all material respects to the applicable requirements of the Securities Act and
the rules and regulations of the Commission thereunder or contains an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing;

(viii)  use
its reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of such registration statement or any post-effective
amendment thereto at the earliest practicable date;

(ix)    if
requested by any managing underwriter or the Majority Electing Holders,
promptly incorporate in a prospectus supplement or post-effective amendment
such information as is required by the applicable rules and regulations of the
Commission and as such managing underwriter or such Majority Electing Holders
shall specify should be included therein relating to the terms of the sale of
such Registrable Securities, including information with respect to the principal
amount of Registrable Securities being sold by such Majority Electing Holders
or to any underwriters, the names and descriptions of such Majority Electing
Holders or underwriters, the offering price of such Registrable Securities and
any discount, commission or other compensation payable in respect thereof, the
purchase price being paid therefor by such underwriters and with respect to any
other terms of the offering of the Registrable Securities to be sold by such
Majority Electing Holders or to such underwriters; and make all required
filings of such prospectus supplement or post-effective amendment as soon
as practicable after notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment;

(x)     furnish
to each Electing Holder, and each underwriter, if any, thereof such number of
copies of such Shelf Registration Statement (excluding exhibits thereto and documents
incorporated by reference therein) and of the prospectus included in such Shelf
Registration Statement (including each preliminary prospectus), in conformity
in all material respects with the applicable requirements of the Securities Act
and the rules and regulations of the Commission thereunder, as such Electing
Holder and underwriter, if any, may reasonably request in order to facilitate
the offering and disposition of the Registrable Securities owned by such
Electing Holder or underwritten by such underwriter and to permit such Electing
Holder and underwriter, if any, to satisfy the prospectus delivery requirements
of the Securities Act; and the Company hereby consents to the use of such
prospectus (including such preliminary prospectus) and any amendment or
supplement thereto by each such Electing Holder and by any such underwriter, in
each case in the form most recently provided to such person by the Company, in
connection with the offering and sale of

 

13

 

the Registrable Securities covered by the prospectus (including such
preliminary prospectus) or any supplement or amendment thereto;

(xi)    use
its reasonable best efforts to (A) register or qualify the Registrable
Securities to be included in such Shelf Registration Statement under such securities
laws or blue sky laws of such jurisdictions as any Electing Holder and managing
underwriter, if any, thereof shall reasonably request, (B) keep such
registrations or qualifications in effect and comply with such laws so as to
permit the continuance of offers, sales and dealings therein in such
jurisdictions during the period the Shelf Registration is required to remain
effective under Section 2(b) above and for so long as may be necessary to
enable any such Electing Holder or underwriter to complete its distribution of
Securities pursuant to such Shelf Registration Statement and (C) take any and
all other actions as may be reasonably necessary to enable each such Electing
Holder and underwriter, if any, to consummate the disposition in such jurisdictions
of such Registrable Securities; provided, however, that neither the Company nor
any Guarantor shall be required for any such purpose to (1) qualify as a
foreign corporation in any jurisdiction wherein it would not otherwise be
required to qualify but for the requirements of this Section 3(d)(xi), (2)
consent to general service of process in any such jurisdiction or (3) make any
changes to its certificate of incorporation, by-laws or other
organizational document, any agreement between it and any of its equityholders;

(xii)   unless
any Registrable Securities shall be in book-entry only form, cooperate with the
Electing Holders and the managing underwriters, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities to be sold, which certificates shall not bear any restrictive
legends; and, in the case of an underwritten offering, enable such Registrable
Securities to be in such denominations and registered in such names as the
managing underwriter may request a reasonable amount of time prior to any sale
of the Registrable Securities;

(xiii)  provide
a CUSIP number for all Registrable Securities, not later than the applicable
Effective Time;

(xiv)  enter
into one or more underwriting agreements in customary form, including customary
provisions relating to indemnification and contribution, and use its reasonable
best efforts to take such other actions, if any, in connection therewith as any
Electing Holders aggregating at least 20% in aggregate principal amount of the
Registrable Securities at the time outstanding shall reasonably request in
order to expedite or facilitate the disposition of such Registrable Securities;

(xv)   if
requested by the Majority Electing Holders or if the offering contemplated by
the Shelf Registration is an underwritten offering, use its reasonable best
efforts to (A) make such representations and warranties to the Electing Holders
and the underwriters, if any, thereof in form, substance and scope as are
customarily made in connection with an offering of debt securities pursuant to
any underwriting

