Document:

exv4w1

Exhibit 4.1

EXECUTION VERSION

 

THERMADYNE HOLDINGS CORPORATION

AND EACH OF THE GUARANTORS PARTY HERETO

9% SENIOR SECURED NOTES DUE 2017

 

INDENTURE

Dated as of December 3, 2010

 

U.S. BANK NATIONAL ASSOCIATION

Trustee and Collateral Trustee

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 
	Trust Indenture	 	 
	Act Section	 	Indenture Section
	310(a)(1)
	 	7.10
	(a)(2)
	 	7.10
	(a)(3)
	 	N.A.
	(a)(4)
	 	N.A.
	(a)(5)
	 	7.10
	(b)
	 	7.10
	(c)
	 	N.A.
	311(a)
	 	7.11
	(b)
	 	7.11
	(c)
	 	N.A.
	312(a)
	 	2.05
	(b)
	 	13.03
	(c)
	 	13.03
	313(a)
	 	7.06
	(b)(1)
	 	N.A.
	(b)(2)
	 	7.06; 7.07
	(c)
	 	7.06;13.02
	(d)
	 	7.06
	314(a)
	 	4.03;12.02; 13.05
	(b)
	 	N.A.
	(c)(1)
	 	N.A.
	(c)(2)
	 	N.A.
	(c)(3)
	 	N.A.
	(d)
	 	N.A.
	(e)
	 	13.05
	(f)
	 	N.A.
	315(a)
	 	7.01
	(b)
	 	12.02
	(c)
	 	N.A.
	(d)
	 	N.A.
	(e)
	 	N.A.
	316(a) (last sentence)
	 	N.A.
	(a)(1)(A)
	 	N.A.
	(a)(1)(B)
	 	N.A.
	(a)(2)
	 	N.A.
	(b)
	 	N.A.
	(c)
	 	N.A.
	317(a)(1)
	 	N.A.
	(a)(2)
	 	N.A.
	(b)
	 	N.A.
	318(a)
	 	N.A.
	(b)
	 	N.A.
	(c)
	 	13.01

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1
DEFINITIONS AND INCORPORATION 
BY REFERENCE
	 
	Section 1.01 
	Definitions	 	1	 
	Section 1.02 
	Incorporation by Reference of Trust Indenture Act	 	35	 
	Section 1.03 
	Rules of Construction	 	35	 
	 
	ARTICLE 2
THE NOTES
	 
	Section 2.01 
	Form and Dating	 	36	 
	Section 2.02 
	Execution and Authentication	 	37	 
	Section 2.03 
	Registrar and Paying Agent	 	38	 
	Section 2.04 
	Paying Agent to Hold Money in Trust	 	38	 
	Section 2.05 
	Holder Lists	 	39	 
	Section 2.06 
	Transfer and Exchange	 	39	 
	Section 2.07
	Replacement Notes	 	51	 
	Section 2.08 
	Outstanding Notes	 	52	 
	Section 2.09 
	Treasury Notes	 	52	 
	Section 2.10 
	Temporary Notes	 	52	 
	Section 2.11 
	Cancellation	 	53	 
	Section 2.12 
	Defaulted Interest	 	53	 
	Section 2.13 
	Additional Interest	 	53	 
	Section 2.14 
	Issuance of Additional Notes	 	53	 
	Section 2.15 
	Record Date	 	54	 
	 
	ARTICLE 3
REDEMPTION AND PREPAYMENT
	 
	Section 3.01 
	Notices to Trustee	 	54	 
	Section 3.02 
	Selection of Notes to Be Redeemed	 	54	 
	Section 3.03 
	Notice of Redemption	 	55	 
	Section 3.04 
	Effect of Notice of Redemption	 	55	 
	Section 3.05 
	Deposit of Redemption or Purchase Price	 	56	 
	Section 3.06 
	Notes Redeemed or Purchased in Part	 	56	 
	Section 3.07 
	Optional Redemption	 	56	 
	Section 3.08 
	Mandatory Redemption	 	57	 
	Section 3.09 
	Offer to Purchase by Application of Asset Sale Proceeds	 	57	 
	 
	ARTICLE 4
COVENANTS
	 
	Section 4.01 
	Payment of Notes	 	59	 
	Section 4.02 
	Maintenance of Office or Agency	 	59	 
	Section 4.03 
	Reports	 	60	 
	Section 4.04 
	Compliance Certificate	 	61	 
	Section 4.05 
	Taxes	 	62	 
	Section 4.06 
	Stay, Extension and Usury Laws	 	62	 
	Section 4.07 
	Limitation on Restricted Payments	 	62	 
	Section 4.08
	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	 	69	 

 

 

	 	 	 	 	 
	 	 	Page	 
	 
	Section 4.09 
	Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	 	70	 
	Section 4.10 
	Asset Sales	 	76	 
	Section 4.11 
	Transactions with Affiliates	 	78	 
	Section 4.12 
	Liens	 	80	 
	Section 4.13 
	Conduct of Business	 	81	 
	Section 4.14 
	Corporate Existence	 	81	 
	Section 4.15 
	Offer to Repurchase Upon Change of Control	 	81	 
	Section 4.16 
	Guarantees	 	83	 
	Section 4.17 
	After-Acquired Property	 	84	 
	Section 4.18 
	Further Assurances; Insurance	 	85	 
	 
	ARTICLE 5
SUCCESSORS
	 
	Section 5.01 
	Merger, Consolidation or Sale of All or Substantially All Assets	 	86	 
	Section 5.02 
	Successor Corporation Substituted	 	89	 
	 
	ARTICLE 6
DEFAULTS AND REMEDIES
	 
	Section 6.01 
	Events of Default	 	90	 
	Section 6.02 
	Acceleration	 	92	 
	Section 6.03 
	Other Remedies	 	93	 
	Section 6.04 
	Waiver of Past Defaults	 	93	 
	Section 6.05 
	Control by Majority	 	93	 
	Section 6.06 
	Limitation on Suits	 	94	 
	Section 6.07 
	Rights of Holders of Notes to Receive Payment	 	94	 
	Section 6.08 
	Collection Suit by Trustee	 	94	 
	Section 6.09 
	Trustee May File Proofs of Claim	 	95	 
	Section 6.10 
	Priorities	 	95	 
	Section 6.11 
	Undertaking for Costs	 	95	 
	 
	ARTICLE 7
TRUSTEE
	 
	Section 7.01 
	Duties of Trustee	 	96	 
	Section 7.02 
	Rights of Trustee	 	97	 
	Section 7.03 
	Individual Rights of Trustee	 	98	 
	Section 7.04 
	Trustee’s Disclaimer	 	98	 
	Section 7.05 
	Notice of Defaults	 	98	 
	Section 7.06 
	Reports by Trustee to Holders of the Notes	 	98	 
	Section 7.07 
	Compensation and Indemnity	 	98	 
	Section 7.08 
	Replacement of Trustee	 	99	 
	Section 7.09 
	Successor Trustee by Merger, etc.	 	100	 
	Section 7.10 
	Eligibility; Disqualification	 	100	 
	Section 7.11 
	Preferential Collection of Claims Against Company	 	101	 
	Section 7.12 
	Collateral Trust Agreement	 	101	 
	Section 7.13 
	Limitation on Duty of Trustee in Respect of Collateral	 	101	 
	 
	ARTICLE 8
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 8.01 
	Option to Effect Legal Defeasance or Covenant Defeasance	 	101	 
	Section 8.02 
	Legal Defeasance and Discharge	 	101	 
	Section 8.03 
	Covenant Defeasance	 	102	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	 
	Section 8.04 
	Conditions to Legal or Covenant Defeasance	 	102	 
	Section 8.05 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	 	104	 
	Section 8.06 
	Repayment to Company	 	104	 
	Section 8.07 
	Reinstatement	 	105	 
	 
	ARTICLE 9
AMENDMENT, SUPPLEMENT AND WAIVER
	 
	Section 9.01 
	Without Consent of Holders of Notes	 	105	 
	Section 9.02 
	With Consent of Holders of Notes	 	106	 
	Section 9.03 
	Compliance with Trust Indenture Act 	 	107	 
	Section 9.04 
	Revocation and Effect of Consents	 	108	 
	Section 9.05 
	Notation on or Exchange of Notes 	 	108	 
	Section 9.06 
	Trustee to Sign Amendments, etc.	 	108	 
	 
	ARTICLE 10
COLLATERAL AND SECURITY
	 
	Section 10.01 
	Security Documents	 	108	 
	Section 10.02 
	Equal and Ratable Sharing of Collateral by Holders of Permitted Fixed Asset Debt	 	109	 
	Section 10.03 
	Relative Rights	 	110	 
	Section 10.04 
	Suits To Protect the Collateral	 	110	 
	Section 10.05 	Authorization of Receipt of Funds by the Trustee Under the Security Documents	 	 111	 
	Section 10.06 
	Purchaser Protected	 	111	 
	Section 10.07 
	Powers Exercisable by Receiver or Trustee	 	111	 
	Section 10.08
	Collateral Trustee	 	111	 
	 
	ARTICLE 11
GUARANTEES
	 
	Section 11.01 
	Guarantee	 	114	 
	Section 11.02 
	Limitation on Guarantor Liability	 	115	 
	Section 11.03 
	Execution and Delivery of Guarantee	 	115	 
	 
	ARTICLE 12
SATISFACTION AND DISCHARGE
	 
	Section 12.01 
	Satisfaction and Discharge	 	115	 
	Section 12.02 
	Application of Trust Money	 	116	 
	 
	ARTICLE 13
MISCELLANEOUS
	 
	Section 13.01
	 Trust Indenture Act Controls	 	117	 
	Section 13.02 
	Notices	 	117	 
	Section 13.03 
	Communication by Holders of Notes with Other Holders of Notes	 	118	 
	Section 13.04
	 Certificate and Opinion as to Conditions Precedent	 	118	 
	Section 13.05
	 Statements Required in Certificate or Opinion	 	119	 
	Section 13.06 
	Rules by Trustee and Agents	 	119	 
	Section 13.07 
	No Personal Liability of Directors, Officers, Employees and Stockholders	 	119	 
	Section 13.08 
	Governing Law; Waiver of Jury Trial	 	119	 
	Section 13.09 
	No Adverse Interpretation of Other Agreements	 	120	 
	Section 13.10 
	Successors	 	120	 
	Section 13.11 
	Severability	 	120	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	 
	Section 13.12 
	Counterpart Originals	 	120	 
	Section 13.13 
	Table of Contents, Headings, etc.	 	120	 

EXHIBITS

	 	 	 

	Exhibit A

	 	FORM OF NOTE
	Exhibit B

	 	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C

	 	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D

	 	FORM OF SUPPLEMENTAL INDENTURE
	Exhibit E

	 	FORM OF CERTIFICATE FROM ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR

iv

 

     INDENTURE dated as of December 3, 2010 among THERMADYNE HOLDINGS CORPORATION, a Delaware
corporation (the “Company”), the Guarantors (as defined herein) listed on the signature pages
hereto, and U.S. Bank National Association, as trustee and as collateral trustee.

     The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and
for the equal and ratable benefit of the Holders (as defined herein) of the 9% Senior Secured Notes
due 2017 (the “Notes”):

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01 Definitions.

     “144A Global Note” means a Global Note substantially in the form of Exhibit A-1 hereto bearing
the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and
registered in the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

     “ABL Agent” means General Electric Capital Corporation and any successor thereof in such
capacity under the ABL Credit Facility, or if there is no ABL Credit Facility, the “ABL Agent”
designated pursuant to the terms of the Permitted ABL Debt.

     “ABL Collateral” means substantially all accounts receivable and other rights to payment (in
each case, other than to the extent relating to the sale or other disposition of Fixed Assets
Collateral), inventory, all documents related to inventory, instruments (except to the extent
relating to the sale or other disposition of Fixed Assets Collateral) and general intangibles
(excluding intellectual property) relating to accounts receivable and inventory, deposit accounts,
cash and cash equivalents, other bank accounts, securities accounts, and, in each case, the
proceeds thereof, of the Company and the guarantors thereunder.

     “ABL Collateral Documents” means, collectively, the security agreements, pledge agreements,
mortgages, collateral assignments, deeds of trust and all other pledges, agreements, financing
statements, patent, trademark or copyright filings, mortgages or other filings or documents that
create or purport to create a Lien on the Collateral in favor of the ABL Agent (for the benefit of
holders of Permitted ABL Obligations) and the Intercreditor Agreement, in each case, as they may be
amended from time to time, and any instruments of assignment, control agreements, lockbox letters
or other instruments or agreements executed pursuant to the foregoing.

     “ABL Credit Facility” means that certain loan agreement, to be dated as of the date of this
Indenture, by and among the Company, the credit parties thereto, General Electric Capital
Corporation, as agent and the other agents and lenders party thereto from time to time, and any
related Notes, guarantees, collateral documents, instruments and agreements executed in connection
therewith, and in each case, as amended, restated, restructured, increased, supplemented,
refinanced or replaced in whole or in part from time to time, regardless of whether such amendment,
restatement, adjustment, waiver, modification, renewal, refunding, replacement, restructuring,
increase, supplement or refinancing is with the same financial institutions (whether as agents or
lenders) or otherwise.

     “Acquired Indebtedness” means, with respect to any specified Person,

1

 

     (1) Indebtedness or Disqualified Stock of any other Person existing at the time such
other Person is merged with or into or became a Restricted Subsidiary of such specified
Person, including, without limitation, Indebtedness or Disqualified Stock incurred in
connection with, or in contemplation of, such other Person merging with or into or
becoming a Restricted Subsidiary of such specified Person; and

     (2) Indebtedness secured by a Lien encumbering any asset acquired
by such specified Person.

     “Acquisition” means the consummation of the transactions contemplated by the Agreement and
Plan of Merger, dated as of October 5, 2010, by and among Thermadyne Holdings Corporation, Razor
Merger Sub Inc. and Razor Holdco Inc.

     “Additional Interest” means all additional interest then owing pursuant to the Registration
Rights Agreement.

     “Additional Notes” means additional Notes (other than the Initial Notes) issued from time to
time under this Indenture in accordance with Sections 2.02, 4.09 and 4.12 hereof, as part of the
same series as the Initial Notes.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise.

     “After-Acquired Property” means any and all assets or property (other than Excluded Assets)
acquired after the Issue Date, including any property or assets acquired by the Company or a
Guarantor from another Guarantor, which in each case constitutes Collateral.

	 	 	“Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent.

     “Applicable Premium” means, with respect to a Note on any Redemption Date, the excess, if any,
of:

     (1) the present value at such Redemption Date of (i) the redemption price of such
Note at December 15, 2013 (such redemption price being set forth in the table in Section
3.07(d) hereof), plus (ii) all remaining required interest payments due on such Note
through December 15, 2013 (excluding accrued but unpaid interest to the Redemption Date),
computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus
50 basis points; over

     (2) the principal amount of such Note.

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

     “Asset Sale” means:

2

 

     (1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a
series of related transactions, of property or assets (including by way of a sale and leaseback) of
the Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”),
or

     (2) the issuance or sale of Equity Interests of any Restricted Subsidiary (other than
directors’ qualifying shares or shares required by applicable law to be held by a Person other
than the Company or a Restricted Subsidiary), whether in a single transaction or a series of
related transactions (other than preferred stock of Restricted Subsidiaries issued in
compliance with Section 4.09 hereof) in each case, other than:

     (a) a disposition of Cash Equivalents or obsolete, damaged or worn out property or
equipment;

     (b) the sale or lease of inventory in the ordinary course of business;

     (c) the disposition of all or substantially all of the assets of the Company and the
Restricted Subsidiaries in a manner permitted pursuant to Section 5.01 hereof or any
disposition that constitutes a Change of Control pursuant to this Indenture;

     (d) the making of any Restricted Payment or Permitted Investment that is permitted to
be made, and is made, under Section 4.07 hereof or the granting of a Lien permitted by
Section 4.12 hereof;

     (e) any disposition of assets or issuance or sale of Equity Interests of any
Restricted Subsidiary in any transaction or series of related transactions with an
aggregate fair market value of less than $1.0 million;

     (f) any disposition of property or assets or issuance of securities by a Restricted
Subsidiary to the Company or another Restricted Subsidiary or by the Company to a
Restricted Subsidiary;

     (g) to the extent allowable under Section 1031 of the Internal Revenue Code of 1986,
any exchange of like property (excluding any boot thereon) for use in a Similar Business;

     (h) the lease, assignment or sublease of any real or personal property in the
ordinary course of business;

     (i) licenses or sub-licenses of intellectual property in the ordinary course of
business;

     (j) foreclosures on assets, involuntary asset transfers or transfers by reason of
eminent domain;

     (k) any financing transaction with respect to property built or acquired by the
Company or any Restricted Subsidiary after the Issue Date, including, without limitation,
sale leasebacks and asset securitizations permitted by this Indenture;

3

 

     (l) any issuance or sale of Equity Interests in, or Indebtedness or other
securities of, an Unrestricted Subsidiary, including in connection with any merger or
consolidation;

     (m) dispositions of accounts receivable in connection with the compromise,
settlement or collection thereof in the ordinary course of business or in bankruptcy
or similar proceedings; and

     (n) any surrender or waiver of contract rights or the
settlement, release or surrender of contract rights or other litigation
claims in the ordinary course of business.

     “Bank Products” means any facilities or services related to cash management, including
treasury, depository, overdraft, credit or debit card, purchase card, electronic funds transfer and
other cash management arrangements.

	 	 	“Bankruptcy Code” means Title 11 of the United States Code.

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

	 	 	“Board of Directors” means:

     (1) with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board;

     (2) with respect to a partnership, the Board of Directors of the general partner of
the partnership;

     (3) with respect to a limited liability company, the managing member or members or
any controlling committee of managing members thereof; and

     (4) with respect to any other Person, the board or committee of
such Person serving a similar function.

     “Borrowing Base” means, as of any date, an amount equal to the sum of (1) 60% of the Company’s
and its Restricted Subsidiaries’ aggregate book value of all accounts receivable and (2) 25% of the
Company’s and its Restricted Subsidiaries’ aggregate book value of all inventory, in each case,
calculated on a consolidated basis and in accordance with GAAP based on the most recent internal
month-end financial statements available to the Company; provided that, prior to November 30, 2011,
the Borrowing Base shall not exceed $60.0 million.

     “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement.

     “Business Day” means any day other than a Legal Holiday.

     “Capital Stock” means:

     (1) in the case of a corporation, corporate stock;

     (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock;

4

 

     (3) in the case of a partnership or limited liability company, partnership or
membership interests (whether general or limited); and

     (4) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person.

     “Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the
amount of the liability in respect of a capital lease that would at such time be required to be
capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in
accordance with GAAP.

     “Cash Equivalents” means:

     (1) United States dollars;

     (2) (a) pounds sterling, euros or any national currency of any participating member
state of the EMU; or (b) in the case of the Company or any Restricted Subsidiary, such
local currencies held by them from time to time in the ordinary course of business;

     (3) securities or obligations issued or directly and fully and unconditionally
guaranteed or insured by the U.S. government or any agency or instrumentality thereof;

     (4) certificates of deposit, money market, time deposits and eurodollar time deposits
with maturities of one year or less from the date of acquisition, bankers’ acceptances
with maturities not exceeding one year and overnight bank deposits, in each case with any
domestic or foreign commercial bank having capital and surplus of not less than $50.0
million in the case of U.S. banks (or the U.S. dollar equivalent as of the date of
determination);

     (5) repurchase obligations for underlying securities of the types described in
clauses (3), (4) and (8) entered into with any financial institution meeting the
qualifications specified in clause (4) above;

     (6) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each
case maturing within 12 months after the date of creation thereof;

     (7) marketable short-term money market and similar securities having a rating of at
least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating
Agency) and in each case maturing within 24 months after the date of creation or
acquisition thereof;

     (8) readily marketable direct obligations issued by any state, commonwealth or
territory of the United States or any political subdivision or taxing authority thereof
having an Investment Grade Rating from either Moody’s or S&P;

     (9) Indebtedness or Preferred Stock issued by Persons with a rating of “A” or higher
from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date
of acquisition;

     (10) readily marketable direct obligations issued by any foreign government or any
political subdivision or public instrumentality thereof, in each case having an Investment
Grade Rating from Moody’s or S&P with maturities of 24 months or less from the date of
acquisition;

5

 

     (11) Investments with average maturities of 12 months or less from the date of
acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P
or Aaa3 (or the equivalent thereof) or better by Moody’s;

     (12) investments funds investing at least 90% of their assets in securities of the
types described in clauses (1) through (11) above; and

     (13) instruments equivalent to those referred to in clauses (3) to (12) above
denominated in euro or pounds sterling or any other foreign currency comparable in credit
quality and tenor to those referred to above and customarily used by corporations for cash
management purposes in any jurisdiction outside the United States to the extent reasonably
required in connection with any business conducted by any Restricted Subsidiary organized
in such jurisdiction.

“Change of Control” means the occurrence of either of the following:

     (1) the sale, lease, transfer or other disposition, in one or a series of related
transactions, of all or substantially all of the assets of the Company and its
Subsidiaries, taken as a whole, to any Person other than a Permitted Holder;

     (2) the Company becomes aware of (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the
acquisition by any “person” or “group” (as such terms are used in Section 13(d) or 14(d)
of the Exchange Act or any successor provision), including any group acting for the
purpose of acquiring, holding or disposing of securities (within the meaning of Rule
13d-5(b)(1) under the Exchange Act), other than a Permitted Holder, in a single
transaction or in a related series of transactions, by way of merger, consolidation or
other business combination or purchase of beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act, or any successor provision), of 50% or more of the total
voting power of the Voting Stock of the Company;

     (3) the adoption of a plan relating to the liquidation or dissolution of the Company;
or

     (4) the first day on which a majority of the members of the Board of Directors of the
Company are not Continuing Directors.

     “Clearstream” means Clearstream Banking, S.A and any successor thereto.

     “Collateral” means the ABL Collateral and the Fixed Assets Collateral.

     “Collateral Trust Agreement” means that certain collateral trust agreement to be dated the
date of this Indenture, by and among the Company, the Guarantors, the Collateral Trustee and the
Trustee.

     “Company” has the meaning set forth in the recitals hereto until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall
mean such successor Person.

     “Consolidated Adjusted EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person and its Restricted Subsidiaries for such period:

6

 

          (1) increased (without duplication) by:

          (a) provision for taxes based on income or profits or capital gains, plus franchise
or similar taxes, of such Person for such period deducted (and not added back) in
computing Consolidated Net Income; plus

          (b) Consolidated Interest Expense of such Person for such period to the extent the
same was deducted (and not added back) in calculating such Consolidated Net Income; plus

          (c) Consolidated Depreciation and Amortization Expense of such Person for such
period to the extent such depreciation and amortization were deducted (and not added
back) in computing Consolidated Net Income; plus

          (d) any transaction costs, fees, expenses or charges related to any Equity Offering,
Permitted Investment, acquisition, disposition, recapitalization or the incurrence of
Indebtedness permitted to be incurred under this Indenture (whether or not successful),
including such fees, expenses or charges related to the offering of the Notes and the ABL
Credit Facility, and, in each case, deducted (and not added back) in computing
Consolidated Net Income; plus

          (e) the amount of management, monitoring, consulting and advisory fees (including
termination fees) and related indemnities and expenses paid or accrued in such period
under the Management Services Agreement to the extent otherwise permitted under Section
4.11 hereof and deducted (and not added back) in such period in computing Consolidated
Net Income; plus

          (f) any costs or expense incurred by the Company or a Restricted Subsidiary pursuant
to any management equity plan or stock option plan or any other management or employee
benefit plan or agreement or any stock subscription or shareholder agreement, to the
extent that such cost or expenses are funded with cash proceeds contributed to the
capital of the Company or net cash proceeds of an issuance of Equity Interests of the
Company (other than Disqualified Stock) solely to the extent that such net cash proceeds
are excluded from the calculation set forth in Section 4.07(a)(C) hereof; plus

          (g) the amount of cost savings projected by the Company in good faith by a
responsible financial or accounting officer of the Company to be realized as a result of
specified actions taken (calculated on a pro forma basis as though such cost savings had
been realized on the first day of such period), net of the amount of actual benefits
realized during such period from such actions; provided that (x) such cost savings are
reasonably identifiable and factually supportable, (y) such actions have been initiated
and (z) such cost savings do not exceed $5.0 million for any four-quarter period; plus

          (h) any other non-cash charges, expenses or losses reducing Consolidated Net Income
for such period (including any impairment charges or the impact of purchase accounting),
excluding any such charge that represents an accrual or reserve for a cash expenditure
for a future period; plus

          (i) any proceeds from business interruption, casualty or liability insurance
received by such Person during such period, to the extent associated losses arising out
of

7

 

the event that resulted in the payment of such business interruption insurance
proceeds were included in computing Consolidated Net Income; plus

          (j) the amount of any non-recurring or unusual gains or losses, costs or charges
(including, but not limited to, any non-recurring or unusual legal fees, litigation
costs or settlements, fines or penalties), any business optimization expenses and any
restructuring charges or expenses deducted (and not added back) in such period in
computing Consolidated Net Income, including, without limitation, one-time severance,
plant closures and modifications, relocation, transition, non-recurring retention
payments and other restructuring costs, costs or expenses after the Issue Date
related to employment of terminated employees, costs or expenses realized in
connection with, resulting from, or in anticipation of, the Acquisition, costs
incurred in connection with acquisitions after the Issue Date and curtailments or
modifications to pension and postretirement restructuring expenses; plus

          (k) the amount of any non-controlling interest expense consisting of Subsidiary
income attributable to non-controlling interests of third parties in any
non-Wholly-Owned Subsidiary deducted (and not added back) in computing Consolidated
Net Income (less the amount of any cash dividends paid to the holders of such
minority interests),

     (2) increased or decreased by (without duplication) any net loss or gain resulting in
such period from Permitted Hedging Obligations (including pursuant to the application of
ASC No. 815—“Derivatives and Hedging Overview”); and

     (3) decreased by (without duplication), non-cash items increasing Consolidated Net
Income of such Person for such period, excluding any items which represent the reversal of
any accrual of, or cash reserve for, anticipated cash charges in any prior period.

