Document:

Exhibit 4.4

 

CDRV
ACQUISITION CORPORATION

as Issuer

 

 

and

 

the
Subsidiary Guarantors from time to time parties hereto

as Subsidiary Guarantors

 

 

and

 

 

WELLS FARGO
BANK, NATIONAL ASSOCIATION

as Trustee

 

 

INDENTURE

 

 

DATED AS OF
APRIL 7, 2004

 

 

67/8%
SENIOR NOTES DUE 2012

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 101.

  	
  Definitions

  	
   

  
	
  Section 102.

  	
  Other Definitions

  	
   

  
	
  Section 103.

  	
  Rules of Construction

  	
   

  
	
  Section
  104.

  	
  Incorporation by
  Reference of TIA

  	
   

  
	
  Section 105.

  	
  Conflict with TIA

  	
   

  
	
  Section
  106.

  	
  Compliance
  Certificates and Opinions

  	
   

  
	
  Section
  107.

  	
  Form of
  Documents Delivered to Trustee

  	
   

  
	
  Section
  108.

  	
  Acts of Noteholders;
  Record Dates

  	
   

  
	
  Section
  109.

  	
  Notices, etc., to
  Trustee and Company

  	
   

  
	
  Section
  110.

  	
  Notices to Holders; Waiver

  	
   

  
	
  Section 111.

  	
  Effect of
  Headings and Table of Contents

  	
   

  
	
  Section 112.

  	
  Successors and Assigns

  	
   

  
	
  Section 113.

  	
  Separability Clause

  	
   

  
	
  Section 114.

  	
  Benefits of Indenture

  	
   

  
	
  Section 115.

  	
  GOVERNING LAW

  	
   

  
	
  Section 116.

  	
  Legal Holidays

  	
   

  
	
  Section 117.

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

  	
   

  
	
  Section 118.

  	
  Exhibits and Schedules

  	
   

  
	
  Section 119.

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II NOTE FORMS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 201.

  	
  Forms Generally

  	
   

  
	
  Section 202.

  	
  Form of
  Trustee’s Certificate of Authentication

  	
   

  
	
  Section
  203.

  	
  Restrictive and
  Global Note Legends

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III THE NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 301.

  	
  Title and Terms

  	
   

  
	
  Section 302.

  	
  Denominations

  	
   

  
	
  Section 303.

  	
  Execution,
  Authentication and Delivery and Dating

  	
   

  
	
  Section 304.

  	
  Temporary Notes

  	
   

  
	
  Section 305.

  	
  Registration,
  Registration of Transfer and Exchange

  	
   

  
	
  Section 306.

  	
  Mutilated,
  Destroyed, Lost and Stolen Notes

  	
   

  
	
  Section
  307.

  	
  Payment of
  Interest Rights Preserved

  	
   

  
	
  Section 308.

  	
  Persons Deemed Owners

  	
   

  
	
  Section 309.

  	
  Cancellation

  	
   

  
	
  Section
  310.

  	
  Computation of Interest

  	
   

  
	
  Section 311.

  	
  CUSIP Numbers

  	
   

  

 

 

	
  Section
  312.

  	
  Book-Entry
  Provisions for Global Notes

  	
   

  
	
  Section
  313.

  	
  Special Transfer Provisions

  	
   

  
	
  Section
  314.

  	
  Payment of Additional
  Interest

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 401.

  	
  Payment of
  Principal, Premium and Interest

  	
   

  
	
  Section
  402.

  	
  Maintenance of Office
  or Agency

  	
   

  
	
  Section
  403.

  	
  Money for
  Payments to Be Held in Trust

  	
   

  
	
  Section 404.

  	
  [Reserved.]

  	
   

  
	
  Section 405.

  	
  SEC Reports

  	
   

  
	
  Section 406.

  	
  Statement as to Default

  	
   

  
	
  Section
  407.

  	
  Limitation on Indebtedness

  	
   

  
	
  Section 408.

  	
  [Reserved]

  	
   

  
	
  Section
  409.

  	
  Limitation on
  Restricted Payments

  	
   

  
	
  Section 410.

  	
  Limitation
  on Restrictions on Distributions from Restricted Subsidiaries

  	
   

  
	
  Section 411.

  	
  Limitation
  on Sales of Assets and Subsidiary Stock

  	
   

  
	
  Section 412.

  	
  Limitation
  on Transactions with Affiliates

  	
   

  
	
  Section 413.

  	
  Limitation
  on Liens

  	
   

  
	
  Section
  414.

  	
  Future Subsidiary
  Guarantors

  	
   

  
	
  Section 415.

  	
  Purchase of
  Notes Upon a Change in Control

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V SUCCESSORS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section
  501.

  	
  When the Company May
  Merge, etc

  	
   

  
	
  Section
  502.

  	
  Successor Company
  Substituted

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI REMEDIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 601.

  	
  Events of Default

  	
   

  
	
  Section 602.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
   

  
	
  Section 603.

  	
  Other Remedies;
  Collection Suit by Trustee

  	
   

  
	
  Section
  604.

  	
  Trustee May File Proofs
  of Claim

  	
   

  
	
  Section 605.

  	
  Trustee
  May Enforce Claims Without Possession of Notes

  	
   

  
	
  Section
  606.

  	
  Application of Money
  Collected

  	
   

  
	
  Section 607.

  	
  Limitation
  on Suits

  	
   

  
	
  Section 608.

  	
  Unconditional
  Right of Holders to Receive Principal and Interest

  	
   

  
	
  Section
  609.

  	
  Restoration of
  Rights and Remedies

  	
   

  
	
  Section
  610.

  	
  Rights and Remedies
  Cumulative

  	
   

  
	
  Section
  611.

  	
  Delay or Omission Not
  Waiver

  	
   

  
	
  Section 612.

  	
  Control by Holders

  	
   

  
	
  Section 613.

  	
  Waiver of Past Defaults

  	
   

  
	
  Section 614.

  	
  Undertaking for Costs

  	
   

  
	
  Section
  615.

  	
  Waiver of Stay,
  Extension or Usury Laws

  	
   

  

 

ii

 

	
  ARTICLE VII THE TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  Section
  701.

  	
  Certain Duties and
  Responsibilities

  	
   

  
	
  Section 702.

  	
  Notice of Defaults

  	
   

  
	
  Section
  703.

  	
  Certain Rights of Trustee

  	
   

  
	
  Section 704.

  	
  Not
  Responsible for Recitals or Issuance of Notes

  	
   

  
	
  Section 705.

  	
  May Hold Notes

  	
   

  
	
  Section 706.

  	
  Money Held in Trust

  	
   

  
	
  Section
  707.

  	
  Compensation and
  Reimbursement

  	
   

  
	
  Section 708.

  	
  Conflicting Interests

  	
   

  
	
  Section 709.

  	
  Corporate
  Trustee Required; Eligibility

  	
   

  
	
  Section 710.

  	
  Resignation
  and Removal; Appointment of Successor

  	
   

  
	
  Section 711.

  	
  Acceptance of
  Appointment by Successor

  	
   

  
	
  Section 712.

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  
	
  Section 713.

  	
  Preferential
  Collection of Claims Against the Company

  	
   

  
	
  Section
  714.

  	
  Appointment of
  Authenticating Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 801.

  	
  The
  Company to Furnish Trustee Names and Addresses of Holders

  	
   

  
	
  Section 802.

  	
  Preservation
  of Information; Communications to Holders

  	
   

  
	
  Section 803.

  	
  Reports by Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX AMENDMENT, SUPPLEMENT OR WAIVER

  	
   

  
	
   

  	
   

  
	
  Section
  901.

  	
  Without Consent of Holders

  	
   

  
	
  Section 902.

  	
  With Consent of Holders

  	
   

  
	
  Section 903.

  	
  Execution
  of Amendments, Supplements or Waivers

  	
   

  
	
  Section
  904.

  	
  Revocation and Effect
  of Consents

  	
   

  
	
  Section 905.

  	
  Conformity with TIA

  	
   

  
	
  Section
  906.

  	
  Notation on or
  Exchange of Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  X REDEMPTION OF NOTES

  	
   

  
	
   

  	
   

  
	
  Section 1001.

  	
  Right of Redemption

  	
   

  
	
  Section
  1002.

  	
  Applicability of Article

  	
   

  
	
  Section
  1003.

  	
  Election to
  Redeem; Notice to Trustee

  	
   

  
	
  Section 1004.

  	
  Selection
  by Trustee of Notes to Be Redeemed

  	
   

  
	
  Section 1005.

  	
  Notice of Redemption

  	
   

  
	
  Section
  1006.

  	
  Deposit of Redemption Price

  	
   

  
	
  Section
  1007.

  	
  Notes Payable on
  Redemption Date

  	
   

  
	
  Section 1008.

  	
  Notes Redeemed in Part

  	
   

  

 

iii

 

	
  ARTICLE
  XI SATISFACTION AND DISCHARGE

  	
   

  
	
   

  	
   

  
	
  Section 1101.

  	
  Satisfaction
  and Discharge of Indenture

  	
   

  
	
  Section
  1102.

  	
  Application of Trust Money

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII DEFEASANCE OR COVENANT
  DEFEASANCE

  	
   

  
	
   

  	
   

  
	
  Section 1201.

  	
  The
  Company’s Option to Effect Defeasance or Covenant Defeasance

  	
   

  
	
  Section
  1202.

  	
  Defeasance and Discharge

  	
   

  
	
  Section 1203.

  	
  Covenant Defeasance

  	
   

  
	
  Section 1204.

  	
  Conditions
  to Defeasance or Covenant Defeasance

  	
   

  
	
  Section 1205.

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

  	
   

  
	
  Section 1206.

  	
  Reinstatement

  	
   

  
	
  Section
  1207.

  	
  Repayment to the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII SUBSIDIARY GUARANTEES

  	
   

  
	
   

  	
   

  
	
  Section 1301.

  	
  Guarantees Generally

  	
   

  
	
  Section 1302.

  	
  Continuing Guarantees

  	
   

  
	
  Section
  1303.

  	
  Release of Subsidiary
  Guarantees

  	
   

  
	
  Section 1304.

  	
  [Reserved]

  	
   

  
	
  Section 1305.

  	
  Waiver of Subrogation

  	
   

  
	
  Section 1306.

  	
  Notation Not Required

  	
   

  
	
  Section 1307.

  	
  Successors
  and Assigns of Subsidiary Guarantors

  	
   

  
	
  Section 1308.

  	
  Execution
  and Delivery of Subsidiary Guarantees

  	
   

  
	
  Section 1309.

  	
  Notices

  	
   

  

 

	
  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 for Subsidiary Guarantees

  	
   

  
	
  Exhibit E

  	
  Form of
  Supplemental Indenture for Mergers

  	
   

  
	
  Exhibit F

  	
  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

  

 

v

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  	
   

  
	
  § 316

  	
  (a)

  	
   

  	
  612

  
	
   

  	
   

  	
   

  	
  613

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  602

  
	
   

  	
   

  	
   

  	
  612

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  613

  
	
   

  	
  (a)(2)

  	
   

  	
  Not Applicable

  
	
   

  	
  (b)

  	
   

  	
  608

  
	
   

  	
  (c)

  	
   

  	
  104

  
	
  § 317

  	
  (a)(1)

  	
   

  	
  603

  
	
   

  	
  (a)(2)

  	
   

  	
  604

  
	
   

  	
  (b)

  	
   

  	
  403

  
	
  § 318

  	
  (a)

  	
   

  	
  107

  

 

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

 

vi

 

INDENTURE, dated as of April 7, 2004 (as amended,
supplemented or otherwise modified from time to time, this “Indenture”),
among CDRV Acquisition Corporation, 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 the
Company 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 the Company,
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 1008).

 

“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.

 

“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

 

2

 

Subsidiary that has been
approved by the Board of Directors, 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

 

3

 

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.

 

“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 International
Holdings” means CDRV International Holdings I, Inc. (to be renamed CDRV
International Holdings, Inc.), a Delaware corporation, and any successor in
interest thereto.

 

“CDRV Investors” means CDRV Investors, 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

 

4

 

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 Transactions shall not constitute
or give rise to a “Change of Control.”

 

“Clearstream”
means Clearstream Banking, 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 (i) CDRV Acquisition, until its merger with VWR
International, Inc., a Pennsylvania corporation, and thereafter (ii) VWR International, Inc., a
Pennsylvania corporation, until its reincorporation as a Delaware corporation,
and thereafter (iii) VWR
International, 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.

 

5

 

“Consolidated Coverage Ratio,” as of any date
of determination, means the ratio of (i)
the aggregate amount of Consolidated EBITDA of the Company 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 the Company are available to (ii)
Consolidated Interest Expense 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 Issue 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 the Company or any Restricted Subsidiary 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 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 the Company or any Restricted Subsidiary 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 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 the Company or any Restricted Subsidiary
shall have disposed of any company, any business or any group of assets
constituting an operating unit of a business (any such disposition, a “Sale”),
the Consolidated EBITDA 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 for such period shall be reduced by an amount
equal to (A) the Consolidated
Interest Expense attributable to any Indebtedness of the Company or any
Restricted Subsidiary repaid, repurchased, redeemed, defeased or otherwise
acquired, retired or discharged with

 

6

 

respect to the Company
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 is sold, the Consolidated
Interest Expense for such period attributable to the Indebtedness of such
Restricted Subsidiary to the extent the Company and its continuing Restricted
Subsidiaries are no longer liable for such Indebtedness after such Sale,

 

(4)           if
since the beginning of such period the Company or any Restricted Subsidiary (by
merger, consolidation or otherwise) shall have made an Investment in any Person
that thereby becomes a Restricted Subsidiary, 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 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 or
was merged or consolidated with or into the Company or any Restricted
Subsidiary, 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 the
Company or a Restricted Subsidiary during such period, Consolidated EBITDA and
Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such
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
computed based upon the average daily balance of such Indebtedness during the
applicable period. Interest on a Capitalized Lease

 

7

 

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, for any period,
the Consolidated Net Income 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 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, for any
period, (i) the total interest
expense of the Company and its Restricted Subsidiaries to the extent deducted
in calculating Consolidated Net Income, net of any interest income of the
Company 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 the Company or any Restricted
Subsidiary, but only to the extent that such interest is actually paid by the
Company or any Restricted Subsidiary, (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 the Company held by Persons other than the
Company or a Restricted Subsidiary 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 the Company and its Restricted Subsidiaries with respect to
Interest Rate Agreements.

 

“Consolidated Net Income” means, for any
period, the net income (loss) of the Company 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,
except that (A) subject to the
limitations contained in clause (iii) below, the Company’s equity in the net
income of any such Person for such period shall be included in such
Consolidated Net Income up to the aggregate amount actually distributed by such
Person during such period to the Company or a Restricted Subsidiary as a
dividend or other distribution (subject, in the case of a dividend or other
distribution to a Restricted Subsidiary, to the limitations contained in clause
(ii) below) and (B) the Company’s

 

8

 

equity in the net loss of
such Person shall be included to the extent of the aggregate Investment of the
Company or any of its Restricted Subsidiaries in such Person,

 

(ii)           any
net income (loss) of any Restricted Subsidiary that is not a Subsidiary
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 the Company 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, the Senior Subordinated Notes, the Senior
Subordinated Indenture or this Indenture and (z)
restrictions in effect on the Issue Date with respect to a Restricted
Subsidiary 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, the Company’s equity in the net income of any such
Restricted Subsidiary for such period shall be included in such Consolidated
Net Income up to the aggregate amount of any dividend or distribution that was
or that could have been made by such Restricted Subsidiary during such period
to the Company or another Restricted Subsidiary (subject, in the case of a
dividend that could have been made to another Restricted Subsidiary, 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 Company 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 the Company or any Restricted Subsidiary
(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
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,

 

9

 

(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 Consolidated Net Income, any unrealized
foreign currency translation or transaction gains or losses in respect of
Indebtedness or other obligations of the Company or any Restricted Subsidiary
owing to the Company or any Restricted Subsidiary.