 

14

 

agreement; (B) obtain an opinion of counsel to the Company in customary
form subject to customary limitations, assumptions and exclusions and covering
such matters, of the type customarily covered by such an opinion, as the
managing underwriters, if any, or as any Electing Holders of at least 20% in
aggregate principal amount of the Registrable Securities at the time
outstanding may reasonably request, addressed to the Electing Holders and the
underwriters, if any, thereof and dated the effective date of such Shelf
Registration Statement (and if such Shelf Registration Statement contemplates
an underwritten offering of a part or all of the Registrable Securities, dated
the date of the closing under the underwriting agreement relating thereto); (C)
obtain a “cold comfort” letter or letters from the independent certified public
accountants of the Company addressed to the selling Electing Holders or the
underwriters, if any, thereof, dated (i) the effective date of such Shelf
Registration Statement and (ii) if such Shelf Registration Statement
contemplates an underwritten offering, dated the date of the closing under the
underwriting agreement relating thereto, such letter or letters to be in
customary form and covering such matters of the type customarily covered by
letters of such type, subject to receipt of appropriate documentation as
contemplated, and only if permitted, by Statement of Auditing Standards No. 72;
and (D) deliver such customary documents and certificates, including officers’
certificates, as may be reasonably requested by the Majority Electing Holders
and the managing underwriters, if any, thereof;

(xvi)  notify
in writing each holder of Registrable Securities of any proposal by the Company
to amend or waive any provision of this Exchange and Registration Rights
Agreement pursuant to Section 9(h) hereof and of any amendment or waiver effected
pursuant thereto, each of which notices shall contain the text of the amendment
or waiver proposed or effected, as the case may be;

(xvii) in
the event that any broker-dealer registered under the Exchange Act shall
underwrite any Registrable Securities or participate as a member of an underwriting
syndicate (within the meaning of the Conduct Rules (the “Conduct Rules”) of the
National Association of Securities Dealers, Inc. (“NASD”) or any successor
thereto, as amended from time to time) thereof as an underwriter, use
reasonable best efforts to provide information to assist such broker-dealer
in complying with the requirements of such Conduct Rules; and

(xviii) comply in all material respects with all applicable rules
and regulations of the Commission, and make generally available to its
securityholders as soon as practicable but in any event not later than eighteen
months after the effective date of such Shelf Registration Statement, an earning
statement of the Company and its subsidiaries complying with Section 11(a) of
the Securities Act (including, at the option of the Company, Rule 158
thereunder).

(e)           In the event that
the Company would be required, pursuant to Section 3(d)(vii)(E) above, to
notify the Electing Holders and the managing underwriters, if any, thereof, the
Company shall as soon as practicable prepare and furnish to each of the
Electing

 

15

 

Holders
and to each such underwriter, if any, a reasonable number of copies of a
prospectus supplemented or amended so that, as thereafter delivered to
purchasers of Registrable Securities, such prospectus shall conform in all
material respects to the applicable requirements of the Securities Act and the
rules and regulations of the Commission thereunder and shall 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 not misleading
in light of the circumstances then existing. 
Each broker-dealer and Electing Holder agrees that upon receipt of any
notice from the Company pursuant to Section 3(c)(iii)(E) or Section
3(d)(vii)(E) hereof, such broker-dealer or Electing Holder shall forthwith discontinue
the disposition of Registrable Securities pursuant to the Exchange Registration
Statement or Shelf Registration Statement applicable to such Registrable Securities
until such broker-dealer or Electing Holder shall have received copies of such
amended or supplemented prospectus, and if so directed by the Company, such
broker-dealer or Electing Holder shall deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies, then in such
broker-dealer’s or Electing Holder’s possession of the prospectus covering such
Registrable Securities at the time of receipt of such notice.

(f)            In the event of a
Shelf Registration, in addition to the information required to be provided by
each Electing Holder in its Notice and Questionnaire, the Company may require
such Electing Holder to furnish to the Company such additional information
regarding such Electing Holder and such Electing Holder’s intended method of
distribution of Registrable Securities as may be required in order to comply
with the Securities Act.  Each such Electing
Holder agrees to notify the Company as promptly as practicable of any
inaccuracy or change in information previously furnished by such Electing
Holder to the Company or of the occurrence of any event in either case as a
result of which any prospectus relating to such Shelf Registration contains or
would contain an untrue statement of a material fact regarding such Electing
Holder or such Electing Holder’s intended method of disposition of such Registrable
Securities or omits to state any material fact regarding such Electing Holder
or such Electing Holder’s intended method of disposition of such Registrable
Securities required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing, and
promptly to furnish to the Company any additional information required to
correct and update any previously furnished information or required so that
such prospectus shall not contain, with respect to such Electing Holder or the
disposition of such Registrable Securities, 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 not misleading in light of the circumstances
then existing.