     “Consolidated Depreciation and Amortization Expense” means with respect to any Person for any
period, the total amount of depreciation and amortization expense, including the amortization of
deferred financing fees, of such Person and its Restricted Subsidiaries for such period on a
consolidated basis and otherwise determined in accordance with GAAP.

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

     (1) consolidated interest expense of such Person and its Restricted Subsidiaries for
such period, to the extent such expense was deducted (and not added back) in computing
Consolidated Net Income (including (i) amortization of original issue discount resulting
from the issuance of Indebtedness at less than par, (ii) non-cash interest payments (but
excluding any non-cash interest expense attributable to the movement in the mark to market
valuation of Permitted Hedging Obligations or other derivative instruments pursuant to ASC
No. 815—“Derivatives and Hedging Overview”), (iii) the interest component of Capitalized
Lease Obligations and (iv) net payments, if any, without duplication, pursuant to interest
rate Permitted Hedging Obligations, and excluding (A) any Additional Interest, (B)
amortization of deferred financing fees and (C) any expensing of bridge or other financing
fees); plus

     (2) consolidated capitalized interest of such Person and its Restricted Subsidiaries
for such period, whether paid or accrued; plus

8

 

     (3) any interest on Indebtedness of another Person that is guaranteed by such Person
or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one
of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus

     (4) the product of (i) all dividends, whether paid or accrued and whether or not in
cash, on any series of Disqualified Stock or Designated Preferred Stock of such Person or
any of its Restricted Subsidiaries, other than dividends on Equity Interests payable
solely in Equity Interests of the Company (other than Disqualified Stock) or to the
Company or a Restricted Subsidiary of the Company, times (ii) a fraction, the numerator of
which is one and the denominator of which is one minus the then current combined federal,
state and local statutory tax rate of such Person, expressed as a decimal; minus

     (5) consolidated interest income of such Person and its Restricted Subsidiaries for
such period.

     “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of
the Net Income, of such Person and its Restricted Subsidiaries for such period, on a consolidated
basis, and otherwise determined in accordance with GAAP; provided, however, that, without
duplication:

     (1) any after-tax effect of extraordinary gains or losses or any non-cash
non-recurring or unusual gains or losses, costs, charges or expenses, any non-cash
business optimization expenses and any non-cash restructuring charges or expenses
(excluding any such non-cash charge or expense to the extent that it represents an accrual
of or reserve for cash charges or expenses in any future period or amortization of a
prepaid cash charge or expense that was paid in a prior period) including, but not limited
to, any non-cash non-recurring or unusual legal fees, litigation costs or settlements,
fines or penalties, shall be excluded, including, without limitation, non-cash severance,
plant closures and modifications, relocation, transition and other restructuring costs,
costs or expenses after the Issue Date related to employment of terminated employees,
non-cash costs or expenses realized in connection with, resulting from, or in anticipation
of, the Acquisition, non-cash costs incurred in connection with acquisitions after the
Issue Date and curtailments or modifications to pension and postretirement restructuring
expenses;

     (2) the Net Income for such period shall not include the cumulative effect of a
change in accounting principles during such period;

     (3) any net after-tax effect of income (loss) from disposed, abandoned, transferred,
closed or discontinued operations and any net after-tax gains or losses on
disposed, abandoned, transferred, closed or discontinued operations shall be
excluded;

     (4) any net after-tax effect of gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions other than in the ordinary course of business,
as determined in good faith by the Board of Directors of the Company, shall be excluded;

     (5) the Net Income for such period of any Person that is not a Subsidiary, or is an
Unrestricted Subsidiary, or that is accounted for by the equity method of accounting,
shall be excluded; provided that Consolidated Net Income of such Person shall be increased
by the amount of dividends or distributions or other payments that are actually paid in
cash (or to the extent converted into cash) to the referent Person or a Restricted
Subsidiary thereof in respect of such period;

9

 

     (6) solely for the purpose of determining the amount available for Restricted
Payments under Section 4.07(a)(C)(1) hereof, the Net Income for such period of any
Restricted Subsidiary (other than any Guarantor) shall be excluded if the declaration or
payment of dividends or similar distributions by that Restricted Subsidiary of its Net
Income is not at the date of determination wholly permitted without any prior governmental
approval (which has not been obtained) or, directly or indirectly, by the operation of the
terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule,
or governmental regulation applicable to that Restricted Subsidiary or its stockholders,
unless such restriction with respect to the payment of dividends or in similar
distributions has been legally waived; provided that Consolidated Net Income of such
Person will be increased by the amount of dividends or other distributions or other
payments actually paid in cash (or to the extent converted into cash) to such Person or a
Restricted Subsidiary thereof in respect of such period, to the extent not already
included therein;

     (7) the effects of adjustments (including the effects of such adjustments pushed down
to such Person and the Restricted Subsidiaries) in any line item of such Person’s
consolidated financial statements pursuant to GAAP resulting from the application of
purchase accounting in relation to any consummated acquisition, net of taxes, shall be
excluded;

     (8) any net after-tax income (loss) from the early extinguishment of Indebtedness or
Permitted Hedging Obligations or other derivative instruments shall be excluded;

     (9) any impairment charge or asset write-off or write-down pursuant to ASC No.
350—“Intangible Assets” and No. 360—“Impairments” and the amortization of intangibles
arising pursuant to ASC No. 805 (excluding any such impairment charge to the extent that
it represents an accrual of or reserve for cash expenditures in any future period except
to the extent such item is subsequently reversed) shall be excluded;

     (10) any non-cash compensation charge or expense recorded from grants of stock
appreciation or similar rights, stock options, restricted stock or other rights to
officers, directors or employees shall be excluded;

     (11) accruals and reserves that are established or adjusted within twelve months
after the Issue Date that are so required to be established or adjusted as a result of the
Acquisition in accordance with GAAP or changes as a result of adoption or modification of
accounting policies shall be excluded;

     (12) any net loss or gain resulting in such period from currency translation gains or
losses related to currency re-measurements of Indebtedness (including any net loss or gain
resulting from Permitted Hedging Obligations for currency exchange risk) shall be
excluded;

     (13) (a) the non-cash portion of “straight-line” rent expense shall be excluded and
(b) the cash portion of “straight- line” rent expense which exceeds the amount expensed in
respect of such rent expense shall be included; and

     (14) non-cash gains and losses attributable to movement in the mark-to-market
valuation of Permitted Hedging Obligations pursuant to Financial Accounting Standards
Board Statement No. 133.

Notwithstanding the foregoing, for the purpose of Section 4.07 hereof only (other than Section
4.07(a)(C)(4) hereof), there shall be excluded from Consolidated Net Income any income arising from

10

 

any sale or other disposition of Restricted Investments made by the Company and the Restricted
Subsidiaries, any repurchases and redemptions of Restricted Investments from the Company and the
Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted
Investments by the Company or any Restricted Subsidiary, any sale of the stock of an Unrestricted
Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to
the extent such amounts increase the amount of Restricted Payments permitted under such covenant
pursuant to clause (c) (4) of the first paragraph thereof.

     “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness
(“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, including, without limitation, any obligation of such Person, whether or not
contingent,

     (1) to purchase any such primary obligation or any property constituting direct or
indirect security therefor, or

     (2) to advance or supply funds:

     (a) for the purchase or payment of any such primary obligation, or

     (b) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, or

     (c) to purchase property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation against loss in respect thereof.

     “continuing” means, with respect to any Default or Event of Default, that such Default or
Event of Default has not been cured or waived.

     “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors of the Company who:

     (1) was a member of such Board of Directors on the date of this Indenture; or

     (2) was nominated for election or elected to such Board of Directors with the
approval of a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination or election.

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

     “Credit Facilities” means, with respect to the Company or any of its Restricted Subsidiaries,
one or more debt facilities, including but not limited to the ABL Credit Facility, or other
financing arrangements (including, without limitation, commercial paper facilities or indentures)
providing for revolving credit loans, term loans, letters of credit or other long-term
Indebtedness, including any notes, mortgages, guarantees, security documents, instruments and
agreements executed in connection therewith, and any amendments, supplements, modifications,
extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or
commercial paper facilities that replace, refund or refinance any part of the loans, notes, other
credit facilities or commitments thereunder, including any such replacement, refunding or
refinancing facility or indenture that increases the amount

11

 

permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in
borrowings is permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional
borrowers or guarantors thereunder and whether by the same or any other agent, lender or investor
or group of lenders or investors.

     “Custodian” means the Trustee, as custodian for DTC with respect to the Notes in global form,
or any successor entity thereto.

     “Default” means any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default provided that any Default that results solely from the taking of any
action that would have been permitted but for the continuation of a previous Default will be deemed
to be cured if such previous Default is cured prior to becoming an Event of Default.

     “Definitive Note” means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Sections 2.06 or 2.10 hereof, substantially in the form of Exhibit A-1
hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.

     “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and
any and all successors thereto appointed as depositary hereunder and having become such pursuant to
the applicable provision of this Indenture.

     “Designated Noncash Consideration” means the fair market value of noncash consideration
received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so
designated as Designated Noncash Consideration pursuant to an Officer’s Certificate executed by a
financial officer of the Company, setting forth the basis of such valuation, less the amount of
cash or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash
Consideration.

     “Designated Preferred Stock” means preferred stock of the Company or any direct or indirect
parent thereof or a Restricted Subsidiary (in each case other than Disqualified Stock) that is
issued for cash (other than to a Restricted Subsidiary) and is so designated as Designated
Preferred Stock, pursuant to an Officer’s Certificate executed by a financial officer of the
Company or the applicable parent thereof, as the case may be, on the issuance date thereof, the
cash proceeds of which are excluded from the calculation set forth in Section 4.07(a)(C) hereof.

     “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person
which, by its terms, or by the terms of any security into which it is convertible or for which it
is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable, other than as a result of a change of control or asset sale, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a
result of a change of control or asset sale, in whole or in part, in each case prior to the date 91
days after the earlier of the maturity date of the Notes or the date the Notes are no longer
outstanding; provided, however, that only the portion of Capital Stock that so matures or is
mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the
holder thereof prior to such date will be deemed to be Disqualified Stock; and, provided further,
that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its
Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the
Company or any of its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations; provided, further, that any Capital Stock held by any future, current or former
employee, director, manager or consultant (or their respective trusts, estates, investment funds,
investment vehicles or immediate family members) of the Company, any of its

12

 

Subsidiaries or any direct or indirect parent entity of the Company in each case upon the
termination of employment or death of such person pursuant to any stockholders’ agreement,
management equity plan, stock option plan or any other management or employee benefit plan or
agreement shall not constitute Disqualified Stock solely because it may be required to be
repurchased by the Company or its Subsidiaries.

     “Domestic Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such
Person other than a Foreign Subsidiary.

     “EMU” means the economic and monetary union as contemplated in the Treaty on European Union.

     “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock, but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock.

     “Equity Offering” means any public or private sale of common or preferred equity (excluding
Disqualified Stock) of the Company or, to the extent the net proceeds therefrom are contributed to
the Company in the form of common equity capital, any of its direct or indirect parent companies,
other than (a) public offerings with respect to the Company’s or any direct or indirect parent
company’s common stock registered on Form S-4 or Form S-8, and (b) any sales to the Company or any
of its Subsidiaries, and (c) any such public or private sale that constitutes an Excluded
Contribution or representing Designated Preferred Stock.

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

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

     “Exchange Notes” means any Notes issued in exchange for Notes pursuant to the Registration
Rights Agreement or similar agreement.

     “Exchange Offer” has the meaning set forth in the Registration Rights Agreement.

     “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights
Agreement.

     “Excluded Assets” has the meaning set forth under the caption “—Security for the
Notes—Excluded Assets.”

     “Excluded Contribution” means net cash proceeds, marketable securities or Qualified Proceeds
received by the Company after the Issue Date from:

     (1) contributions to the Company’s common equity capital, and

     (2) the sale (other than to the Company or a Subsidiary of the Company or to any
management equity plan or stock option plan or any other management or employee benefit
plan or agreement of the Company or a Subsidiary of the Company) of Capital Stock (other
than Disqualified Stock and Designated Preferred Stock) of the
Company or, to the extent the net proceeds therefrom are contributed to the Company
in the form of common equity capital, any direct or indirect parent of the Company,

13

 

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate, which are
excluded from the calculation set forth in Section 4.07(a)(C) hereof.

     “Existing Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries
existing on the Issue Date.

     “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 of the Company (unless
otherwise provided in this Indenture), whose determination will be conclusive.

     “FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as
amended.

     “Fixed Assets Collateral” means substantially all (a) machinery, equipment, furniture,
fixtures, intellectual property, owned real property, general intangibles (except those
constituting ABL Collateral and relating thereto) and proceeds of the foregoing, (b) all of the
Capital Stock and intercompany notes of the Company and each Subsidiary of the Company owned by the
Company or any Guarantor (limited, in the case of Foreign Subsidiaries, to 65% of the voting
Capital Stock and 100% of the non-voting Capital Stock of each first-tier Foreign Subsidiary), and
(c) all other current and future tangible and intangible assets of the Company and the Guarantors,
in each case other than ABL Collateral and Excluded Assets.

     “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the
ratio of Consolidated Adjusted EBITDA of such Person for such period to the Consolidated Interest
Expense of such Person for such period. If the Company or any Restricted Subsidiary has incurred,
assumed, guaranteed, redeemed, retired or extinguished any Indebtedness (other than Indebtedness
incurred under any revolving credit facility unless such Indebtedness has been permanently repaid
and has not been replaced) or issues or redeems Disqualified Stock or preferred stock subsequent to
the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but
prior to or simultaneously with the Calculation Date, then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption,
retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock
or preferred stock, as if the same had occurred at the beginning of the applicable four-quarter
period.

For purposes of making the computation referred to above, Investments, acquisitions, dispositions,
mergers, consolidations and disposed operations (as determined in accordance with GAAP) that have
been made by the Company or any of its Restricted Subsidiaries during the four-quarter reference
period or subsequent to such reference period and on or prior to or simultaneously with the
Calculation Date shall be calculated on a pro forma basis assuming that all such Investments,
acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in any
associated fixed charge obligations and the change in Consolidated Adjusted EBITDA resulting
therefrom) had occurred on the first day of the four-quarter reference period. If since the
beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged
with or into the Company or any of its Restricted Subsidiaries since the beginning of such period
shall have made any Investment, acquisition, disposition, merger, consolidation or disposed
operation that would have required adjustment pursuant to this definition, then the Fixed Charge
Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such
Investment, acquisition, disposition,
merger, consolidation or disposed operation had occurred at the beginning of the applicable
four-quarter period.

For purposes of this definition, whenever pro forma effect is to be given to an Investment,
acquisition (including the Acquisition), disposition, merger or consolidation or any other
transaction, the pro forma calculations shall be (x) made in good faith by a responsible financial
or accounting officer of the

14

 

Company (and may include, for the avoidance of doubt, cost savings and operating expense
reductions resulting from such Investment, acquisition, disposition, merger or consolidation or
disposed operation which is being given pro forma effect that have been or are expected to be
realized within 12 months after the date of such Investment, acquisition, disposition, merger,
consolidation or disposed operation) or (y) determined in accordance with Regulation S-X under the
Securities Act. If any Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the
Calculation Date had been the applicable rate for the entire period (taking into account any
Permitted Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined 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. For purposes of making the computation
referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro
forma basis shall be computed based upon the average daily balance of such Indebtedness during the
applicable period except as set forth in the first paragraph of this definition. Interest on
Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime
or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been
based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the
Company may designate.

For the purposes of this definition, any amount in a currency other than U.S. dollars will be
converted to U.S. dollars based on the average exchange rate for such currency for the most recent
twelve month period immediately prior to the date of determination determined in a manner
consistent with that used in calculating Consolidated Adjusted EBITDA for the applicable period.

     “Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is
not organized or existing under the laws of the United States, any state thereof or the District of
Columbia, and any Subsidiary of such Subsidiary.

     “GAAP” means generally accepted accounting principles in the United States which are in effect
on the Issue Date. At any time after the Issue Date, the Company may elect to apply IFRS as in
effect on the Issue Date in lieu of GAAP and, upon any such election, references herein to GAAP
shall thereafter be construed to mean IFRS as in effect on the Issue Date (except as otherwise
provided in this Indenture); provided that any such election, once made, shall be irrevocable;
provided, further, any calculation or determination in this Indenture that requires the application
of GAAP for periods that include fiscal quarters ended prior to the Company’s election to apply
IFRS shall remain as previously calculated or determined in accordance with GAAP. The Company
shall give notice of any such election made in accordance with this definition to the Trustee and
the Holders of Notes.

     “Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture.

     “Global Notes” means, individually and collectively, each of the Restricted Global Notes and
the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the
Depository or its nominee, substantially in the form of Exhibit A-1 hereto and that bears the
Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or
2.06(f) hereof.

     “Government Securities” means securities that are:

     (1) direct obligations of the United States of America for the timely payment of
which its full faith and credit is pledged, or

15

 

     (2) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America,

which, in either case, are not callable or redeemable at the option of the issuers thereof, and
shall also include a depository receipt issued by a bank (as defined in Section 3(a) (2) of the
Securities Act), as custodian with respect to any such Government Securities or a specific payment
of principal of or interest on any such Government Securities held by such custodian for the
account of the holder of such depository receipt; 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
depository receipt from any amount received by the custodian in respect of the Government
Securities or the specific payment of principal of or interest on the Government Securities
evidenced by such depository receipt.

     “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, letters of credit and reimbursement agreements in respect thereof), of all or
any part of any Indebtedness or other obligations.

     “Guarantee” means the guarantee by any Guarantor of the Company’s Obligations under this
Indenture and the Notes.

     “Guarantor” means each Subsidiary of the Company that Guarantees the Notes in accordance with
the terms of this Indenture.

     “Holder” means a Person in whose name a Note is registered in the notes register.

     “IAI Global Note” means a Global Note substantially in the form of Exhibit A-1 hereto bearing
the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and
registered in the name of the Depositary or its nominee that will be issued in a denomination equal
to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.

     “IFRS” shall mean International Financial Reporting Standards as issued by the International
Accounting Standards Board.

     “Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets,
as of that date, are less than $100,000 and whose total revenues for the most recent 12-month
period do not exceed $100,000; provided, that all Immaterial Subsidiaries, in the aggregate shall
have total assets for the end of the most recent 12-month period not to exceed $1,000,000 and total
revenues for the end of the most recent 12-month period not to exceed $1,000,000.

     “Indebtedness” means, with respect to any Person,

     (1) any indebtedness (including principal and premium) of such Person, whether or not
contingent:

     (a) in respect of borrowed money,

     (b) evidenced by bonds, notes, debentures or similar instruments or letters of
credit or bankers’ acceptances (or, without duplication, reimbursement agreements in
respect thereof),

16

 

     (c) representing the deferred and unpaid balance of the purchase price of any
property (including Capitalized Lease Obligations), except (i) any such balance that
constitutes a trade payable or similar obligation to a trade creditor, in each case
accrued in the ordinary course of business and (ii) any earn-out obligations until
such obligation becomes a liability on the balance sheet of such Person in accordance
with GAAP and if not paid after becoming due and payable, or

     (d) representing net obligations under any Permitted Hedging Obligations or
Permitted Cash Management Obligations,

if and to the extent that any of the foregoing Indebtedness (other than letters of credit,
Permitted Hedging Obligations and Permitted Cash Management Obligations) would appear as a
liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in
accordance with GAAP; provided that Indebtedness of any direct or indirect parent of such Person
appearing upon the balance sheet of such Person solely by reason of push-down accounting under GAAP
shall be excluded,

     (2) to the extent not otherwise included, any obligation by such Person to be liable
for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type
referred to in clause (a) of another Person, other than by endorsement of negotiable
instruments for collection in the ordinary course of business, and

     (3) to the extent not otherwise included, obligations of the type referred to in
clause (a) of another Person secured by a Lien on any asset owned by such Person (other
than a Lien on Capital Stock of an Unrestricted Subsidiary), whether or not such
Indebtedness is assumed by such Person (with the amount of such Indebtedness deemed to be
the lower of (i) the principal amount of the Indebtedness of such other person and (ii)
the fair market value of the assets securing such Indebtedness at the date of
determination);

provided, however, that Contingent Obligations incurred in the ordinary course of business shall be
deemed not to constitute Indebtedness.

     “Indenture” means this Indenture, as amended or supplemented from time to time.

     “Independent Financial Advisor” means an accounting, appraisal, investment banking firm or
consultant to Persons engaged in Similar Businesses of nationally recognized standing that is, in
the good faith judgment of the Company, qualified to perform the task for which it has been
engaged.

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

     “Initial Notes” means the first $260,000,000 aggregate principal amount of Notes issued under
this Indenture on the date hereof.

     “Initial Purchasers” means Jefferies & Company, Inc. and RBC Capital Markets, LLC.

     “Insolvency or Liquidation Proceeding” means:

     (1) any voluntary or involuntary case or proceeding under the Bankruptcy Code or the
bankruptcy laws of Canada or Australia with respect to the Company or any Guarantor;

17

 

     (2) any other voluntary or involuntary insolvency, reorganization or bankruptcy case
or proceeding, or any receivership, liquidation, reorganization or other similar case or
proceeding with respect to the Company or any Guarantor or with respect to a material
portion of their respective assets;

     (3) any composition of liabilities or similar arrangement relating to the Company or
any Guarantor, whether or not under a court’s jurisdiction or supervision;

     (4) any liquidation, dissolution, reorganization or winding up of the Company or any
Guarantor, whether voluntary or involuntary, whether or not under a court’s jurisdiction
or supervision, and whether or not involving insolvency or bankruptcy; or

     (5) any general assignment for the benefit of creditors or any other marshalling of
assets and liabilities of the Company or any Guarantor.

     “Institutional Accredited Investor” means an institution that is an “accredited investor” as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs.

     “Intercreditor Agreement” means that certain intercreditor agreement, dated as of the date of
this Indenture, by and between the ABL Agent and the Collateral Trustee, and acknowledged by the
Company and the Guarantors, as it may be amended from time to time in accordance with its terms, in
substantially the form attached as an exhibit to this Indenture.

     “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency.

     “Investments” means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees or other obligations
(excluding performance guarantees and similar obligations)), advances of funds or capital
contributions (excluding accounts receivable, trade credit, advances to customers, commission,
travel and similar advances to officers and employees, in each case made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that
are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person
in the same manner as the other investments included in this definition to the extent such
transactions involve the transfer of cash or other property. For purposes of the definition of
“Unrestricted Subsidiary” and Section 4.07 hereof,

     (1) “Investments” shall include the portion (proportionate to the Company’s direct or
indirect equity interest in such Subsidiary) of the fair market value of the net assets of
a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted
Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a
Restricted Subsidiary, the Company or applicable Restricted Subsidiary shall be deemed to
continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if
positive) equal to:

     (a) the Company’s direct or indirect “Investment” in such Subsidiary at the time
of such redesignation; less

     (b) the portion (proportionate to the Company’s direct or indirect equity
interest in such Subsidiary) of the fair market value of the net assets of such
Subsidiary at the time of such redesignation; and

18

 

     (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at
its fair market value at the time of such transfer, in each case as determined in good
faith by the Company.

The amount of any Investment outstanding at any one time shall be the original cost of such
Investment, reduced by any return of capital (including a dividend on common Equity Interests)
received in cash by the Company or any Restricted Subsidiary in respect of such Investment.

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

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

     “Letter of Transmittal” means the letter of transmittal, or its electronic equivalent in
accordance with the Applicable Procedures, to be prepared by the Company and sent to all Holders of
the Notes for use by such Holders in connection with an Exchange Offer.

     “Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge,
charge, security interest or encumbrance of any kind in the nature of a security interest in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in the nature thereof,
any option or other agreement to sell or give a security interest in and any filing of or agreement
to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction; provided that in no event shall an operating lease be deemed to constitute a Lien.

     “Management Services Agreement” means the Management Services Agreement, to be dated the date
of this Indenture, between Irving Place Capital Management, L.P. and the Company as in effect on
the date of this Indenture, or any amendment, modification or supplement thereto or any replacement
thereof, as long as such agreement or arrangement as so amended, modified, supplemented or
replaced, taken as a whole, is not materially more disadvantageous to the Company and its
Restricted Subsidiaries than the original agreement or arrangements as in effect on the date of
this Indenture.

     “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency
business.

     “Mortgages” means the mortgages, deeds of trust, deeds to secure Indebtedness or other similar
documents securing Liens on the Premises as well as the other Collateral secured by and described
in the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents.