 

In the case of any unusual or nonrecurring gain, loss
or charge not included in Consolidated Net Income 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 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,
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 the consolidation of the
accounts of each of the Restricted Subsidiaries with those of the Company in
accordance with GAAP; provided that
“Consolidation” will not include consolidation of the accounts of any
Unrestricted Subsidiary, but the interest of the Company or any Restricted
Subsidiary 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

 

10

 

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
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.

 

“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

 

11

 

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 other than a Foreign Subsidiary.

 

“Equity Offering” means a sale of Capital Stock
(x) that is a sale of Capital
Stock of the Company (other than Disqualified Stock), or (y) proceeds of which in an amount equal to
or exceeding the Redemption Amount are contributed to the Company or any of its
Restricted Subsidiaries.

 

“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 67/8% Senior Notes Due 2012, 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
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

 

12

 

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 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 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 Issue 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.

 

“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.

 

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

 

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

 

13

 

“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) 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),

 

14

 

(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 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 1008).

 

“Initial Notes” means the Company’s 67/8% Senior Notes Due 2012, issued on the Issue
Date (and any Notes issued in respect thereof pursuant to Section 304,
305, 306, 312(c), 312(d) or 1008).

 

“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.

 

“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

 

15

 

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, 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).

 

“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., 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. or of any
such partner or investor, that is or becomes a holder of Voting Stock of CDRV
Investors prior to the first anniversary of the Issue Date, (c) any Person that directly or indirectly
acquires Voting Stock of CDRV Investors from CDR Fund VI (including by way of
issuance of Voting Stock by CDRV Investors 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 Issue Date, in an aggregate amount not
exceeding (as to all such Persons) ten percent (10%) of the Voting Stock of
CDRV Investors owned by CDR Fund VI on the Issue Date, and any Affiliate of any
such Person, and (d) any of their
respective successors in interest.

 

“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).

 

16

 

“Management Advances” means (1) loans or advances made to directors,
officers or employees of any Parent, the Company or any Restricted Subsidiary (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 Issue Date, between CDRV Investors 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 Issue Date, among CDRV Investors,
Holding, CDRV Acquisition, CDRV Delaware and CDR, (iii) the Indemnification Agreement, dated as of the Issue
Date, among CDRV Investors, Holding, CDRV Acquisition, CDRV Delaware, CDR and
CDR Fund VI, and (iv) the
Registration and Participation Agreement, dated as of the Issue Date, among
CDRV Investors, 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 the same may be
amended, supplemented, waived or otherwise modified from time to time in
accordance with the terms thereof and of the applicable 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 (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 or any Parent.

 

17

 

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

 

“Merger Supplemental Indenture” means a
Supplemental Indenture substantially in the form attached hereto as Exhibit E,
to be entered into in connection with each of (i)
the merger of CDRV Acquisition with and into VWR International, Inc., a
Pennsylvania corporation, with VWR International, Inc. as the surviving
corporation and (ii) the
reincorporation of VWR International, Inc., a Pennsylvania corporation, as a
Delaware corporation.

 

“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,

 

18

 

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 1008.

 

“Officer” means, with respect to the Company or
any other obligor upon the Notes, 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 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 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

 

19

 

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 of Holding, CDRV Investors,
CDRV International Holdings, and any other Person that is a Subsidiary of
Holding or CDRV Investors and of which the Company is a Subsidiary.

 

“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, the Senior Subordinated Indenture, this 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 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

 

20

 

(iv)
any Person acting in the capacity of an underwriter in connection with a public
or private offering of Capital Stock of any Parent or the Company.

 

“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;

 

(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 or any Parent, provided that if such Parent receives cash from the relevant
Receivables

 

21

 

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 or 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, 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,

 

22

 

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, (4) Indebtedness of any Restricted
Subsidiary that is not a Subsidiary Guarantor, (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),

 

23

 

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 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
Subsidiary (other than Liens on property or assets of the Company in favor of
any Subsidiary that is not a Subsidiary Guarantor) 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

 

24

 

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 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.

 

“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.

 

25

 

“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.

 

“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 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 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.

 

“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 the
applicable 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

 

26

 

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 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.”

 

27

 

“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 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 Issue Date, among the Company, 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 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 administrative agent and lenders or other agents and lenders
or otherwise, and whether provided under the original Senior Credit Agreement
or other credit agreements or otherwise).

 

“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 original agent and lenders 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 the
Senior Indenture or this 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
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.

 

28

 

“Senior Subordinated Indenture” means the
Indenture of even date herewith among the Company, the Subsidiary Guarantors
parties thereto from time to time and the Trustee governing the Company’s 8%
Senior Subordinated Notes due 2014, as the same may be amended, supplemented,
waived or otherwise modified from time to time.

 

“Senior Subordinated Notes” means the “Notes”
as such term is defined in the Senior Subordinated Indenture.

 

“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.

 

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

 

“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.

 

29

 

“Tax Sharing Agreement” means the Tax Sharing
Agreement, dated as of the Issue Date, among the Company, Holding and CDRV
Investors, 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 (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

 

30

 

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:  (i)
the entry into this Indenture and the Senior Subordinated Indenture, and the
offer and issuance of the Notes and the Senior Subordinated Notes, (ii) the entry into the Senior Credit
Facility and Incurrence of Indebtedness thereunder by one or more of the
Company and its Subsidiaries, (iii)
the contribution of equity by Holding to the Company, (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.

 

“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 immediately after giving
effect to such designation either (x) the
Company could Incur at least $1.00 of additional Indebtedness under Section
407(a) or (y) the
Consolidated Coverage Ratio would be greater than it was immediately prior to
giving effect to such designation.  Any
such designation by the Board of

 

31

 

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.

 

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

 

“VWR International Holdings” means CDRV
International Holdings II, Inc. (to be renamed VWR International Holdings,
Inc.), a Delaware corporation, and any successor in interest thereto.

 

Section 102.           Other Definitions.

 

	
  Term

  	
   

  	
  Defined in

  Section

  
	
   

  	
   

  	
   

  
	
  “Act”

  	
   

  	
  108

  
	
  “Affiliate
  Transaction”

  	
   

  	
  412

  
	
  “Agent
  Members”

  	
   

  	
  312

  
	
  “Amendment”

  	
   

  	
  410

  

 

 

32

 

	
  “Applicable
  Premium”

  	
   

  	
  1001

  
	
  “Authentication
  Order”

  	
   

  	
  303

  
	
  “Bankruptcy
  Law”

  	
   

  	
  601

  
	
  “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

  
	
  “Private
  Placement Legend”

  	
   

  	
  203

  
	
  “Redemption
  Amount”

  	
   

  	
  1001

  
	
  “Redemption
  Price”

  	
   

  	
  1001

  
	
  “Refinancing
  Agreement”

  	
   

  	
  410

  
	
  “Restricted
  Payment”

  	
   

  	
  409

  
	
  “Subsidiary
  Guaranteed Obligation”

  	
   

  	
  1301

  
	
  “Successor
  Company”

  	
   

  	
  501

  
	
  “Treasury
  Rate”

  	
   

  	
  1001

  
	
  “U.S.
  Global Note”

  	
   

  	
  201

  
	
  “U.S.
  Physical Note”

  	
   

  	
  201

  

 

Section 103.           Rules of Construction.  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;

 

33

 

(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.

 

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.

 

“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.

 

34

 

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.

 

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

 

35

 

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
paragraph, the Holders of Outstanding Notes

 

36

 

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

 

37

 

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.

 

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 VWR International,
Inc., 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:  David Brittenham, 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.

 

38

 

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.

 

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

 

39

 

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.

 

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
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.

 

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

 

40

 

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.

 

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.

 

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 1008, 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 1008.  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.”

 

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.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  

 

Dated:

 

41

 

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.

 

	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  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

 

42

 

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
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

 

43

 

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:

 

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
BANKING, SOCIÉTÉ ANONYME.  NEITHER THE
HOLDER NOR THE BENEFICIAL OWNERS OF THIS OFFSHORE TEMPORARY GLOBAL NOTE SHALL
BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.

 

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 issued in an
aggregate principal amount of $200.0 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 “67/8% Senior Notes Due 2012” of the Company.  The final Stated Maturity of the Notes shall
be April 15, 2012.  Interest on the Outstanding
principal amount of Notes will accrue at the rate of 67/8% per annum and will be

 

44

 

payable semi-annually in
arrears on April 15 and October 15 in each year, commencing on October 15,
2004, to holders of record on the immediately preceding April 1 and October 1,
respectively (each such April 1 and October 1, a “Regular Record Date”).  Interest on the Original Notes will accrue
from the most recent date to which interest has been paid or duly provided for
or, if no interest has been paid, from April 13, 2004; and interest on any
Additional Notes (and Exchange Notes issued in exchange therefor) will accrue
(or will be deemed to have accrued) from the most recent date to which interest
has been paid or duly provided for or, if no interest has been paid on such
Additional Notes, from the Interest Payment Date immediately preceding the date
of issuance of such Additional Notes, or if the date of issuance of such
Additional Notes is an Interest Payment Date, from such date of issuance; provided that if any Note is surrendered
for exchange on or after a record date for an Interest Payment Date that will
occur on or after the date of such exchange, interest on the Note received in
exchange thereof will accrue from the date of such Interest Payment Date.

 

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 interest on a Note may be made 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 $1,000 and any integral multiple
thereof.

 

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.

 

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 $200.0
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

 

45

 

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

 

46

 

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 (or purchase) of Notes selected for
redemption (or purchase) under Section 1004 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 (or purchase) in
whole or in part.

 

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.

 

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.

 

47

 

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.

 

Any 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 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.

 

48

 

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 as directed by a Company Order of the Company and in
accordance with Section 313.

 

Section 310.                                Computation of Interest.  Interest on the Notes shall be computed on
the basis of a 360-day year 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 Global Note for all purposes whatsoever.  Notwithstanding the

 

49

 

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) the Company has consented thereto
in writing, or 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 all beneficial owners in exchange for their beneficial interests
in the relevant Global Note, if (i) the
Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for the Global Note 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 at maturity 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.

 

50

 

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 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 Registrar shall, in accordance with such instructions,
instruct the Depositary to credit to the account of the Person specified in
such instructions a beneficial 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).

 

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

 

51

 

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 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

 

52

 

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.

 

(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 F)
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.

 

53

 

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 Interest.  (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.

 

(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 interest is payable,
the Company shall give notice to the Trustee of the amount of any additional
interest due on such Interest Payment Date.

 

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

 

54

 

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 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 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;

 

(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.

 

55

 

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 (30
days, in the case of information, documents and reports for the quarters ended
March 31 and June 30, 2004) 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).

 

Section 407.                                Limitation on Indebtedness.  (a) 
The Company shall not, and shall not permit any Restricted Subsidiary
to, Incur any Indebtedness; provided, however, that the Company or any Subsidiary Guarantor may
Incur Indebtedness if on the date of the Incurrence of

 

56

 

such Indebtedness, after giving effect to the
Incurrence thereof, the Consolidated Coverage Ratio 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 Senior Subordinated Notes issued on the Issue Date (or any
Senior Subordinated Notes issued in respect thereof or in exchange therefor)
and the Notes (other than any Additional Notes), any Indebtedness outstanding
on the Issue Date (other than the Indebtedness described in clauses (i) or (ii)
above) and any Refinancing Indebtedness Incurred in respect of any Indebtedness
described in this clause (iii) or paragraph (a) above;

 

(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

 

57

 

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, the Company
could Incur at least $1.00 of additional Indebtedness pursuant to paragraph (a)
above; and any Refinancing Indebtedness with respect to any such Indebtedness;

 

(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

 

58

 

(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 the
Company on the Issue 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.

 

59

 

Section 408.                                [Reserved].

 

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)                                  the
Company could not Incur at least an additional $1.00 of Indebtedness pursuant
to Section 407(a); 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 Issue Date and then outstanding would exceed, without duplication,
the sum of:

 

(A)                              50%
of the Consolidated Net Income 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 Issue Date or from the issuance or sale (other than to a Restricted
Subsidiary) of its Capital Stock (other

 

60

 

than Disqualified Stock)
after the Issue 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 Issue Date of Indebtedness that shall have been 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 Issue 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 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 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

 

61

 

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 415 and, if required,
purchased all Notes tendered pursuant to the offer to repurchase all the Notes
required thereby, 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;

 

(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 to repurchase or otherwise acquire Capital Stock of any Parent or the
Company (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 Issue
Date, plus the Net Cash Proceeds received by
the Company since the Issue 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 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 or any Parent 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 or any Parent 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, (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, or loans, advances, dividends or distributions by the Company
to any Parent to make payments, to holders of Capital Stock of the

 

62

 

Company or any
Parent 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
Transactions;

 

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.

 

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 Senior Subordinated Indenture, this Indenture, the Senior Subordinated
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;

 

63

 

(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
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

 

64

 

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 $15.0 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 $15.0 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:

 

(A)                              first, either (x) to the extent the Company 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

 

65

 

(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 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 sum of the outstanding
principal amount of the Notes and the outstanding principal amount of 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

 

66

 

Indebtedness of the
Company (other than Disqualified Stock of the Company) or any Restricted
Subsidiary and the release of 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 their principal amount plus accrued and unpaid interest 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 Section 307); (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

 

67

 

a pro rata
basis (with such adjustments as may be deemed appropriate by the Company so
that only Notes in denominations of $1,000 or integral multiples 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 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 $15.0 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,

 

68

 

(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 (1)  payment to CDR or any Affiliate of CDR of a
fee of up to $18.0 million plus
out-of-pocket expenses in connection with the Transactions, and (2) payment to CDR or any Affiliate of CDR of fees of up to
$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, and

 

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

 

Section 413.                                Limitation
on Liens.  The
Company shall not, and shall not permit any Restricted Subsidiary to, 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 or, in respect of Liens on any Restricted Subsidiary’s
property or assets, any Subsidiary Guarantee of such Restricted Subsidiary,
equally and ratably with (or on a senior basis to, in the case of Subordinated
Obligations or Guarantor 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 or any such Subsidiary Guarantee 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, or of all of the Capital Stock held by the Company or any
Restricted Subsidiary in, or all or substantially all the assets of, any
Restricted Subsidiary creating such Initial Lien.

 

69

 

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 Bank 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.

 

Section 415.                                Purchase of Notes Upon a Change in
Control.   (a)  Upon the occurrence
after the Issue Date of a Change of Control, each Holder shall have the right
to require the Company to repurchase all or any part of such Holder’s Notes at
a purchase price in cash equal to 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to the date of repurchase (subject to Section
307); provided, however,
that the Company shall not be obligated to repurchase Notes pursuant to this Section
415 in the event that it has exercised its right to redeem all of the Notes
as provided in Article X.