4.             Registration Expenses.

The Company agrees to bear
and to pay or cause to be paid promptly all expenses incident to the Company’s
performance of or compliance with this Exchange and Registration Rights
Agreement, including (a) all Commission and any NASD registration, filing and review
fees and expenses including the reasonable fees and disbursements of counsel
for the underwriters, if any, in connection with such registration, filing and
review,

 

16

 

(b) all fees and
expenses in connection with the qualification of the Securities for offering
and sale under the State securities and blue sky laws referred to in Section
3(d)(xi) hereof and determination of their eligibility for investment under the
laws of such jurisdictions as any managing underwriters or the Electing Holders
may reasonably designate, including the reasonable fees and disbursements of
counsel for the Electing Holders or underwriters in connection with such
qualification and determination, (c) all expenses relating to the preparation,
printing, production, distribution and reproduction of each registration
statement required to be filed hereunder, each prospectus included therein or
prepared for distribution pursuant hereto, each amendment or supplement to the
foregoing, the expenses of preparing the Securities for delivery and the expenses
of printing or producing any underwriting agreements, agreements among underwriters,
selling agreements and blue sky or legal investment memoranda and all other
documents in connection with the offering, sale or delivery of Securities to be
disposed of (including certificates representing the Securities), (d)
messenger, telephone and delivery expenses relating to the offering, sale or
delivery of Securities and the preparation of documents referred in clause (c)
above, (e) reasonable fees and expenses of the Trustee under the Indenture, any
agent of the Trustee and any counsel for the Trustee and of any collateral
agent or custodian, (f) internal expenses (including all salaries and expenses
of the Company’s officers and employees performing legal or accounting duties),
(g) fees, disbursements and expenses of counsel of the Company and independent
certified public accountants of the Company (including the expenses of any
opinions or “cold comfort” letters required by or incident to such performance
and compliance), (h) reasonable fees, disbursements and expenses of any “qualified
independent underwriter” engaged pursuant to Section 3(d)(xvii) hereof, (i) the
reasonable fees, disbursements and expenses of one counsel for the Electing
Holders retained in connection with a Shelf Registration, as selected by the
Electing Holders of at least a majority in aggregate principal amount of the
Registrable Securities held by Electing Holders (which counsel shall be reasonably
satisfactory to the Company), (j) any fees charged by securities rating services
for rating the Securities, and (k) fees, expenses and disbursements of any
other persons, including special experts, retained by the Company in connection
with such registration (collectively, the “Registration Expenses”).  To the extent that any Registration Expenses
are incurred, assumed or paid by any holder of Registrable Securities or any
placement or sales agent therefor or underwriter thereof, the Company shall
reimburse such person for the full amount of the Registration Expenses so incurred,
assumed or paid promptly after receipt of a request therefor. Notwithstanding
the foregoing, the holders of the Registrable Securities being registered shall
pay all agency fees and commissions and underwriting discounts and commissions
attributable to the sale of such Registrable Securities and the fees and
disbursements of any counsel or other advisors or experts retained by such
holders (severally or jointly), other than the counsel and experts specifically
referred to above.

5.             [Intentionally Omitted.]

6.             Indemnification.

(a)           Indemnification
by the Company.  The Company
will indemnify and hold harmless each of the broker-dealers whose Registrable
Securities are included in an

 

17

 

Exchange
Registration Statement and each of the Electing Holders of Registrable
Securities included in a Shelf Registration Statement against any losses,
claims, damages or liabilities, joint or several, to which such broker-dealer
or Electing Holder may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in any Exchange Registration Statement
or Shelf Registration Statement, as the case may be, under which such
Registrable Securities were registered under the Securities Act, or any preliminary,
final or summary prospectus contained therein or furnished by the Company to
any such broker-dealer or Electing Holder, or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse such
broker-dealer or Electing Holder for any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such action or claim
as such expenses are incurred; provided, however, that (i)  the Company
shall not be liable to any such person in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
such registration statement, or preliminary, final or summary prospectus, or
amendment or supplement thereto, in reliance upon and in conformity with
written information furnished to the Company by such person expressly for use
therein and (ii) with respect to any untrue statement or alleged untrue
statement or omission or alleged omission made in a Shelf Registration
Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus relating to a Shelf Registration Statement, the
indemnity agreement contained in this Section 6(a) will not inure to the
benefit of any broker-dealer or Electing Holder from whom the person asserting
any such loss, claim, damage or liability purchased the Registrable Securities,
to the extent that at the time of such purchase such broker-dealer or Electing
Holder had received timely written advice from the Company prior to such purchase
that the use of such prospectus, amendment, supplement or preliminary prospectus
was suspended as provided in Section 3(e).