     “National Flood Insurance Program” means the program created by the U.S. Congress pursuant to
the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised
by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance
to cover real property improvements located in Special Flood Hazard Areas in participating
communities and provides protection to property owners through a Federal insurance program.

     “Net Income” means, with respect to any Person, the net income (loss) of such Person,
determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends.

19

 

     “Net Proceeds” from an Asset Sale means cash payments received by the Company or any
Restricted Subsidiary (including any cash received from the sale or other disposition of any
Designated Noncash Consideration and securities or other assets received as consideration, 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 Sale or received in any other non-cash form) therefrom, in each case
net of:

     (1) all brokerage, legal, accounting, investment banking, 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 or distributed or distributable to its members as a tax distribution (after taking
into account any available tax credits or deductions and any tax sharing agreements), as a
consequence of such Asset Sale;

     (2) all payments made on any Indebtedness (other than Permitted Fixed Asset
Obligations) that is secured with a higher priority than the Notes and the Guarantees by
any assets subject to such Asset Sale, 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
Sale, or by applicable law, be repaid out of the proceeds from such Asset Sale;

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

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

     (5) any portion of the purchase price from an Asset Sale placed in escrow (whether as
a reserve for adjustment of the purchase price, or for satisfaction of indemnities in
respect of such Asset Sale);

provided, however, that, in the cases of clauses (4) and (5), upon reversal of any such reserve or
the termination of any such escrow, Net Proceeds shall be increased by the amount of such reversal
or any portion of funds released from escrow to the Company or any Restricted Subsidiary; provided,
further, that, in the case of a Sale of a Guarantor, any Net Proceeds received in such Sale of a
Guarantor in respect of ABL Collateral will constitute Net Proceeds from an Asset Sale other than a
Sale of a Guarantor and will not constitute Net Proceeds from an Asset Sale that constitutes a Sale
of a Guarantor.

     “Non-U.S. Person” means a Person who is not a U.S. Person.

     “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes
and the Additional Notes shall be treated as a single class for all purposes under this Indenture,
and unless the context otherwise requires, all references to the Notes shall include the Initial
Notes and any Additional Notes.

     “Obligations” means any principal, interest (including any interest accruing subsequent to the
filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for
in the documentation with respect thereto, whether or not such interest is an allowed claim
under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements
(including, without limitation, reimbursement obligations with respect to letters of credit and
banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal,
interest, penalties, fees,

20

 

indemnifications, reimbursements, damages and other liabilities, payable under the documentation
governing any Indebtedness.

     “Offering Memorandum” means the offering memorandum, dated November 17, 2010, relating to the
sale of the Notes.

     “Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the Chief
Financial Officer, the President, any Executive Vice President, Senior Vice President or Vice
President, the Treasurer or the Secretary of the Company. “Officer” of any Guarantor has a
correlative meaning.

     “Officer’s Certificate” means a certificate signed on behalf of the Company by any of the
principal executive officer, the principal financial officer, the treasurer or the principal
accounting officer of the Company, that meets the requirements set forth in this Indenture.

     “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee (who may be counsel to or an employee of the Company), that meets the requirements of this
Indenture.

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

     “Permitted ABL Debt” means Indebtedness of the Company under a Credit Facility (including
letters of credit and reimbursement obligations with respect thereto) that was permitted to be
incurred and was incurred under Section 4.09(b)(1) hereof and permitted to be incurred and secured
under each applicable Permitted Fixed Asset Lien Document (or as to which the administrative agent
under such Credit Facility obtained an Officer’s Certificate at the time of incurrence to the
effect that such Indebtedness was permitted to be incurred and secured by all applicable Permitted
Fixed Asset Documents); provided that, in the case of any Indebtedness incurred under a Credit
Facility other than the ABL Credit Facility as in effect on the Issue Date:

     (1) on or before the date on which such Indebtedness is incurred by the Company, such
Indebtedness is designated by the Company, in an Officer’s Certificate delivered to the
Collateral Trustee, as “Permitted ABL Debt” for the purposes of the Secured Debt Documents
and the Intercreditor Agreement (it being understood that no series of Indebtedness may be
designated as both Permitted ABL Debt and Permitted Fixed Asset Debt); and

     (2) all requirements set forth in the Intercreditor Agreement as to the confirmation,
grant or perfection of the ABL Agent’s Liens to secure such Indebtedness or Obligations in
respect thereof are satisfied (and the satisfaction of such requirements and the other
provisions of this clause (3) will be conclusively established if the Company delivers to
the ABL Agent an Officer’s Certificate stating that such requirements and other provisions
have been satisfied and that such Indebtedness is “Permitted ABL Debt”).

     “Permitted ABL Documents” means, collectively, the ABL Credit Facility and the ABL Collateral
Documents and any other indenture, credit agreement, security agreement, pledge
agreement, collateral agreement or other agreement pursuant to which any Permitted ABL Debt is
incurred and the related security documents.

     “Permitted ABL Liens” means Liens described in clause (2) of the definition of “Permitted
Liens.”

21

 

     “Permitted ABL Obligations” means the Permitted ABL Debt and all other Obligations in respect
thereof together with Permitted Hedging Obligations and Permitted Cash Management Obligations that,
in each case, are designated by the Company to the ABL Agent as “Secured Bank Product Obligations”
by written notice in accordance with the terms of the ABL Credit Facility and the Intercreditor
Agreement, as applicable.

     “Permitted ABL Representative” means (1) in the case of the ABL Credit Facility, the ABL Agent
and (2) in the case of any Series of ABL Debt, the trustee, agent or representative of the holders
of such Series of ABL Debt who maintains the transfer register for such Series of ABL Debt and is
appointed as a representative of such Series of ABL Debt (for purposes related to the
administration of the ABL Collateral Documents) pursuant to this Indenture, credit agreement or
other agreement governing such Series of ABL Debt.

     “Permitted Cash Management Obligations” means, all Obligations of the Company or any Guarantor
incurred in the ordinary course of business, whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise, which may arise under,
out of, or in connection with any Bank Products, to any person that is or was a lender (or an
affiliate thereof) or the agent (or an affiliate thereof) under the ABL Credit Facility at the time
the agreements or arrangements in respect of such services were entered into that, in each case,
are designated by the Company to the ABL Agent as “Secured Bank Product Obligations” by written
notice in accordance with the terms of the ABL Credit Facility and the Intercreditor Agreement, as
applicable.

     “Permitted Fixed Asset Debt” means:

     (1) the Notes initially issued by the Company under this Indenture; and

     (2) any other Indebtedness of the Company (including Additional Notes but excluding
Permitted ABL Debt) that is secured equally and ratably with the Permitted Fixed Asset
Obligations by a Permitted Fixed Asset Lien that was permitted to be incurred and so
secured under each applicable Permitted Fixed Asset Document; provided that, in the case
of any Indebtedness referred to in clause (2) hereof, that:

     (a) on or before the date on which such Indebtedness is incurred by the Company,
such Indebtedness is designated by the Company, in an Officer’s Certificate delivered
to each Permitted Fixed Asset Representative and the Collateral Trustee, as
“Permitted Fixed Asset Debt” for the purposes of the Secured Debt Documents and the
Collateral Trust Agreement; provided that no series of Indebtedness may be designated
as both Permitted Fixed Asset Debt and Permitted ABL Debt; and

     (b) all requirements set forth in the Collateral Trust Agreement as to the
confirmation, grant or perfection of the Collateral Trustee’s Lien to secure such
Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of
such requirements and the other provisions of this clause (b) will be conclusively
established if the Company delivers to the Collateral Trustee an Officer’s
Certificate stating that such requirements and other provisions have been satisfied
and that such Indebtedness is “Permitted Fixed Asset Debt”).

For the avoidance of doubt, Permitted Hedging Obligations and Permitted Cash Management Obligations
do not constitute Permitted Fixed Asset Debt.

22

 

     “Permitted Fixed Asset Documents” means, collectively, this Indenture, the Notes and the
Security Documents and any other indenture, credit facility or other agreement pursuant to which
any Permitted Fixed Asset Debt is incurred and the related security documents (other than any
security documents that do not secure Permitted Fixed Asset Obligations).

     “Permitted Fixed Asset Lien” means a Lien granted by a Security Document to the Collateral
Trustee, at any time, upon any property of the Company or any Guarantor to secure Permitted Fixed
Asset Obligations.

     “Permitted Fixed Asset Obligations” means Permitted Fixed Asset Debt and all other Obligations
in respect thereof.

     “Permitted Fixed Asset Representative” means (1) the Trustee, in the case of the Notes, and
(2) in the case of any other Series of Fixed Asset Debt, the trustee, agent or representative of
the holders of such Series of Fixed Asset Debt who is appointed as a representative of such Series
of Fixed Asset Debt (for purposes related to the administration of the applicable security
documents related thereto) pursuant to this Indenture, credit agreement or other agreement
governing such Series of Fixed Asset Debt.

     “Permitted Hedging Obligations” means Obligations of the Company or any Guarantor to any
agreements or arrangements for the purpose of limiting interest rate risk, exchange rate risk or
commodity pricing risk (excluding hedging agreements or arrangements entered into for speculative
purposes).

     “Permitted Holders” means the Sponsor and members of senior management of the Company, a
Restricted Subsidiary or any direct or indirect parent entity of the foregoing on the Issue Date
who are holders of Equity Interests of the Company (or any of its direct or indirect parent
companies) and any “group” (within the meaning of Section 13(d)(3) or Section 14(d) (2) of the
Exchange Act or any successor provision) of which any of the foregoing are members; provided, that,
in the case of such group and without giving effect to the existence of such group or any other
group, such Sponsor and such members of management, collectively, have beneficial ownership of more
than 50% of the total voting power of the Voting Stock of the Company or any of its direct or
indirect parent companies. Any Person or group whose, acquisition of beneficial ownership
constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance
with the requirements of this Indenture will thereafter, together with its Affiliates, constitute
an additional Permitted Holder.

     “Permitted Investments” means:

     (1) any Investment in the Company or any Restricted Subsidiary;

     (2) any Investment in cash and Cash Equivalents;

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

     (a) such Person becomes a Restricted Subsidiary; or

     (b) such Person, in one transaction or a series of related transactions, is
merged, consolidated or amalgamated with or into, or transfers or conveys
substantially all of its assets to, or is liquidated into, the Company or a
Restricted Subsidiary,

     (4) any Investment in securities or other assets not constituting cash or Cash
Equivalents and received in connection with an Asset Sale made pursuant to and in
compliance

23

 

with the provisions of Section 4.10 hereof or any other disposition of assets not constituting
an Asset Sale;

     (5) any Investment existing or pursuant to agreements or arrangements in effect on the
Issue Date and any modification, replacement, renewal or extension thereof; provided that the
amount of any such Investment may not be increased except (x) as required by the terms of such
Investment as in existence on the Issue Date or (y) as otherwise permitted under this
Indenture;

     (6) any Investment acquired by the Company or any Restricted Subsidiary:

     (a) in exchange for any other Investment or accounts receivable held by the Company
or any such Restricted Subsidiary in connection with or as a result of a bankruptcy,
workout, reorganization or recapitalization of the issuers of such other Investment or
accounts receivable; or

     (b) as a result of a foreclosure by the Company or any Restricted Subsidiary with
respect to any secured Investment or other transfer of title with respect to any secured
Investment in default;

     (7) Permitted Hedging Obligations permitted under Section 4.09(b)(11) hereof;

     (8) loans and advances to officers, directors and employees for business-related travel
expenses, moving expenses and other expenses, in each case incurred in the ordinary course of
business or to finance the purchase of Equity Interests of the Company or any of its direct or
indirect parents and in an amount not to exceed $2.5 million at any one time outstanding;

     (9) Investments the payment for which consists of Equity Interests of the Company or any
of its direct or indirect parents (exclusive of Disqualified Stock of the Company); provided,
however, that the receipt of such Investments will not increase the amount available for
Restricted Payments under Section 4.07(a)(C) hereof;

     (10) (i) guarantees of Indebtedness permitted under Section 4.09 hereof; provided that if
such Indebtedness can only be incurred by the Company or Guarantors, then such guarantees are
only permitted by this clause to the extent made by the Company or a Guarantor, and (ii)
performance guarantees with respect to obligations incurred by the Company or any of its
Restricted Subsidiaries that are permitted by this Indenture;

     (11) any transaction to the extent it constitutes an Investment that is permitted and made
in accordance with the provisions of Section 4.11(b) hereof (except transactions described in
clauses (2), (5), (6), (10) and (11) of Section 4.11(b) hereof);

     (12) Investments consisting of purchases and acquisitions of inventory, supplies, material
or equipment in the ordinary course of business or the licensing or sub-licensing of
intellectual property pursuant to joint marketing arrangements with other Persons;

     (13) additional Investments having an aggregate fair market value, taken together with all
other Investments made pursuant to this clause (n) that are at that time outstanding, not to
exceed the greater of $10.0 million and 2.0% of Total Assets (with the fair market
value of each Investment being measured at the time made and without giving effect to
subsequent

24

 

changes in value); provided that if such Investment is in Capital Stock of a Person that
subsequently becomes a Restricted Subsidiary, such Investment shall thereafter be deemed
permitted under clause (1) or (4) above and shall not be included as having been made pursuant
to this clause (13);

     (14) Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity
merged into the Company or merged into or consolidated with a Restricted Subsidiary after the
Issue Date to the extent that such Investments were not made in contemplation of or in
connection with such acquisition, merger or consolidation and were in existence on the date of
such acquisition, merger or consolidation;

     (15) the creation of Liens on the assets of the Company or any of its Restricted
Subsidiaries in compliance with the covenant described in Section 4.12 hereof;

     (16) Investments consisting of earnest money deposits required in connection with a
purchase agreement, or letter of intent, or other acquisitions to the extent not otherwise
prohibited under this Indenture; and

     (17) Investments in joint ventures in an aggregate amount not to exceed $15.0 million at
any one time outstanding; provided that if such Investment is in Capital Stock of a Person that
subsequently becomes a Restricted Subsidiary, such Investment shall thereafter be deemed
permitted under clause (1) or (3) above and shall not be included as having been made pursuant
to this clause (17).

“Permitted Liens” means, with respect to any Person:

     (1) Liens on Collateral held by the Collateral Trustee securing Permitted Fixed Asset Debt
and all related Permitted Fixed Asset Obligations permitted to be incurred pursuant to Section
4.09 hereof;

     (2) Liens on (x) Collateral securing Permitted ABL Debt and other Permitted ABL Obligations
and (y) Capital Stock of any Subsidiary of the Company that would otherwise constitute Fixed
Assets Collateral but does not constitute Fixed Assets Collateral due to clause (a) of the
definition of Excluded Assets securing Permitted ABL Debt and other Permitted ABL Obligations;
provided, however, that any Liens on Fixed Assets Collateral permitted pursuant to this clause
(2) must be junior in priority to any Liens on Fixed Assets Collateral granted in favor of the
Collateral Trustee for the benefit of the Trustee and the Holders of the Notes and other
Permitted Fixed Asset Obligations as set forth in the Security Documents;

     (3) Liens, pledges, prepayments or deposits by such Person in connection with workmen’s
compensation laws, unemployment insurance laws and other social security legislation or similar
legislation, Liens, pledges, prepayments or deposits in connection with, or to secure the
performance of, bids, tenders, contracts (other than for the payment of Indebtedness) or leases
to which such Person is a party, or Liens, pledges, prepayments or deposits to secure public or
statutory obligations of such Person or Liens or deposits of cash or U.S. government bonds to
secure surety or appeal bonds to which such Person is a party, or Liens or deposits as security
for contested taxes or import duties or for the payment of rent, in each case incurred in the
ordinary course of business;

     (4) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s, workmen’s, suppliers’ or construction contractor’s Liens, in each

25

 

case which secure amounts which are not overdue for a period of more than 60 days or if more
than 60 days overdue, are unfiled and no other action has been taken to enforce such Lien or
being contested in good faith by appropriate proceedings or other Liens arising out of
judgments or awards against such Person with respect to which such Person shall then be
proceeding with an appeal or other proceedings for review if adequate reserves with respect
thereto are maintained on the books of such Person in accordance with GAAP;

     (5) Liens for taxes, assessments or other governmental charges not yet overdue for a
period of more than 30 days or payable or subject to penalties for nonpayment or which are
being contested in good faith by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of such Person in accordance with
GAAP;

     (6) Liens (including rights of set-off), deposits, prepayments or cash pledges in
connection with or to secure the performance of statutory bonds, stay, customs and appeal
bonds, performance bonds and surety bonds or bid bonds and other obligations of a like nature
(including those to secure health, safety and environmental obligations) or with respect to
other regulatory requirements or letters of credit issued pursuant to the request of and for
the account of such Person in the ordinary course of its business;

     (7) easements, rights-of-way, restrictions (including zoning restrictions), covenants,
licenses, encroachments, protrusions and other similar minor encumbrances and minor title
defects affecting real property and zoning or other restrictions as to the use of real
properties or Liens incidental which are imposed by any governmental authority having
jurisdiction over such real property which do not in the aggregate materially adversely affect
the value of said properties or materially impair their use in the operation of the business of
such Person;

     (8) Liens securing Indebtedness permitted to be incurred pursuant to Section 4.09(b)(4)
hereof; provided that Liens securing Indebtedness incurred pursuant to Section 4.09(b)(4)
hereof are solely on acquired property or the assets of the acquired entity; provided, further,
however, that individual financings of equipment provided by one lender may be cross
collateralized to other financings of equipment, which financing consist of Indebtedness
incurred pursuant to Section 4.09(b)(4) hereof and are provided by such lender;

     (9) Liens existing on the Issue Date (other than Liens securing the Notes or securing
Obligations under the ABL Credit Facility outstanding on the date of this Indenture);

     (10) Liens on property or shares of stock of or held by a Person at the time such Person
becomes a Restricted Subsidiary; provided, however, such Liens are not created or incurred in
connection with, or in contemplation of, such other Person becoming such a subsidiary;
provided, further, however, that such Liens may not extend to any other property owned by the
Company or any Restricted Subsidiary;

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

26

 

     (12) Liens securing Indebtedness or other obligations of a Restricted Subsidiary that is
not a Guarantor to another Restricted Subsidiary that is not a Guarantor, in each case
permitted to be incurred in accordance with Section 4.09 hereof; provided that the Liens extend
only to assets of Restricted Subsidiaries that are not Guarantors;

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

     (14) leases, licenses, sublicenses and subleases of real property or intellectual property
granted to others in the ordinary course of business which do not materially interfere with the
ordinary conduct of the business of the Company or any of the Restricted Subsidiaries;

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

     (16) Liens in favor of the Company or any Guarantor;

     (17) Liens on equipment of the Company or any Restricted Subsidiary granted in the
ordinary course of business to the Company’s or any Restricted Subsidiary’s clients at which
such equipment is located;

     (18) Liens to secure any refinancing, refunding, extension, renewal, modification or
replacement (or successive refinancing, refunding, extensions, renewals, modifications or
replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in
clauses (9), (10), (11), (12), (13), (14), (19) and (21); provided, however, that (x) such new
Lien shall be limited to all or part of the same property that secured the original Lien (plus
improvements on such property and after acquired-property that is affixed or incorporated into
the property covered by such Lien), (y) the Indebtedness secured by such Lien at such time is
not increased to any amount greater than the sum of (A) the outstanding principal amount or, if
greater, committed amount of the Indebtedness secured by a Lien described under clauses (9),
(10), (11), (12), (13), (14), (19) and (21) at the time the original Lien became a Permitted
Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including
premiums and defeasance costs, related to such refinancing, refunding, extension, renewal or
replacement and (z) the new Lien has no greater priority relative to the Notes and the
Guarantees and the holders of the Indebtedness secured by such Lien have no greater
intercreditor rights relative to the Notes and the Guarantees and Holders thereof than the
original Liens and the related Indebtedness;

     (19) Liens on the Collateral in favor of any collateral trustee for the benefit of the
Holders relating to such collateral trustee’s administrative expenses with respect to the
Collateral;

     (20) Liens to secure Indebtedness of any Foreign Subsidiary that is not a Guarantor
permitted by Section 4.09(b)(18) hereof covering only the assets of such Foreign Subsidiary;

     (21) Liens securing judgments, attachments or awards not giving rise to an Event of
Default and notices of lis pendens and associated rights related to litigation being contested
in good faith by appropriate proceedings and for which adequate reserves have been made;

27

 

     (22) any interest or title of a lessor, sublessor, licensor or sublicensor in the property
subject to any lease, sublease, license or sublicense (other than any property that is the
subject of a sale and leaseback transaction);

     (23) Liens on assets or securities deemed to arise in connection with and solely as a
result of the execution, delivery or performance of contracts to sell such assets or securities
if such sale is otherwise permitted by this Indenture;

     (24) Liens on Capital Stock of Unrestricted Subsidiaries securing Indebtedness of such
Unrestricted Subsidiaries;

     (25) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with importation of goods;

     (26) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business;

     (27) Liens on the Collateral incurred to secure Liens that are contractual rights of
set-off or, in the case of clause (i) or (ii) below, other bankers’ Liens (i) relating to
treasury, depository and cash management services or any automated clearing house transfers of
funds in the ordinary course of business and not given in connection with the issuance of
Indebtedness, (ii) relating to pooled deposit or sweep accounts to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Company or
any Subsidiary or (iii) relating to purchase orders and other agreements entered into with
customers of the Company or any Restricted Subsidiary in the ordinary course of business;

     (28) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial
Code on items in the course of collection, (ii) in favor of a banking institution arising as a
matter of law encumbering deposits (including the right of set-off) arising in the ordinary
course of business in connection with the maintenance of such accounts and (iii) arising under
customary general terms of the account bank in relation to any bank account maintained with
such bank and attaching only to such account and the products and proceeds thereof , which
Liens, in any event, do not to secure any Indebtedness;

     (29) Liens arising by operation of law or contract on insurance policies and the proceeds
thereof to secure premiums thereunder, and Liens, pledges and deposits in the ordinary course
of business securing liability for premiums or reimbursement or indemnification obligations of
(including obligations in respect of letters of credit or bank guarantees for the benefits of)
insurance carriers;

     (30) Liens attaching solely to cash earnest money deposits in connection with fully
collateralized repurchase agreements that are permitted by Section 4.09 hereof that constitute
temporary cash investments and that do not extend to any assets other than those that are the
subject of such repurchase agreement;

     (31) Liens solely on any cash earnest money deposits made in connection with any letter of
intent or purchase agreement permitted hereunder;

     (32) ground leases in respect of real property on which facilities owned or leased by the
Company or any of its Subsidiaries are located and other Liens affecting the interest of any

28

 

landlord (and any underlying landlord) of any real property leased by the Company or any
Subsidiary;

     (33) Liens on equipment owned by the Company or any Restricted Subsidiary and located
on the premises of any supplier, in the ordinary course of business;

     (34) utility and other similar deposits made in the ordinary course of business;

     (35) Liens encumbering reasonable customary initial deposits and margin deposits and
similar Liens attaching to commodity trading accounts or other brokerage accounts incurred
in the ordinary course of business, consistent with past practice and not for speculative
purposes;

     (36) Liens (i) on cash advances in favor of the seller of any property to be acquired
in an Investment permitted pursuant to Permitted Investments to be applied against the
purchase price for such Investment, and (ii) consisting of an agreement to sell any
property in an Asset Sale permitted under Section 4.10 hereof, in each case, solely to the
extent such Investment or Asset Sale, as the case may be, would have been permitted on the
date of the creation of such Lien; and

     (37) Liens securing Indebtedness and other obligations in an aggregate principal
amount not to exceed $5.0 million at any one time outstanding.

For purposes of determining compliance with this definition, (a) Permitted Liens need not be
incurred solely by reference to one category of Permitted Liens described above but are permitted
to be incurred in part under any combination thereof and (b) in the event that a Lien (or any
portion thereof) meets the criteria of one or more of the categories of Permitted Liens described
above, the Company shall, in its sole discretion, classify (or reclassify) such item of Permitted
Liens (or any portion thereof) in any manner that complies with this definition and will only be
required to include the amount and type of such item of Permitted Liens in one of the above clauses
and such Lien will be treated as having been incurred pursuant to only one of such clauses.

“Permitted Prior Liens” means:

     (1) Liens described in clauses (2), (3), (6), (7), (8), (9), (11), (13), (14), (17),
(20) and (25) of the definition of “Permitted Liens;” and

     (2) Permitted Liens that arise by operation of law and are not voluntarily granted,
to the extent entitled by law to priority over the Liens created by the Security
Documents.

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

     “preferred stock” means any Equity Interest with preferential rights of payment of dividends
or upon liquidation, dissolution, or winding up.

     “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) hereof to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions
of this Indenture.

29

 

     “Purchase Money Obligations” means any Indebtedness incurred to finance or refinance the
acquisition, leasing, construction or improvement of property (real or personal) or assets (other
than Capital Stock), and whether acquired through the direct acquisition of such property or
assets, or otherwise.

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

     “Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any Person
engaged in, a Similar Business; provided that the fair market value of any such assets or Capital
Stock shall be determined by the Board of Directors of the Company in good faith.

     “Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating
on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as
the case may be, selected by the Company which shall be substituted for Moody’s or S&P or both, as
the case may be.