 

(b)                                 In
the event that, at the time of such Change of Control, the terms of the Bank
Indebtedness restrict or prohibit the repurchase of the Notes pursuant to this Section
415, then prior to the mailing of the notice to Holders provided for in Section
415(c) but in any event not later than 30 days following the date the
Company obtains actual knowledge of any Change of Control (unless the Company
has exercised its right to redeem all the Notes as provided in Article X),
the Company shall (i) repay in
full all Bank Indebtedness subject to such terms or offer to repay in full all
such Bank Indebtedness and repay the Bank Indebtedness of each lender who has
accepted such offer or (ii)
obtain the requisite consent under the agreements governing the Bank
Indebtedness to permit the repurchase of the Notes as provided for in Section
415(c).  The Company shall first
comply with the provisions of the immediately preceding sentence before it
shall be required to repurchase Notes pursuant to the provisions set forth in
this Section 415.  The Company’s
failure to comply with the provisions of this Section 415(b) or Section
415(c) shall constitute an Event of Default described in Section 601(iv)
and not in Section 601(ii).

 

(c)                                  Unless
the Company has exercised its right to redeem all the Notes as described under Article
X, the Company shall, not later than 30 days following the date the
Company obtains actual knowledge of any Change of Control having occurred, mail
a notice to each Holder with a copy to the Trustee stating:  (1)
that a Change of Control has occurred or may occur and that such Holder has, or
upon such occurrence will have, the right to require the Company to purchase
such Holder’s Notes at a purchase price in cash equal to 101% 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 on the relevant interest payment
date); (2) the circumstances and
relevant facts and financial information regarding such Change of Control; (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 415, that a
Holder must follow in order to have its Notes purchased; and (5) if such notice is mailed prior to the
occurrence of a Change of Control, that such offer is conditioned on the
occurrence of such Change of Control.

 

70

 

(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
415.  To the extent that the
provisions of any securities laws or regulations conflict with provisions of
this Section 415, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 415 by virtue thereof.

 

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 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) 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 Note 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).

 

71

 

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 501(a) will not apply to the
Transactions.

 

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:

 

(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 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 30 days after the notice specified in
the penultimate paragraph of this Section 601 with any of its
obligations under Section 415 (other than a failure to purchase the
Notes);

 

72

 

(v)                                 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;

 

(vi)                              the
failure by 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;

 

(vii)                           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;

 

(viii)                        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;

 

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

 

73

 

(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;

 

(x)                                   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 $30.0 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

 

(xi)                                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), (v) or
(vi) 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 (vii) or (x) and any
event that with the giving of notice or the lapse of time would become

 

74

 

an Event of Default under
clause (iv), (v) or (vi), 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(viii) or Section 601(ix)) occurs and is 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(viii) or Section 601(ix) 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,

 

75

 

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, 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

 

76

 

(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.

 

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

 

77

 

(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.  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

 

78

 

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.

 

(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

 

79

 

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

 

80

 

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;

 

(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.

 

81

 

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.

 

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

 

82

 

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.

 

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.

 

83

 

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.

 

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 Registrar, Paying Agent or
agent for service of notices and demands.

 

84

 

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)  semi-annually, 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 March 1 beginning
with March 1, 2005, 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 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.

 

85

 

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.

 

Notwithstanding the
foregoing provisions of this Section 901 and Section 902,
the Company, VWR International, Inc., a Pennsylvania corporation, VWR
International, Inc., a Delaware corporation, and the Trustee may execute and
deliver the Merger Supplemental Indentures, in each case without notice to or
consent of any Holder.

 

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

 

86

 

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;

 

(iii)          reduce
the principal 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

 

87

 

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.

 

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 (viii) 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.         Right of Redemption.   (a) 
The Notes will be redeemable, at the Company’s option, in whole or in
part, and from time to time on and after April 15, 2008 and prior to maturity
at the applicable redemption price set forth below. Such redemption may be

 

88

 

made upon notice mailed by first-class mail
to each Holder’s registered address in accordance with Section 1005.  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, including the occurrence
of a Change of Control.  The Notes will
be so redeemable at the following redemption prices (expressed as a percentage
of principal amount), plus accrued and unpaid interest, if any, to the relevant
Redemption Date (subject to Section 307), if redeemed during the
12-month period commencing on April 15 of the years set forth below:

 

	
  Period

  	
   

  	
  Redemption
  Price

  	
   

  
	
  2008

  	
   

  	
  103.438

  	
  %

  
	
  2009

  	
   

  	
  101.719

  	
  %

  
	
  2010 and
  thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)           In addition, at any
time and from time to time on or prior to April 15, 2007, the Company at its
option may redeem Notes in an aggregate principal amount equal to up to 35% of
the original aggregate principal amount of Notes (including the principal
amount of any Additional Notes), with funds in an equal aggregate amount (the “Redemption
Amount”) not exceeding the aggregate proceeds of one or more Equity
Offerings, at a redemption price (expressed as a percentage of principal amount
thereof) of 106.875%, plus accrued
and unpaid interest, if any, to the Redemption Date (subject to Section 307);
provided, however, that an aggregate principal
amount of Notes equal to at least 65% of the original aggregate principal
amount of Notes (including the principal amount of any Additional Notes) must
remain outstanding after each such redemption. 
The Company may make such redemption upon notice mailed by first-class
mail to each Holder’s registered address in accordance with Section 1005
(but in no event more than 180 days after the completion of the related Equity
Offering).  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 completion of the related Equity Offering, and any such
redemption or notice may, at the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including the completion of
the related Equity Offering.

 

(c)           At any time prior to
April 15, 2008 Notes may also be redeemed or purchased (by the Company or any
other Person) in whole or in part, at the Company’s option, at a price (the “Redemption
Price”) equal to 100% of the principal amount thereof plus the Applicable Premium as of, and
accrued but unpaid interest, if any, to, the Redemption Date (subject to Section
307).  Such redemption or purchase
may be made upon notice mailed by first-class mail to each Holder’s registered
address in accordance with Section 1005.  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 or purchase may be performed by another Person.  Any such redemption, purchase or notice may,
at the Company’s discretion, be

 

89

 

subject to the satisfaction of one or more
conditions precedent, including the occurrence of a Change of Control.

 

“Applicable Premium” means, with respect to a
Note at any Redemption Date, the greater of (i)
1.0% of the principal amount of such Note and (ii)
the excess of (A) the present
value at such Redemption Date of (1)
the redemption price of such Note on April 15, 2008 (such redemption price
being that described in Section 1001(a)), plus (2) all
required remaining scheduled interest payments due on such Note through such
date, computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the principal amount of such Note on
such Redemption Date.  Calculation of
the Applicable Premium will be made by the Company or on behalf of the Company
by such Person as the Company shall designate; provided
that such calculation shall not be a duty or obligation of the Trustee.

 

“Treasury Rate” means, with respect to a
Redemption Date, the yield to maturity at the time of computation of United
States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15(519) that has
become publicly available at least two Business Days prior to such Redemption
Date (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from
such Redemption Date to April 15, 2008; provided,
however, that if the period from
the Redemption Date to such date is not equal to the constant maturity of a
United States Treasury security for which a weekly average yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the
nearest one-twelfth of a year) from the weekly average yields of United States
Treasury securities for which such yields are given, except that if the period
from the Redemption Date to such date is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year shall be used.

 

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

 

Section 1003.         Election to Redeem; Notice to
Trustee.  In case of any
redemption at the election of the Company 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 1004.         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 $1,000 in original 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

 

90

 

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 of such Note that has been or is to be redeemed.

 

Section 1005.         Notice of Redemption.  Notice of redemption or purchase as provided
in Section 1001 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,

 

(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, purchase or notice is subject to satisfaction of one or
more conditions precedent, as permitted by Section 1001, 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 or purchase 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.

 

91

 

Notice of such redemption or purchase of Notes to be
so redeemed or purchased at the election of the Company shall be given by the
Company or, at the Company’s request (made to the Trustee at least 40 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 1006.         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 1007.         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.

 

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
1006, 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 1008.         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

 

92

 

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 or 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 cancelled or for cancellation; or

 

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

 

(1)           have become due and
payable, or

 

(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 cancelled
or for cancellation, for principal (and premium, if any) 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;

 

93

 

(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 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

 

94

 

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,  403
and 416, (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 415 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), (v)
(with respect to Section 405 and Sections 407 through 415,
inclusive), (vi), (vii), (viii) (with respect to Subsidiaries), (ix) (with
respect to Subsidiaries), (x) or (xi) 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

 

95

 

Stated
Maturity or relevant Redemption Date in accordance with the terms of this
Indenture and the Notes;

 

(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 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 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.

 

96

 

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, 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

 

97

 

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”).

 

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

 

98

 

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, 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 1305, 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

 

99

 

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 Bank
Indebtedness of the Company (other than by reason of payment under such
Guarantees of Bank 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 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 Bank
Indebtedness of the Company 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.

 

100

 

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.         [Reserved].

 

Section 1305.         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 1306.         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 1307.         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 1308.         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.

 

101

 

Section 1309.         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.

 

102

 

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

 

	
   

  	
  CDRV ACQUISITION CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ GEORGE K. JAQUETTE

  	
   

  
	
   

  	
   

  	
  Name:  George
  K. Jaquette

  
	
   

  	
   

  	
  Title:  Vice
  President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOSEPH P. O’DONNELL

  	
   

  
	
   

  	
   

  	
  Name: Joseph P. O’Donnell

  
	
   

  	
   

  	
  Title: Corporate Trust Officer, Assistant Vice

            President

  
							

 

103Exhibit 4.5

 

CDRV ACQUISITION CORPORATION

as Issuer

 

 

and

 

the Subsidiary Guarantors from time to time parties hereto

as Subsidiary Guarantors

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

 

 

INDENTURE

 

DATED AS OF APRIL 7, 2004

 

 

8% SENIOR SUBORDINATED NOTES DUE 2014

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I
  DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
   

  
	
   

  	
   

  
	
  Section 101.

  	
  Definitions.

  	
   

  
	
  Section 102.

  	
  Other Definitions.

  	
   

  
	
  Section 103.

  	
  Rules of Construction

  	
   

  
	
  Section 104.

  	
  Incorporation by
  Reference of TIA.

  	
   

  
	
  Section 105.

  	
  Conflict with TIA

  	
   

  
	
  Section 106.

  	
  Compliance
  Certificates and Opinions

  	
   

  
	
  Section 107.

  	
  Form of
  Documents Delivered to Trustee

  	
   

  
	
  Section 108.

  	
  Acts of Noteholders;
  Record Dates

  	
   

  
	
  Section 109.

  	
  Notices, etc., to
  Trustee and Company

  	
   

  
	
  Section 110.

  	
  Notices
  to Holders; Waiver

  	
   

  
	
  Section 111.

  	
  Effect of
  Headings and Table of Contents

  	
   

  
	
  Section 112.

  	
  Successors and Assigns

  	
   

  
	
  Section 113.

  	
  Separability Clause

  	
   

  
	
  Section 114.

  	
  Benefits of Indenture

  	
   

  
	
  Section 115.

  	
  GOVERNING
  LAW

  	
   

  
	
  Section 116.

  	
  Legal Holidays

  	
   

  
	
  Section 117.

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

  	
   

  
	
  Section 118.

  	
  Exhibits and Schedules

  	
   

  
	
  Section 119.

  	
  Counterparts

  	
   

  
	
   

  	
   

  
	
  ARTICLE II NOTE FORMS

  	
   

  
	
   

  	
   

  
	
  Section 201.

  	
  Forms Generally

  	
   

  
	
  Section 202.

  	
  Form of
  Trustee’s Certificate of Authentication

  	
   

  
	
  Section 203.

  	
  Restrictive and
  Global Note Legends

  	
   

  
	
   

  	
   

  
	
  ARTICLE III THE NOTES

  	
   

  
	
   

  	
   

  
	
  Section 301.

  	
  Title and Terms

  	
   

  
	
  Section 302.

  	
  Denominations

  	
   

  
	
  Section 303.

  	
  Execution,
  Authentication and Delivery and Dating

  	
   

  
	
  Section 304.

  	
  Temporary Notes

  	
   

  
	
  Section 305.

  	
  Registration,
  Registration of Transfer and Exchange

  	
   

  
	
  Section 306.

  	
  Mutilated,
  Destroyed, Lost and Stolen Notes

  	
   

  
	
  Section 307.

  	
  Payment of
  Interest Rights Preserved

  	
   

  
	
  Section 308.

  	
  Persons Deemed Owners

  	
   

  
	
  Section 309.

  	
  Cancellation

  	
   

  
	
  Section 310.

  	
  Computation of Interest

  	
   

  
	
  Section 311.

  	
  CUSIP
  Numbers

  	
   

  

 

 

	
  Section 312.

  	
  Book-Entry
  Provisions for Global Notes

  	
   

  
	
  Section 313.

  	
  Special
  Transfer Provisions

  	
   

  
	
  Section 314.

  	
  Payment of Additional
  Interest

  	
   

  
	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
   

  
	
   

  	
   

  
	
  Section 401.

  	
  Payment of
  Principal, Premium and Interest

  	
   

  
	
  Section 402.

  	
  Maintenance of Office
  or Agency

  	
   

  
	
  Section 403.

  	
  Money for
  Payments to Be Held in Trust

  	
   

  
	
  Section 404.

  	
  [Reserved.]

  	
   

  
	
  Section 405.

  	
  SEC
  Reports

  	
   

  
	
  Section 406.

  	
  Statement as to Default

  	
   

  
	
  Section 407.

  	
  Limitation on Indebtedness

  	
   

  
	
  Section 408.

  	
  Limitation on Layering

  	
   

  
	
  Section 409.

  	
  Limitation on
  Restricted Payments

  	
   

  
	
  Section 410.

  	
  Limitation
  on Restrictions on Distributions from Restricted Subsidiaries

  	
   

  
	
  Section 411.

  	
  Limitation
  on Sales of Assets and Subsidiary Stock

  	
   

  
	
  Section 412.

  	
  Limitation
  on Transactions with Affiliates

  	
   

  
	
  Section 413.

  	
  Limitation on Liens

  	
   

  
	
  Section 414.

  	
  Future Subsidiary
  Guarantors

  	
   

  
	
  Section 415.

  	
  Purchase of
  Notes Upon a Change in Control

  	
   

  
	
   

  	
   

  
	
  ARTICLE V SUCCESSORS

  	
   

  
	
   

  	
   

  
	
  Section 501.

  	
  When the Company May
  Merge, etc

  	
   

  
	
  Section 502.

  	
  Successor Company
  Substituted

  	
   

  
	
   

  	
   

  
	
  ARTICLE VI REMEDIES

  	
   

  
	
   

  	
   

  
	
  Section 601.

  	
  Events of Default

  	
   

  
	
  Section 602.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
   

  
	
  Section 603.

  	
  Other
  Remedies; Collection Suit by Trustee

  	
   

  
	
  Section 604.

  	
  Trustee May File
  Proofs of Claim

  	
   

  
	
  Section 605.

  	
  Trustee
  May Enforce Claims Without Possession of Notes

  	
   

  
	
  Section 606.

  	
  Application of Money
  Collected

  	
   

  
	
  Section 607.

  	
  Limitation on Suits

  	
   

  
	
  Section 608.

  	
  Unconditional
  Right of Holders to Receive Principal and Interest

  	
   

  
	
  Section 609.

  	
  Restoration of
  Rights and Remedies

  	
   

  
	
  Section 610.

  	
  Rights and Remedies
  Cumulative

  	
   

  
	
  Section 611.

  	
  Delay or Omission Not
  Waiver

  	
   

  
	
  Section 612.

  	
  Control by Holders

  	
   

  
	
  Section 613.

  	
  Waiver of Past Defaults

  	
   

  
	
  Section 614.

  	
  Undertaking for Costs

  	
   

  
	
  Section 615.

  	
  Waiver of Stay,
  Extension or Usury Laws

  	
   

  

 

ii

 

	
  ARTICLE VII THE
  TRUSTEE

  	
   

  
	
   

  	
   

  
	
  Section 701.