(b)           Indemnification
by the Holders.  The Company
may require, as a condition to including any Registrable Securities in any registration
statement filed pursuant to Section 2(b) hereof, that the Company shall have
received an undertaking reasonably satisfactory to it from the Electing Holder
of such Registrable Securities, severally and not jointly, to (i) indemnify and
hold harmless the Company and all other holders of Registrable Securities,
against any losses, claims, damages or liabilities to which the Company or such
other holders of Registrable Securities may become subject, under the Securities
Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon an untrue statement
or alleged untrue statement of a material fact contained in such registration
statement, or any preliminary, final or summary prospectus contained therein or
furnished by the Company to any such Electing Holder, or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by such

 

18

 

Electing
Holder expressly for use therein, and (ii) reimburse the Company for any legal
or other expenses reasonably incurred by the Company in connection with investigating
or defending any such action or claim as such expenses are incurred; provided,
however, that no such Electing Holder shall be required to undertake liability
to any person under this Section 6(b) for any amounts in excess of the dollar
amount of the proceeds to be received by such Electing Holder from the sale of
such Electing Holder’s Registrable Securities pursuant to such registration.

(c)           Notices of
Claims, Etc.  Promptly after
receipt by an indemnified party under subsection (a) or (b) above of written
notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against an indemnifying party pursuant
to the indemnification provisions of or contemplated by this Section 6, notify
such indemnifying party in writing of the commencement of such action; but the
omission so to notify the indemnifying party shall not relieve it from any
liability which it may have to any indemnified party otherwise than under the
indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof.
In case any such action shall be brought against any indemnified party and it
shall notify an indemnifying party of the commencement thereof, such indemnifying
party shall be entitled to participate therein and, to the extent that it shall
wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be
counsel to the indemnifying party), and, after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof, such indemnifying party shall not be liable to such indemnified party
for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable costs of investigation.  No indemnifying party shall, without the
written consent of the indemnified party, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from
all liability arising out of such action or claim and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act by or
on behalf of any indemnified party.

(d)           Contribution.  If for any reason the indemnification
provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses,
claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages
or liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and the
indemnified party in connection with the statements or omissions which 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
such indemnifying party and indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material

 

19

 

fact
or omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or by such indemnified party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not
be just and equitable if contributions pursuant to this Section 6(d) were determined
by pro rata allocation (even if the holders or any agents or underwriters or
all of them were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations
referred to in this Section 6(d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages, or liabilities (or actions in
respect thereof) referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 6(d), no holder shall be required to contribute any
amount in excess of the amount by which the dollar amount of the proceeds
received by such holder from the sale of any Registrable Securities (after
deducting any fees, discounts and commissions applicable thereto) exceeds the
amount of any damages which such holder has otherwise been required to pay 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. The holders’ and any underwriters’ obligations in
this Section 6(d) to contribute shall be several in proportion to the principal
amount of Registrable Securities registered or underwritten, as the case may
be, by them and not joint.

(e)           The obligations of
the Company under this Section 6 shall be in addition to any liability which
the Company may otherwise have and shall extend, upon the same terms and
conditions, to each officer, director and partner of each holder and each
person, if any, who controls any holder within the meaning of the Securities
Act; and the obligations of the holders contemplated by this Section 6 shall be
in addition to any liability which the respective holder may otherwise have and
shall extend, upon the same terms and conditions, to each officer and director
of the Company  (including any person
who, with his consent, is named in any registration statement as about to
become a director of the Company) and to each person, if any, who controls the
Company within the meaning of the Securities Act.

7.             Underwritten Offerings.

(a)           Selection of
Underwriters.  If any of the
Registrable Securities covered by the Shelf Registration are to be sold
pursuant to an underwritten offering, the managing underwriter or underwriters
thereof shall be designated by Electing Holders holding at least a majority in
aggregate principal amount of the Registrable Securities to be included in such
offering, subject to the consent of the Company (which shall not be
unreasonably withheld or delayed) and such Electing Holders shall be responsible
for all underwriting discounts and commissions in connection therewith.