     “Registration Rights Agreement” means the Registration Rights Agreement with respect to the
Notes dated as of the Issue Date, among the Company, the Guarantors and the Initial Purchasers.

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

     “Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S
Permanent Global Note, as appropriate.

     “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A-1
hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration
of the Restricted Period.

     “Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A-2
hereto deposited with or on behalf of and registered in the name of the Depositary or its nominee,
issued in a denomination equal to the outstanding principal amount of the Notes initially sold in
reliance on Rule 903 of Regulation S.

     “Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(3)
hereof to be placed on all Regulation S Temporary Global Notes issued under this Indenture.

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

     “Required Debtholders” means, at any time, the holders of a majority in aggregate principal
amount of all Permitted Fixed Asset Debt then outstanding, calculated in accordance with the
provisions of the Collateral Trust Agreement.

	 	 	“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend.

	 	 	“Restricted Global Note” means a Global Note bearing the Private Placement Legend.

30

 

	 	 	“Restricted Investment” means an Investment other than a Permitted Investment.

	 	 	“Restricted Period” means the 40-day distribution compliance period as defined in Regulation
S.

     “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company
(including any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided, however,
that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary,
such Subsidiary shall be included in the definition of “Restricted Subsidiary.”

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

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

     “Rule 903” means Rule 903 promulgated under Regulation S.

     “Rule 904” means Rule 904 promulgated under Regulation S.

     “S&P” means Standard and Poor’s Ratings Group and any successor to its rating agency business.

     “Sale of a Guarantor” means (1) any Asset Sale to the extent involving a sale, lease,
conveyance or other disposition of the Capital Stock of a Guarantor or (2) the issuance of Equity
Interests by a Guarantor, other than (a) an issuance of Equity Interests by a Guarantor to the
Company or another Guarantor, and (b) directors’ qualifying shares.

     “Sale of Fixed Assets Collateral” means any Asset Sale to the extent involving a sale, lease,
conveyance or other disposition of Fixed Assets Collateral.

	 	 	“SEC” means the U.S. Securities and Exchange Commission.

     “Secured Debt Documents” means the Permitted ABL Documents and the Permitted Fixed Asset
Documents.

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

     “Security Documents” means the security agreements, pledge agreements, collateral assignments,
mortgages, deeds of trust, collateral agency agreements, the Intercreditor Agreement, the
Collateral Trust Agreement, and related agreements, instruments and documents executed and
delivered pursuant to this Indenture or any of the foregoing (including, without limitation,
finance statements under the Uniform Commercial Code of the relevant states), as amended,
supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced, replaced or
otherwise modified, in whole or in part, from time to time, and pursuant to which Collateral is
pledged, assigned or granted to or on behalf of the Collateral Trustee for the ratable benefit of
the Holders and the Trustee or notice of such pledge, assignment or grant is given.

     “Series of Fixed Asset Debt” means, severally, the Notes and each other issue or series of
Permitted Fixed Asset Debt for which a single transfer register is maintained.

31

 

     “Series of Permitted ABL Debt” means, severally, the Indebtedness outstanding under the ABL
Credit Facility and each other issue or series of Permitted ABL Debt for which a single transfer
register is maintained.

     “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement.

     “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such regulation is in effect on the date hereof.

     “Similar Business” means any business conducted or proposed to be conducted by the Company and
its Restricted Subsidiaries on the Issue Date or any business that is similar, reasonably related,
incidental or ancillary thereto or any reasonable extension thereof.

     “Special Flood Hazard Area” means an area that FEMA’s current flood maps indicate has at least
a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year
flood) in any given year.

     “Sponsor” means Irving Place Capital Partners III, L.P. and its Affiliates, but not including
any of its portfolio companies.

	 	 	“Subordinated Indebtedness” means:

     (1) with respect to the Company, any Indebtedness of the Company which is by its
terms subordinated in right of payment to the Notes, and

     (2) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its
terms subordinated in right of payment to the Guarantee of such Guarantor.

     ”Subsidiary” means, with respect to any Person:

     (1) any corporation, association, or other business entity (other than a partnership,
joint venture, limited liability company or similar entity) of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time of determination owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of that Person or a combination thereof; and

     (2) any partnership, joint venture, limited liability company or similar entity of
which

     (a) more than 50% of the capital accounts, distribution rights, total equity and
voting interests or general or limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such Person or one or more of the
other Subsidiaries of that Person or a combination thereof whether in the form of
membership, general, special or limited partnership or otherwise, and

     (b) such Person or any Restricted Subsidiary of such Person is a controlling
general partner or managing member or otherwise controls such entity.

32

 

     “TIA” means the Trust Indenture Act of 1939, as amended, and the rules and regulations
thereunder (15 U.S.C. §§ 77aaa-77bbbb).

     “Total Assets” means, with respect to any Person, the total consolidated assets of such Person
and its Restricted Subsidiaries as shown on (or determined from) the most recent internal balance
sheet of such Person.

     “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such redemption
date 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 the 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 the redemption date to December 15, 2013; provided, however, that if the period from
the redemption date to December 15, 2013 is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant maturity of one year will
be used.

     “Trustee” means U.S. Bank National Association, until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the successor serving
hereunder.

     “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required
to bear the Private Placement Legend.

     “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear
the Private Placement Legend.

	 	 	“Unrestricted Subsidiary” means:

     (1) any Subsidiary of the Company, which at the time of determination is an
Unrestricted Subsidiary (as designated by the Board of Directors of the Company, as
provided below); and

     (2) any Subsidiary of an Unrestricted Subsidiary.

The Board of Directors of the Company may designate any Subsidiary of the Company (including any
existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted
Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or
Indebtedness of, or owns or holds any Lien on, any property of, the Company or any Subsidiary of
the Company (other than any Subsidiary of the Subsidiary to be so designated); provided that

     (1) any Unrestricted Subsidiary must be an entity of which shares of the Capital
Stock or other Equity Interests (including partnership interests) entitled to cast at
least a majority of the votes that may be cast by all shares or Equity Interests having
ordinary voting power for the election of directors or other governing body are owned,
directly or indirectly, by the Company,

     (2) such designation complies with Section 4.07 hereof and

     (3) each of:

          (a) the Subsidiary to be so designated, and

33

 

          (b) its Subsidiaries

has not at the time of designation, and does not thereafter, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Company or any Restricted
Subsidiary.

The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that, immediately after giving effect to such designation no Default or Event
of Default shall have occurred and be continuing.

Any such designation by the Board of Directors of the Company shall be notified by the Company to
the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors
of the Company giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the foregoing provisions.

	 	 	“U.S. Person” means a U.S. Person as defined in Rule 902(k) of Regulation S.

     “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote in the election of the Board of Directors of such Person.

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified
Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing:

     (1) the sum of the products of the number of years from the date of determination to
the date of each successive scheduled principal payment of such Indebtedness or redemption
or similar payment with respect to such Disqualified Stock or preferred stock multiplied
by the amount of such payment, by

     (2) the sum of all such payments.

     “Wholly-Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted
Subsidiary.

     “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying
shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of
such Person.

     Other Definitions.

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Affiliate Transaction”

	 	 	4.11	 
	“Asset Sale Offer”

	 	 	3.09	 
	“Authentication Order”

	 	 	2.02	 
	“Change of Control Offer”

	 	 	4.15	 
	“Change of Control Payment”

	 	 	4.15	 
	“Change of Control Payment Date”

	 	 	4.15	 
	“Covenant Defeasance”

	 	 	8.03	 
	“DTC”

	 	 	2.03	 
	“Event of Default”

	 	 	6.01	 
	“Excess Proceeds”

	 	 	4.10	 

34

 

	 	 	 	 	 
	 	 	Defined in	 
	Term	 	Section	 
	“incur”
	 	 	4.09	 
	“Legal Defeasance”
	 	 	8.02	 
	“Offer Amount”
	 	 	3.09	 
	“Offer Period”
	 	 	3.09	 
	“Paying Agent”
	 	 	2.03	 
	“Permitted Debt”
	 	 	4.09	 
	“Payment Default”
	 	 	6.01	 
	“Premises”
	 	 	4.17	 
	“Purchase Date”
	 	 	3.09	 
	“Redemption Date”
	 	 	3.07	 
	“Refinancing Indebtedness”
	 	 	4.09	 
	“Registrar”
	 	 	2.03	 
	“Replacement Assets”
	 	 	4.10	 
	“Restricted Payments”
	 	 	4.07	 
	“Security Register”
	 	 	2.03	 
	“Successor Company”
	 	 	5.01	 
	“Successor Person”
	 	 	5.01	 
	“Unutilized Excess Proceeds”
	 	 	4.10	 

Section 1.02 Incorporation by Reference of Trust Indenture Act.

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

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

“indenture securities” means the Notes and the Guarantees;

“indenture security Holder” means a Holder of a Note;

“indenture to be qualified” means this Indenture;

“indenture trustee” or “institutional trustee” means the Trustee; and

     “obligor” on the Notes and the Guarantees means the Company and the Guarantors, respectively,
and any successor obligor upon the Notes and the Guarantees, respectively.

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

Section 1.03 Rules of Construction.

Unless the context otherwise requires:

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

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

35

 

(3) “or” is not exclusive;

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

(5) “will” shall be interpreted to express a command;

     (6) any reference in this instrument to “Article,” “Section,” “clause” or “Exhibit” is
to the designated Article, Section, clause or exhibit of this Indenture;

     (7) 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;

(8) “including” means “including without limitation;”

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

     (10) references to sections of or rules under the Securities Act, Exchange Act or TIA
will be deemed to include substitute, replacement of successor sections or rules adopted by
the SEC from time to time.

ARTICLE 2

THE NOTES

Section 2.01 Form and Dating.

     (a) General. The Notes and the Trustee’s certificate of authentication will be substantially
in the form of Exhibits A-1 and A-2 hereto. The Notes may have notations, legends or endorsements
required by law, exchange rule or usage, in addition to those set forth in the form of Exhibits A-1
and A-2 hereto. Each Note will be dated the date of its authentication. The Notes shall be in
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

     The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the express provisions of
this Indenture, the provisions of this Indenture shall govern and be controlling.

     (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibits
A-1 and A-2 hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” thereto). Notes issued in definitive form will be substantially in
the form of Exhibit A-1 hereto (but without the Global Note Legend thereon and without the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will
represent such aggregate principal amount of the outstanding Notes as will be specified therein and
each shall provide that it represents the aggregate principal amount of outstanding Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges,
repurchases and redemptions and transfers of interest therein. Any endorsement of a Global Note to
reflect the amount of any increase or decrease in the aggregate principal amount of outstanding
Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the
Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06
hereof.

36

 

     (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued
initially in the form of the Regulation S Temporary Global Note, which will be deposited on behalf
of the purchasers of the Notes represented thereby with the Trustee, at its New York office, as
custodian for the Depositary, and registered in the name of the Depositary or the nominee of the
Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream,
duly executed by the Company and authenticated by the Trustee as hereinafter provided. The
Restricted Period will be terminated upon the receipt by the Trustee of:

     (1) a written certificate from the Depositary, together with copies of certificates from
Euroclear and Clearstream certifying that they have received certification of non-United
States beneficial ownership of 100% of the aggregate principal amount of the Regulation S
Temporary Global Note; and

     (2) an Officers’ Certificate from the Company.

     Following the termination of the Restricted Period, beneficial interests in the Regulation S
Temporary Global Note will be exchanged for beneficial interests in the Regulation S Permanent
Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the
Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note.
The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S
Permanent Global Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee and the Depositary or its nominee, as the case may be, in connection with
transfers of interest as hereinafter provided.

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

     (d) Book-Entry Provisions. This Section 2.01(d) shall apply only to Global Notes deposited
with the Trustee, as custodian for the Depositary. Participants and Indirect Participants shall
have no rights under this Indenture or any Global Note with respect to any Global Note held on
their behalf by the Depositary or by the Trustee as custodian for the Depositary, and the
Depositary shall be treated by the Company, the Trustee and any agent of the Company or the Trustee
as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by
the Depositary or impair, as between the Depositary and its Participants or Indirect Participants,
the Applicable Procedures or the operation of customary practices of the Depositary governing the
exercise of the rights of a holder of a beneficial interest in any Global Note.

Section 2.02 Execution and Authentication.

At least one Officer must sign the Notes for the Company by manual or facsimile signature.

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

37

 

     A Note will not be valid until authenticated by the manual signature of the Trustee. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture.

     The Trustee will, upon receipt of a written order of the Company signed by an Officer (an
“Authentication Order”), authenticate Notes for original issue that may be validly issued under
this Indenture, including any Additional Notes. The Authentication Order shall set forth the
number of separate Note certificates, the principal amount of each of the Notes to be
authenticated, the date on which the original issue of Notes is to be authenticated, the registered
holder of each of the said Notes, and delivery instructions. The aggregate principal amount of
Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for
issuance by the Company pursuant to one or more Authentication Orders, except as provided in
Section 2.07 hereof.

     The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as the Trustee to deal with Holders, the Company or an
Affiliate of the Company.

Section 2.03 Registrar and Paying Agent.

     The Company will maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for
payment (“Paying Agent”). The Registrar will keep a register (the “Security Register”) of the Notes and of
their transfer and exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company will notify the Trustee in writing of the name and
address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

     The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Global Notes.

     The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act
as Custodian with respect to the Global Notes, and the Trustee hereby agrees so to initially act.

Section 2.04 Paying Agent to Hold Money in Trust.

     The Company will require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal of, premium on, if any, interest or Additional Interest,
if any, on, the Notes, and will notify the Trustee of any default by the Company in making any such
payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it relating to the Notes to the Trustee. The Company at any time may require a Paying Agent
to pay all money held by it relating to the Notes to the Trustee. Upon payment over to the Trustee,
the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for
such money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any
Event of Default under Section 6.01(7) or 6.01(8) relating to the Company, the Trustee will serve
as Paying Agent for the Notes.

38

 

Section 2.05 Holder Lists.

     The Trustee will preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders and shall otherwise comply with TIA
§312(a). If the Trustee is not the Registrar, the Company will furnish or cause to be furnished to
the Trustee at least seven Business Days, or such shorter time as the Trustee may allow, before
each interest payment date and at such other times as the Trustee may request in writing, a list in
such form and as of such date as the Trustee may reasonably require of the names and addresses of
the Holders of Notes and the Company shall otherwise comply with TIA §312(a).

Section 2.06 Transfer and Exchange.

     (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a
whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the
Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
by the Company for Definitive Notes if:

     (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Company within 120 days after the date of such notice from the Depositary;

     (2) the Company in its sole discretion determines that the Global Notes (in whole but
not in part) should be exchanged for Definitive Notes and delivers a written notice to such
effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note
be exchanged by the Company for Definitive Notes prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant
to Rule 903(b)(3)(ii)(B) under the Securities Act; or

     (3) there has occurred and is continuing a Default or Event of Default with respect to
the Notes.

     Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Except
as provided above, every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or
(f) hereof.

     (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also will require compliance with either subparagraph (1) or (2)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

39

 

     (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend and any Applicable
Procedures; provided, however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Temporary Global Note may not be made
to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. Except as may be required by any Applicable Procedures, no written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers
described in this Section 2.06(b)(1).

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

(A) both:

     (i) a written order from a Participant or an Indirect Participant given to
the Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or
exchanged; and

     (ii) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with
such increase; or

(B) both:

     (i) a written order from a Participant or an Indirect Participant given to
the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

     (ii) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (i) above;

provided that in no event shall Definitive Notes be issued upon the
transfer or exchange of beneficial interests in the Regulation S Temporary
Global Note prior to (A) the expiration of the Restricted Period and (B) the
receipt by the Registrar of any certificates required pursuant to Rule
903(b)(3)(ii)(B) under the Securities Act;

Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof,
the requirements of this Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by
the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of
such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or

40

 

otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h) hereof.

     (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following:

     (A) if the transferee will take delivery in the form of a beneficial interest in
the 144A Global Note, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof;

     (B) if the transferee will take delivery in the form of a beneficial interest in
the Regulation S Temporary Global Note or the Regulation S Permanent Global Note, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including
the certifications in item (2) thereof; and

     (C) if the transferee will take delivery in the form of a beneficial interest in
the IAI Global Note, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

     (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted
Global Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 2.06(b)(2) above and:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of the beneficial
interest to be transferred, in the case of an exchange, or the transferee, in the case
of a transfer, certifies in the applicable Letter of Transmittal (or is deemed to have
certified if delivery is made through the Applicable Procedures) as may be required by
the Registration Rights Agreement that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an
Unrestricted Global Note, a certificate from such holder in the form of Exhibit
C hereto, including the certifications in item (1)(a) thereof; or

41

 

     (ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take
delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note, a certificate from such holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests
or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

     If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.

     Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global
Note.

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes.

     (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If
any holder of a beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation:

     (A) if the holder of such beneficial interest in a Restricted Global Note proposes
to exchange such beneficial interest for a Restricted Definitive Note, a certificate
from such holder in the form of Exhibit C hereto, including the certifications in item
(2)(a) thereof;

     (B) if such beneficial interest is being transferred to a QIB in accordance with
Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (1) thereof;

     (C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

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

     (E) if such beneficial interest is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(b) thereof; or

42

 

     (F) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names
such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend
and shall be subject to all restrictions on transfer contained therein.

     (2) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes.
Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof, a beneficial interest in the
Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred
to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a
transfer pursuant to an exemption from the registration requirements of the Securities Act
other than Rule 903 or Rule 904.

     (3) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.
A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial
interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of such beneficial
interest, in the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal (or is deemed to have certified if
delivery is made through the Applicable Procedures) as may be required by the
Registration Rights Agreement that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive
Note, a certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (1)(b) thereof; or

43

 

     (ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such
holder in the form of Exhibit B hereto, including the certifications in item (4)
thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

     (4) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If
any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such
beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the
conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h)
hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person
designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3)
will be registered in such name or names and in such authorized denomination or denominations as
the holder of such beneficial interest requests through instructions to the Registrar from or
through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such
Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will not bear
the Private Placement Legend.

     (d) Transfer and Exchange of Definitive Notes for Beneficial Interests.

     (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any
Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest
in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note
for a beneficial interest in a Restricted Global Note, a certificate from such Holder in
the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

     (B) if such Restricted Definitive Note is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (1) thereof;

     (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (2) thereof;

     (D) if such Restricted Definitive Note is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with

44

 

Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(a) thereof;

     (E) if such Restricted Definitive Note is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements of the
Securities Act other than those listed in subparagraphs (B) through (D) above, a
certificate to the effect set forth in Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if applicable;

     (F) if such Restricted Definitive Note is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(b) thereof; or

     (G) if such Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased
in a corresponding amount pursuant to Section 2.06(h) hereof the aggregate principal amount
of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of
clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation
S Global Note, and in all other cases, the IAI Global Note.

     (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the
transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal
(or is deemed to have certified if delivery is made through the Applicable Procedures) as
may be required by the Registration Rights Agreement that it is not (i) a Broker-Dealer,
(ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who
is an affiliate (as defined in Rule 144) of the Company;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the Holder of such Definitive Notes proposes to exchange such Notes for a
beneficial interest in the Unrestricted Global Note, a certificate from such Holder
in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

     (ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of a beneficial

45

 

interest in the Unrestricted Global Note, a certificate from such Holder in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests
or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

     Upon satisfaction of the conditions of any of the subparagraphs in this Section
2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be
increased in a corresponding amount pursuant to Section 2.06(h) hereof the aggregate
principal amount of the Unrestricted Global Note.

     (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest
in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any
time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the
applicable Unrestricted Definitive Note and increase or cause to be increased in a
corresponding amount pursuant to Section 2.06(h) hereof the aggregate principal amount of one
of the Unrestricted Global Notes.

     If any such exchange or transfer from a Definitive Note to a beneficial interest in an
Unrestricted Global Note is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at
a time when an Unrestricted Global Note has not yet been issued, the Company will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
will authenticate one or more Unrestricted Global Notes in an aggregate principal amount
equal to the principal amount of Definitive Notes so transferred.

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

     (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who take delivery
thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

     (A) if the transfer will be made pursuant to Rule 144A, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in
item (1) thereof;

     (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and

46

 

     (C) if the transfer will be made pursuant to any other exemption from the registration
requirements of the Securities Act, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

     (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive
Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to
a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the
transferee, in the case of a transfer, certifies (or is deemed to have certified if
delivery is made through the Applicable Procedures) as may be required by the Registration
Rights Agreement in the applicable Letter of Transmittal that it is not (i) a
Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or
(iii) a Person who is an affiliate (as defined in Rule 144) of the Company;

     (B) any such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement;

     (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (i) if the Holder of such Restricted Definitive Notes proposes to exchange such
Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form
of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

     (ii) if the Holder of such Restricted Definitive Notes proposes to transfer such
Notes to a Person who shall take delivery thereof in the form of an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

     (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in
the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a
transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof.

47

 

     (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Company will issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee will authenticate:

     (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes accepted for
exchange in the Exchange Offer by Persons that certify in the applicable Letters of
Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a
distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144)
of the Company; and

     (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange
Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not
Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and
(C) they are not affiliates (as defined in Rule 144) of the Company.

     Concurrently with the issuance of such Notes, the Trustee will cause to be reduced in a
corresponding amount the aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to
the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes
in the appropriate principal amount.

     (g) Legends. The following legends will appear on the face of all Global Notes and Definitive
Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions
of this Indenture.

(1) Private Placement Legend.

     (A) Except as permitted by subparagraph (B) below, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof)
shall bear the legend in substantially the following form:

“THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT
AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE HOLDER:

(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) (A “QIB”), (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS
DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”),

(2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN EXCEPT (A) TO THE ISSUER, THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE

48

 

TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S OF THE SECURITIES ACT, (D)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) IN ACCORDANCE
WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY AND THE TRUSTEE), (F) TO AN IAI THAT, PRIOR TO SUCH
TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE REGISTRATION OF TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE
OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF
NOTES AT THE TIME OF TRANSFER OF LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE
COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (G) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND

(3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTIONS” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO
THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION
REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE
FOREGOING.”

     (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2), (e)(3) or (f)
of this Section 2.06 (and all Notes issued in exchange therefor or substitution
thereof) will not bear the Private Placement Legend.

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

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO
ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER

49

 

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

     (3) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note
will bear a Legend in substantially the following form:

“EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS REGULATION S TEMPORARY GLOBAL
NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE REGULATION S PERMANENT GLOBAL NOTE OR ANY OTHER
NOTE REPRESENTING AN INTEREST IN THE NOTES 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) AND THEN
ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL
INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A
TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY
DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP IN THIS REGULATION S TEMPORARY GLOBAL NOTE MAY
ONLY BE TRANSFERRED IN ACCORDANCE WITH THE INDENTURE.”

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

     (i) General Provisions Relating to Transfers and Exchanges.

     (1) To permit registrations of transfers and exchanges, the Company will execute and the
Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication
Order in accordance with Section 2.02 hereof or at the Registrar’s request.

     (2) No service charge will be made to a Holder of a beneficial interest in a Global Note
or to a Holder of a Definitive Note for any registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or

50

 

similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10,
3.06, 3.09, 4.10, 4.15 and 9.05 hereof).

     (3) The Registrar will not be required to register the transfer of or exchange of any
Note selected for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part.

     (4) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

(5) Neither the Registrar nor the Company will be required:

     (A) to issue, to register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes
for redemption under Section 3.02 hereof and ending at the close of business on the day
of selection;

     (B) to register the transfer of or to exchange any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part; or

     (C) to register the transfer of or to exchange a Note between a record date and
the next succeeding interest payment date.

     (6) Prior to due presentment for the registration of a transfer of any Note, the
Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee,
any Agent or the Company shall be affected by notice to the contrary.

     (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof.

     (8) All certifications, certificates and Opinions of Counsel required to be submitted to
the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange
may be submitted by facsimile.

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

Section 2.07 Replacement Notes.

     If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue
and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if
the Trustee’s

51

 

requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the
Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note.

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

Section 2.08 Outstanding Notes.

     The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company holds the Note;
however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be
outstanding for purposes of Section 3.07(a) hereof.

     If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.

     If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to
be outstanding and interest on it ceases to accrue.

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

Section 2.09 Treasury Notes.

     In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or any Guarantor, or by any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or any Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction,
waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded.

Section 2.10 Temporary Notes.

     Until certificates representing Notes are ready for delivery, the Company may prepare and the
Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary
Notes will be substantially in the form of certificated Notes but may have variations that the
Company considers appropriate for temporary Notes and as may be reasonably acceptable to the
Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate
definitive Notes in exchange for temporary Notes. After preparation of the Definitive Notes, the
Temporary Notes will be exchangeable for Definitive Notes upon surrender of the Temporary Notes

Holders of temporary Notes will be entitled to all of the benefits of this Indenture.

52

 

Section 2.11 Cancellation.

     The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. Upon the sole discretion of the Company, the Trustee and no one else
will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation and will destroy canceled Notes (subject to the record retention requirement of the
Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the
Company. The Company may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation.

Section 2.12 Defaulted Interest.

     If the Company defaults in a payment of interest on the Notes, it will pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Company will 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. The Company will fix or cause to be fixed each such special record date and
payment date; provided that no such special record date may be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date,
the Company (or, upon the written request of the Company, the Trustee in the name and at the
expense of the Company) will mail or cause to be mailed to Holders a notice that states the special
record date, the related payment date and the amount of such interest to be paid.