  	
  Certain Duties and
  Responsibilities

  	
   

  
	
  Section 702.

  	
  Notice of Defaults

  	
   

  
	
  Section 703.

  	
  Certain Rights of Trustee

  	
   

  
	
  Section 704.

  	
  Not
  Responsible for Recitals or Issuance of Notes

  	
   

  
	
  Section 705.

  	
  May
  Hold Notes

  	
   

  
	
  Section 706.

  	
  Money Held in Trust

  	
   

  
	
  Section 707.

  	
  Compensation and
  Reimbursement

  	
   

  
	
  Section 708.

  	
  Conflicting Interests

  	
   

  
	
  Section 709.

  	
  Corporate
  Trustee Required; Eligibility

  	
   

  
	
  Section 710.

  	
  Resignation
  and Removal; Appointment of Successor

  	
   

  
	
  Section 711.

  	
  Acceptance of
  Appointment by Successor

  	
   

  
	
  Section 712.

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  
	
  Section 713.

  	
  Preferential
  Collection of Claims Against the Company

  	
   

  
	
  Section 714.

  	
  Appointment of
  Authenticating Agent

  	
   

  
	
   

  	
   

  
	
  ARTICLE VIII
  HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

  	
   

  
	
   

  	
   

  
	
  Section 801.

  	
  The
  Company to Furnish Trustee Names and Addresses of Holders

  	
   

  
	
  Section 802.

  	
  Preservation
  of Information; Communications to Holders

  	
   

  
	
  Section 803.

  	
  Reports by Trustee

  	
   

  
	
   

  	
   

  
	
  ARTICLE IX
  AMENDMENT, SUPPLEMENT OR WAIVER

  	
   

  
	
   

  	
   

  
	
  Section 901.

  	
  Without Consent of Holders

  	
   

  
	
  Section 902.

  	
  With Consent of Holders.

  	
   

  
	
  Section 903.

  	
  Execution
  of Amendments, Supplements or Waivers

  	
   

  
	
  Section 904.

  	
  Revocation and Effect
  of Consents

  	
   

  
	
  Section 905.

  	
  Conformity with TIA

  	
   

  
	
  Section 906.

  	
  Notation on or
  Exchange of Notes

  	
   

  
	
   

  	
   

  
	
  ARTICLE X
  REDEMPTION OF NOTES

  	
   

  
	
   

  	
   

  
	
  Section 1001.

  	
  Right of Redemption

  	
   

  
	
  Section 1002.

  	
  Applicability of Article

  	
   

  
	
  Section 1003.

  	
  Election to
  Redeem; Notice to Trustee

  	
   

  
	
  Section 1004.

  	
  Selection
  by Trustee of Notes to Be Redeemed

  	
   

  
	
  Section 1005.

  	
  Notice of Redemption

  	
   

  
	
  Section 1006.

  	
  Deposit of Redemption Price

  	
   

  
	
  Section 1007.

  	
  Notes Payable on
  Redemption Date

  	
   

  
	
  Section 1008.

  	
  Notes Redeemed in Part

  	
   

  

 

iii

 

	
  ARTICLE XI
  SATISFACTION AND DISCHARGE

  	
   

  
	
   

  	
   

  
	
  Section 1101.

  	
  Satisfaction and
  Discharge of Indenture

  	
   

  
	
  Section 1102.

  	
  Application of Trust Money

  	
   

  
	
   

  	
   

  
	
  ARTICLE XII
  DEFEASANCE OR COVENANT DEFEASANCE

  	
   

  
	
   

  	
   

  
	
  Section 1201.

  	
  The
  Company’s Option to Effect Defeasance or Covenant Defeasance

  	
   

  
	
  Section 1202.

  	
  Defeasance and Discharge

  	
   

  
	
  Section 1203.

  	
  Covenant Defeasance

  	
   

  
	
  Section 1204.

  	
  Conditions
  to Defeasance or Covenant Defeasance

  	
   

  
	
  Section 1205.

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

  	
   

  
	
  Section 1206.

  	
  Reinstatement

  	
   

  
	
  Section 1207.

  	
  Repayment to the Company

  	
   

  
	
   

  	
   

  
	
  ARTICLE XIII
  SUBSIDIARY GUARANTEES

  	
   

  
	
   

  	
   

  
	
  Section 1301.

  	
  Guarantees Generally

  	
   

  
	
  Section 1302.

  	
  Continuing Guarantees

  	
   

  
	
  Section 1303.

  	
  Release of Subsidiary
  Guarantees

  	
   

  
	
  Section 1304.

  	
  Agreement to Subordinate

  	
   

  
	
  Section 1305.

  	
  Waiver of Subrogation

  	
   

  
	
  Section 1306.

  	
  Notation Not Required

  	
   

  
	
  Section 1307.

  	
  Successors
  and Assigns of Subsidiary Guarantors

  	
   

  
	
  Section 1308.

  	
  Execution
  and Delivery of Subsidiary Guarantees

  	
   

  
	
  Section 1309.

  	
  Notices

  	
   

  
	
   

  	
   

  
	
  ARTICLE XIV
  SUBORDINATION

  	
   

  
	
   

  	
   

  
	
  Section 1401.

  	
  Agreement to Subordinate

  	
   

  
	
  Section 1402.

  	
  Liquidation,
  Dissolution or Bankruptcy

  	
   

  
	
  Section 1403.

  	
  Default on Senior
  Indebtedness

  	
   

  
	
  Section 1404.

  	
  Acceleration of
  Payment of Notes

  	
   

  
	
  Section 1405.

  	
  When a
  Distribution Must Be Paid Over

  	
   

  
	
  Section 1406.

  	
  Subrogation

  	
   

  
	
  Section 1407.

  	
  Relative Rights

  	
   

  
	
  Section 1408.

  	
  Subordination
  May Not Be Impaired by the Company

  	
   

  
	
  Section 1409.

  	
  Rights of Trustee
  and Paying Agent

  	
   

  
	
  Section 1410.

  	
  Distribution
  or Notice to Representative

  	
   

  
	
  Section 1411.

  	
  Article XIV
  Not to Prevent Events of Default or Limit Right to Accelerate

  	
   

  
	
  Section 1412.

  	
  Trust Moneys Not
  Subordinated

  	
   

  
	
  Section 1413.

  	
  Trustee Entitled to Rely

  	
   

  

 

iv

 

	
  Section 1414.

  	
  Trustee to
  Effectuate Subordination

  	
   

  
	
  Section 1415.

  	
  Trustee
  Not Fiduciary for Holders of Senior Indebtedness

  	
   

  
	
  Section 1416.

  	
  Reliance
  by Holders of Senior Indebtedness on Subordination Provisions

  	
   

  
	
  Section 1417.

  	
  Trustee’s
  Compensation Not Prejudiced

  	
   

  
	
   

  	
   

  
	
  ARTICLE XV
  SUBORDINATION OF SUBSIDIARY GUARANTEES

  	
   

  
	
   

  	
   

  
	
  Section 1501.

  	
  Agreement to Subordinate

  	
   

  
	
  Section 1502.

  	
  Liquidation,
  Dissolution or Bankruptcy

  	
   

  
	
  Section 1503.

  	
  Default on Senior
  Indebtedness

  	
   

  
	
  Section 1504.

  	
  Acceleration of
  Payment of Notes

  	
   

  
	
  Section 1505.

  	
  When a
  Distribution Must Be Paid Over

  	
   

  
	
  Section 1506.

  	
  Subrogation

  	
   

  
	
  Section 1507.

  	
  Relative Rights

  	
   

  
	
  Section 1508.

  	
  Subordination
  May Not Be Impaired by Subsidiary Guarantors

  	
   

  
	
  Section 1509.

  	
  Rights of Trustee
  and Paying Agent

  	
   

  
	
  Section 1510.

  	
  Distribution
  or Notice to Representative

  	
   

  
	
  Section 1511.

  	
  Article XV
  Not to Prevent Events of Default or Limit Right to Accelerate

  	
   

  
	
  Section 1512.

  	
  Trust Moneys Not
  Subordinated

  	
   

  
	
  Section 1513.

  	
  Trustee Entitled to Rely

  	
   

  
	
  Section 1514.

  	
  Trustee to
  Effectuate Subordination

  	
   

  
	
  Section 1515.

  	
  Trustee
  Not Fiduciary for Holders of Senior Indebtedness

  	
   

  
	
  Section 1516.

  	
  Reliance
  by Holders of Senior Indebtedness on Subordination Provisions

  	
   

  
	
  Section 1517.

  	
  Trustee’s
  Compensation Not Prejudiced

  	
   

  
	
   

  	
   

  
	
  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 for Subsidiary Guarantees

  
	
  Exhibit
  E

  	
  Form
  of Supplemental Indenture for Mergers

  
	
  Exhibit
  F

  	
  Form
  of Certificate from Acquiring Institutional Accredited Investors

  
				

 

v

 

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

  

 

vi

 

	
  Trust
  Indenture Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  	
   

  
	
  § 316(a)

  	
   

  	
   

  	
  612

  
	
   

  	
   

  	
   

  	
  613

  
	
  (a)

  	
  (1)(A)

  	
   

  	
  602

  
	
   

  	
   

  	
   

  	
  612

  
	
  (a)

  	
  (1)(B)

  	
   

  	
  613

  
	
  (a)

  	
  (2)

  	
   

  	
  Not Applicable

  
	
  (b)

  	
   

  	
   

  	
  608

  
	
  (c)

  	
   

  	
   

  	
  104

  
	
  § 317(a)

  	
  (1)

  	
   

  	
  603

  
	
  (a)

  	
  (2)

  	
   

  	
  604

  
	
  (b)

  	
   

  	
   

  	
  403

  
	
  § 318(a)

  	
   

  	
   

  	
  107

  

 

 

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

 

vii

 

INDENTURE, dated as of April 7, 2004 (as
amended, supplemented or otherwise modified from time to time, this “Indenture”),
among CDRV Acquisition Corporation, 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 the Company 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 the
Company, 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 1008).

 

“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.

 

“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

 

2

 

Subsidiary
that has been approved by the Board of Directors, 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

 

3

 

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. 
Notwithstanding anything to the contrary in the foregoing, the items
described in clauses (b)(i) and (e) of this definition shall not constitute
“Cash Equivalents” in determining whether Senior Indebtedness has been paid in
Cash Equivalents for purposes of the provisions of Article XIV or Article XV.

 

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

 

“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
International Holdings” means CDRV International Holdings I, Inc. (to be
renamed CDRV International Holdings, Inc.), a Delaware corporation, and any
successor in interest thereto.

 

“CDRV
Investors” means CDRV Investors, 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

 

4

 

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 Transactions shall not
constitute or give rise to a “Change of Control.”

 

“Clearstream”
means Clearstream Banking, 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 (i) CDRV Acquisition, until
its merger with VWR International, Inc., a Pennsylvania corporation, and
thereafter (ii) VWR
International, Inc., a Pennsylvania corporation, until its reincorporation as a
Delaware corporation, and thereafter (iii)
VWR International, Inc., a Delaware corporation, and any successor in interest
thereto.

 

5

 

“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, means the ratio of (i) the aggregate amount of Consolidated
EBITDA of the Company 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 the Company are
available to (ii) Consolidated
Interest Expense 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 Issue 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 the
Company or any Restricted Subsidiary 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 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 the
Company or any Restricted Subsidiary 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 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 the
Company or any Restricted Subsidiary shall have disposed of any company, any
business or any group of assets constituting an operating unit of a business
(any such disposition, a “Sale”), the Consolidated EBITDA 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

 

6

 

negative)
attributable thereto for such period and Consolidated Interest Expense for such
period shall be reduced by an amount equal to (A)
the Consolidated Interest Expense attributable to any Indebtedness of the
Company or any Restricted Subsidiary repaid, repurchased, redeemed, defeased or
otherwise acquired, retired or discharged with respect to the Company 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 is sold, the Consolidated Interest Expense for such period
attributable to the Indebtedness of such Restricted Subsidiary to the extent
the Company and its continuing Restricted Subsidiaries are no longer liable for
such Indebtedness after such Sale,

 

(4)                                  if since the beginning of such period the
Company or any Restricted Subsidiary (by merger, consolidation or otherwise)
shall have made an Investment in any Person that thereby becomes a Restricted
Subsidiary, 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 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 or was merged or consolidated with or
into the Company or any Restricted Subsidiary, 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 the Company or a Restricted Subsidiary during such period,
Consolidated EBITDA and Consolidated Interest Expense for such period shall be
calculated after giving pro forma
effect thereto as if such 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

 

7

 

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 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, for any period, the Consolidated Net Income 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 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, for any period, (i)
the total interest expense of the Company and its Restricted Subsidiaries to
the extent deducted in calculating Consolidated Net Income, net of any interest
income of the Company 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 the Company or any Restricted
Subsidiary, but only to the extent that such interest is actually paid by the
Company or any Restricted Subsidiary, (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 the Company held by Persons other than the
Company or a Restricted Subsidiary 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 the Company and its Restricted Subsidiaries with respect to
Interest Rate Agreements.

 

“Consolidated
Net Income” means, for any period, the net income (loss) of the Company 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, except that (A) subject to the limitations contained in clause (iii)
below, the Company’s equity in the net income of any such Person for such
period shall be included in such Consolidated Net Income up to the aggregate
amount actually distributed by such

 

8

 

Person
during such period to the Company or a Restricted Subsidiary as a dividend or
other distribution (subject, in the case of a dividend or other distribution to
a Restricted Subsidiary, to the limitations contained in clause (ii) below) and
(B) the Company’s equity in the
net loss of such Person shall be included to the extent of the aggregate
Investment of the Company or any of its Restricted Subsidiaries in such Person,

 

(ii)                                  any net income (loss) of any Restricted
Subsidiary that is not a Subsidiary 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 the Company 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 Senior
Notes, the Notes, the Senior Indenture or this Indenture and (z) restrictions in effect on the Issue
Date with respect to a Restricted Subsidiary 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, the Company’s equity in the
net income of any such Restricted Subsidiary for such period shall be included
in such Consolidated Net Income up to the aggregate amount of any dividend or
distribution that was or that could have been made by such Restricted
Subsidiary during such period to the Company or another Restricted Subsidiary
(subject, in the case of a dividend that could have been made to another
Restricted Subsidiary, 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
Company 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 the Company or any Restricted Subsidiary
(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 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,

 

9

 

(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
Consolidated Net Income, any unrealized foreign currency translation or
transaction gains or losses in respect of Indebtedness or other obligations of
the Company or any Restricted Subsidiary owing to the Company or any Restricted
Subsidiary.

 

In
the case of any unusual or nonrecurring gain, loss or charge not included in
Consolidated Net Income 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 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, 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 the consolidation of the accounts of each of the Restricted Subsidiaries
with those of the Company in accordance with GAAP; provided that “Consolidation” will not include consolidation
of the accounts of any Unrestricted Subsidiary, but the interest of the Company
or any Restricted Subsidiary 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

 

10

 

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 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.

 

“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.

 

“Designated
Senior Indebtedness” means with respect to a Person (i) the Bank Indebtedness under or in
respect of the Senior Credit Facility and (ii)
any other Senior Indebtedness of such Person that, at the date of
determination, has an aggregate principal amount equal to or under which, at
the date of determination, the holders thereof are committed to lend up to, at
least $15.0  million and is
specifically designated by such Person in an agreement or instrument evidencing
or governing such Senior Indebtedness as “Designated Senior Indebtedness” for
purposes of this Indenture.

 

“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

 

11

 

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 other than a
Foreign Subsidiary.