 

20

 

 

(b)           Participation
by Holders.  Each holder of
Registrable Securities hereby agrees with each other such holder that no such
holder may participate in any underwritten offering hereunder unless such
holder (i) agrees to sell such holder’s Registrable Securities on the basis
provided in any underwriting arrangements approved by the persons entitled hereunder
to approve such arrangements and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting arrangements.

8.             Rule 144.

The Company covenants to the
holders of Registrable Securities that to the extent it shall be required to do
so under the Exchange Act, the Company shall timely file the reports required
to be filed by it under the Exchange Act or the Securities Act (including the reports
under Section 13 and 15(d) of the Exchange Act referred to in subparagraph
(c)(1) of Rule 144 adopted by the Commission under the Securities Act) and the
rules and regulations adopted by the Commission thereunder, and shall take such
further action as any holder of Registrable Securities may reasonably request,
all to the extent required from time to time to enable such holder to sell
Registrable Securities without registration under the Securities Act within the
limitations of the exemption provided by Rule 144 under the Securities Act, as
such Rule may be amended from time to time, or any similar or successor rule or
regulation hereafter adopted by the Commission. Upon the request of any holder
of Registrable Securities in connection with that holder’s sale pursuant to
Rule 144, the Company shall deliver to such holder a written statement as to
whether it has complied with such requirements. 
The Company will be deemed to have satisfied the foregoing requirements
if any Parent (as defined in the Indenture) files such reports and takes such
actions of the types otherwise so required, in each case within the applicable
time periods.

9.             Miscellaneous.

(a)           No
Inconsistent Agreements.  The
Company represents, warrants, covenants and agrees that it has not granted, and
shall not grant, registration rights with respect to Registrable Securities or
any other securities which would be inconsistent with the terms contained in
this Exchange and Registration Rights Agreement.

(b)           Specific
Performance.  The parties
hereto acknowledge that there would be no adequate remedy at law if the Company
fails to perform any of its obligations hereunder and that the Purchaser and
the holders from time to time of the Registrable Securities may be irreparably
harmed by any such failure, and accordingly agree that the Purchaser and such
holders, in addition to any other remedy to which they may be entitled at law
or in equity, shall be entitled to compel specific performance of the
obligations of the Company under this Exchange and Registration Rights
Agreement in accordance with the terms and conditions of this Exchange and
Registration Rights Agreement, in any court of the United States or any State
thereof having jurisdiction.

(c)           Notices.  All notices, requests, claims, demands,
waivers and other communications hereunder shall be in writing and shall be
deemed to have been duly given 

 

21

 

when
delivered by hand, if delivered personally or by courier, or three days after
being deposited in the mail (registered or certified mail, postage prepaid,
return receipt requested) as follows:  If
to the Company, to it at 1310 Goshen Parkway, P.O. Box 2656, West Chester,
Pennsylvania  19380, Attention:  Secretary, with a copy to Peter J. Loughran,
Esq., Debevoise & Plimpton LLP, 919 Third Avenue, New York, New York 10022,
and if to a holder, to the address of such holder set forth in the security
register or other records of the Company, or to such other address as the
Company or any such holder may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be
effective only upon receipt.

(d)           Parties in
Interest.  All the terms and
provisions of this Exchange and Registration Rights Agreement shall be binding
upon, shall inure to the benefit of and shall be enforceable by the parties
hereto and the holders from time to time of the Registrable Securities and the
respective successors and assigns of the parties hereto and such holders. In
the event that any transferee of any holder of Registrable Securities shall
acquire Registrable Securities, in any manner, whether by gift, bequest,
purchase, operation of law or otherwise, such transferee shall, without any
further writing or action of any kind, be deemed a beneficiary hereof for all
purposes and such Registrable Securities shall be held subject to all of the
terms of this Exchange and Registration Rights Agreement, and by taking and
holding such Registrable Securities such transferee shall be entitled to
receive the benefits of, and be conclusively deemed to have agreed to be bound
by all of the applicable terms and provisions of this Exchange and Registration
Rights Agreement. If the Company shall so request, any such successor, assign
or transferee shall agree in writing to acquire and hold the Registrable Securities
subject to all of the applicable terms hereof.