Section 2.13 Additional Interest.

     If Additional Interest is payable by the Company pursuant to the Registration Rights Agreement
and paragraph 1 of the Notes, the Company shall deliver to the Trustee a certificate to that effect
stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such
interest is payable pursuant to Section 4.01. Unless and until a Responsible Officer of the Trustee
receives such a certificate or instruction or direction from the Holders in accordance with the
terms of this Indenture, the Trustee may assume without inquiry that no Additional Interest is
payable. The foregoing shall not prejudice the rights of the Holders with respect to their
entitlement to Additional Interest as otherwise set forth in this Indenture or the Notes and
pursuing any action against the Company directly or otherwise directing the Trustee to take any
such action in accordance with the terms of this Indenture and the Notes. If the Company has paid
Additional Interest directly to the Persons entitled to it, the Company shall deliver to the
Trustee an Officer’s Certificate setting forth the details of such payment.

Section 2.14 Issuance of Additional Notes.

     The Company shall be entitled, subject to its compliance with Section 4.09, to issue
Additional Notes under this Indenture which shall have identical terms as the Initial Notes issued
on the date hereof, other than with respect to the date of issuance, issue price and rights under
the related Registration Rights Agreement, if any. The Initial Notes issued on the date hereof, any
Additional Notes and all Exchange Notes issued in exchange therefor shall be treated as a single
class for all purposes under this Indenture, including directions, waivers, amendments, consents,
redemptions and Offers to Purchase.

     With respect to any Additional Notes, the Company shall set forth in a Board Resolution and an
Officer’s Certificate, a copy of each of which shall be delivered to the Trustee, the following
information:

     (1) the aggregate principal amount of such Additional Notes to be authenticated and
delivered pursuant to this Indenture;

53

 

     (2) the issue price, the issue date and the CUSIP and/or ISIN number of such Additional
Notes; provided, however, that no Additional Notes may be issued at a price that would cause
such Additional Notes to have “original issue discount” within the meaning of Section 1273 of
the Code, other than a de minimis original issue discount within the meaning of Section 1273
of the Code; and

     (3) whether such Additional Notes shall be subject to the restrictions on transfer set
forth in Section 2.06 relating to Restricted Global Notes and Restricted Definitive Notes.

Section 2.15 Record Date.

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

ARTICLE 3

REDEMPTION AND PREPAYMENT

Section 3.01 Notices to Trustee.

     If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days
before a redemption date (or such shorter period allowed by the Trustee, or, if such redemption is
accompanied by the satisfaction and discharge of the Notes and this Indenture, upon not less than
30 days nor more than one year), an Officer’s Certificate setting forth:

(1) the clause of this Indenture pursuant to which the redemption shall occur;

(2) the redemption date;

(3) the principal amount of Notes to be redeemed; and

(4) the redemption price, if then ascertainable.

Section 3.02 Selection of Notes to Be Redeemed.

     If less than all of the Notes are to be redeemed in an offer to purchase at any time, the
Trustee will select Notes for redemption on a pro rata basis (or, in the case of Notes issued in
global form pursuant to Article 2 hereof, based on a method that most nearly approximates a pro
rata selection as the Trustee deems fair and appropriate or by lot in any case pursuant to the
rules and procedures of DTC) unless otherwise required by law or applicable stock exchange or
depositary requirements or procedures; provided that no Notes of $2,000 or less shall be redeemed
in part.

     The Trustee will promptly notify the Company in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal
amount thereof to be redeemed or purchased. Notes and portions of Notes selected for redemption or
purchase will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that
if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of
Notes held by such Holder shall be redeemed or purchased. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also
apply to portions of Notes called for redemption or purchase.

54

 

Section 3.03 Notice of Redemption.

     Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days
before a redemption date, the Company will mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of
this Indenture pursuant to Articles 8 or 12 hereof.

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

(1) the redemption date;

     (2) the redemption price or appropriate method for calculation of the redemption price,
but need not include the redemption price itself; the actual redemption price may be set
forth in an Offficer’s Certificate delivered to the Trustee prior to the redemption date;

     (3) if any Note is being redeemed in part, the portion of the principal amount of such
Note to be redeemed and that, after the redemption date upon surrender of such Note, a new
Note or Notes in principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note;

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

     (5) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

     (6) that, unless the Company defaults in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the redemption date;

     (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

     (8) that no representation is made as to the correctness or accuracy of the CUSIP
and/or ISIN number, if any, listed in such notice or printed on the Notes.

     At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least
seven Business Days before notice of redemption is required to be sent or caused to be sent to
Holders pursuant to this Section 3.03 (or such shorter period allowed by the Trustee), an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be
stated in such notice as provided in the preceding paragraph.

Section 3.04 Effect of Notice of Redemption.

     Except as provided for in Section 3.07 hereof, once notice of redemption is mailed in
accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable
on the redemption date at the redemption price. A notice of redemption may not be conditional.

55

 

Section 3.05 Deposit of Redemption or Purchase Price.

     Before 11:00 a.m., New York City time, on the redemption or purchase date (or such later time
of day to which the Trustee may reasonably agree), the Company will deposit with the Trustee or
with the Paying Agent money sufficient to pay the redemption or purchase price of , accrued
interest and Additional Interest, if any, on all Notes to be redeemed or purchased on that date.
The Trustee or the Paying Agent will promptly return to the Company any money deposited with the
Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption
or purchase price of, accrued interest and Additional Interest, if any, on all Notes to be redeemed
or purchased.

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

Section 3.06 Notes Redeemed or Purchased in Part.

     Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and,
upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the
expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered.

Section 3.07 Optional Redemption.

     (a) At any time prior to December 15, 2013, the Company may, at its option, on one or more
occasions, redeem up to 35% of the original aggregate principal amount of Notes issued under this
Indenture (including any Additional Notes) at a redemption price equal to 109.000% of the aggregate
principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional Interest
thereon, if any, to but excluding the applicable date of redemption (the “Redemption Date”),
subject to the right of Holders of record of the Notes on the relevant record date to receive
interest due on the relevant interest payment date, with the net cash proceeds of one or more
Equity Offerings of the Company or any direct or indirect parent of the Company to the extent such
net cash proceeds are received by or contributed to the Company; provided that:

     (1) at least 65% of the original aggregate principal amount of Notes originally issued
under this Indenture (excluding Notes held by the Company and its Subsidiaries) remains
outstanding immediately after the occurrence of each such redemption; and

     (2) each such redemption occurs within 90 days of the date of closing of each such
Equity Offering.

     (b) At any time and from time to time prior to December 15, 2013, the Company may redeem, in
the aggregate, up to 10% of the original aggregate principal amount of Notes issued under this
Indenture (including any Additional Notes issued under this Indenture after the Issue Date) during
each 12-month period commencing with the Issue Date at a redemption price of 103% of the aggregate

56

 

principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional Interest
thereon, if any, to but excluding the applicable Redemption Date, subject to the right of Holders
of record of the Notes on the relevant record date to receive interest due on the relevant interest
payment date.

     (c) At any time prior to December 15, 2013, the Company may redeem all or a part of the Notes,
upon not less than 30 nor more than 60 days’ notice (or, if such redemption is accompanied by the
satisfaction and discharge of the Notes and this Indenture, upon not less than 30 days’ nor more
than one year’s notice) to the registered address of each Holder of Notes or otherwise in
accordance with the procedures of DTC, at a redemption price equal to 100% of the principal amount
of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional
Interest thereon, if any, to but excluding the Redemption Date, subject to the rights of Holders of
the Notes on the relevant record date to receive interest due on the relevant interest payment
date.

     (d) On and after December 15, 2013, the Company may redeem the Notes, in whole or in part,
upon not less than 30 nor more than 60 days’ notice (or, if such redemption is accompanied by the
satisfaction and discharge of the Notes and this Indenture, upon not less than 30 days’ nor more
than one year’s notice) by first class mail, postage prepaid, with a copy to the Trustee, to each
Holder of Notes to the address of such Holder appearing in the security register at the redemption
prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in the
table below, plus accrued and unpaid interest and Additional Interest thereon, if any, to but
excluding the applicable Redemption Date, subject to the right of Holders of record of the Notes on
the relevant record date to receive interest due on the relevant interest payment date, if redeemed
during the twelve-month period beginning on of each of the years indicated in the table below:

	 	 	 	 	 
	Year	 	Percentage	 
	2013
	 	 	106.750	%
	2014
	 	 	104.500	%
	2015
	 	 	102.250	%
	2016 and thereafter
	 	 	100.000	%

     Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

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

Section 3.08 Mandatory Redemption.

     The Company is not required to make mandatory redemption or sinking fund payments with respect
to the Notes.

Section 3.09 Offer to Purchase by Application of Asset Sale Proceeds.

     In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an
offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures
specified below.

     The Asset Sale Offer shall be made to all Holders and all holders of other Indebtedness
permitted to be purchased pursuant to Section 4.10 hereof. The Asset Sale Offer will remain open
for a period of at least 20 Business Days following its commencement and not more than 45 Business
Days, except to the extent that a longer period is required by applicable law (the “Offer Period”).
No later than five Business Days after the termination of the Offer Period (the “Purchase Date”),
the Company will apply all

57

 

proceeds (the “Offer Amount”) to the purchase of Notes and such other Indebtedness (on a pro rata
basis based on the accreted value or the principal amount of Notes and such other Indebtedness
surrendered, if applicable) or, if less than the Offer Amount has been tendered, all Notes and
other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so
purchased will be made in the same manner as interest payments are made.

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

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

     (1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section
4.10 hereof and the length of time the Asset Sale Offer will remain open;

(2) the Offer Amount, the purchase price and the Purchase Date;

     (3) that any Note not tendered or accepted for payment will continue to accrue
interest;

     (4) that, unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer will cease to accrue interest after the Purchase
Date;

     (5) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may
elect to have Notes purchased in denominations of $2,000 or an integral multiple of $1,000
in excess thereof;

     (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will
be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the
Company, a Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three Business Days before the Purchase Date;

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

     (8) that, if the aggregate principal amount of Notes and other pari passu Indebtedness
surrendered by holders thereof exceeds the Offer Amount, the Company will select the Notes
and other Indebtedness to be purchased on a pro rata basis based on the accreted value or
the principal amount of Notes and such other Indebtedness surrendered (with such adjustments
as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess
thereof, will be purchased); and

58

 

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

     On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on
a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes
tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating that such Notes or portions thereof were accepted
for payment by the Company in accordance with the terms of this Section 3.09. The Company, the
Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than
five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the
purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and
the Company will promptly issue a new Note, and the Trustee, upon written request from the Company,
will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to
such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any
Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof.
The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date.

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

ARTICLE 4

COVENANTS

Section 4.01 Payment of Notes.

     The Company will pay or cause to be paid the principal of, premium on, if any, interest and
Additional Interest, if any, on, the Notes on the dates and in the manner provided in the Notes.
Principal, premium, if any, interest and Additional Interest, if any, will be considered paid on
the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available
funds and designated for and sufficient to pay all principal, premium, if any, interest and
Additional Interest, if any, then due. Such Paying Agent shall return to the Company promptly, and
in any event, no later than five Business Days following the date of payment, any money (including
accrued interest) that exceeds such amount of principal, premium, if any, interest and Additional
Interest, if any, paid on the Notes. The Company will pay all Additional Interest, if any, in the
same manner on the dates and in the amounts set forth in the Registration Rights Agreement, the
Notes and this Indenture.

     The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at a rate that is equal to the then applicable interest rate
on the Notes to the extent lawful; it will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest,
if any (without regard to any applicable grace period), at the same rate to the extent lawful.

Section 4.02 Maintenance of Office or Agency.

     The Company will maintain an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or upon the Company in
respect of the Notes and this Indenture may be served. The Company will give prompt written notice
to the Trustee of the

59

 

location, and any change in the location, of such office or agency. If at any time the Company
fails to maintain any such required office or agency or fails 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, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, surrenders, notices and demands.

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

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

Section 4.03 Reports.

     (a) Notwithstanding that the Company may not be subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on
forms provided for such annual and quarterly reporting pursuant to rules and regulations
promulgated by the SEC, the Company shall deliver to the Trustee and the registered Holders,
without cost to any Holder, from and after the Issue Date, within five Business Days after the time
periods specified in the SEC’s rules and regulations (for a filer that is not an “accelerated
filer,” as defined in such rules and regulations):

     (1) all quarterly and annual financial statements that would be required to be
contained in a filing with the SEC on Forms 10-K and 10-Q if the Company were required to
file such reports, along with a “Management’s discussion and analysis of financial condition
and results of operations” and, with respect to the annual information only, a report on the
annual financial statements by the Company’s independent registered public accounting firm;
and

     (2) all information that would be required to be contained in a current report that
would be required to be filed with the SEC on Form 8-K if the Company were required to file
such report; provided, however, that no such information will be required to be so delivered
if the Company determines in its good faith judgment that such event is not material to the
Holders or the business, assets, operations or financial condition of the Company and its
Restricted Subsidiaries, taken as a whole;

provided, that the Company shall not be obligated to file such reports with the SEC at any time
prior to becoming subject to Section 13 or 15(d) of the Exchange Act, in which event, the Company
will make available such information to prospective purchasers of the Notes (by posting such
reports and information on the primary investor relations website of the Company), in addition to
providing such information to the Trustee and the Holders.

     (b) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then
the quarterly and annual financial information required by paragraph (b) of this Section 4.03 shall
include a reasonably detailed presentation, as determined in good faith by senior management of the
Company, either on the face of the financial statements or in the footnotes to the financial
statements and in management’s discussion and analysis of financial condition and results of
operations, of the financial condition and results of operations of the Company and its Restricted
Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries.

60

 

     (c) If, at any time after consummation of the Exchange Offer contemplated by the Registration
Rights Agreement, the Company is no longer required to file reports with the SEC for any reason,
the Company will nevertheless continue filing the reports required by the preceding clauses with
the SEC within the time periods specified above unless the SEC will not accept such filings. If,
notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the
Company will make available such information to prospective purchasers of the Notes (by posting
such reports and information on the primary investor relations website of the Company), in addition
to providing such information to the Trustee and the Holders.

     (d) The Company and the Guarantors will furnish to the Holders and to prospective investors,
upon the request of such Holders, the information specified above and required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely
transferable under the Securities Act.

     (e) The delivery requirements set forth above for the applicable period may be satisfied by
the Company prior to the commencement of the Exchange Offer or the effectiveness of the Shelf
Registration Statement by the filing with the SEC of the Exchange Offer registration statement
and/or shelf registration statement, and any amendments thereto, with such financial information
that satisfies Regulation S-X under the Securities Act.

     (f) If the Company has electronically filed with the SEC’s Next-Generation EDGAR system (or
any successor system), the reports described in above, the Company shall be deemed to have
satisfied the foregoing requirements.

     (g) The Company will use reasonable best efforts to also hold quarterly conference calls for
the Holders of the Notes to discuss financial information for the previous quarter. The conference
call will be following the last day of each fiscal quarter of the Company and not later than 10
business days from the time that the Company distributes the financial information as set forth in
clauses (a) and (b) above. No fewer than two days prior to the conference call, the Company shall
issue a press release announcing the time and date of such conference call and providing
instructions for Holders, securities analysts and prospective investors to obtain access to such
call.

Notwithstanding the foregoing, until the consummation of the Exchange Offer and at any time the
Company is not required to file reports with the SEC, nothing herein shall be construed so as to
require the Company to include in such reports any information specified in Rules 3-10 or 3-16 of
Regulation S-X.

Delivery of such reports, information and documents to the Trustee referred to in this Section 4.03
is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely conclusively on Officer’s Certificates). The Trustee is under no duty
to examine such reports, information or documents to ensure compliance with the provision of this
indenture or to ascertain the correctness or otherwise of the information or the statements
contained therein.

Section 4.04 Compliance Certificate.

     (a) The Company and each Guarantor (to the extent that such Guarantor is so required under the
TIA) shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officer’s
Certificate stating that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officer with a view to
determining whether

61

 

the Company has kept, observed, performed and fulfilled its obligations under this Indenture and
the Security Documents, and further stating, as to each such Officer signing such certificate, that
to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each
and every covenant contained in this Indenture and the Security Documents and is not in default in
the performance or observance of any of the terms, provisions and conditions of this Indenture or
the Security Documents (or, if a Default or Event of Default has occurred, describing all such
Defaults or Events of Default of which he or she may have knowledge and what action the Company is
taking or proposes to take with respect thereto) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on account of the principal
of, premium on, if any, interest or Additional Interest, if any, on, the Notes is prohibited or if
such event has occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto.

     (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee,
within ten business days, upon any Officer becoming aware of any Default or Event of Default, an
Officer’s Certificate specifying such Default or Event of Default and what action the Company is
taking or proposes to take with respect thereto.

     Except with respect to receipt of Note payments and any Default or Event of Default
information contained in the Officer’s Certificate delivered to it pursuant to this Section 4.04,
the Trustee shall have no duty to monitor or investigate the Issuer’s compliance with or the breach
of any representation, warranty or covenant made in this Indenture.

Section 4.05 Taxes.

     The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency,
all material taxes, assessments, and governmental levies except such as are being contested in good
faith and by appropriate proceedings or where the failure to effect such payment is not adverse in
any material respect to the Holders of the Notes.

Section 4.06 Stay, Extension and Usury Laws.

     The Company and each of the Guarantors covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Company and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not, by resort to any
such law, 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
has been enacted.

Section 4.07 Limitation on Restricted Payments.

     (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or
indirectly:

     (1) declare or pay any dividend or make any payment or distribution on account of the
Company’s or any Restricted Subsidiary’s Equity Interests, including any dividend or
distribution payable in connection with any merger or consolidation other than:

62

 

     (a) dividends, payments or distributions by the Company payable solely in Equity
Interests (other than Disqualified Stock) of the Company or in options, warrants or
other rights to purchase such Equity Interests; or

     (b) dividends, payments or distributions by a Restricted Subsidiary of the
Company so long as, in the case of any dividend, payment or distribution payable on
or in respect of any class or series of securities issued by a Restricted Subsidiary
other than a Wholly Owned Subsidiary, the Company or a Restricted Subsidiary receives
at least its pro rata share of such dividend, payment or distribution in accordance
with its Equity Interests in such class or series of securities;

     (2) purchase, redeem, defease or otherwise acquire or retire for value any Equity
Interests of the Company or any direct or indirect parent of the Company, including in
connection with any merger or consolidation, held by Persons other than the Company or any
Guarantor;

     (3) make any principal payment on, or redeem, repurchase, defease or otherwise acquire
or retire for value prior to any scheduled repayment, sinking fund payment or maturity, any
Subordinated Indebtedness, other than:

     (a) Subordinated Indebtedness permitted under clauses (7), (8) and (10) of
Section 4.09(b) hereof; or

     (b) the purchase, repurchase or other acquisition of Subordinated Indebtedness
purchased in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity, in each case due within one year of the date of
purchase, repurchase or acquisition; or

(4) make any Restricted Investment

(all such payments and other actions set forth in clauses (1) through (4) above being collectively
referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

     (A) no Default or Event of Default shall have occurred and be continuing or would occur
as a consequence thereof;

     (B) immediately after giving effect to such transaction on a pro forma basis, the
Company could incur $1.00 of additional Indebtedness under the provisions of Section 4.09(a)
hereof; and

     (C) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Company and the Restricted Subsidiaries after the Issue Date (including
Restricted Payments permitted by clauses (1), (6) and (8) of the next succeeding paragraph,
but excluding all other Restricted Payments permitted by the next succeeding paragraph), is
less than the sum of:

     (1) 50% of the Consolidated Net Income of the Company and Restricted
Subsidiaries on a consolidated basis for the period (taken as one accounting period)
beginning on the first day of the first fiscal quarter commencing after the Issue
Date occurs to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are
available at the time of such Restricted Payment (or, if Consolidated Net Income for
such period is a deficit, less 100% of such deficit), plus

63

 

     (2) 100% of the aggregate net cash proceeds and the fair market value, as determined
in good faith by the Board of Directors of the Company, of marketable securities or other
property received by the Company since the Issue Date (other than net cash proceeds to
the extent such net cash proceeds have been used to incur Indebtedness, Disqualified
Stock or preferred stock pursuant to clause (13) of Section 4.09(b)) from the issue or
sale of:

     (i) Equity Interests of the Company, but excluding cash proceeds and the fair
market value, as determined in good faith by the Board of Directors of the
Company, of marketable securities or other property received from the sale of:

     (a) Equity Interests to members of management, directors or
consultants of the Company, any direct or indirect parent of the
Company and the Company’s Restricted Subsidiaries after the Issue
Date to the extent such amounts have been applied to Restricted
Payments made in accordance with clause (4) of the next succeeding
paragraph; and

     (b) Designated Preferred Stock; or

     (ii) debt securities of the Company or any Restricted Subsidiary that have
been converted into or exchanged for such Equity Interests of the Company or its
direct or indirect parents;

provided, however, that this clause (2) shall not include the proceeds from (a) Equity
Interests or converted debt securities of the Company sold to a Restricted Subsidiary,
(b), Disqualified Stock or debt securities that have been converted into Disqualified
Stock or (c) Excluded Contributions, plus

     (3) 100% of the aggregate amount of cash and the fair market value, as determined in
good faith by the Board of Directors of the Company, of marketable securities or other
property contributed to the capital of the Company following the Issue Date (other than
net cash proceeds to the extent such net cash proceeds (i) have been used to incur
Indebtedness, Disqualified Stock or preferred stock pursuant to clause (13) of Section
4.09(b), (ii) are contributed by a Restricted Subsidiary or (iii) constitute Excluded
Contributions), plus

     (4) 100% of the aggregate amount received in cash and the fair market value, as
determined in good faith by the Board of Directors of the Company, of marketable
securities or other property (other than assets or Equity Interest constituting entire
portfolio companies owned by the Permitted Holders) received by the Company or a
Restricted Subsidiary by means of:

     (iii) the sale or other disposition (other than to the Company or a
Restricted Subsidiary or to an employee stock ownership plan or any trust
established by the Company or any of its Subsidiaries) of Restricted Investments
made after the Issue Date by the Company and its Restricted Subsidiaries and
repurchases and redemptions of such Restricted Investments from the Company and
its Restricted Subsidiaries and repayments of loans or advances which constitute Restricted Investments made after the Issue Date by
the Company and

64

 

the Restricted Subsidiaries and (without duplication of amounts included in
calculating Consolidated Net Income for purposes of clause (1) of this
paragraph) any dividends or distributions received by the Company or a
Restricted Subsidiary on account of Restricted Investments made after the
Issue Date; or

     (iv) the sale (other than to the Company or a Restricted Subsidiary or
to an employee stock ownership plan or any trust established by the Company
or any of its Subsidiaries) of the Equity Interests of an Unrestricted
Subsidiary (other than in each case to the extent such Investment constituted
a Permitted Investment) or a dividend or distribution from an Unrestricted
Subsidiary (other than any such dividend or distribution to the extent used
to make a Restricted Payment pursuant to clause (13)(B) of the next
succeeding paragraph) in each case after the Issue Date; plus

     (5) in the case of the redesignation of an Unrestricted Subsidiary as a
Restricted Subsidiary after the Issue Date, the fair market value of the Investment
in such Unrestricted Subsidiary, as determined by the Board of Directors of the
Company in good faith; provided that if such fair market value exceeds $15.0 million,
the fair market value shall be determined in writing by an Independent Financial
Advisor, at the time of the redesignation of such Unrestricted Subsidiary as a
Restricted Subsidiary, other than an Unrestricted Subsidiary to the extent such
Investment constituted a Permitted Investment;

provided, however, that for purposes of determining the fair market value of such other property
received by the Company or any Restricted Subsidiary or contributed to the capital of the Company,
as the case may be, pursuant to clause (C) (2), (3) and (4) above, the Company shall deliver to the
Trustee and Officer’s Certificate signed by the chief financial officer of the Company certifying
as to the fair market value of such other property and, if the fair market value is at least $15.0
million, a determination of the fair market value by the Board of Directors of the Company.