 

“Equity
Offering” means a sale of Capital Stock (x)
that is a sale of Capital Stock of the Company (other than Disqualified Stock),
or (y) proceeds of which in an
amount equal to or exceeding the Redemption Amount are contributed to the
Company or any of its Restricted Subsidiaries.

 

“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 8% Senior Subordinated Notes Due 2014,
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 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

 

12

 

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 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 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 Issue 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.

 

13

 

“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.

 

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

 

“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

 

14

 

Company
other than a Subsidiary 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 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 1008).

 

“Initial
Notes” means the Company’s 8% Senior Subordinated Notes Due 2014, issued on
the Issue Date (and any Notes issued in respect thereof pursuant to Section 304,
305, 306, 312(c), 312(d) or 1008).

 

“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.

 

15

 

“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.

 

“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, 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).

 

“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., 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.
or of any such partner or investor, that is or becomes a holder of Voting Stock
of CDRV Investors prior to the first anniversary of the Issue Date, (c) any Person that directly or indirectly
acquires Voting Stock of CDRV Investors from CDR Fund VI (including by way of
issuance of Voting Stock by CDRV Investors in connection with its repurchase,
redemption or other retirement of Voting Stock thereof owned by CDR Fund VI)
prior to the first anniversary

 

16

 

of
the Issue Date, in an aggregate amount not exceeding (as to all such Persons)
ten percent (10%) of the Voting Stock of CDRV Investors owned by CDR Fund VI on
the Issue Date, and any Affiliate of any such Person, and (d) any of their respective successors in
interest.

 

“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 (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 Issue Date, between
CDRV Investors 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 Issue Date, among CDRV Investors, Holding, CDRV Acquisition,
CDRV Delaware and CDR, (iii) the
Indemnification Agreement, dated as of the Issue Date, among CDRV Investors,
Holding, CDRV Acquisition, CDRV Delaware, CDR and CDR Fund VI, and (iv) the Registration and Participation
Agreement, dated as of the Issue Date, among CDRV Investors, 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 the same may be amended, supplemented, waived or
otherwise modified from time to time in accordance with the terms thereof and
of the applicable 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 (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

 

17

 

“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 or any Parent.

 

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

 

“Merger
Supplemental Indenture” means a Supplemental Indenture substantially in the
form attached hereto as Exhibit E, to be entered into in connection with
each of (i) the merger of CDRV
Acquisition with and into VWR International, Inc., a Pennsylvania corporation,
with VWR International, Inc. as the surviving corporation and (ii) the reincorporation of VWR
International, Inc., a Pennsylvania corporation, as a Delaware corporation.

 

“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

 

18

 

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 1008.

 

“Officer”
means, with respect to the Company or any other obligor upon the Notes, 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 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 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

 

19

 

(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 of Holding, CDRV Investors, CDRV International Holdings, and any
other Person that is a Subsidiary of Holding or CDRV Investors and of which the
Company is a Subsidiary.

 

“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, the Senior Indenture,
this 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 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.

 

20

 

“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 any Parent or the Company.

 

“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;

 

(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;

 

21

 

(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 or any Parent, provided
that if such 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 or Senior 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, licenses, statutory
obligations, completion guarantees, surety, judgment, appeal or

 

22

 

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,
(4) Indebtedness of any
Restricted Subsidiary that is not a Subsidiary Guarantor, (5) Indebtedness or other obligations of
any Receivables Entity or (6)
obligations in respect of Management Advances or Management Guarantees;

 

23

 

(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 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
Subsidiary (other than Liens on property or assets of the Company in favor of
any Subsidiary that is not a Subsidiary Guarantor) 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.

 

24

 

“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 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.

 

“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

 

25

 

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.

 

“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 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 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.

 

“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 the applicable Indenture, or that are
related,

 

26

 

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 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.

 

“Representative”
means the trustee, agent or representative (if any) for an issue of Senior
Indebtedness.

 

“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

 

27

 

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 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 Issue Date,
among the Company, 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 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
administrative agent and lenders or other agents and lenders or otherwise, and
whether provided under the original Senior Credit Agreement or other credit
agreements or otherwise).

 

“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 original agent and lenders 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 the Senior Indenture or this
Indenture) or financing agreements or otherwise). Without limiting the
generality of the foregoing, the term “Senior Credit Facility”

 

28

 

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
Indebtedness” means, with respect to the Company or any Subsidiary
Guarantor, (i) all Bank
Indebtedness, (ii) all of its
obligations in respect of any Receivables Financing and (iii) the principal of and premium, if any,
and accrued and unpaid interest (including interest accruing on or after the
filing of any petition in bankruptcy or for reorganization relating to such
Person regardless of whether post-filing interest is allowed in such
proceeding) on, and all fees and other amounts owing in respect of, all other
Indebtedness of such Person, other than, in the case of the Company,
Subordinated Obligations and, in the case of any Subsidiary Guarantor,
Guarantor Subordinated Obligations; provided,
however, that Senior Indebtedness shall not include (1) any
obligation of such Person to any Restricted Subsidiary of such Person, (2) any
liability for Federal, state, foreign, local or other taxes owed or owing by
such Person, (3) any accounts payable or other liability to trade creditors
arising in the ordinary course of business (including Guarantees thereof (other
than by way of letter of credit, bank guarantee, performance or other bond, or
other similar obligation) or instruments evidencing such liabilities), (4) any
obligation of such Person described in any of clauses (i), (ii) or (iii) above
that is expressly subordinated in right of payment to any other Indebtedness of
such Person, (5) any Capital Stock of such Person or (6) that portion of any
Indebtedness of such Person that is Incurred by such Person in violation of Section 407
(but no such violation shall be deemed to exist for purposes of this clause (6)
if any holder of such Indebtedness or such holder’s representative shall have
received an Officer’s Certificate to the effect that such Incurrence of such
Indebtedness does not (or that the Incurrence of the entire committed amount
thereof at the date on which the initial borrowing thereunder is made would
not) violate Section 407). If any Senior Indebtedness is
disallowed, avoided or subordinated pursuant to the provisions of
Section 548 of Title 11 of the United States Code or any applicable state
fraudulent conveyance law, such Senior Indebtedness nevertheless will constitute
Senior Indebtedness.

 

“Senior
Indenture” means the Indenture of even date herewith among the Company, the
Subsidiary Guarantors parties thereto from time to time and the Trustee
governing the Company’s 67/8% Senior Notes due 2012, as the same may be amended, supplemented,
waived or otherwise modified from time to time.

 

“Senior
Notes” means the “Notes” as such term is defined in the Senior Indenture.

 

“Senior
Subordinated Indebtedness” means, with respect to the Company or any
Subsidiary Guarantor, the Notes (in the case of the Company) or the Subsidiary
Guarantee of such Person in respect of the Notes (in the case of such
Subsidiary Guarantor) and any other Indebtedness of such Person that ranks pari passu with the Notes or such
Subsidiary Guarantee, as the case may be.

 

29

 

“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.

 

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

 

“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 Issue
Date, among the Company, Holding and CDRV Investors, 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

 

30

 

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 (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

 

31

 

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:  (i)
the entry into this Indenture and the Senior Indenture, and the offer and
issuance of the Notes and the Senior Notes, (ii)
the entry into the Senior Credit Facility and Incurrence of Indebtedness
thereunder by one or more of the Company and its Subsidiaries, (iii) the contribution of equity by Holding
to the Company, (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.

 

“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 immediately after giving
effect to such designation either (x)
the Company could Incur at least $1.00 of additional Indebtedness under Section 407(a)
or (y) the Consolidated Coverage
Ratio 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

 

32

 

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.

 

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

 

“VWR
International Holdings” means CDRV International Holdings II, Inc. (to be
renamed VWR International Holdings, Inc.), a Delaware corporation, and any
successor in interest thereto.

 

Section 102.                                Other Definitions.

 

	
  Term

  	
   

  	
  Defined in

  Section

  
	
   

  	
   

  	
   

  
	
  “Act”

  	
   

  	
  108

  
	
  “Affiliate
  Transaction”

  	
   

  	
  412

  
	
  “Agent
  Members”

  	
   

  	
  312

  
	
  “Amendment”

  	
   

  	
  410

  
	
  “Applicable
  Premium”

  	
   

  	
  1001

  
	
  “Authentication
  Order”

  	
   

  	
  303

  
	
  “Bankruptcy
  Law”

  	
   

  	
  601

  
	
  “Blockage
  Notice”

  	
   

  	
  1403

  
	
  “Certificate
  of Beneficial Ownership”

  	
   

  	
  313

  
	
  “Covenant
  Defeasance”

  	
   

  	
  1203

  
	
  “Custodian”

  	
   

  	
  601

  
	
  “Defaulted
  Interest”

  	
   

  	
  307

  
	
  “Defeasance”

  	
   

  	
  1202

  
	
  “Defeased
  Notes”

  	
   

  	
  1201

  

 

33

 

	
  “Event
  of Default”

  	
   

  	
  601

  
	
  “Excess
  Proceeds”

  	
   

  	
  411

  
	
  “Expiration
  Date”

  	
   

  	
  108

  
	
  “Global
  Notes”

  	
   

  	
  201

  
	
  “Guaranteed
  Note Obligations”

  	
   

  	
  1301

  
	
  “Guarantor
  Blockage Notice”

  	
   

  	
  1503

  
	
  “Guarantor
  Non-payment Default”

  	
   

  	
  1503

  
	
  “Guarantor
  Payment Blockage Period”

  	
   

  	
  1503

  
	
  “Guarantor
  Payment Default”

  	
   

  	
  1503

  
	
  “Initial
  Agreement”

  	
   

  	
  410

  
	
  “Initial
  Lien”

  	
   

  	
  413

  
	
  “Non-payment
  Default”

  	
   

  	
  1403

  
	
  “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

  
	
  “pay
  its Subsidiary Guarantee”

  	
   

  	
  1503

  
	
  “pay
  the Notes”

  	
   

  	
  1403

  
	
  “Payment
  Blockage Period”

  	
   

  	
  1403

  
	
  “Payment
  Default”

  	
   

  	
  1403

  
	
  “Permitted
  Payment”

  	
   

  	
  409

  
	
  “Physical
  Notes”

  	
   

  	
  201

  
	
  “Private
  Placement Legend”

  	
   

  	
  203

  
	
  “Redemption
  Amount”

  	
   

  	
  1001

  
	
  “Redemption
  Price”

  	
   

  	
  1001

  
	
  “Refinancing
  Agreement”

  	
   

  	
  410

  
	
  “Restricted
  Payment”

  	
   

  	
  409

  
	
  “Subsidiary
  Guaranteed Obligation”

  	
   

  	
  1301

  
	
  “Successor
  Company”

  	
   

  	
  501

  
	
  “Treasury
  Rate”

  	
   

  	
  1001

  
	
  “U.S.
  Global Note”

  	
   

  	
  201

  
	
  “U.S.
  Physical Note”

  	
   

  	
  201

  

 

Section 103.                                Rules of Construction.  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;

 

34

 

(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.

 

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.

 

“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.

 

35

 

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.

 

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

 

36

 

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
paragraph, the Holders of Outstanding Notes

 

37

 

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

 

38

 

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.

 

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 VWR International, Inc., 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:  David Brittenham, 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.

 

39

 

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, except as provided in Article XIV
and Article XV.

 

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

 

40

 

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.

 

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 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.

 

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

 

41

 

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.

 

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.

 

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 1008, 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 1008.  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.”

 

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.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  as
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  
	
  Dated:

  	
   

  

 

42

 

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.

 

	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  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

 

43

 

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 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

 

44

 

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:

 

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 BANKING, SOCIÉTÉ ANONYME.  NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS
OF THIS OFFSHORE TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF
INTEREST HEREON.

 

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 issued in an aggregate principal amount
of $320.0 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 “8% Senior Subordinated Notes Due 2014” of the Company.  The final Stated Maturity of the Notes shall
be April 15, 2014.  Interest on the
Outstanding principal amount of Notes will accrue at the rate of 8% per annum

 

45

 

and will be payable semi-annually in arrears
on April 15 and October 15 in each year, commencing on
October 15, 2004, to holders of record on the immediately preceding
April 1 and October 1, respectively (each such April 1 and
October 1, a “Regular Record Date”).  Interest on the Original Notes will accrue from the most recent
date to which interest has been paid or duly provided for or, if no interest
has been paid, from April 13, 2004; and interest on any Additional Notes
(and Exchange Notes issued in exchange therefor) will accrue (or will be deemed
to have accrued) from the most recent date to which interest has been paid or
duly provided for or, if no interest has been paid on such Additional Notes,
from the Interest Payment Date immediately preceding the date of issuance of
such Additional Notes, or if the date of issuance of such Additional Notes is
an Interest Payment Date, from such date of issuance; provided that if any Note is surrendered
for exchange on or after a record date for an Interest Payment Date that will
occur on or after the date of such exchange, interest on the Note received in
exchange thereof will accrue from the date of such Interest Payment Date.

 

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 interest on a Note may be made 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 $1,000 and any integral multiple thereof.

 

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.

 

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
$320.0 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

 

46

 

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

 

47

 

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 (or purchase) of
Notes selected for redemption (or purchase) under Section 1004 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 (or purchase) in whole or in part.

 

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.

 

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.

 

48

 

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.

 

Any 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 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.

 

49

 

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 as directed
by a Company Order of the Company and in accordance with Section 313.

 

Section 310.                                Computation of Interest. 
Interest on the Notes shall be computed on the basis of a 360-day year
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 Global Note for all purposes
whatsoever.  Notwithstanding the

 

50

 

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) the
Company has consented thereto in writing, or 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 all beneficial owners in exchange for their beneficial interests
in the relevant Global Note, if (i)
the Depositary notifies the Company that it is unwilling or unable to continue
as Depositary for the Global Note 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 at maturity 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.

 

51

 

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
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
Registrar shall, in accordance with such instructions, instruct the Depositary
to credit to the account of the Person specified in such instructions a
beneficial 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).

 

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

 

52

 

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 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

 

53

 

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.

 

(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 F)
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.

 

54

 

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 Interest. 
(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.

 

(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 interest is payable, the Company shall give notice to the
Trustee of the amount of any additional interest due on such Interest Payment
Date.

 

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

 

55

 

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
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 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;

 

(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.

 

56

 

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 (30 days, in the case of
information, documents and reports for the quarters ended March 31 and
June 30, 2004) 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).

 

Section 407.                                Limitation on Indebtedness. 
(a)  The Company shall not, and
shall not permit any Restricted Subsidiary to, Incur any Indebtedness; provided, however,
that the Company or any Subsidiary Guarantor may Incur Indebtedness if on the
date of the Incurrence of

 

57

 

such Indebtedness, after giving effect to the
Incurrence thereof, the Consolidated Coverage Ratio 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 Senior Notes
issued on the Issue Date (or any Senior Notes issued in respect thereof or in
exchange therefor) and the Notes (other than any Additional Notes), any
Indebtedness outstanding on the Issue Date (other than the Indebtedness
described in clauses (i) or (ii) above) and any Refinancing Indebtedness
Incurred in respect of any Indebtedness described in this clause (iii) or
paragraph (a) above;

 

(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

 

58

 

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, the Company could Incur at least $1.00 of additional
Indebtedness pursuant to paragraph (a) above; and any Refinancing Indebtedness
with respect to any such Indebtedness;

 

(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

 

59

 

(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 the Company on the Issue 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.