(e)           Survival.  The respective indemnities, agreements,
representations, warranties and each other provision set forth in this Exchange
and Registration Rights Agreement or made pursuant hereto shall remain in full
force and effect regardless of any investigation (or statement as to the results
thereof) made by or on behalf of any holder of Registrable Securities, any
director, officer or partner of such holder, any agent or underwriter or any
director, officer or partner thereof, or any controlling person of any of the
foregoing, and shall survive delivery of and payment for the Registrable
Securities pursuant to the Purchase Agreement and the transfer and registration
of Registrable Securities by such holder and the consummation of an Exchange
Offer.

(f)            Governing Law.  This
Exchange and Registration Rights Agreement shall be governed by and construed
in accordance with the laws of the State of New York.

(g)           Headings.  The descriptive headings of the several
Sections and paragraphs of this Exchange and Registration Rights Agreement are
inserted for convenience only, do not constitute a part of this Exchange and
Registration Rights Agreement and shall not affect in any way the meaning or
interpretation of this Exchange and Registration Rights Agreement.

 

22

 

(h)           Entire
Agreement; Amendments.  This
Exchange and Registration Rights Agreement and the other writings referred to
herein (including the Indenture and the form of Securities) or delivered
pursuant hereto which form a part hereof contain the entire understanding of
the parties with respect to its subject matter. This Exchange and Registration
Rights Agreement supersedes all prior agreements and understandings between the
parties with respect to its subject matter. This Exchange and Registration
Rights Agreement may be amended and the observance of any term of this Exchange
and Registration Rights Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively) only by a
written instrument duly executed by the Company and the holders of at least a
majority in aggregate principal amount of the Registrable Securities at the
time outstanding. Each holder of any Registrable Securities at the time or
thereafter outstanding shall be bound by any amendment or waiver effected
pursuant to this Section 9(h), whether or not any notice, writing or marking
indicating such amendment or waiver appears on such Registrable Securities or
is delivered to such holder.

(i)            Counterparts.  This
agreement may be executed by the parties in counterparts, each of which shall
be deemed to be an original, but all such respective counterparts shall
together constitute one and the same instrument.

[Signature
Pages Follow]

 

 

23

 

 

If
the foregoing is in accordance with your understanding, please sign and return
to us four counterparts hereof, and upon the acceptance hereof by you, on
behalf of the Purchaser, this letter and such acceptance hereof shall
constitute a binding agreement between the Purchaser and the Company.

	
   

  	
  Very
  truly yours,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CDRV
  Investors, Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  George Van Kula

  
	
   

  	
   

  	
  Name:

  	
  George
  Van Kula

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President, General

  
	
   

  	
   

  	
   

  	
  Counsel
  and Secretary

  
					

 

 

 

 

 

Accepted
as of the date hereof:

 

BANC OF AMERICA SECURITIES LLC

	
  By:

  	
  /s/
  Aaron Peyton

  	
   

  
	
   

  	
  Name:

  	
  Aaron
  Peyton

  
	
   

  	
  Title:

  	
  Vice
  President

  
				

 

 

 

 

 

Exhibit A

CDRV
Investors, Inc.

INSTRUCTION
TO DTC PARTICIPANTS

(Date
of Mailing)

URGENT
- IMMEDIATE ATTENTION REQUESTED

DEADLINE
FOR RESPONSE:  [DATE](a)

 

The Depository Trust Company
(“DTC”) has identified you as a DTC Participant through which beneficial
interests in the CDRV Investors, Inc. (the “Company”) Senior Floating Rate
Notes due 2011 (the “Securities”) are held.

The
Company is in the process of registering the Securities under the Securities
Act of 1933 for resale by the beneficial owners thereof.  In order to have their Securities included in
the registration statement, beneficial owners must complete and return the
enclosed Notice of Registration Statement and Selling Securityholder Questionnaire.

It
is important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights to have the
Securities included in the registration statement depend upon their returning
the Notice and Questionnaire by [Deadline For Response].  Please forward a copy of the enclosed
documents to each beneficial owner that holds interests in the Securities
through you.  If you require more copies
of the enclosed materials or have any questions pertaining to this matter,
please contact CDRV Investors, Inc., 1310 Goshen Parkway, P.O. Box 2656, West
Chester, Pennsylvania  19380,
Attention:  Secretary, (610) 431-1700.

____________________

(a) Not less than 13 calendar days from date of mailing.

 

A-1

CDRV Investors,
Inc.