(b) The provisions of Section 4.07(a) hereof will not prohibit:

     (1) the payment of any dividend or distribution within 60 days after the date of
declaration thereof, if at the date of declaration such payment would have complied with the
provisions of this Indenture or the redemption, repurchase or retirement of Indebtedness if,
at the date of any irrevocable redemption notice, such payment would have complied with the
provisions of this Indenture;

     (2) the making of any Restricted Payment in exchange for, or out of the proceeds of the
substantially concurrent sale (other than to an Company or a Restricted Subsidiary) of,
Equity Interests of the Company or any direct or indirect parent of the Company to the
extent contributed to the Company as common equity capital (in each case, other than any
Disqualified Stock or Excluded Contributions); provided that the amount of any such net cash
proceeds will not be considered to be net cash proceeds from an Equity Offering for purposes
of Section 3.07 hereof; provided further that such issuance of Equity Interests will not
increase the amount available for Restricted Payments under clause (C) of Section 4.07(a) to
the extent of any Restricted Payment distributed pursuant to this clause (2);

     (3) the redemption, repurchase or other acquisition or retirement for value of
Subordinated Indebtedness of the Company or a Guarantor made by exchange for, or out of the
proceeds of the substantially concurrent sale of, Refinancing Indebtedness;

65

 

     (4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or
retirement for value of Equity Interests (other than Disqualified Stock) of the Company or any of
its direct or indirect parents held by any future, present or former employee, director or
consultant of the Company, any of its Subsidiaries or any of its direct or indirect parents (or
permitted transferees, assigns, estates, trusts or heirs of such employee, director or
consultant) pursuant to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement; provided, however, that the aggregate Restricted Payments
made under this clause (4) do not exceed $2.5 million (which shall increase to $5.0 million
subsequent to the consummation of an underwritten public Equity Offering by the Company or any
direct or indirect parent corporation of the Company) in any calendar year (with unused amounts
in any calendar year being carried over to succeeding calendar years subject to a maximum of $5.0
million in any calendar year (which shall increase to $7.5 million subsequent to the consummation
of an underwritten public Equity Offering by the Company or any direct or indirect parent
corporation of the Company)); provided further that such amount in any calendar year may be
increased by an amount not to exceed:

     (a) the cash proceeds from the sale of Equity Interests (other than Disqualified
Stock) of the Company and, to the extent contributed to the capital of the Company, Equity
Interests of any of the Company’s direct or indirect parents, in each case to members of
management, directors or consultants of the Company, any of its Subsidiaries or any of its
direct or indirect parents that occurred after the Issue Date, to the extent the cash
proceeds from the sale of such Equity Interests have not otherwise been applied to the
payment of Restricted Payments by virtue of clause (C) of Section 4.07(a) or clause (2) of
Section 4.07(b); plus

     (b) the cash proceeds of key man life insurance policies received by the Company and
its Restricted Subsidiaries after the Issue Date; less

     (c) the amount of any Restricted Payments made in previous calendar years pursuant to
clauses (a) and (b) of this clause (4);

and provided further that cancellation of Indebtedness owing to the Company or any Restricted
Subsidiary from members of management, directors, employees or consultants of the Company, any
of the Company’s direct or indirect parent companies or any of its Restricted Subsidiaries in
connection with a repurchase of Equity Interests of the Company or any of its direct or
indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of
this covenant or any other provision of this Indenture;

     (5) the declaration and payment of dividends to holders of any class or series of
Disqualified Stock of the Company or any class or series of preferred stock of a Restricted
Subsidiary issued in accordance with Section 4.09 hereof;

     (6) the declaration and payment of dividends to:

     (a) holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) issued by the Company or any Restricted Subsidiary after the Issue
Date to the extent such dividends are included in the definition of “Consolidated Interest
Expense”; provided that the aggregate amount of dividends paid pursuant to this clause (a)
shall not exceed the aggregate amount of cash actually received by the Company or a Restricted Subsidiary from the issuance of such Designated Preferred
Stock; or

66

 

     (b) a direct or indirect parent of the Company, the proceeds of which will be used to
fund the payment of dividends to holders of any class or series of Designated Preferred
Stock (other than Disqualified Stock) of such parent issued after the Issue Date to the
extent such dividends are included in the definition of “Consolidated Interest Expense”;
provided, that the amount of dividends paid pursuant to this clause (b) shall not exceed
the aggregate amount of cash actually contributed to the capital of the Company or a
Restricted Subsidiary from the issuance of such Designated Preferred Stock;

provided, however, in the case of each of clauses (a) and (b) of this clause (6), that for
the most recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date of issuance of such Designated Preferred
Stock, after giving effect to such issuance or declaration on a pro forma basis the
Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to
the test set forth in Section 4.09(a) hereof;

     (7) repurchases of Equity Interests (a) constituting fractional shares or (b) deemed to
occur upon exercise of stock options or warrants or other securities convertible or exchangeable
into Equity Interests if such Equity Interests represent all or a portion of the exercise price
of such options or warrants;

     (8) the payment of dividends on the Company’s common equity or the dividend or distribution
to any direct or indirect parent company to fund the payment by such parent company of dividends
on its common stock, following the consummation of the first public offering of the Company’s
common stock or the common stock of any of its direct or indirect parents after the Issue Date,
of up to 6% per annum of the net cash proceeds received by or contributed to the Company in any
public offering, other than public offerings with respect to the Company’s or such direct or
indirect parent company’s common stock registered on Form S-8 and other than any public sale
constituting an Excluded Contribution;

     (9) Restricted Payments in an amount equal to or less than the Excluded Contributions;

     (10) other Restricted Payments in an aggregate amount taken together with all other
Restricted Payments made pursuant to this clause (10) not to exceed $15.0 million;

     (11) the declaration and payment of dividends or distributions by the Company to, or the
making of loans to, any direct or indirect parent company of the Company for the purpose of
paying:

     (a) franchise taxes and other fees, taxes and expenses required to maintain their
corporate existence;

     (b) so long as the Company is a member of a group including its direct parent which
files a consolidated or combined return for U.S. federal and/or foreign, state, and local
income tax purposes, the relevant foreign, federal, state and/or local income taxes, to
the extent such income taxes are attributable to the income of the Company and the
Restricted Subsidiaries and, to the extent of the amount actually received from its
Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent
attributable to the income of such Unrestricted Subsidiaries; provided that the distributions under this clause (b) shall not exceed the amount of taxes that
would be

67

 

payable by the Company if the Company filed a consolidated or combined return with its
Restricted Subsidiaries (and, to the extent of the amount actually received from its
Unrestricted Subsidiaries, its Unrestricted Subsidiaries) (or, if there are no such
Subsidiaries, a separate return) for purposes of the relevant tax, in each case taking
into account net loss carryovers and other tax attributes;

     (c) fees and expenses incurred by any direct or indirect parent company of the
Company, other than to Affiliates of the Company, in connection with any unsuccessful
equity issuances or incurrence of Indebtedness;

     (d) salary, bonus and other benefits payable to officers and employees of any direct
or indirect parent company of the Company to the extent such salaries, bonuses and other
benefits are attributable to the ownership or operation of the Company and its Restricted
Subsidiaries;

     (e) general corporate operating and overhead costs and expenses of any direct or
indirect parent company of the Company (paid to persons other than Affiliates of the
parent company) to the extent such costs and expenses are attributable to the ownership or
operation of the Company and its Restricted Subsidiaries;

     (f) (amounts payable to the Sponsor pursuant to the Management Services Agreement;
and

     (g) cash payments in lieu of issuing fractional shares in connection with the
exercise of warrants, options or other securities convertible into or exchangeable for
Equity Interests of the Company or any direct or indirect parent company of the Company;

     (12) the repurchase, redemption or other acquisition or retirement for value of any
Subordinated Indebtedness or Disqualified Stock or the making of a dividend or distribution to
any direct or indirect parent of the Company to fund a similar purchase, redemption or other
acquisition or retirement for value required pursuant to provisions similar to those described
under Sections 4.10 and 4.15 hereof; provided that there is a concurrent or prior Change of
Control Offer or Asset Sale Offer, as applicable, and all Notes tendered by Holders of the Notes
in connection with such Change of Control Offer or Asset Sale Offer, as applicable, have been
repurchased, redeemed or acquired or retired for value;

     (13) the distribution, as a dividend or otherwise, of (a) Equity Interests of, or
Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries (other
than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents) and
(b) any proceeds received from an Unrestricted Subsidiary on account of such Equity Interests or
Indebtedness; and

     (14) any Restricted Payment made in connection with the Acquisition and the fees and
expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any
direct or indirect parent of the Company to permit payment by such parent of such amounts), in
each case to the extent permitted by (or, in the case of a dividend to fund such payment, to the
extent such payment, if made by the Company, would be permitted by) Section 4.11(b)(9) hereof;

68

 

provided, that at the time of, and after giving effect to, any Restricted Payment permitted under
clauses (8), (10), (11)(f), (12), and (13), no Default or Event of Default shall have occurred and
be continuing or would occur as a consequence thereof.

The amount of all Restricted Payments (other than cash) will be the fair market value (as
determined in good faith by the Company) on the date of such Restricted Payment of the assets or
securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary,
as the case may be, pursuant to such Restricted Payment.

Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

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

     (1) pay dividends or make any other distributions to the Company or any Restricted
Subsidiary on its Capital Stock or with respect to any other interest or participation in,
or measured by, its profits, or pay any Indebtedness owed to the Company or any Restricted
Subsidiary;

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

     (3) sell, lease or transfer any of its properties or assets to the Company or any
Restricted Subsidiary,

     (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions
existing under or by reason of:

     (1) contractual encumbrances or restrictions in effect on the Issue Date or with
respect to the ABL Credit Facility;

     (2) this Indenture, the Notes, the Guarantees of the Notes and the Security Documents;

     (3) purchase money obligations and Capital Lease Obligations that impose restrictions
of the nature discussed in clause (3) of Section 4.08(a) on the property so acquired;

(4) applicable law or any applicable rule, regulation or order;

     (5) any agreement or other instrument of a Person acquired by the Company or any
Restricted Subsidiary in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person and its Subsidiaries, or the
property or assets of the Person and its Subsidiaries, so acquired;

     (6) contracts for the sale of assets, including, without limitation, customary
restrictions with respect to a Subsidiary pursuant to an agreement that has been entered
into for the sale or disposition of all or substantially all of the Capital Stock or assets
of such Subsidiary that impose restrictions on the assets to be sold;

69

 

     (7) secured Indebtedness otherwise permitted to be incurred pursuant to Section 4.09
and 4.12 hereof that limit the right of the debtor to dispose of the assets securing such
Indebtedness;

     (8) restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business;

     (9) other Indebtedness, Disqualified Stock or preferred stock of Foreign Subsidiaries
permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09 hereof;

     (10) customary provisions in joint venture agreements and other similar agreements
relating solely to such joint venture;

     (11) customary provisions contained in leases, licenses and other similar agreements
entered into in the ordinary course of business;

     (12) any agreement or instrument (a) relating to any Indebtedness or preferred stock of
a Restricted Subsidiary permitted to be incurred subsequent to the Issue Date pursuant to
Section 4.09 hereof if the encumbrances and restrictions are not materially more
disadvantageous to the Holders than is customary in comparable financings (as determined in
good faith by the Company) and (b) either (x) the Company determines that such encumbrance
or restriction will not adversely affect the Company’s ability to make principal interest
and Additional Interest, if applicable, payments on the Notes as and when they come due or
(y) such encumbrances and restrictions apply only during the continuance of a default in
respect of a payment or financial maintenance covenant relating to such Indebtedness;

     (13) any encumbrances or restrictions of the type referred to in clauses (1), (2) and
(3) of Section 4.08(a) imposed by any amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (1) through (12) of this Section 4.08(b);
provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the
Company’s Board of Directors, not materially more restrictive taken as a whole with respect
to such encumbrance and other restrictions than those prior to such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing; and

     (14) restrictions or conditions of the type contained in clause (3) above contained in
any trading, netting, operating, construction, service, supply, purchase or other agreement
to which the Company or any Restricted Subsidiary is a party entered into in the ordinary
course of business; provided that such agreement prohibits the encumbrance of solely the
property or assets of the Company or such Restricted Subsidiary that is the subject of such
agreement, the payment rights arising thereunder or the proceeds thereof and does not extend
to any other asset or property of such Restricted Subsidiary or the assets or property of
any other Restricted Subsidiary.

Section 4.09 Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

     (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly
liable, contingently or otherwise, (collectively, “incur” and collectively, an “incurrence”) with
respect to any Indebtedness (including Acquired Indebtedness) and the Company will not issue any
shares of

70

 

Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of
Disqualified Stock or preferred stock; provided, however, that the Company may incur Indebtedness
(including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted
Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified
Stock and issue shares of preferred stock, if the Fixed Charge Coverage Ratio of the Company and
the Restricted Subsidiaries at the time such additional Indebtedness is incurred or such
Disqualified Stock or preferred stock is issued would have been at least 2.00 to 1.00, determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the
additional Indebtedness had been incurred, or the Disqualified Stock or preferred stock had been
issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning
of the most recently ended four full fiscal quarters for which internal financial statements are
available; provided, further, that Restricted Subsidiaries that are not Guarantors may not incur
Indebtedness or Disqualified Stock or preferred stock if, after giving pro forma effect to such
incurrence or issuance (including a pro forma application of the net proceeds therefrom), more than
an aggregate of $15.0 million of Indebtedness or Disqualified Stock or preferred stock of
Restricted Subsidiaries that are not Guarantors would be outstanding pursuant to this paragraph and
pursuant to clause (22) in the next succeeding paragraph at such time.

     (b) The provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Debt”):

     (1) the incurrence of Indebtedness under Credit Facilities by the Company or any
Restricted Subsidiary and the issuance and creation of letters of credit and bankers’
acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have
a principal amount equal to the face amount thereof) in an aggregate principal amount at any
one time outstanding not to exceed the greater of (x) $60.0 million and (y) the Borrowing
Base;

     (2) the incurrence by the Company and any Guarantor of Indebtedness represented by the
Notes (including any Guarantee) (other than any Additional Notes) and any Exchange Notes
issued in exchange for such Notes (including any Guarantee thereof);

(3) Existing Indebtedness (other than Indebtedness described in clauses (1) and (2));

     (4) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and
preferred stock incurred by the Company or any Restricted Subsidiary to finance the
purchase, lease or improvement of property (real or personal) or equipment that is used
or useful in a Similar Business, whether through the direct purchase of assets or the
Capital Stock of any Person owning such assets, in an aggregate principal amount which, when
aggregated with the principal amount of all other Indebtedness, Disqualified Stock and
preferred stock then outstanding and incurred pursuant to this clause (4) and including any
then-outstanding Refinancing Indebtedness incurred to refund, refinance or replace any other
Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this clause (4),
does not exceed the greater of $20.0 million and 3.0% of Total Assets;

     (5) Indebtedness incurred by the Company or any Restricted Subsidiary constituting
reimbursement obligations with respect to letters of credit issued in the ordinary course of
business, including without limitation letters of credit in respect of workers’ compensation
claims, or other Indebtedness with respect to reimbursement type obligations regarding
workers’ compensation claims, health, disability or other employee benefits, or property,
casualty or liability insurance or self insurance; provided, however, that upon the drawing
of such letters of credit or the incurrence of such Indebtedness, such obligations are
reimbursed within 30 days following such drawing or incurrence;

71

 

     (6) Indebtedness arising from agreements of the Company or a Restricted Subsidiary providing
for (i) indemnification, adjustment of purchase price or similar obligations, in each case,
incurred or assumed in connection with the disposition or acquisition of any business, assets or
a Restricted Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring
all or any portion of such business, assets or a Subsidiary for the purpose of financing such
acquisition, and (ii) working capital or other similar balance sheet-related purchase price
adjustments incurred or assumed in connection with the acquisition of a Restricted Subsidiary or
assets;

     (7) Indebtedness of the Company or a Guarantor to the Company or another Guarantor; provided
that any subsequent issuance or transfer of any Capital Stock or any other event which results in
any such Guarantor to whom such Indebtedness was owed ceasing to be a Guarantor or any other
subsequent transfer of any such Indebtedness (except to the Company or another Guarantor) shall
be deemed, in each case to be an incurrence of such Indebtedness not permitted by this clause
(7);

     (8) Subordinated Indebtedness of the Company or a Guarantor to a Restricted Subsidiary that
is not a Guarantor; provided, further, that any subsequent issuance or transfer of any Capital
Stock or any other event which results in any such Restricted Subsidiary to whom such
Indebtedness was owed ceasing to be a Restricted Subsidiary or any other subsequent transfer of
any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed,
in each case, to be an incurrence of such Indebtedness not permitted by this clause (8);

     (9) Indebtedness of a Restricted Subsidiary that is not a Guarantor to the Company or a
Restricted Subsidiary;

     (10) shares of preferred stock of a Restricted Subsidiary issued to the Company or another
Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or
any other event which results in any such Restricted Subsidiary to whom such shares are issued
ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of
preferred stock (except to the Company or another Restricted Subsidiary) shall be deemed in each
case to be an issuance of such shares of preferred stock not permitted by this clause (10);

     (11) Permitted Hedging Obligations and Permitted Cash Management Obligations;

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

     (13) Indebtedness, Disqualified Stock and preferred stock of the Company and its Restricted
Subsidiaries not otherwise permitted hereunder in an aggregate principal amount or liquidation
preference which, when aggregated with the principal amount and liquidation preference of all
other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant
to this clause (13), does not at any one time outstanding exceed 100% of the net cash proceeds
from the issuance or sale of Equity Interests of the Company or any of its direct or indirect
parent companies and contributed in cash to the Company after the Issue Date (in each case, other
than Excluded Contributions and proceeds of Disqualified Stock of the Company or sales of Equity
Interests of the Company or any direct or indirect parent company of the Company to any of its
Subsidiaries) as determined in accordance with
clause (C)(2) and (C)(3) of Section 4.07(a) hereof, to the extent such net cash proceeds or
cash have not been applied

72

 

pursuant to such clause to make Restricted Payments or to make other Investments, payments or
exchanges pursuant to Section 4.07(b) hereof, or to make Permitted Investments (other than
Permitted Investments specified in clauses (1) and (3) of the definition thereof);

(14) any Guarantee:

     (a) by the Company or a Guarantor of Indebtedness or other obligations of any
Restricted Subsidiary so long as the incurrence of such Indebtedness or other obligations
incurred by such Restricted Subsidiary is permitted under the terms of this Indenture;

     (b) by a Restricted Subsidiary of Indebtedness of the Company or a Guarantor;
provided that such guarantee is incurred in accordance with Section 4.16 hereof; or

     (c) by a Restricted Subsidiary that is not a Guarantor of Indebtedness of another
Restricted Subsidiary that is not a Guarantor;

     (15) the incurrence by the Company or any Restricted Subsidiary of Indebtedness,
Disqualified Stock or preferred stock which serves to refund or refinance any Indebtedness,
Disqualified Stock or preferred stock of the Company or any Restricted Subsidiary incurred as
permitted under Section 4.09(a) hereof and clauses (2) and (3) above, this clause (15) and clause
(16) below, including additional Indebtedness, Disqualified Stock or preferred stock incurred to
pay premiums (including tender premiums), defeasance costs and fees in connection therewith (the
“Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such
Refinancing Indebtedness:

     (a) does not have an aggregate principal amount that exceeds the principal amount of,
plus any accrued and unpaid interest on, the Indebtedness being so refunded or refinanced,
plus the amount of premiums (including tender premiums), defeasance costs and fees and
expenses incurred in connection with the issuance of such Refinancing Indebtedness;

     (b) other than any such Indebtedness that refunded or refinanced Indebtedness
outstanding under a Credit Facility, has a final scheduled maturity date equal to or later
than the earlier of the final scheduled maturity date of the Indebtedness being so
redeemed, repurchased, acquired or retired and the 90th day following the final maturity
date of the Notes;

     (c) other than any such Indebtedness that refunded or refinanced Indebtedness
outstanding under a Credit Facility, has a Weighted Average Life to Maturity at the time
such Refinancing Indebtedness is incurred which is not less than the lesser of (x) the
remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or preferred stock being refunded or refinanced and (y) the
remaining Weighted Average Life to Maturity of the Notes (which shall be calculated as if
the final maturity of the Notes was the 90th day following the actual final maturity of
the Notes);

     (d) to the extent such Refinancing Indebtedness refinances (i) Indebtedness
subordinated or pari passu in right of payment to the Notes or any Guarantee of the Notes,
such Refinancing Indebtedness is subordinated or pari passu in right of payment to the
Notes or such Guarantee at least to the same extent as the Indebtedness being

73

 

refinanced or refunded or (ii) Disqualified Stock or preferred stock, such Refinancing
Indebtedness must be Disqualified Stock or preferred stock, respectively; and

     (e) shall not include Indebtedness, Disqualified Stock or preferred stock of a
Restricted Subsidiary that is not a Guarantor that refinances Indebtedness, Disqualified
Stock or preferred stock of the Company or a Guarantor;

     (16) Indebtedness, Disqualified Stock or preferred stock of (a) Persons incurred and
outstanding on or prior to the date on which such Person was acquired by the Company or any
Restricted Subsidiary or merged into the Company or a Restricted Subsidiary in accordance with
the terms of this Indenture or (b) the Company or any of its Restricted Subsidiaries incurred to
acquire any Person who will become a Restricted Subsidiary or be merged into the Company or any
of its Restricted Subsidiaries; provided that, in each case, after giving effect to such
acquisition or merger, the Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first sentence of
Section 4.09(a) hereof; provided, further that on a pro forma basis, together with amounts
incurred and outstanding pursuant to the second proviso to the immediately preceding paragraph,
no more than $15.0 million of Indebtedness, Disqualified Stock or preferred stock incurred by
Restricted Subsidiaries that are not Guarantors pursuant to this clause (16) shall be outstanding
at any one time;

     (17) Indebtedness arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument drawn against insufficient funds in the ordinary course of
business; provided that such Indebtedness is extinguished within five business days of its
incurrence;

     (18) Indebtedness of Foreign Subsidiaries in an aggregate amount not to exceed $10.0 million
at any time outstanding;

     (19) Indebtedness of Foreign Subsidiaries in connection with factoring programs entered into
in the ordinary course of business on customary market terms and with respect to receivables of,
and generated by, Foreign Subsidiaries;

     (20) Indebtedness consisting of promissory notes issued by the Company or any of its
Subsidiaries to any current or former employee, director or consultant of the Company, any of its
Subsidiaries or any of its direct or indirect parents (or permitted transferees, assigns,
estates, or heirs of such employee, director or consultant), to finance the purchase or
redemption of Equity Interests of the Company or any of its direct or indirect parent companies
permitted by Section 4.07 hereof;

     (21) Indebtedness of the Company or any Restricted Subsidiary consisting of (i) the
financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements,
in each case, in the ordinary course of business; and

     (22) Indebtedness, Disqualified Stock and preferred stock of the Company and the Restricted
Subsidiaries not otherwise permitted hereunder in an aggregate principal amount or liquidation
preference, which when aggregated with the principal amount and liquidation preference of all
other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant
to this clause (22), does not at any one time outstanding exceed $20.0 million.

74

 

     (c) For purposes of determining compliance with this Section 4.09, in the event that an
item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the
criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or
preferred stock described in clauses (1) through (22) above or is entitled to be incurred pursuant
to Section 4.09(a) hereof, the Company shall, in its sole discretion, classify or reclassify such
item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) in any manner
that complies with this covenant and such item of Indebtedness, Disqualified Stock or preferred
stock will be treated as having been incurred pursuant to only one of such clauses or pursuant to
the first paragraph hereof. Additionally, all or any portion of any item of Indebtedness may later
be reclassified as having been incurred pursuant to any category of permitted Indebtedness
described in clauses (1) through (22) above or pursuant to Section 4.09(a) hereof so long as such
Indebtedness is permitted to be incurred pursuant to such provision at the time of
reclassification. Accrual of interest or dividends, the accretion of accreted value, the
amortization of original issue discount and the payment of interest or dividends in the form of
additional Indebtedness, Disqualified Stock or preferred stock will not be deemed to be an
incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this covenant.
Indebtedness under the ABL Credit Facility outstanding on the date of this Indenture will be deemed
to have been incurred on that date in reliance on the exception provided by clause (1) of the
Section 4.09(b) hereof.

     (d) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case
of revolving credit debt; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange
rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be
deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness
does not exceed the principal amount of such Indebtedness being refinanced, plus the amount of any
reasonable premium (including reasonable tender premiums), defeasance costs and any reasonable fees
and expenses incurred in connection with the issuance of such new Indebtedness.

     (e) 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.

     (f) The Company will not, and will not permit any Guarantor to directly or indirectly, incur
any Indebtedness (including Acquired Indebtedness) that is subordinated or junior in right of
payment to any Indebtedness of the Company or such Guarantor, as the case may be, unless such
Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s
guarantee to the extent and in the same manner in all material respects and taken as a whole as
such Indebtedness is subordinated in right of payment to other Indebtedness of the Company or such
Guarantor as the case may be.

     (g) This Indenture will not treat (1) unsecured Indebtedness as subordinated or junior to
secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or
junior to any other senior Indebtedness merely because it has a junior priority with respect to the
same collateral or is secured by different collateral.

75

 

Section 4.10 Asset Sales.

     (a) The Company will not, and will not permit any Restricted Subsidiary to, cause or make,
directly or indirectly, an Asset Sale, unless:

     (1) the Company or such Restricted Subsidiary, as the case may be, receives
consideration at the time of such Asset Sale at least equal to the fair market value (as
determined in good faith by the Company on the date of contractually agreeing to such Asset
Sale) of the assets sold or otherwise disposed of; and

     (2) at least 75% of the consideration therefor received by the Company or such
Restricted Subsidiary, as the case may be, is in the form of cash, Cash Equivalents or
assets of the type specified in clauses (3) and (4) of Section 4.10(b) (“Replacement
Assets”) or any combination of the foregoing; provided that, for purposes of this provision,
each of the following shall be deemed to be cash:

     (A) any liabilities (other than Disqualified Stock and Indebtedness the
repayment of which would constitute a Restricted Payment) (as shown on the Company’s,
or such Restricted Subsidiary’s, most recent balance sheet or in the notes thereto)
of the Company or any Restricted Subsidiary that are assumed by the transferee of any
such assets and for which the Company and all Restricted Subsidiaries have been
validly released by all creditors in writing;

     (B) any securities or other assets or obligations received by the Company, a
Guarantor or such Restricted Subsidiary from such transferee that are converted by
the Company or such Restricted Subsidiary into cash or Cash Equivalents (to the
extent of the cash or Cash Equivalents received) within 180 days following the
closing of such Asset Sale, and

     (C) any Designated Noncash Consideration received by the Company or any
Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken
together with all other Designated Noncash Consideration received pursuant to this
clause (C) that is at that time outstanding, not to exceed 5.0% of Total Assets, with
the fair market value of each item of Designated Noncash Consideration being measured
at the time received and without giving effect to subsequent changes in value, shall
be deemed to be cash or Cash Equivalents.