 

60

 

Section 408.                                Limitation on Layering.  The
Company will not Incur any Indebtedness that is expressly subordinated in right
of payment to any Senior Indebtedness of the Company, unless such Indebtedness
so Incurred ranks pari passu in
right of payment with, or is subordinated in right of payment to, the Company’s
Indebtedness with respect to the Notes. 
The Company will not permit any Subsidiary Guarantor to Incur any
Indebtedness that is expressly subordinated in right of payment to any Senior
Indebtedness of such Subsidiary Guarantor, unless such Indebtedness so Incurred
ranks pari passu in right of
payment with such Subsidiary Guarantor’s Subsidiary Guarantee, or is
subordinated in right of payment to such Subsidiary Guarantee. Indebtedness
that is unsecured or secured by a junior Lien is not deemed to be subordinate
or junior to secured Indebtedness merely because it is unsecured or secured by
a junior Lien, and Indebtedness that is not guaranteed by a particular Person
is not deemed to be subordinate or junior to Indebtedness that is so guaranteed
merely because it is not so guaranteed.

 

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)                                  the Company could not Incur at least an
additional $1.00 of Indebtedness pursuant to Section 407(a); 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

 

61

 

resolution of the Board of
Directors) declared or made subsequent to the Issue Date and then outstanding
would exceed, without duplication, the sum of:

 

(A)                              50% of the Consolidated Net Income 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 Issue Date or from
the issuance or sale (other than to a Restricted Subsidiary) of its Capital
Stock (other than Disqualified Stock) after the Issue 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 Issue Date of Indebtedness that shall
have been 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 Issue 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”):

 

62

 

(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 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 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 415 and, if required,
purchased all Notes tendered pursuant to the offer to repurchase all the Notes
required thereby, 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;

 

(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 to repurchase or otherwise acquire Capital
Stock of any Parent or the Company (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) $15.0million, plus (2) $3.0  million
multiplied by the number of calendar years that have commenced since the Issue
Date, plus the Net Cash Proceeds
received by the Company since the Issue 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 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 or any Parent following
a public offering of such common stock

 

63

 

or equity in an amount not
to exceed in any fiscal year 6% of the aggregate gross proceeds received by the
Company or any Parent 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, (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, or loans, advances,
dividends or distributions by the Company to any Parent to make payments, to
holders of Capital Stock of the Company or any Parent 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 Transactions;

 

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.

 

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 Senior Indenture, this Indenture, the
Senior Notes or the Notes;

 

64

 

(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
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;

 

65

 

(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 $15.0 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 $15.0
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

 

66

 

(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:

 

(A)                              first, either (x)
to the extent the Company 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
Subordinated Indebtedness of the Company or 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

 

67

 

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 sum of the outstanding principal
amount of the Notes and the outstanding principal amount of 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 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 their principal amount plus
accrued and unpaid interest 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).

 

68

 

(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 Section 307);
(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 $1,000 or integral multiples 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 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 $15.0 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

 

69

 

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 (1) 
payment to CDR or any Affiliate of CDR of a fee of up to $18.0 million plus out-of-pocket expenses in connection
with the Transactions, and (2)
payment to CDR or any Affiliate of CDR of fees of up to $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, and

 

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

 

Section 413.                                Limitation on
Liens.  The Company shall not, and shall not permit any Restricted Subsidiary
to, 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 of

 

70

 

the Company or any Subsidiary Guarantor that
by its terms is expressly subordinated in right of payment to or ranks pari passu in right of payment with the
Notes or such Subsidiary Guarantor’s Subsidiary Guarantee thereof (the “Initial
Lien”), unless contemporaneously therewith effective provision is made to
secure the Indebtedness due under this Indenture and the Notes or, in respect
of Liens on any Restricted Subsidiary’s property or assets, any Subsidiary
Guarantee of such Restricted Subsidiary, equally and ratably with (or on a
senior basis to, in the case of Subordinated Obligations or Guarantor
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 or any such Subsidiary Guarantee 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, or of all of the Capital Stock held by the Company or any
Restricted Subsidiary in, or all or substantially all the assets of, any
Restricted Subsidiary creating 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 Bank 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.

 

Section 415.                                Purchase of Notes Upon a Change in Control. 
(a)  Upon the occurrence after
the Issue Date of a Change of Control, each Holder shall have the right to
require the Company to repurchase all or any part of such Holder’s Notes at a
purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any,
to the date of repurchase (subject to Section 307); provided, however,
that the Company shall not be obligated to repurchase Notes pursuant to this Section 415
in the event that it has exercised its right to redeem all of the Notes as
provided in Article X.

 

(b)                                 In the event that, at the time of such Change
of Control, the terms of the Bank Indebtedness restrict or prohibit the
repurchase of the Notes pursuant to this Section 415, then prior to
the mailing of the notice to Holders provided for in Section 415(c)
but in any event not later than 30 days following the date the Company obtains
actual knowledge of any Change of Control (unless the Company has exercised its
right to redeem all the Notes as provided in Article X), the
Company shall (i) repay in full
all Bank Indebtedness subject to such terms or offer to repay in full all such
Bank Indebtedness and repay the Bank Indebtedness of each lender who has
accepted such offer or (ii)
obtain the requisite consent under the agreements governing the Bank
Indebtedness to permit the repurchase of the Notes as provided for in Section 415(c).  The Company shall first comply with the
provisions of the immediately preceding sentence before it shall be required to
repurchase Notes pursuant to the provisions set forth in this Section 415.  The

 

71

 

Company’s failure to comply with the provisions of
this Section 415(b) or Section 415(c) shall constitute
an Event of Default described in Section 601(iv) and not in Section 601(ii).

 

(c)                                  Unless the Company has exercised its right to
redeem all the Notes as described under Article X, the Company
shall, not later than 30 days following the date the Company obtains actual
knowledge of any Change of Control having occurred, mail a notice to each
Holder with a copy to the Trustee stating: 
(1) that a Change of
Control has occurred or may occur and that such Holder has, or upon such
occurrence will have, the right to require the Company to purchase such
Holder’s Notes at a purchase price in cash equal to 101% 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 on the relevant interest
payment date); (2) the
circumstances and relevant facts and financial information regarding such
Change of Control; (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 415,
that a Holder must follow in order to have its Notes purchased; and (5) if such notice is mailed prior to the
occurrence of a Change of Control, that such offer is conditioned on the
occurrence of such Change of Control.

 

(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 415.  To the extent that the provisions of any securities laws or
regulations conflict with provisions of this Section 415, the
Company shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under this Section 415
by virtue thereof.

 

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 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;

 

72

 

(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) 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 Note 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 501(a) will not apply to
the Transactions.

 

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.

 

73

 

ARTICLE VI

REMEDIES

 

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

 

(i)                                     a default in any payment of interest on any
Note when due, whether or not such payment shall be prohibited by Article XIV,
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 redemption, upon
required repurchase, upon declaration of acceleration or otherwise, whether or
not such payment shall be prohibited by Article XIV;

 

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

 

(iv)                              the failure by the Company to comply for 30
days after the notice specified in the penultimate paragraph of this Section 601
with any of its obligations under Section 415 (other than a failure
to purchase the Notes);

 

(v)                                 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;

 

(vi)                              the failure by 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;

 

(vii)                           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;

 

(viii)                        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;

 

74

 

(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;

 

(ix)                                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 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;

 

(x)                                   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 $30.0 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

 

(xi)                                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

 

75

 

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), (v) or (vi) 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 (vii) or
(x) and any event that with the giving of notice or the lapse of time would
become an Event of Default under clause (iv), (v) or (vi), 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(viii) or Section 601(ix))
occurs and is 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; provided
that so long as any Designated Senior Indebtedness of the Company shall be
outstanding, such acceleration shall not be effective until the earlier to
occur of (x) five Business Days
following delivery of a written notice of such acceleration of the Notes to the
Company and the holders of all such Designated Senior Indebtedness or each
Representative thereof and (y)
the acceleration of any such Designated Senior Indebtedness. Upon the
effectiveness of such a declaration, such principal and interest will be due
and payable immediately. 
Notwithstanding the foregoing, in the event of a declaration of
acceleration in respect of the Notes because an Event of Default specified in Section 601(vii)
shall have occurred and be continuing, such declaration of acceleration of the
Notes and such Event of Default and all consequences thereof (including any
acceleration or resulting payment default) shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders,
and be of no further effect, if within 60 days after such Event of Default
arose (x) the Indebtedness that
is the basis for such Event of Default has been discharged, or (y) the holders thereof have rescinded or
waived the acceleration or other event or condition (as the case

 

76

 

may be) giving rise to such Event of Default,
or (z) the default in respect of such Indebtedness that is the basis for such
Event of Default has been cured.

 

Notwithstanding the
foregoing, if an Event of Default specified in Section 601(viii) or
Section 601(ix) 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

 

77

 

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, 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
holders of Senior Indebtedness of the Company to the extent required by Article XIV;

 

Third:  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

 

Fourth:  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.

 

78

 

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.

 

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

 

79

 

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. 
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

 

80

 

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.

 

(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.

 

81

 

(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 Section 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;

 

82

 

(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

 

83

 

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.

 

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:

 

84

 

(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.

 

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

 

85

 

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.

 

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 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

 

86

 

(1)
semi-annually, 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 March 1 beginning with March 1,
2005, 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 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:

 

87

 

(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 provide that any Indebtedness that becomes or will become an obligation of a
Successor Company or a Subsidiary Guarantor pursuant to a transaction governed
by Article V (and that is not a Subordinated Obligation) is Senior
Subordinated Indebtedness for purposes of this Indenture,

 

(8)
to make any change that does not materially adversely affect the rights of any
Holder under the Notes or this Indenture, or

 

(9)
to comply with any requirement of the SEC in connection with the qualification
of this Indenture under the TIA or otherwise.

 

Notwithstanding the
foregoing provisions of this Section 901 and Section 902,
the Company, VWR International, Inc., a Pennsylvania corporation, VWR
International, Inc., a Delaware corporation, and the Trustee may execute and
deliver the Merger Supplemental Indentures, in each case without notice to or
consent of any Holder.

 

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.

 

88

 

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;

 

(iii)                               reduce the principal 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;

 

(vii)                           make any change in Article XIV or
Article XV that adversely affects the rights of any Holder in any
material respect; or

 

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

 

Notwithstanding Section 901
and the foregoing provisions of this Section 902, no amendment to Article XIV
or Article XV of this Indenture or the definitions relating thereto
that adversely affects the rights of any holder of Senior Indebtedness at the
time outstanding (which Senior Indebtedness has been previously designated in
writing by the Company to the Trustee for this purpose) may be made unless the
holders of such Senior Indebtedness (or any group or representative thereof
authorized to give a consent) consent in writing to such amendment.

 

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

 

89

 

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.

 

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 (viii) 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.

 

90

 

ARTICLE X

REDEMPTION OF NOTES

 

Section 1001.                          Right of Redemption. 
(a)   The Notes will be
redeemable, at the Company’s option, in whole or in part, and from time to time
on and after April 15, 2009 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 1005.  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, including the occurrence of a Change of Control.  The Notes will be so redeemable at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any,
to the relevant Redemption Date (subject to Section 307), if
redeemed during the 12-month period commencing on April 15 of the years
set forth below:

 

	
  Period

  	
   

  	
  Redemption
  Price

  	
   

  
	
  2009

  	
   

  	
  104.000

  	
  %

  
	
  2010

  	
   

  	
  102.667

  	
  %

  
	
  2011

  	
   

  	
  101.333

  	
  %

  
	
  2012 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)                                 In addition, at any time and from time to
time on or prior to April 15, 2007, the Company at its option may redeem
Notes in an aggregate principal amount equal to up to 35% of the original
aggregate principal amount of Notes (including the principal amount of any
Additional Notes), with funds in an equal aggregate amount (the “Redemption
Amount”) not exceeding the aggregate proceeds of one or more Equity
Offerings, at a redemption price (expressed as a percentage of principal amount
thereof) of 108.000%, plus
accrued and unpaid interest, if any, to the Redemption Date (subject to Section 307);
provided, however, that an aggregate principal
amount of Notes equal to at least 65% of the original aggregate principal
amount of Notes (including the principal amount of any Additional Notes) must
remain outstanding after each such redemption. 
The Company may make such redemption upon notice mailed by first-class
mail to each Holder’s registered address in accordance with Section 1005
(but in no event more than 180 days after the completion of the related Equity
Offering).  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 completion of the related Equity Offering, and any such
redemption or notice may, at the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including the completion of
the related Equity Offering.

 

(c)                                  At any time prior to April 15, 2009,
Notes may also be redeemed or purchased (by the Company or any other Person) in
whole or in part, at the Company’s option, at

 

91

 

a price (the “Redemption Price”) equal to
100% of the principal amount thereof plus
the Applicable Premium as of, and accrued but unpaid interest, if any, to, the
Redemption Date (subject to Section 307).  Such redemption or purchase may be made upon notice mailed by
first-class mail to each Holder’s registered address in accordance with Section 1005.  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 or purchase may be performed by another
Person.  Any such redemption, purchase
or notice may, at the Company’s discretion, be subject to the satisfaction of
one or more conditions precedent, including the occurrence of a Change of
Control.

 

“Applicable Premium”
means, with respect to a Note at any Redemption Date, the greater of (i) 1.0% of the principal amount of such
Note and (ii) the excess of (A) the present value at such Redemption
Date of (1) the redemption price
of such Note on April 15, 2009 (such redemption price being that described
in Section 1001(a)), plus
(2) all required remaining
scheduled interest payments due on such Note through such date, computed using
a discount rate equal to the Treasury Rate plus
50 basis points, over (B) the
principal amount of such Note on such Redemption Date.  Calculation of the Applicable Premium will
be made by the Company or on behalf of the Company by such Person as the
Company shall designate; provided
that such calculation shall not be a duty or obligation of the Trustee.

 

“Treasury Rate”
means, with respect to a Redemption Date, the yield to maturity at the time of
computation of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) that has become publicly available at least two Business Days prior
to such Redemption Date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly
equal to the period from such Redemption Date to April 15, 2009; provided, however,
that if the period from the Redemption Date to such date is not equal to the
constant maturity of a United States Treasury security for which a weekly
average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly
average yields of United States Treasury securities for which such yields are
given, except that if the period from the Redemption Date to such date is less
than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year shall be used.

 

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

 

Section 1003.                          Election to Redeem; Notice to Trustee.  In
case of any redemption at the election of the Company 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 1004.                          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

 

92

 

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 $1,000 in original 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 of such Note that has
been or is to be redeemed.

 

Section 1005.                          Notice of Redemption. 
Notice of redemption or purchase as provided in Section 1001
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,

 

(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, purchase or
notice is subject to satisfaction of one or more conditions precedent, as
permitted by Section 1001, 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 or purchase 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.

 

93

 

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 or purchase of Notes to be so redeemed or purchased at the
election of the Company shall be given by the Company or, at the Company’s
request (made to the Trustee at least 40 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 1006.                          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 1007.                          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.

 

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 1006, 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 1008.                          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

 

94

 

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 or 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 cancelled or for cancellation; or

 

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

 

(1)                                  have become due and payable, or

 

(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 cancelled or for cancellation, for
principal (and premium, if any) and interest to the date of such deposit

 

95

 

(in
the case of Notes that have become due and payable), or to the Stated Maturity
or Redemption Date, as the case may be;

 

(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

 

96

 

deemed
to be “Outstanding” only for the 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,  403
and 416, (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 415 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), (v) (with respect to Section 405 and Sections
407 through 415, inclusive), (vi), (vii), (viii) (with respect to
Subsidiaries), (ix) (with respect to Subsidiaries), (x) or (xi) 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.

 

97

 

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;

 

(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 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 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

 

98

 

(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.