Notice of
Registration Statement

and

Selling Securityholder Questionnaire

(Date)

Reference
is hereby made to the Exchange and Registration Rights Agreement (the “Exchange
and Registration Rights Agreement”) between CDRV Investors, Inc. (the
“Company”) and the Purchaser named therein. 
Pursuant to the Exchange and Registration Rights Agreement, the Company
has filed with the United States Securities and Exchange Commission (the “Commission”)
a registration statement on Form [__] (the “Shelf Registration Statement”) for
the registration and resale under Rule 415 of the Securities Act of 1933, as
amended (the “Securities Act”), of the Company’s Senior Floating Rate Notes due
2011 (the “Securities”).  A copy of the
Exchange and Registration Rights Agreement is attached hereto.  All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Exchange and
Registration Rights Agreement.

Each
beneficial owner of Registrable Securities (as defined below) is entitled to
have the Registrable Securities beneficially owned by it included in the Shelf
Registration Statement.  In order to have
Registrable Securities included in the Shelf Registration Statement, this
Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice
and Questionnaire”) must be completed, executed and delivered to the Company’s
counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for
Response].  Beneficial owners of
Registrable Securities who do not complete, execute and return this Notice and
Questionnaire by such date (i) will not be named as selling securityholders
in the Shelf Registration Statement and (ii) may not use the Prospectus
forming a part thereof for resales of Registrable Securities.

Certain
legal consequences arise from being named as a selling securityholder in the
Shelf Registration Statement and related Prospectus.  Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel
regarding the consequences of being named or not being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus.

The
term “Registrable Securities” is defined in the Exchange and
Registration Rights Agreement.

A-2

ELECTION

The
undersigned holder (the “Selling Securityholder”) of Registrable Securities
hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3).  The undersigned, by signing and returning
this Notice and Questionnaire, agrees to be bound with respect to such
Registrable Securities by the terms and conditions of this Notice and
Questionnaire and the Exchange and Registration Rights Agreement, including,
without limitation, Section 6 of the Exchange and Registration Rights
Agreement, as if the undersigned Selling Securityholder were an original party
thereto.

Upon
any sale of Registrable Securities pursuant to the Shelf Registration
Statement, the Selling Securityholder will be required to deliver to the
Company and Trustee the Notice of Transfer set forth in Appendix A to the
Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement.

The
Selling Securityholder hereby provides the following information to the Company
and represents and warrants that such information is accurate and complete:

A-3

QUESTIONNAIRE

 

	
  (1)

  	
  (a)

  	
  Full
  Legal Name of Selling Securityholder:

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Full
  Legal Name of Registered Holder (if not the same as in (a) above) of Registrable
  Securities Listed in Item (3) below:

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Full
  Legal Name of DTC Participant (if applicable and if not the same as (b)
  above) Through Which Registrable Securities Listed in Item (3) below are
  Held:

  
	
   

  	
   

  	
   

  

(2)                                  Address for Notices to
Selling Securityholder:

                                                                                                                                                                    

                                                                                                                                                                    

                                                                                                                                                                    

Telephone:                                                                                                                                                

Fax:
                                                                                                                                                            

Contact
Person:                                                                                                                                        

(3)                                  Beneficial Ownership
of Securities:

Except
as set forth below in this Item (3), the undersigned does not beneficially own
any Securities.

(a)                                  Principal amount of
Registrable Securities beneficially owned: 
                                                 

CUSIP No(s). of such Registrable Securities: 

                                                                                                                                                                

(b)                                 Principal amount of
Securities other than Registrable Securities beneficially owned:

                                                                                                                                                                

                CUSIP
No(s). of such other Securities:  
                                                                                                                                                                      

(c)                                  Principal amount of
Registrable Securities which the undersigned wishes to be included in the Shelf
Registration Statement:                                                                                                                                                   

CUSIP No(s). of such Registrable Securities to be included in the Shelf
Registration Statement:

(4)                                  Beneficial Ownership of
Other Securities of the Company:

Except
as set forth below in this Item (4), the undersigned Selling Securityholder is
not the beneficial or registered owner of any other securities of the Company,
other than the Securities listed above in Item (3).

A-4

State
any exceptions here:

(5)           Relationships with the Company:

Except
as set forth below, neither the Selling Securityholder nor any of its
affiliates, officers, directors or principal equity holders (5% or more) has
held any position or office or has had any other material relationship with the
Company (or its predecessors or affiliates) during the past three years.