     (b) Within 365 days after the Company’s or a Restricted Subsidiary’s receipt of Net Proceeds
from an Asset Sale (other than a Sale of Fixed Assets Collateral or a Sale of a Guarantor), the
Company or such Restricted Subsidiary, at its option, may apply such Net Proceeds from such Asset
Sale to:

     (1) to repay, repurchase or redeem any Indebtedness secured by a Permitted Prior Lien;

     (2) to repay, repurchase or redeem Indebtedness and other obligations of a Restricted
Subsidiary that is not a Guarantor, other than Indebtedness owed to the Company or another
Restricted Subsidiary;

     (3) to repay, repurchase or redeem other Indebtedness of the Company or any Guarantor
(other than any Disqualified Stock or any Indebtedness that is
contractually subordinated in right of payment to the Notes), other than Indebtedness
owed to the Company or

76

 

a Restricted Subsidiary of the Company; provided that the Company shall equally and ratably
redeem or repurchase the Notes pursuant to Section 3.07 hereof, through open market
purchases (to the extent such purchases are at or above 100% of the principal amount
thereof) or by making an offer (in accordance with the procedures set forth in Section 3.09
hereof for an Asset Sale Offer) to all Holders to purchase the Notes at 100% of the
principal amount thereof, in each case, plus the amount of accrued but unpaid interest and
Additional Interest, if any, on the amount of Notes that would otherwise be purchased;

     (4) to make an investment in (a) any one or more businesses; provided that such
investment in any business is in the form of the acquisition of Capital Stock of such
business such that it constitutes a Restricted Subsidiary and if such Asset Sale was in
respect of an asset of the Company or a Guarantor, the Company of such Capital Stock becomes
a Guarantor, (b) capital expenditures or (c) acquisitions of other assets (other than cash
and securities), in the case of each of clause (a), (b) and (c), used or useful in a Similar
Business; provided, further, that, to the extent such investment is of the type which would
constitute Collateral under the applicable Security Documents, such investment is
concurrently added to the Collateral securing the Notes in the manner and to the extent
required in this Indenture or any of the Security Documents; and/or

     (5) to make an investment in (a) any one or more businesses; provided that such
investment in any business is in the form of the acquisition of Capital Stock of such
business such that it constitutes a Restricted Subsidiary and if such Asset Sale consisted
of an asset of the Company or a Guarantor, the Company of such Capital Stock becomes a
Guarantor, (b) properties or (c) other assets that, in the case of each of clause (a), (b)
and (c), replace the businesses, properties and assets that are the subject of such Asset
Sale; provided, further, that, to the extent such investment is of the type which would
constitute Collateral under the applicable Security Documents, such investment is
concurrently added to the Collateral securing the Notes in the manner and to the extent
required in this Indenture or any of the Security Documents.

     (c) Within 365 days after the Company’s or a Restricted Subsidiary’s receipt of Net Proceeds
from an Asset Sale that constitutes a Sale of Fixed Assets Collateral or a Sale of a Guarantor, the
Company or such Restricted Subsidiary, at its option, may apply such Net Proceeds from such Asset
Sale to:

(1) to purchase other assets that would constitute Fixed Assets Collateral;

     (2) to make an investment in (a) any one or more businesses; provided that such
investment in any business is in the form of the acquisition of Capital Stock of such
business such that it constitutes a Restricted Subsidiary and if such Asset Sale was in
respect of an asset of the Company or a Guarantor, the Company of such Capital Stock becomes
a Guarantor, (b) capital expenditures or (c) acquisitions of other assets (other than cash
and securities), in the case of each of clause (a), (b) and (c), used or useful in a Similar
Business; provided, further, that, to the extent such investment is of the type which would
constitute Collateral under the applicable Security Documents, such investment is
concurrently added to the Collateral securing the Notes in the manner and to the extent
required in this Indenture or any of the Security Documents; and/or

     (3) to repay Indebtedness secured by a Permitted Prior Lien on any Fixed Assets
Collateral that was sold in such Asset Sale.

77

 

     (d) Pending the final application of any Net Proceeds from Asset Sales in accordance with
Section 4.10 (b) and (c) hereof the Company and its Restricted Subsidiaries may temporarily reduce
revolving Indebtedness or otherwise apply such Net Proceeds in any manner not prohibited by this
Indenture. Any binding commitment to apply Net Proceeds to invest in accordance with Section
4.10(b)(4) or 4.10(b)(5) hereof and with Section 4.10(c)(1) and 4.10(c)(2) hereof in the
immediately preceding paragraph, as the case may be, shall be treated as a permitted application of
Net Proceeds from the date of such commitment so long as the Company or such Restricted Subsidiary
enters into such commitment with the good faith expectation that such Net Proceeds will be applied
to satisfy such commitment within 90 days of such commitment; provided that if such commitment is
later canceled or terminated for any reason such Net Proceeds shall constitute “Excess Proceeds”
(as defined in Section 4.10(e) hereof).

     (e) Any Net Proceeds from Asset Sales that are not invested or applied as provided and within
the time period set forth in paragraphs (b) and (c) of this Section 4.10 will be deemed to
constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10.0 million,
the Company shall make an Asset Sale Offer and, at the Company’s option, an offer to the holders of
any other Permitted Fixed Asset Debt, to purchase or repay the maximum aggregate principal amount
of Notes (that is $2,000 or an integral multiple of $1,000 in excess thereof) and such other
Permitted Fixed Asset Debt that may be purchased or repaid out of the Excess Proceeds at an offer
price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to the date fixed for the closing of such offer, in
accordance with the procedures set forth in this Indenture. The Company will commence an Asset Sale
Offer within ten business days after the date that Excess Proceeds exceeds $10.0 million by mailing
the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. To the
extent that the aggregate amount of Notes and such other Permitted Fixed Asset Debt tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining
Excess Proceeds (which shall also constitute “Unutilized Excess Proceeds”) for any purpose not
prohibited by the terms of this Indenture. If the aggregate principal amount of Notes or the
Permitted Fixed Asset Debt surrendered by such holders thereof or to be repaid exceeds the amount
of Excess Proceeds, the Trustee shall select the Notes and the applicable agent or the Company
shall select such Permitted Fixed Asset Debt to be purchased on a pro rata basis based on the
accreted value or principal amount of the Notes or such other Permitted Fixed Asset Debt tendered.
Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.
After the Company or any Restricted Subsidiary has applied the Net Proceeds from any Asset Sale as
provided in, and within the time periods required by, this paragraph, any Unutilized Excess
Proceeds shall be released by the Collateral Trustee to the Company or such Restricted Subsidiary
for use by the Company or such Restricted Subsidiary for any purpose not prohibited by this
Indenture.

     (f) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws or regulations are
applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the
extent that the provisions of any securities laws or regulations conflict
with the provisions of Section 3.09 hereof or this Section 4.10, the Company will comply with
the applicable securities laws and regulations and shall not be deemed to have breached its
obligations described in this Indenture by virtue thereof.

Section 4.11 Transactions with Affiliates.

     (a) The Company will not, and will not permit any Restricted Subsidiary to, make any payment
to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of
the Company (each

78

 

of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in
excess of $2.5 million, unless:

     (1) such Affiliate Transaction is on terms that are not materially less favorable to
the Company or the relevant Restricted Subsidiary than those that would have been obtained
by the Company or such Restricted Subsidiary with an unrelated Person on an arm’s-length
basis; and

     (2) the Company delivers to the Trustee with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate payments or consideration in
excess of (a) $5.0 million, a resolution adopted by the Board of Directors of the Company
approving such Affiliate Transaction or series of related Affiliate Transactions, as the
case may be, and set forth in an Officer’s Certificate that such Affiliate Transaction or
series of related Affiliate Transactions, as the case may be, complies with clause (1) of
this Section 4.11(a) and (b) $10.0 million, an opinion as to the fairness to the Holders of
such Affiliate Transaction or series of related Affiliate Transactions, as the case may be,
from a financial point of view issued by an Independent Financial Advisor.

     (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will
not be subject to the provisions of Section 4.11(a) hereof:

     (1) transactions between or among the Company and/or any of the Restricted
Subsidiaries;

     (2) Restricted Payments permitted by Section 4.07 hereof and the definition of
“Permitted Investments;”

     (3) the payment of fees and compensation paid to, and indemnities provided on behalf of
(and entering into related agreements with), officers, directors, employees or consultants
of the Company, any of its direct or indirect parents or any Restricted Subsidiary which are
approved by the Board of Directors of the Company in good faith;

     (4) payments by the Company or any of the Restricted Subsidiaries for any financial
advisory, financing, underwriting or placement services or in respect of other investment
banking activities, including, without limitation, in connection with acquisitions or
divestitures which payments are approved by the Board of Directors of the Company in good
faith;

     (5) transactions in which the Company or any Restricted Subsidiary, as the case may be,
delivers to the Trustee a letter from an Independent Financial Advisor stating that such
transaction is fair to the Company or such Restricted Subsidiary from a financial point of
view or meets the requirements of Section 4.11(a)(1) hereof;

     (6) payments or loans (or cancellation of loans) to employees or consultants of the
Company, any of its direct or indirect parents or any Restricted Subsidiary which are
approved by the Board of Directors of the Company in good faith;

     (7) any agreement or arrangement as in effect as of the Issue Date, or any amendment
thereto (so long as any such amendment is not disadvantageous to the
Holders in any material respect) or payments made thereunder or the performance thereof
or any transaction contemplated thereby;

79

 

     (8) the existence of, or the performance by the Company or any Restricted Subsidiaries
of its obligations under the terms of, any equityholders agreement (including any
registration rights agreement or purchase agreements related thereto) to which it is party
as of the Issue Date and any similar agreement that it may enter into thereafter; provided,
however, that the existence of, or the performance by the Company or any Restricted
Subsidiary of its obligations under any future amendment to the equityholders’ agreement or
under any similar agreement entered into after the Issue Date will only be permitted under
this clause (8) to the extent that the terms of any such amendment or new agreement are not
otherwise disadvantageous to the Holders in any material respects;

     (9) the Acquisition and the payment of all fees and expenses related to the
Acquisition, in each case as disclosed in the Offering Memorandum;

     (10) transactions with customers, clients, suppliers, or purchasers or sellers of goods
or services, in each case in the ordinary course of business and otherwise in compliance
with the terms of this Indenture which are fair to the Company and the Restricted
Subsidiaries, in the reasonable determination of the Board of Directors of the Company or
the senior management thereof, or are on terms at least as favorable as might reasonably
have been obtained at such time in arm’s length negotiations with an unaffiliated third
party;

     (11) transactions with a Person (other than an Unrestricted Subsidiary of the Company)
that is an Affiliate of the Company solely because the Company or a Restricted Subsidiary of
the Company owns an Equity Interest in or otherwise controls such Person; provided that such
Affiliate is not an Affiliate of any Permitted Holder other than due to the Company’s
ownership of any Equity Interest, or control, of such Affiliate;

     (12) any purchases by the Company’s Affiliates of Indebtedness or Disqualified Stock of
the Company or any of its Restricted Subsidiaries the majority of which Indebtedness or
Disqualified Stock is purchased by Persons who are not the Company’s Affiliates; provided
that such purchases by the Company’s Affiliates are on the same terms as such purchases by
such Persons who are not the Company’s Affiliates;

     (13) any issuance or sale of Equity Interests (other than Disqualified Stock) to
Affiliates of the Company and the granting of registration and other customary rights in
connection therewith or any contribution to capital of direct or indirect parent companies,
the Company or any Restricted Subsidiary;

(14) transactions pursuant to the Management Services Agreement; and

     (15) any issuance of securities, or other payments or loans (or cancellation of loans),
awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, stock options and stock ownership plans approved by the Board of Directors of
the Company.

Section 4.12 Liens.

     The Company will not, and will not permit any of the Restricted Subsidiaries to, create,
incur, assume or otherwise cause or suffer to exist or become effective any Lien (other than
Permitted Liens) that secures obligations under any Indebtedness or any related Guarantees of
any kind upon any of their property or assets, now owned or hereafter acquired.

80

 

Section 4.13 Conduct of Business.

     The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any
businesses other than any business conducted or proposed to be conducted by the Company and its
Restricted Subsidiaries on the Issue Date or any business that is similar, reasonably related,
incidental or ancillary thereto or any reasonable extension thereof.

Section 4.14 Corporate Existence.

     Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect:

     (1) its corporate existence, and the corporate, partnership or other existence of each
of its Subsidiaries, in accordance with the respective organizational documents (as the same
may be amended from time to time) of the Company or any such Subsidiary; and

     (2) the rights (charter and statutory), licenses and franchises of the Company and such
Subsidiaries;

provided, however, that the Company shall not be required to preserve any such right,
license or franchise, or the corporate, partnership or other existence of any Subsidiary, if
the Board of Directors of the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and such Subsidiaries, taken
as a whole, and that the loss thereof is not adverse in any material respect to the Holders
of the Notes.

Section 4.15 Offer to Repurchase Upon Change of Control.

     (a) If a Change of Control occurs, unless the Company has previously or concurrently mailed a
redemption notice with respect to all of the outstanding Notes as described under Section 3.07(c)
or (d) hereof, the Company will make an offer to purchase all of the Notes pursuant to the offer
described below (the “Change of Control Offer”) at a price in cash (the “Change of Control
Payment”) equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid
interest and Additional Interest, if any, to but excluding the date of purchase, subject to the
rights of Holders of Notes on the relevant record date to receive interest due on the relevant
interest payment date. Within 30 days following any Change of Control, the Company will send notice
of such Change of Control Offer by first class mail, with a copy to the Trustee, to each Holder of
Notes to the address of such Holder appearing in the security register or otherwise in accordance
with the procedures of DTC, with the following information:

     (1) a Change of Control Offer is being made pursuant to this Section 4.15, and that all
Notes properly tendered pursuant to such Change of Control Offer will be accepted for
payment;

     (2) the purchase price and the purchase date, which will be no earlier than 30 days nor
later than 60 days from the date such notice is mailed (the “Change of Control Payment
Date”);

     (3) any Note not properly tendered will remain outstanding and continue to accrue
interest and Additional Interest, if applicable;

81

 

     (4) unless the Company defaults in the payment of the Change of Control Payment, all
Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue
interest or Additional Interest, if applicable, on the Change of Control Payment Date;

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

     (6) Holders will be entitled to withdraw their tendered Notes and their election to
require the Company to purchase such Notes; provided that the paying agent receives, not
later than the close of business on the last day of the Change of Control offer period, a
telegram, telex, facsimile transmission or letter setting forth the name of the Holder of
the Notes, the principal amount of Notes tendered for purchase, and a statement that such
Holder is withdrawing his tendered Notes and his election to have such Notes purchased;

     (7) if such notice is mailed prior to the occurrence of a Change of Control, stating
the Change of Control Offer is conditional on the occurrence of such Change of Control; and

     (8) that Holders whose Notes are being purchased only in part will be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of
$1,000 in excess thereof.

     The Company will not be required to make a Change of Control Offer following a Change of
Control if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.15 applicable to a Change
of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn
under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of
Control Offer may be made in advance of a Change of Control, conditional upon such Change of
Control.

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

     (b) On the Change of Control Payment Date, the Company will, to the extent permitted by law:

     (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the
Change of Control Offer,

     (2) deposit with the paying agent an amount equal to the aggregate Change of Control
Payment in respect of all Notes or portions of Notes properly tendered, and

     (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes
properly accepted together with an Officer’s Certificate stating that such Notes or portions
thereof have been retendered to and are purchased by the Company.

82

 

     The Paying Agent will promptly mail to each Holder of the Notes properly tendered the Change
of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to
be transferred by book-entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will
publicly announce the results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.

     If the Change of Control Payment Date is on or after an interest record date and on or before
the related interest payment date, any accrued and unpaid interest and Additional Interest, if any,
will be paid on the relevant interest payment date to the Person in whose name a Note is registered
at the close of business on such record date.

Section 4.16 Guarantees.

     (a) If the Company or any of its Restricted Subsidiaries acquires, incorporates, forms or
otherwise establishes a Domestic Subsidiary (other than an Immaterial Subsidiary) after the Issue
Date, such Domestic Subsidiary will be required, within 30 days after the date of such acquisition,
incorporation, formation or establishment, to:

     (1) execute and deliver to the Trustee a supplemental indenture substantially in the
form attached as Exhibit D hereto providing for a guarantee of payment of the Notes by such
Domestic Subsidiary;

     (2) take such action as may be reasonably necessary to cause its property and assets
that are of the type which would constitute Collateral under the Security Documents to be
made subject to the Lien of the Security Documents in the manner and to the extent required
in this Indenture or any of the Security Documents and shall take all reasonably necessary
action so that such Lien is perfected to the extent required by this Indenture and Security
Documents; and

     (3) deliver to the Trustee and Opinion of Counsel that such supplemental indenture and
Security Documents have been duly authorized, executed and delivered by such Domestic
Subsidiary and constitute legal, valid, binding and enforceable obligations of such Domestic
Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency
or similar laws (including, without limitation, all laws relating to fraudulent transfers)
and except insofar as enforcement thereof is subject to general principles of equity.

     In addition, in the event that any Restricted Subsidiary that is an Immaterial Subsidiary
ceases to be an Immaterial Subsidiary, then such Restricted Subsidiary must become a Guarantor and
execute and deliver the documents listed in clauses (1), (2) and (3) of this Section 4.16(a) to the
Trustee within 30 days of the date of such event.

     (b) The Company will not permit any Restricted Subsidiary that is not a Guarantor to guarantee
the payment of any Credit Facility or capital markets Indebtedness of the Company or any other
Guarantor unless:

     (1) such Restricted Subsidiary executes and delivers within 30 days a Supplemental
Indenture substantially in the form attached hereto as Exhibit D providing for a guarantee
of payment of the Notes by such Restricted Subsidiary, except if such
Indebtedness is by its express terms subordinated in right of payment to the Notes or
such Guarantor’s Guarantee of the Notes, any such guarantee of such Restricted Subsidiary
with respect to such Indebtedness shall be

83

 

subordinated in right of payment to such Restricted Subsidiary’s Guarantee with respect to
the Notes substantially to the same extent as such Indebtedness is subordinated in right of
payment to the Notes;

     (2) such Restricted Subsidiary shall take such action as may be reasonably necessary to
cause its property and assets that are of the type which would constitute Collateral under
the Security Documents to be made subject to the Lien of the Security Documents in the
manner and to the extent required in this Indenture or any of the Security Documents and
shall take all reasonably necessary action so that such Lien is perfected to the extent
required by this Indenture and Security Documents; and

     (3) such Restricted Subsidiary shall deliver to the Trustee an Opinion of Counsel to
the effect that such Guarantee of the Notes, supplemental indenture and Security Documents
have been duly authorized, executed and delivered by such Domestic Subsidiary and constitute
legal, valid, binding and enforceable obligations of such Domestic Subsidiary, except
insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws
(including, without limitation, all laws relating to fraudulent transfers) and except
insofar as enforcement thereof is subject to general principles of equity;

provided that this Section 4.16(b) shall not be applicable to any guarantee of any Restricted
Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred
in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary.

     (c) Notwithstanding the foregoing and the other provisions of this Indenture, any Guarantee by
a Restricted Subsidiary of the Notes shall provide by its terms that it shall be automatically and
unconditionally released and discharged upon:

     (1) any sale, exchange or transfer (by merger or otherwise) of Capital Stock following
which the applicable Guarantor is no longer a Restricted Subsidiary or all or substantially
all the assets of such Guarantor (other than by lease), which sale, exchange or transfer is
made in compliance with the applicable provisions of this Indenture;

     (2) the release or discharge of the guarantee by such Restricted Subsidiary which
resulted in the creation of such Guarantee;

     (3) if such Guarantor is designated as an Unrestricted Subsidiary or otherwise ceases
to be a Restricted Subsidiary, in each case in accordance with the provisions of this
Indenture, upon effectiveness of such designation or when it first ceases to be a Restricted
Subsidiary, respectively; or

     (4) if the Company exercises its legal defeasance option or its covenant defeasance
option pursuant to Article 8 hereof or if its obligations under this Indenture are
discharged in accordance with the terms of this Indenture.

Section 4.17 After-Acquired Property.

     Promptly following the acquisition by the Company or any Guarantor of any After-Acquired
Property, the Company or such Guarantor shall promptly execute and deliver such mortgages, deeds of
trust, security instruments, financing statements and certificates as shall be reasonably necessary
to vest in the Collateral Trustee a perfected security interest in such After-Acquired Property and
to have such After-Acquired Property added to the Fixed Assets Collateral or the ABL Collateral, as
applicable, and

84

 

thereupon all provisions of this Indenture relating to the Fixed Assets Collateral or the ABL
Collateral, as applicable, shall be deemed to relate to such After-Acquired Property to the same
extent and with the same force and effect.

     With respect to any fee interest in any real property (individually and collectively, the
“Premises”) (a) owned by any Person at the time that Person becomes a Guarantor or (b) acquired by
the Company or any Guarantor after the Issue Date, in each case either (x) with a purchase price of
greater than $1.0 million, or (y) over which a Lien would be required to be granted in favor of any
holder of Permitted ABL Obligations, within 45 days (or if such shorter period is required by any
Permitted ABL Document then in effect) of such Person becoming a Guarantor in the case of clause
(a) or the acquisition thereof in the case of clause (b), the Company shall deliver or cause to be
delivered to the Collateral Trustee:

     (1) as mortgagee for the ratable benefit of the Collateral Trustee, the Trustee and the
Holders, fully executed counterparts of Mortgages, duly executed by the Company or the
applicable Guarantor, together with evidence of the completion (or satisfactory arrangements
for the completion), of all recordings and filings of such Mortgage as may be necessary in
the applicable jurisdiction to create a valid, perfected Lien, subject to Permitted Liens,
against the properties purported to be covered thereby;

(2) an appraisal complying with FIRREA if required thereunder;

     (3) for any Premises that is located in a Special Flood Hazard Area in a jurisdiction
that participates in the National Flood Insurance Program, Federal Flood Insurance;

     (4) as mortgagee for the ratable benefit of the Collateral Trustee, the Trustee and the
Holders, with regard to all Premises located in the United States (and to the extent
customary in any other jurisdiction), an A.L.T.A. lender’s title insurance policy, in an
amount equal to 100% of the fair market value of the Premises purported to be covered by the
related Mortgage, insuring that title to such property is marketable, and that the interests
created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects
and encumbrances other than Permitted Liens;

     (5) with regard to all Premises located in the United States (and to the extent
customary in any other jurisdiction), and only to the extent required to allow the Company
of the lender’s title insurance policy to issue such policy without a survey exception, the
most recent survey of such Premises, certified to the Collateral Trustee by a licensed
surveyor;

     (6) an Opinion of Counsel in the relevant jurisdiction of the Premises in favor of the
Collateral Trustee on behalf of the Trustee and the Holders, including relating to the
creation and perfection of the mortgage, recordable form of mortgage, and other real estate
opinions customarily delivered in favor of secured parties; and

     (7) copies of any other related documentation delivered to any ABL Agent or any other
Permitted Fixed Asset Representative with respect to any Lien to be established on such
Premises.

Section 4.18 Further Assurances; Insurance.

     (a) The Company and each of the Guarantors will do or cause to be done all acts and things
that may be required, or that the Collateral Trustee from time to time may reasonably request, to
ensure

85

 

and confirm that the Collateral Trustee holds, for the benefit of the holders of Permitted Fixed
Asset Obligations, duly created and enforceable and perfected Liens upon the Collateral (including
any property or assets that are acquired or otherwise become, or are required by any Permitted
Fixed Asset Documents to become, Collateral after the notes are issued), in each case, as
contemplated by, and with the Lien priority required under, the Permitted Fixed Asset Documents.

     (b) Upon the reasonable request of the Collateral Trustee or at any time and from time to
time, the Company and each of the Guarantors will promptly execute, acknowledge and deliver such
Security Documents, instruments, certificates, notices and other documents, and take such other
actions as shall be reasonably required, or that the Collateral Trustee may reasonably request, to
create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in
each case as contemplated by the Permitted Fixed Asset Documents for the benefit of the holders of
Permitted Fixed Asset Obligations.

(c) The Company and the Guarantors will:

     (1) keep their properties adequately insured at all times by financially sound and
reputable insurers;

     (2) maintain such other insurance, to such extent and against such risks (and with such
deductibles, retentions and exclusions), including fire and other risks insured against by
extended coverage and coverage for acts of terrorism, as is customary with companies in the
same or similar business operating in the same or similar locations, including public
liability insurance against claims for personal injury or death or property damage occurring
upon, in, about or in connection with the use of any properties owned, occupied or
controlled by them;

(3) maintain such other insurance as may be required by law;

     (4) maintain title insurance on all real property Collateral insuring the Collateral
Trustee’s Lien on that property (with regard to all such Collateral located in the United
States, and only to the extent customary in any other jurisdiction), subject only to
Permitted Liens and other exceptions to title approved by the Collateral Trustee; provided
that title insurance need only be maintained on any particular parcel of real property
having a fair market value of less than $1.0 million if and to the extent title insurance is
maintained in respect of Permitted ABL Liens on that property; and

(5) maintain such other insurance as may be required by the Security Documents.