 

From
and after the time of any deposit pursuant to clause (1) of the first paragraph
of this Section 1204, the money or U.S. Government Obligations so
deposited shall not be subject to the rights of the holders of Senior
Indebtedness of the Company pursuant to the subordination provisions of Article XIV
or Article XV.

 

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, Section 1412 and Section 1512,
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, 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

 

99

 

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 subordinated 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”).

 

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

 

100

 

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

 

101

 

(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 1305, 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 Bank Indebtedness of the Company (other than
by reason of payment under such Guarantees of Bank Indebtedness), (iii) upon the merger or consolidation of
any Subsidiary Guarantor with and into the Company or another Subsidiary
Guarantor that is the

 

102

 

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 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 Bank
Indebtedness of the Company 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.                          Agreement to Subordinate. 
Each Subsidiary Guarantee is, to the extent and in the manner set forth
in Article XV, subordinated and subject in right of payment to the
prior payment in full of all Senior Indebtedness of the Subsidiary Guarantor
giving such Subsidiary Guarantee and each Subsidiary Guarantee is made subject
to such provisions of this Indenture.

 

Section 1305.                          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 1306.                          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 1307.                          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.

 

103

 

Section 1308.                          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.

 

Section 1309.                          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.

 

ARTICLE XIV

SUBORDINATION

 

Section 1401.                          Agreement to Subordinate.  The
Company agrees, and each Noteholder by accepting a Note agrees, that the
Indebtedness evidenced by the Notes is unsecured Senior Subordinated
Indebtedness of the Company, subordinated in right of payment, to the extent
and in the manner provided in this Article XIV, to the prior
payment in full in cash or Cash Equivalents (when due) of all existing and
future Senior Indebtedness of the Company, and that the subordination is for
the benefit of and enforceable by the holders of Senior Indebtedness of the
Company.  The Notes shall in all respects
rank pari passu with all existing
and future Senior Subordinated Indebtedness of the Company and only
Indebtedness of the Company that is Senior Indebtedness shall rank senior to
the Notes in accordance with the provisions set forth herein.  All provisions of this Article XIV
shall be subject to Section 1412.

 

Section 1402.                          Liquidation, Dissolution or Bankruptcy. 
Upon any payment or distribution of the assets of the Company upon a
total or partial liquidation or dissolution or reorganization of or similar
proceeding relating to the Company or its property, or in a bankruptcy,
insolvency, receivership or similar proceeding relating to the Company or its
property,

 

(i)                                     the holders of Senior Indebtedness of the
Company will be entitled to receive payment in full in cash or Cash Equivalents
of such Senior Indebtedness before the Noteholders are entitled to receive any
payment from the Company, and

 

104

 

(ii)                                  until the Senior Indebtedness of the Company
is paid in full in cash or Cash Equivalents, any payment or distribution from
the Company to which Noteholders would be entitled but for this Article XIV
will be made to holders of such Senior Indebtedness as their interests may
appear except that Noteholders may receive shares of stock and any debt
securities that are subordinated to such Senior Indebtedness to at least the
same extent as the Notes.

 

Section 1403.                          Default on Senior Indebtedness.  The
Company may not pay principal of, or premium (if any) or interest on, the Notes
or make any deposit pursuant to the provisions of Article XII and
may not otherwise purchase, redeem or otherwise retire any Notes (collectively,
“pay the Notes”) if (i)
any Senior Indebtedness of the Company is not paid in full in cash or Cash
Equivalents when due or (ii) any
other default on Senior Indebtedness of the Company occurs and the maturity of
such Senior Indebtedness is accelerated in accordance with its terms (either
such event, a “Payment Default”), unless, in either case, (x) the Payment Default has been cured or
waived and any such acceleration has been rescinded in writing or (y) such Senior Indebtedness has been paid
in full in cash or Cash Equivalents. 
However, the Company may pay the Notes without regard to the foregoing
if the Company and the Trustee receive written notice approving such payment
from the Representative for the Designated Senior Indebtedness with respect to
which the Payment Default has occurred and is continuing.

 

In
addition, during the continuance of any default (other than a Payment Default)
with respect to any Designated Senior Indebtedness of the Company pursuant to
which the maturity thereof may be accelerated immediately without further
notice (except such notice as may be required to effect such acceleration) or
the expiration of any applicable grace period (a “Non-payment Default”),
the Company may not pay the Notes for the period specified as follows (a “Payment
Blockage Period”).  The Payment
Blockage Period shall commence upon the receipt by the Trustee (with a copy to
the Company) of written notice (a “Blockage Notice”) of such Non-payment
Default from the Representative for such Designated Senior Indebtedness
specifying an election to effect a Payment Blockage Period and shall end on the
earliest to occur of the following events:

 

(1)                        179 days shall have elapsed since such
receipt of such Blockage Notice,

 

(2)                        the Non-payment Default giving rise to such
Blockage Notice is no longer continuing (and no other Payment Default or
Non-payment Default is then continuing),

 

(3)                        such Designated Senior Indebtedness shall
have been discharged or repaid in full in cash or Cash Equivalents, or

 

(4)                        such Payment Blockage Period shall have been
terminated by written notice to the Trustee and the Company from the Person or
Persons who gave such Blockage Notice.

 

The
Company shall promptly resume payments on the Notes, including any missed
payments, after such Payment Blockage Period ends, unless the holders of such
Designated Senior Indebtedness have or the Representative of such holders has
accelerated the

 

105

 

maturity
of such Designated Senior Indebtedness, or any Payment Default otherwise
exists.  Not more than one Blockage
Notice to the Company may be given in any 360 consecutive day period,
irrespective of the number of defaults with respect to Designated Senior
Indebtedness during such period, except that if any Blockage Notice within such
360-day period is given by or on behalf of any holders of Designated Senior
Indebtedness other than Bank Indebtedness, a Representative of holders of Bank
Indebtedness may give another Blockage Notice within such period.  In no event may the total number of days
during which any Payment Blockage Period is in effect extend beyond 179 days
from the date of receipt by the Trustee of the relevant Blockage Notice, and
there must be a 181 consecutive day period during any 360 consecutive day
period during which no Payment Blockage Period is in effect.

 

Section 1404.                          Acceleration of Payment of Notes.  If
payment of the Notes is accelerated because of an Event of Default, the Company
or the Trustee (at the expense and request of the Company) shall promptly
notify the holders of the Designated Senior Indebtedness of the Company (or the
Representative of such holders) of the acceleration.  If any Designated Senior Indebtedness of the Company is
outstanding, such acceleration will not be effective with respect to the
Company until the time specified in Section 602, and the Company
may not pay the Notes until five Business Days after such holders receive or
the Representative of each Designated Senior Indebtedness of the Company
receives notice of such acceleration and, thereafter, the Company may pay the
Notes only if this Article XIV otherwise permits payment at that
time.

 

Section 1405.                          When a Distribution Must Be Paid Over.  If
a distribution from the Company is made to Holders that because of the
provisions of this Article XIV should not have been made to them,
the Holders who receive the distribution shall hold it in trust for holders of
Senior Indebtedness of the Company and pay it over to them as their interests
may appear.

 

Section 1406.                          Subrogation.  After all Senior Indebtedness
of the Company is paid in full in cash and Cash Equivalents and until the Notes
are paid in full, Holders shall be subrogated to the rights of holders of
Senior Indebtedness of the Company to receive distributions applicable to such
Senior Indebtedness.  For purposes of
such subrogation, a distribution made under this Article XIV to
holders of Senior Indebtedness of the Company that otherwise would have been
made to Holders is not, as between the Company, its creditors other than the
holders of such Senior Indebtedness and Holders, a payment by the Company on
such Senior Indebtedness, it being understood that the provisions of this Article XIV
are and are intended solely for the purpose of defining the relative rights of
the Holders, on the one hand, and the holders of Senior Indebtedness of the
Company, on the other hand.

 

Section 1407.                          Relative Rights. 
This Article XIV defines the relative rights of Holders and
holders of Senior Indebtedness.  Nothing
in this Indenture shall:

 

(i)                                     impair, as between the Company and Holders,
the obligation of the Company, which is absolute and unconditional, to pay
principal of and interest on the Notes in accordance with their terms; or

 

106

 

(ii)                                  prevent the Trustee or any Holder from
exercising its available remedies upon a Default, subject to the rights of
holders of Senior Indebtedness to receive distributions otherwise payable to
Holders.

 

Section 1408.                          Subordination May Not Be Impaired by the
Company.  No right of any holder of Senior
Indebtedness of the Company to enforce the subordination of the Indebtedness
evidenced by the Notes shall be impaired by any act or failure to act by the
Company or by its failure to comply with this Indenture.

 

Section 1409.                          Rights of Trustee and Paying Agent.  The
Company shall give prompt written notice to the Trustee of any fact known to
the Company that would prohibit the making of any payment to or by the Trustee
in respect of the Notes.  Failure to
give such notice shall not affect the subordination of the Notes to Senior
Indebtedness of the Company. 
Notwithstanding Section 1403, the Trustee or Paying Agent
may continue to make payments on the Notes and shall not be charged with
knowledge of the existence of facts that would prohibit the making of any such
payments unless, not less than two Business Days prior to the date of such
payment, a Trust Officer of the Trustee receives notice satisfactory to it that
such payments may not be made under this Article XIV.  The Company, the Note Registrar or
co-registrar, the Paying Agent, a Representative or a holder of Senior
Indebtedness may give the notice; provided,
however, that, if an issue of
Senior Indebtedness has a Representative, only the Representative may give the
notice.  The Trustee shall be entitled
to rely on the delivery to it of a written notice by a Person representing
himself or itself to be a holder of any Senior Indebtedness (or a
Representative of such holder) to establish that such notice has been given by
a holder of such Senior Indebtedness or Representative thereof.

 

The
Trustee in its individual or any other capacity may hold Senior Indebtedness
with the same rights it would have if it were not the Trustee.  The Note Registrar and co-registrar and the
Paying Agent may do the same with like rights. 
The Trustee shall be entitled to all the rights set forth in this Article XIV
with respect to any Senior Indebtedness that may at any time be held by it, to
the same extent as any other holder of Senior Indebtedness; and nothing in Article VII
shall deprive the Trustee of any of its rights as such holder.  Nothing in this Article XIV
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 707.

 

Section 1410.                          Distribution or Notice to Representative. 
Whenever a distribution is to be made or a notice given to holders of
Senior Indebtedness, the distribution may be made and the notice given to their
Representative (if any).

 

Section 1411.                          Article XIV Not to Prevent Events of
Default or Limit Right to Accelerate.  The failure to make a payment
pursuant to the Notes by reason of any provision in this Article XIV
shall not be construed as preventing the occurrence of a Default.  Subject to Section 1404, nothing
in this Article XIV shall have any effect on the right of the
Holders or the Trustee to accelerate the maturity of the Notes.

 

Section 1412.                          Trust Moneys Not Subordinated. 
Notwithstanding anything contained herein to the contrary, payments from
money or the proceeds of U.S. Government

 

107

 

Obligations
held in trust under Article XII by the Trustee for the payment of
principal of and premium, if any, and interest on the Notes shall not be
subordinated to the prior payment of any Senior Indebtedness of the Company or
subject to the restrictions set forth in this Article XIV, and none
of the Holders shall be obligated to pay over any such amount to the Company or
any holder of Senior Indebtedness of the Company or any other creditor of the
Company, so long as the deposit of money or U.S. Government Obligations into
such trust was made in accordance with the provisions of Article XII
and did not violate the provisions of this Article XIV at the time
such deposit was made.

 

Section 1413.                          Trustee Entitled to Rely. 
Upon any payment or distribution pursuant to this Article XIV,
the Trustee and the Holders shall be entitled to rely (i) upon any order or decree of a court of
competent jurisdiction in which any proceedings of the nature referred to in Section 1402
are pending, (ii) upon a
certificate of the liquidating trustee or agent or other Person making such
payment or distribution to the Trustee or to the Holders or (iii) upon the Representatives for the
holders of Senior Indebtedness for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of the
Senior Indebtedness and other Indebtedness of the Company, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto or to this Article XIV.  In the event that the Trustee determines, in
good faith, that evidence is required with respect to the right of any Person
as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article XIV, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such Person, the extent to
which such Person is entitled to participate in such payment or distribution
and other facts pertinent to the rights of such Person under this Article XIV,
and, if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to
receive such payment.  The provisions of
Sections 701 and 703 shall be applicable to all actions or
omissions of actions by the Trustee pursuant to this Article XIV.

 

Section 1414.                          Trustee to Effectuate Subordination. 
Each Holder, by accepting a Note, authorizes and directs the Trustee on
such Holder’s behalf to take such action as may be necessary or appropriate to
acknowledge or effectuate the subordination between the Holders and the holders
of Senior Indebtedness of the Company as provided in this Article XIV
and appoints the Trustee as attorney-in-fact for any and all such purposes.

 

Section 1415.                          Trustee Not Fiduciary for Holders of Senior
Indebtedness.  The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness of the Company and shall
not be liable to any such holders if it shall mistakenly pay over or distribute
to Holders or the Company or any other Person money or assets to which any
holders of Senior Indebtedness shall be entitled by virtue of this Article XIV
or otherwise.  With respect to the
holders of Senior Indebtedness of the Company, the Trustee undertakes to
perform or to observe only such of its covenants or obligations as are
specifically set forth in this Article XIV or Article XV
and no implied covenants or obligations with respect to holders of Senior
Indebtedness of the Company shall be read into this Indenture against the
Trustee.

 

108

 

Section 1416.                          Reliance by Holders of Senior Indebtedness on
Subordination Provisions.  Each Holder, by accepting a Note,
acknowledges and agrees that the foregoing subordination provisions are, and
are intended to be, an inducement and a consideration to each holder of any
Senior Indebtedness of the Company, whether such Senior Indebtedness was
created or acquired before or after the issuance of the Notes, to acquire and
continue to hold, or to continue to hold, such Senior Indebtedness and such
holder of Senior Indebtedness shall be deemed conclusively to have relied on
such subordination provisions in acquiring and continuing to hold, or in
continuing to hold, such Senior Indebtedness.

 

Section 1417.                          Trustee’s Compensation Not Prejudiced. 
Nothing in this Article XIV shall apply to amounts due to
the Trustee pursuant to other Sections of this Indenture.

 

ARTICLE XV

SUBORDINATION OF SUBSIDIARY GUARANTEES

 

Section 1501.                          Agreement to Subordinate. 
Each Subsidiary Guarantor agrees, and each Noteholder, by accepting a
Note, agrees, that each Subsidiary Guarantee will be unsecured Senior
Subordinated Indebtedness of the applicable Subsidiary Guarantor, and all
payments pursuant to such Subsidiary Guarantor’s Subsidiary Guarantee made by
or on behalf of such Subsidiary Guarantor are subordinated in right of payment,
to the extent and in the manner provided in this Article XV, to the
prior payment in full in cash or Cash Equivalents (when due) of all existing
and future Senior Indebtedness of such Subsidiary Guarantor, and that the
subordination is for the benefit of and enforceable by the holders of Senior
Indebtedness of such Subsidiary Guarantor. 
Such Subsidiary Guarantee shall in all respects rank pari passu with all existing and future
Senior Subordinated Indebtedness of such Subsidiary Guarantor and only
Indebtedness of such Subsidiary Guarantor that is Senior Indebtedness shall
rank senior to such Subsidiary Guarantee in accordance with the provisions set
forth herein.  All provisions of this Article XV
shall be subject to Section 1512.