State
any exceptions here:

(6)                                  Plan of Distribution:

Except
as set forth below, the undersigned Selling Securityholder intends to
distribute the Registrable Securities listed above in Item (3) only as follows
(if at all):  Such Registrable Securities
may be sold from time to time directly by the undersigned Selling
Securityholder or, alternatively, through underwriters, broker-dealers or
agents.  Such Registrable Securities may
be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of sale, at varying prices determined at the time of sale,
or at negotiated prices.  Such sales may
be effected in transactions (which may involve crosses or block transactions)
(i) on any national securities exchange or quotation service on which the
Registered Securities may be listed or quoted at the time of sale, (ii) in the
over-the-counter market, (iii) in transactions otherwise than on such exchanges
or services or in the over-the-counter market, or (iv) through the writing of
options.  In connection with sales of the
Registrable Securities or otherwise, the Selling Securityholder may enter into
hedging transactions with broker-dealers, which may in turn engage in short
sales of the Registrable Securities in the course of hedging the positions they
assume.  The Selling Securityholder may
also sell Registrable Securities short and deliver Registrable Securities to
close out such short positions, or loan or pledge Registrable Securities to
broker-dealers that in turn may sell such securities.

State
any exceptions here:

By
signing below, the Selling Securityholder acknowledges that it understands its
obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act and the rules and regulations thereunder, particularly Regulation
M.

In
the event that the Selling Securityholder transfers all or any portion of the
Registrable Securities listed in Item (3) above after the date on which such
information is provided to the Company, the Selling Securityholder agrees to
notify the transferee(s) at the time of the transfer of its rights and obligations
under this Notice and Questionnaire and the Exchange and Registration Rights
Agreement.

By
signing below, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and
related Prospectus.  The Selling
Securityholder understands that such information will be relied upon by the
Company in connection with the preparation of the Shelf Registration Statement
and related Prospectus.

A-5

In
accordance with the Selling Securityholder’s obligations under Sections 3(d)
and 3(f) of the Exchange and Registration Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf Registration
Statement, the Selling Securityholder agrees to promptly notify the Company of
any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration
Statement remains in effect.  All notices
hereunder and pursuant to the Exchange and Registration Rights Agreement shall
be made in writing, by hand-delivery, first-class mail, or air courier
guaranteeing overnight delivery as follows:

(i)            To the Company:

1310 Goshen Parkway, P.O.
Box 2656

West Chester, Pennsylvania  19380

Attention: 
Secretary

(ii)           With a copy to:

Peter J. Loughran, Esq.

Debevoise & Plimpton LLP

919 Third Avenue

New York, New York  10022

Once
this Notice and Questionnaire is executed by the Selling Securityholder and
received by the Company’s counsel, the terms of this Notice and Questionnaire,
and the representations and warranties contained herein, shall be binding on,
shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives, and assigns of the Company and the
Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above).  This Agreement shall be governed in all
respects by the laws of the State of New York.

IN
WITNESS WHEREOF, the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by
its duly authorized agent.

Dated:

                                                                                                                                                                        

Selling Securityholder

(Print/type full legal name of beneficial
owner of Registrable Securities)

By:                                                                                                                                                                  

Name:

Title:

A-6

PLEASE
RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR
BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL AT:

	
   

  	
  Peter
  J. Loughran, Esq.

  
	
   

  	
  Debevoise
  & Plimpton LLP

  
	
   

  	
  919
  Third Avenue

  
	
   

  	
  New
  York, New York  10022

  

 

 

A-7

Exhibit B

NOTICE
OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

 

Wells Fargo Bank, National Association

CDRV Investors, Inc.

c/o Wells Fargo Bank, National Association

213 Court Street, Suite 703

Middletown, Connecticut  06457

 

 

Attention:  Trust Officer

Re:                               CDRV Investors,
Inc. (the “Company”)

Senior Floating Rate Notes due 2011

Dear
Sirs:

Please
be advised that ______________ has transferred $______________ aggregate principal
amount of the above-referenced Notes pursuant to an effective Registration Statement
on Form [____] (File No. 333-      ) filed by the
Company.

We
hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied and that the
above-named beneficial owner of the Notes is named as a “Selling Holder” in the
Prospectus dated [date] or in supplements thereto, and that the aggregate principal
amount of the Notes transferred are the Notes listed in such Prospectus
opposite such owner’s name.

Dated:

Very
truly yours,

                                                                                                             

(Name)

By:                                                                                                       

(Authorized
Signature)

 

B-1

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