 

Section 1502.                          Liquidation, Dissolution or Bankruptcy. 
Upon any payment or distribution of the assets of a Subsidiary Guarantor
upon a total or partial liquidation or dissolution or reorganization of or
similar proceeding relating to such Subsidiary Guarantor or its property, or in
a bankruptcy, insolvency, receivership or similar proceeding relating to such
Subsidiary Guarantor or its property,

 

(i)                                     the holders of Senior Indebtedness of such
Subsidiary Guarantor will be entitled to receive payment in full in cash or
Cash Equivalents of such Senior Indebtedness before the Noteholders are entitled
to receive any payment from such Subsidiary Guarantor; and

 

(ii)                                  until the Senior Indebtedness of such
Subsidiary Guarantor is paid in full in cash or Cash Equivalents, any payment
or distribution from such Subsidiary Guarantor to which Noteholders would be
entitled but for this Article XV will be made to holders of

 

109

 

such
Senior Indebtedness as their interests may appear except that Noteholders may
receive shares of stock and any debt securities that are subordinated to such
Senior Indebtedness to at least the same extent as the Subsidiary Guarantee of
such Subsidiary Guarantor.

 

Section 1503.                          Default on Senior Indebtedness.  No
Subsidiary Guarantor may make any payment pursuant to its Subsidiary Guarantee
or otherwise purchase, redeem or otherwise retire or defease any Notes
(collectively, “pay its Subsidiary Guarantee”) if (i) any Senior Indebtedness of such
Subsidiary Guarantor is not paid in full in cash or Cash Equivalents when and
to the extent due or (ii) any
other default on Senior Indebtedness of such Subsidiary Guarantor occurs and
the maturity of such Senior Indebtedness is accelerated in accordance with its
terms (either such event, a “Guarantor Payment Default”) unless, in
either case, (x) the Guarantor
Payment Default has been cured or waived and any such acceleration has been
rescinded in writing or (y) such
Senior Indebtedness has been paid in full in cash or Cash Equivalents; provided, however,
that a Subsidiary Guarantor may pay its Subsidiary Guarantee without regard to
the foregoing if such Guarantor Payment Default relates to Designated Senior
Indebtedness and such Subsidiary Guarantor and the Trustee receive written
notice approving such payment from the Representative for the Designated Senior
Indebtedness with respect to which the Guarantor Payment Default has occurred
and is continuing.

 

In
addition, no Subsidiary Guarantor may pay its Subsidiary Guarantee during the
continuance of a Payment Blockage Period after receipt by the Company and the
Trustee of a Blockage Notice under Section 1403.  Notwithstanding the provisions described in
the immediately preceding sentence (but subject to the provisions of the first
paragraph of this Section 1503), a Subsidiary Guarantor shall
promptly resume payments, if any are required, pursuant to its Subsidiary
Guarantee, including any missed payments, after such Payment Blockage Period
ends, unless the holders of such Designated Senior Indebtedness have or the
Representative of such holders has accelerated the maturity of such Designated
Senior Indebtedness, or any Payment Default otherwise exists.

 

In
addition, during the continuance of any default (other than a Guarantor Payment
Default) with respect to any Designated Senior Indebtedness of a Subsidiary
Guarantor pursuant to which the maturity thereof may be accelerated immediately
without further notice (except such notice as may be required to effect such
acceleration) or the expiration of any applicable grace period (a “Guarantor
Non-payment Default”), such Subsidiary Guarantor may not pay its Subsidiary
Guarantee for the period specified as follows (a “Guarantor Payment Blockage
Period”).  The Guarantor Payment
Blockage Period shall commence upon the receipt by the Trustee (with a copy to
such Subsidiary Guarantor) of written notice (a “Guarantor Blockage Notice”)
of such Guarantor Non-payment Default from the Representative for such
Designated Senior Indebtedness specifying an election to effect a Guarantor
Payment Blockage Period and shall end on the earliest to occur of the following
events:  (i) 179 days shall have elapsed since such receipt of such
Guarantor Blockage Notice, (ii)
the Guarantor Non-payment Default giving rise to such Guarantor Blockage Notice
is no longer continuing (and no other Guarantor Payment Default or Guarantor
Non-payment Default is then continuing), (iii)
such

 

110

 

Designated
Senior Indebtedness shall have been discharged or repaid in full in cash or
Cash Equivalents or (iv) such
Guarantor Payment Blockage Period shall have been terminated by written notice
to the Trustee and such Subsidiary Guarantor from the Person or Persons who
gave such Guarantor Blockage Notice.  A
Subsidiary Guarantor may pay its Subsidiary Guarantee, after such Guarantor
Payment Blockage Period ends, unless the holders of such Designated Senior
Indebtedness have or the Representative of such holders has accelerated the
maturity of such Designated Senior Indebtedness, or any Guarantor Payment Default
otherwise exists.  Not more than one
Guarantor Blockage Notice to a Subsidiary Guarantor in the aggregate may be
given in any 360 consecutive day period, irrespective of the number of defaults
with respect to Designated Senior Indebtedness of such Subsidiary Guarantor
during such period, except that if any Guarantor Blockage Notice within such
360-day period is given by or on behalf of any holders of Designated Senior
Indebtedness of such Subsidiary Guarantor other than Bank Indebtedness, a
Representative of holders of Bank Indebtedness that is Guaranteed by such
Subsidiary Guarantor may give another Guarantor Blockage Notice within such
period.  In no event may the total
number of days during which any Guarantor Payment Blockage Period is in effect
extend beyond 179 days from the date of receipt by the Trustee of the relevant
Guarantor Blockage Notice, and there must be a 181 consecutive day period
during any 360 consecutive day period during which no Guarantor Payment
Blockage Period is in effect.

 

Section 1504.                          Acceleration of Payment of Notes.  If
payment of the Notes is accelerated because of an Event of Default, the
relevant Subsidiary Guarantor or the Trustee (at the expense and request of
such Subsidiary Guarantor) shall promptly notify the holders of the Designated
Senior Indebtedness of such Subsidiary Guarantor (or the Representative of such
holders) of the acceleration.  If any
Designated Senior Indebtedness of a Subsidiary Guarantor is outstanding, any
demand for payment under such Subsidiary Guarantee will not be effective with
respect to such Subsidiary Guarantor, and such Subsidiary Guarantor may not pay
its Subsidiary Guarantee, until five Business Days after such holders receive
or the Representative of each Designated Senior Indebtedness of such Subsidiary
Guarantor receives notice of such demand and, thereafter, such Subsidiary
Guarantor may pay its Subsidiary Guarantee only if this Article XV
otherwise permits payment at that time. 
If a demand for payment is made on a Subsidiary Guarantor pursuant to Article XIII,
the Trustee shall promptly notify the holders of the Designated Senior
Indebtedness of such Subsidiary Guarantor (or their Representatives) of such
demand.

 

Section 1505.                          When a Distribution Must Be Paid Over.  If
a distribution from a Subsidiary Guarantor is made to Holders that because of
the provisions of this Article XV should not have been made to
them, the Holders who receive the distribution shall hold it in trust for
holders of Senior Indebtedness and pay it over to them as their interests may
appear.

 

Section 1506.                          Subrogation.  After all Senior Indebtedness
of a Subsidiary Guarantor is paid in full in cash or Cash Equivalents and until
the Notes are paid in full, Holders shall be subrogated to the rights of
holders of Senior Indebtedness of such Subsidiary Guarantor to receive
distributions applicable to such Senior Indebtedness.  For purposes of such subrogation, a distribution made under this Article XV
to holders of Senior Indebtedness of a

 

111

 

Subsidiary
Guarantor that otherwise would have been made to Holders is not, as between
such Subsidiary Guarantor, its creditors other than the holders of such Senior
Indebtedness, and Holders, a payment by such Subsidiary Guarantor on such
Senior Indebtedness, it being understood that the provisions of this Article XV
are and are intended solely for the purpose of defining the relative rights of
the Holders, on the one hand, and the holders of Senior Indebtedness of
Subsidiary Guarantors, on the other hand.

 

Section 1507.                          Relative Rights. 
This Article XV defines the relative rights of Holders and
holders of Senior Indebtedness of each Subsidiary Guarantor.  Nothing in this Indenture shall:

 

(i)                                     impair, as between a Subsidiary Guarantor and
Holders, the obligation of such Subsidiary Guarantor, which is absolute and
unconditional, to pay principal of and interest on the Notes in accordance with
their terms; or

 

(ii)                                  prevent the Trustee or any Holder from
exercising its available remedies upon a Default, subject to the rights of
holders of Senior Indebtedness of a Subsidiary Guarantor to receive
distributions otherwise payable to Holders.

 

Section 1508.                          Subordination May Not Be Impaired by
Subsidiary Guarantors.  No right of any holder of Senior
Indebtedness of a Subsidiary Guarantor to enforce the subordination of the
payments pursuant to its Subsidiary Guarantee shall be impaired by any act or
failure to act by such Subsidiary Guarantor or by its failure to comply with
this Indenture.

 

Section 1509.                          Rights of Trustee and Paying Agent.  A
Subsidiary Guarantor shall give prompt written notice to the Trustee of any
fact known to it that would prohibit the making of any payment to or by the
Trustee in respect of its Subsidiary Guarantee.  Failure to give such notice shall not affect the subordination of
the payments pursuant to its Subsidiary Guarantee to Senior Indebtedness of
such Subsidiary Guarantor.  Notwithstanding
Section 1503, the Trustee or Paying Agent may continue to make
payments pursuant to such Subsidiary Guarantee and shall not be charged with
knowledge of the existence of facts that would prohibit the making of any such
payments unless, not less than two Business Days prior to the date of such
payment, a Trust Officer of the Trustee receives notice satisfactory to it that
such payments may not be made under this Article XV.  The Company, a Subsidiary Guarantor, the
Note Registrar or co-registrar, the Paying Agent, a Representative or a holder
of Senior Indebtedness of a Subsidiary Guarantor may give the notice; provided, however,
that, if an issue of Senior Indebtedness of a Subsidiary Guarantor has a
Representative, only the Representative may give the notice.  The Trustee shall be entitled to rely on the
delivery to it of a written notice by a Person representing himself or itself
to be a holder of any Senior Indebtedness of a Subsidiary Guarantor (or a
Representative of such holder) to establish that such notice has been given by
a holder of such Senior Indebtedness or Representative thereof.

 

The
Trustee, in its individual or any other capacity, may hold Senior Indebtedness
of a Subsidiary Guarantor with the same rights it would have if it were not
Trustee.  The Note Registrar and
co-registrar and the Paying Agent may do the same with like rights.  The Trustee

 

112

 

shall
be entitled to all the rights set forth in this Article XV with
respect to any Senior Indebtedness of a Subsidiary Guarantor which may at any
time be held by it, to the same extent as any other holder of Senior
Indebtedness of such Subsidiary Guarantor; and nothing in Article VII
shall deprive the Trustee of any of its rights as such holder.  Nothing in this Article XV shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 707.

 

Section 1510.                          Distribution or Notice to Representative. 
Whenever a distribution is to be made or a notice given to holders of
Senior Indebtedness of a Subsidiary Guarantor, the distribution may be made and
the notice given to their Representative (if any).

 

Section 1511.                          Article XV Not to Prevent Events of
Default or Limit Right to Accelerate.  The failure to make a payment
pursuant to a Subsidiary Guarantee by reason of any provision in this Article XV
shall not be construed as preventing the occurrence of a Default.  Nothing in this Article XV shall
have any effect on the right of the Holders or the Trustee to accelerate the
maturity of the Notes or make a demand for payment on any Subsidiary Guarantor
pursuant to Article XIII or the relevant Subsidiary Guarantee.

 

Section 1512.                          Trust Moneys Not Subordinated. 
Notwithstanding anything contained herein to the contrary, payments from
money or the proceeds of U.S. Government Obligations held in trust under Article XII
by the Trustee for the payment of principal, premium, if any, or interest on
the Notes shall not be subordinated to the prior payment of any Senior
Indebtedness of any Subsidiary Guarantor or subject to the restrictions set
forth in this Article XV, and none of the Holders shall be
obligated to pay over any such amount to any Subsidiary Guarantor or any holder
of Senior Indebtedness of any Subsidiary Guarantor or any other creditor of any
Subsidiary Guarantor, so long as the deposit of money or U.S. Government
Obligations into such trust was made in accordance with the provisions of Article XII
and did not violate the provisions of this Article XV at the time
such deposit was made.

 

Section 1513.                          Trustee Entitled to Rely. 
Upon any payment or distribution pursuant to this Article XV,
the Trustee and the Holders shall be entitled to rely (i) upon any order or decree of a court of
competent jurisdiction in which any proceedings of the nature referred to in Section 1502
are pending, (ii) upon a
certificate of the liquidating trustee or agent or other Person making such
payment or distribution to the Trustee or to the Holders or (iii) upon the Representatives for the
holders of Senior Indebtedness of any Subsidiary Guarantor for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Indebtedness and other Indebtedness of
such Subsidiary Guarantor, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto or to
this Article XV.  In the
event that the Trustee determines, in good faith, that evidence is required
with respect to the right of any Person as a holder of such Senior Indebtedness
to participate in any payment or distribution pursuant to this Article XV,
the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and other facts pertinent to the rights of such
Person under this Article XV, and, if such evidence is not
furnished, the Trustee

 

113

 

may
defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment. 
The provisions of Sections 701 and 703 shall be applicable
to all actions or omissions of actions by the Trustee pursuant to this Article XV.

 

Section 1514.                          Trustee to Effectuate Subordination. 
Each Holder, by accepting a Note, authorizes and directs the Trustee on
such Holder’s behalf to take such action as may be necessary or appropriate to
acknowledge or effectuate the subordination between the Holders and the holders
of Senior Indebtedness of any Subsidiary Guarantor as provided in this Article XV
and appoints the Trustee as attorney-in-fact for any and all such purposes.

 

Section 1515.                          Trustee Not Fiduciary for Holders of Senior
Indebtedness.  The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness of any Subsidiary
Guarantor and shall not be liable to any such holders if it shall mistakenly
pay over or distribute to Holders or the Company or any other Person, money or
assets to which any holders of Senior Indebtedness shall be entitled by virtue
of this Article XV or otherwise. 
With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants or obligations
as are specifically set forth in this Article XV and no implied
covenants or obligations with respect to holders of Senior Indebtedness of any
Subsidiary Guarantor shall be read into this Indenture against the Trustee.

 

Section 1516.                          Reliance by Holders of Senior Indebtedness on
Subordination Provisions.  Each Holder, by accepting a Note,
acknowledges and agrees that the foregoing subordination provisions are, and
are intended to be, an inducement and a consideration to each holder of any
Senior Indebtedness of any Subsidiary Guarantor, whether such Senior
Indebtedness was created or acquired before or after the issuance of the Notes,
to acquire and continue to hold, or to continue to hold, such Senior
Indebtedness and such holder of such Senior Indebtedness shall be deemed
conclusively to have relied on such subordination provisions in acquiring and
continuing to hold, or in continuing to hold, such Senior Indebtedness.

 

Section 1517.                          Trustee’s Compensation Not Prejudiced. 
Nothing in this Article XV shall apply to amounts due to the
Trustee pursuant to other Sections of this Indenture.

 

114

 

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

 

	
   

  	
  CDRV
  ACQUISITION CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  GEORGE K. JAQUETTE

  	
   

  
	
   

  	
  Name: George K. Jaquette

  
	
   

  	
  Title: 
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, NATIONAL

  ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOSEPH P. O’DONNELL

  	
   

  
	
   

  	
  Name: 
  Joseph P. O’Donnell

  
	
   

  	
  Title: 
  Corporate Trust Officer, Assistant Vice

  President

  
					

 

115

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]