     (d) Upon the request of the Collateral Trustee, the Company and the Guarantors will furnish to
the Collateral Trustee full information as to their property and liability insurance carriers.
Holders of Permitted Fixed Asset Obligations, as a class, will be named as additional insureds,
with a waiver of subrogation, on all insurance policies of the Company and the Guarantors and the
Collateral Trustee and the ABL Agent will be named as loss payee, with 30 days’ notice of
cancellation or material change, on all property and casualty insurance policies of the Company and
the Guarantors.

ARTICLE 5

SUCCESSORS

Section 5.01 Merger, Consolidation or Sale of All or Substantially All Assets.

     (a) The Company. The Company may not consolidate or merge with or into or wind up into
(whether or not the Company is the surviving corporation), or sell, assign, transfer, lease, convey
or

86

 

otherwise dispose of all or substantially all of the properties or assets of the Company and the
Restricted Subsidiaries, taken as a whole, in one or more related transactions, to any Person
unless:

     (1) the Company is the surviving corporation or the Person formed by or surviving any
such consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, lease, conveyance or other disposition will have been made is a corporation
organized or existing under the laws of the United States, any state thereof or the District
of Columbia (such Person, as the case may be, being herein called the “Successor Company”);

     (2) the Successor Company, if other than the Company, expressly assumes all the
obligations of the Company under this Indenture, the Registration Rights Agreement, the
Notes and the Security Documents pursuant to supplemental indentures or other documents,
agreements or instruments;

(3) immediately after such transaction no Default or Event of Default exists;

     (4) immediately after giving pro forma effect to such transaction, as if such
transaction had occurred at the beginning of the applicable four-quarter period, either (i)
the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof or (ii)
the Fixed Charge Coverage Ratio would be the same or greater as a result of such
transaction;

     (5) the Company shall have delivered to the Trustee an Officer’s Certificate and,
except in the case of a merger of a Restricted Subsidiary into the Company, an Opinion of
Counsel, each stating that such consolidation, merger or transfer and such supplemental
indentures, if any, comply with this Indenture and, if a supplemental indenture or any
supplement to any Security Document is required in connection with such transaction, such
supplement shall comply with the applicable provisions of this Indenture;

     (6) to the extent any assets of the Person which is merged or consolidated with or into
the Successor Company are assets of the type which would constitute Collateral under the
Security Documents, the Successor Company will take such other actions as may be reasonably
necessary to cause such property and assets to be made subject to the Lien of the Security
Documents in the manner and to the extent required in this Indenture or any of the Security
Documents and shall take all reasonably necessary action so that such Lien is perfected to
the extent required by the Security Documents; and

(7) the Collateral owned by or transferred to the Successor Company shall:

     (A) continue to constitute Collateral under this Indenture and the Security
Documents,

     (B) continue to be subject to the Lien in favor of the Collateral Trustee for
the benefit of the Collateral Trustee, the Trustee and the Holders of the Notes; and

(C) not be subject to any Lien other than Permitted Liens.

     (b) The Successor Company will succeed to, and be substituted for the Company under this
Indenture and the Notes and the Company (if not the Successor Company) will be fully released from
its obligations under this Indenture, the Notes and the Security Documents but, in the case of a
lease of all or

87

 

substantially all its assets, the Company will not be released from the obligation to pay the
principal of and premium, if any, interest and Additional Interest, if any, on the Notes.

     (c) Notwithstanding clauses (3) and (4) of Section 5.01(a) hereof (and without compliance
therewith),

     (1) any Restricted Subsidiary that is not a Guarantor may consolidate with, merge into
or transfer all or part of its properties and assets to the Company or any Restricted
Subsidiary;

     (2) any Guarantor may consolidate with, merge into or transfer all or part of its
properties and assets to the Company or a Guarantor, and

     (3) the Company may merge with an Affiliate incorporated solely for the purpose of
reincorporating the Company in another State of the United States.

     (d) Guarantors. Subject to certain limitations described in this Indenture governing release
of a Guarantee upon the sale, disposition or transfer of a Guarantor, each Guarantor will not, and
the Company will not permit any Guarantor to, consolidate or merge with or into or wind up into
(whether or not such Guarantor is the surviving corporation), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or assets in one or more
related transactions to, any Person unless:

(1) (A) such Guarantor is the surviving corporation or the Person formed by or
surviving any such consolidation or merger (if other than such Guarantor) or to which
such sale, assignment, transfer, lease, conveyance or other disposition will have
been made is an entity organized or existing under the laws of the United States, any
state thereof or the District of Columbia (such Guarantor or such Person, as the case
may be, being herein called the “Successor Person”);

     (B) the Successor Person, if other than such Guarantor or the Company, expressly
assumes all the obligations of such Guarantor under this Indenture, the Registration
Rights Agreement, such Guarantor’s Guarantee and the Security Documents pursuant to
supplemental indentures or other documents or instruments;

(C) immediately after such transaction, no Default or Event of Default
exists;

     (D) the Company shall have delivered to the Trustee an Officer’s Certificate
and, except in the case of a merger of a Restricted Subsidiary into the Company, an
Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indentures, amendments, supplements or other instruments relating to the
applicable Security Documents if any, comply with this Indenture, if a supplemental
indenture or any supplement to any Security Document is required in connection with
such transaction, such supplement shall comply with the applicable provisions of this
Indenture;

     (E) to the extent any assets of the Person which is merged or consolidated with
or into the Successor Person are assets of the type which would constitute Collateral
under the applicable Security Documents, the Successor Person will take such other
actions as may be reasonably necessary to cause such property and assets to be made
subject to the Lien of the Security Documents in the manner and to the extent
required in

88

 

this Indenture or any of the Security Documents and shall take all reasonably
necessary action so that such Lien is perfected to the extent required by the
Security Documents; and

     (F) the Collateral owned by or transferred to the Successor Person that is a
Guarantor shall:

     (i) continue to constitute Collateral under this Indenture and the
Security Documents,

     (ii) continue to be subject to the Lien in favor of the Collateral
Trustee for the benefit of the Trustee and the Holders, and

     (iii) not be subject to any Lien other than Permitted Liens; and

(2) the transaction is made in compliance with Section 4.10 hereof.

     (e) Subject to certain limitations described in this Indenture, the Successor Person will
succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s
Guarantee but, in the case of a lease of all or substantially all its assets, the Guarantor will
not be released from its obligations under its Guarantee.

     (f) Notwithstanding the foregoing (and without compliance therewith), any Restricted
Subsidiary may merge into or transfer all or part of its properties and assets to a Guarantor or
the Company.

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

Notwithstanding anything to the contrary herein, any Subsidiary with a value of less than $250,000
may liquidate or dissolve or change its legal form if the Company determines in good faith that
such action is in the best interests of the Company and its Subsidiaries and is not materially
disadvantageous to the interests of the Holders of Notes.

Section 5.02 Successor Corporation Substituted.

     Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the properties or assets of the Company or any
Guarantor in a transaction that is subject to, and that complies with the provisions of, Section
5.01 hereof, the successor Person formed by such consolidation or into or with which the Company or
such Guarantor, as the case may be, is merged or to which such sale, assignment, transfer, lease,
conveyance or other disposition is made shall succeed to, and be substituted for (so that from and
after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or
other disposition, the provisions of this Indenture referring to the Company or such Guarantor, as
the case may be, shall refer instead to the successor Person and not to the Company or such
Guarantor, as the case may be), and may exercise every right and power of
the Company or such Guarantor, as the case may be, under this Indenture with the same effect
as if such successor Person had been named as the Company or such Guarantor, as the case may be,
herein; provided, however, that the predecessor, as the case may be, shall not be relieved from the

89

 

obligation to pay the principal of, premium on, if any, interest and Additional Interest, if
any, on, the Notes except in the case of a sale of all of the assets of the Company or such
Guarantor, as the case may be, in a transaction that is subject to, and that complies with the
provisions of, Section 5.01 hereof.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

     (a) Each of the following is an “Event of Default”:

     (1) default in payment when due and payable, whether at maturity, upon redemption,
acceleration or otherwise, of the principal of, or premium, if any, on the Notes;

     (2) default for 30 days or more in the payment when due of interest, or Additional
Interest, if any, on or with respect to the Notes;

     (3) failure by the Company or any Guarantor to comply with the provisions of Sections
4.10, 4.15, 4.16(a) or 5.01 hereof;

     (4) failure by the Company or any Guarantor for 60 days after receipt of written notice
given by the Trustee or the Holders of at least 25% in principal amount of the Notes then
outstanding and issued under this Indenture to comply with any of its other agreements in
this Indenture, the Security Documents or the Notes (other than those specified in clauses
(1) through (3) above);

     (5) default under any mortgage, indenture or instrument under which there is issued or
by which there is secured or evidenced any Indebtedness for money borrowed by the Company or
any Restricted Subsidiary or the payment of which is guaranteed by the Company or any
Restricted Subsidiary, other than Indebtedness owed to the Company or a Restricted
Subsidiary, whether such Indebtedness or guarantee now exists or is created after the
issuance of the Notes, if both:

     (a) such default either:

     (i) results from the failure to pay any principal of such Indebtedness
at its stated final maturity (after giving effect to any applicable grace
periods); or

     (ii) relates to an obligation other than the obligation to pay principal
of any such Indebtedness at its stated final maturity and results in the
holder or holders of such Indebtedness causing such Indebtedness to become
due prior to its stated maturity; and

     (b) the principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at
stated final maturity (after giving effect to any applicable grace periods), or the
maturity of which has been so accelerated, aggregate $10.0 million or more;

     (6) failure by the Company, any Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together as of the date of the most recent audited financial
statements of the Company, would constitute a Significant Subsidiary to pay final judgments
aggregating in

90

 

excess of $10.0 million (other than any judgments covered by indemnities or insurance policies
issued by reputable and creditworthy companies), which final judgments remain unpaid,
undischarged and unstayed for a period of more than 60 days after such judgment becomes final,
and in the event such judgment is covered by insurance, an enforcement proceeding has been
commenced by any creditor upon such judgment or decree which is not promptly stayed;

     (7) the Company, any Guarantor that is a Significant Subsidiary or any group of Guarantors
that, taken together as of the date of the most recent audited financial statements of the
Company, would constitute a Significant Subsidiary pursuant to or within the meaning of
Bankruptcy Law:

     (a) commences a voluntary case,

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

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

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

     (e) admits in writing its inability to pay its debts as they become due;

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

     (a) is for relief against the Company, any Guarantor that is a Significant Subsidiary
or any group of Guarantors that, taken together as of the date of the most recent audited
financial statements of the Company, would constitute a Significant Subsidiary in an
involuntary case;

     (b) appoints a custodian of the Company, any Guarantor that is a Significant
Subsidiary or any group of Guarantors that, taken together as of the date of the most
recent audited financial statements of the Company, would constitute a Significant
Subsidiary or for all or substantially all of the property of the Company, any Guarantor
that is a Significant Subsidiary or any group of Guarantors that, taken together as of the
date of the most recent audited financial statements of the Company, would constitute a
Significant Subsidiary; or

     (c) orders the liquidation of the Company, any Guarantor that is a Significant
Subsidiary or any group of Guarantors that, taken together as of the date of the most
recent audited financial statements of the Company, would constitute a Significant
Subsidiary;

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

     (9) any (a) Guarantee, or (b) Security Document governing a security interest with respect
to any Collateral having a fair market value in excess of $2.5 million ceases to be in full force
and effect (except as contemplated by the terms of this Indenture and the Guarantees and except
for the failure of any security interest with respect to the Collateral to remain in full force
and effect, which is governed by clause (10) below) or is declared null and
void in a judicial proceeding or the Company, or any Guarantor that is a Significant
Subsidiary or any group of

91

 

Guarantors that, taken together as of the date of the most recent audited financial
statements of the Company, would constitute a Significant Subsidiary denies or disaffirms
its obligations under this Indenture, its Guarantee or any Security Document and the Company
fails to cause such Guarantor or Guarantors, as the case may be, to rescind such denials or
disaffirmations within 30 days; or

     (10) with respect to any Collateral having a fair market value in excess of $2.5
million, individually or in the aggregate, (a) the failure of the security interest with
respect to such Collateral under the Security Documents, at any time, to be in full force
and effect for any reason other than in accordance with their terms and the terms of this
Indenture and other than the satisfaction in full of all obligations under this Indenture
and discharge of this Indenture if such failure continues for 30 days or (b) the assertion
by the Company or any Guarantor, in any pleading in any court of competent jurisdiction,
that any such security interest is invalid or unenforceable, except in each case for the
failure or loss of perfection resulting from the failure of the Collateral Trustee to
maintain possession of certificates actually delivered to it representing securities pledged
under the Security Documents.

     (b) In the event of any Event of Default specified in clause (5) of Section 6.01(a) hereof,
such Event of Default and all consequences thereof shall be annulled, waived and rescinded,
automatically and without any action by the Trustee or the Holders, if within 30 days after such
Event of Default arose:

     (1) the Indebtedness or guarantee that is the basis for such Event of Default has been
discharged; or

     (2) the Holders thereof have rescinded or waived the acceleration, notice or action (as
the case may be) giving rise to such Event of Default; or

     (3) if the default that is the basis for such Event of Default has been cured.

Section 6.02 Acceleration.

     If any Event of Default (other than of a type specified in clauses (7) or (8) of Section
6.01(a) hereof) occurs and is continuing under this Indenture, the Trustee or the Holders of at
least 25% in principal amount of the then outstanding Notes issued under this Indenture may declare
the principal, premium, if any, interest, Additional Interest, if any, and any other monetary
obligations on all the then outstanding Notes issued hereunder to be due and payable immediately.

     Upon the effectiveness of such declaration, such principal, premium interest, Additional
Interest, if any, and other monetary obligations shall be due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default arising under clauses (7) or (8)
of Section 6.01(a) hereof, all outstanding Notes will become due and payable without further action
or notice.

     Holders may not enforce this Indenture or the Notes except as provided in this Indenture.
Holders of a majority in principal amount of the then outstanding Notes issued under this Indenture
may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
notice of any continuing Default or Event of Default, except a Default or Event of
Default relating to the payment of principal, premium, if any, interest or Additional
Interest, if any, if it determines that withholding notice is in their interest.

92

 

Section 6.03 Other Remedies.

     If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal of, premium on, if any, interest or Additional Interest, if
any, on, the Notes or to enforce the performance of any provision of the Notes or this Indenture.

     The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note
in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

Section 6.04 Waiver of Past Defaults.

     (a) The Holders of a majority in aggregate principal amount of the then outstanding Notes
issued hereunder by notice to the Trustee may, on behalf of the Holders, waive any existing Default
or Event of Default and its consequences under this Indenture except a continuing Default or Event
of Default in the payment of interest or premium, if any, on or the principal of any such Note held
by a non-consenting Holder.

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

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

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

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

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

     (5) in the event of the cure or waiver of an Event of Default of the type described in
clause (5) of Section 6.01(a) hereof, the Trustee shall have received an Officer’s
Certificate that such Event of Default has been cured or waived.

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

Section 6.05 Control by Majority.

     Holders of a majority in aggregate principal amount of the then outstanding Notes are given
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. The Trustee,
however, may refuse to follow any direction that conflicts with law or this Indenture
or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that
would involve the Trustee in personal liability.

93

 

Section 6.06 Limitation on Suits.

     Subject to the provisions of this Indenture relating to the duties of the Trustee or the
Collateral Trustee, in case an Event of Default occurs and is continuing, the Trustee or the
Collateral Trustee will be under no obligation to exercise any of the rights or powers under this
Indenture, the Notes, the Guarantees and the Security Documents at the request or direction of any
of the Holders of the Notes unless such Holders have offered to the Trustee or the Collateral
Trustee indemnity or security satisfactory to it against any loss, liability or expense. Except to
enforce the right to receive payment of principal, premium, if any, interest or Additional
Interest, if any, when due, no Holder may pursue any remedy with respect to this Indenture or the
Notes unless:

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

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

     (3) such Holder has offered the Trustee reasonable security or indemnity against any
loss, liability or expense;

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

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

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

Section 6.07 Rights of Holders of Notes to Receive Payment.

     Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal of, premium on, if any, interest or Additional Interest, if any, on,
the Note, on or after the respective due dates expressed in the Note (including in connection with
an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder; provided
that a Holder shall not have the right to institute any such suit for the enforcement of payment if
and to the extent that the institution or prosecution thereof or the entry of judgment therein
would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of
this Indenture upon any property subject to such Lien.

Section 6.08 Collection Suit by Trustee.

     If an Event of Default specified in Section 6.01(a)(1) or 6.01(a)(2) hereof occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Company for the whole amount of principal of, premium on, if any,
interest and Additional Interest, if any, remaining unpaid on, the Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

94

 

Section 6.09 Trustee May File Proofs of Claim.

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

Section 6.10 Priorities.

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

     First: to the Trustee, its agents and attorneys for amounts due under Section 7.07
hereof, including payment of all compensation, expenses and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection;

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

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

     The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10.

Section 6.11 Undertaking for Costs.

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

95

 

Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the
then outstanding Notes.

ARTICLE 7

TRUSTEE

Section 7.01 Duties of Trustee.

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

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

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

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee will examine the certificates and opinions to determine
whether or not they conform to the requirements of this Indenture (but need not conform or
investigate the accuracy of mathematical calculations or other facts stated therein).

     (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

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

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

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

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

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

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

96

 

Section 7.02 Rights of Trustee.

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

     (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate
or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits
to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be
full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

     (c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care.

     (d) The Trustee will not be liable for any action it takes or omits to take in good faith that
it believes to be authorized or within the rights or powers conferred upon it by this Indenture.

     (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company will be sufficient if signed by an Officer of the Company.

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

     (g) The Trustee shall not be required to give any note, bond or surety in respect of the
trusts and powers under this Indenture.

     (h) The Trustee may request that the Company deliver an Officer’s Certificate setting forth
the names of individuals and / or titles of officers who are signing an agreement with or providing
written direction or notice to the Trustee, which Officer’s Certificate may be signed by such
Officers, including any Person specified as so authorized in such certificate previously delivered
and not superseded;

     (i) The Trustee may act and rely and shall be protected in acting and relying in good faith on
the opinion or advice of, or information obtained from, any Counsel, accountant, appraiser or other
expert or adviser, whether retained or employed by the Company or by the Trustee, in relation to
any matter arising in the administration of the trusts hereof;

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

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

97

 

Section 7.03 Individual Rights of Trustee.

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

Section 7.04 Trustee’s Disclaimer.

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

Section 7.05 Notice of Defaults.

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

Section 7.06 Reports by Trustee to Holders of the Notes.

     (a) Within 60 days after each May 15 beginning with the May 15 following the date of this
Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders of the
Notes a brief report dated as of such reporting date that complies with TIA §313(a) (but if no
event described in TIA §313(a) has occurred within the twelve months preceding the reporting date,
no report need be transmitted). The Trustee also will comply with TIA §313(b)(2). The Trustee will
also transmit by mail all reports as required by TIA §313(c).

     (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by
the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which
the Notes are listed in accordance with TIA §313(d). The Company will promptly notify the Trustee
when the Notes are listed on any stock exchange.

Section 7.07 Compensation and Indemnity.

     (a) The Company will pay to the Trustee from time to time reasonable compensation for its
acceptance of this Indenture and services hereunder. The Trustee’s compensation will not be limited
by any law on compensation of a trustee of an express trust. The Company will reimburse the
Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services. Such expenses
will include the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel.

98

 

     (b) The Company and the Guarantors will indemnify the Trustee or any predecessor Trustee (in
its capacity as Trustee) and each of their affiliates, officers, directors, agents and employees
against any and all losses, liabilities, claims, damages or expenses including taxes (other than
taxes based upon, measured by or determined by the income of the Trustee) incurred by it arising
out of or in connection with the acceptance or administration of its duties under this Indenture,
including the costs and expenses of enforcing this Indenture against the Company and the Guarantors
(including this Section 7.07) and defending itself against any claim (whether asserted by the
Company, the Guarantors, any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct.
The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure
by the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of
their obligations hereunder. The Company or such Guarantor will defend the claim and the Trustee
will cooperate in the defense. The Trustee may have separate counsel if the Trustee has been
reasonably advised by counsel that there may be one or more legal defenses available to it that are
different from or additional to those available to the Company and in the reasonable judgment of
such counsel it is advisable for the Trustee to engage separate counsel, and the Company will pay
the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay
for any settlement made without its consent, which consent will not be unreasonably withheld. The
Company need not reimburse any expense or indemnify against any loss incurred by the Trustee
through the Trustee’s own negligence, bad faith or willful misconduct.

     (c) The obligations of the Company and the Guarantors under this Section 7.07 will survive the
satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee.

     (d) To secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the
Trustee will have a Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal of, premium on, if any, interest or Additional
Interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge of
this Indenture or the earlier resignation or removal of the Trustee.

     (e) When the Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(a)(7) or 6.01(a)(8) hereof occurs, the expenses and the compensation for the
services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

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

Section 7.08 Replacement of Trustee.

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

     (b) The Trustee may resign in writing at any time upon 30 days prior written notice to the
Company and be discharged from the trust hereby created by so notifying the Company. The Holders of
a majority in aggregate principal amount of the then outstanding Notes may
remove the Trustee by so notifying the Trustee and the Company in writing. The Company may
remove the Trustee if:

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

99

 

     (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

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

     (4) the Trustee becomes incapable of acting.

     (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for
any reason, the Company will promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

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

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

     (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will
become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee will mail a notice of its succession to
Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the
successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to
the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant
to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the
benefit of the retiring Trustee.

Section 7.09 Successor Trustee by Merger, etc.

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

Section 7.10 Eligibility; Disqualification.

     There will at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition.

     This Indenture will always have a Trustee who satisfies the requirements of TIA §310(a)(1),
(2) and (5). The Trustee is subject to TIA §310(b).

100

 

Section 7.11 Preferential Collection of Claims Against Company.

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

Section 7.12 Collateral Trust Agreement

     The Trustee is hereby directed and authorized by the Holders of Notes to execute and deliver
the Collateral Trust Agreement and any other Security Documents to the extent it is named as a
party therein and to authorize and direct the Collateral Trustee to enter into the Security
Documents and the Intercreditor Agreement and to perform the Collateral Trustee’s obligations and
exercise the Collateral Trustee’s rights thereunder in accordance therewith. Whether or not so
expressly stated therein, in entering into, or taking (or forbearing from) any action under or
pursuant to the Collateral Trust Agreement or any other Security Documents, the Trustee shall have
all of the rights, immunities, indemnities and other protections granted to it under this Indenture
(in addition to those that may be granted to it under the terms of such other agreement or
agreements).

Section 7.13 Limitation on Duty of Trustee in Respect of Collateral.

          The Trustee shall not be responsible for filing any financing or continuation statements or
recording any documents or instruments in any public office at any time or times or otherwise
perfecting or maintaining the perfection of any security interest in the Collateral.

          The Trustee shall not be responsible for the existence, genuineness or value of any of the
Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the
Collateral, whether impaired by operation of law or by reason of any of any action or omission to
act on its part hereunder, except to the extent such action or omission constitutes gross
negligence, bad faith or willful misconduct on the part of the Trustee, for the validity or
sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of
the title of the Company to the Collateral, for insuring the Collateral or for the payment of
taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the
Collateral.

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

     The Company may at any time elect to have either Section 8.02 or 8.03 hereof be applied to all
outstanding Notes upon compliance with the conditions set forth below in this Article 8.

Section 8.02 Legal Defeasance and Discharge.

     Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with
respect to all outstanding Notes (including the Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes (including the Guarantees),
which will thereafter be deemed to be “outstanding” only

101

 

for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in
clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the
Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following provisions which
will survive until otherwise terminated or discharged hereunder:

     (1) the rights of Holders of Notes issued under this Indenture to receive payments in
respect of the principal of and premium, if any, interest and Additional Interest, if any,
on the Notes when such payments are due solely out of the trust created pursuant to this
Indenture;

     (2) the Company’s obligations with respect to Notes issued under this Indenture
concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost
or stolen Notes and the maintenance of an office or agency for payment and money for
security payments held in trust;

     (3) the rights, powers, trusts, duties and immunities of the Trustee and the Collateral
Trustee and the Company’s or Guarantors’ obligations in connection therewith; and

     (4) this Article 8.

     Subject to compliance with this Article 8, the Company may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.

Section 8.03 Covenant Defeasance.

     Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Company and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be released from each of their obligations under the covenants
contained in Sections 3.09, 4.03, 4.04, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17
and 4.18 hereof and clause (4) of Section 5.01(a), Sections 5.01(d), 5.01(e) and 5.01(f) hereof
with respect to the outstanding Notes on and after the date the conditions set forth in Section
8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be
deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but will
continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such
Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and Guarantees, the Company and the
Guarantors may omit to comply with and will have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified
above, the remainder of this Indenture and such Notes and Guarantees will be unaffected thereby.
In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6), 6.01(a)(9) and 6.01(a)(10) hereof will not
constitute Events of Default.

Section 8.04 Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes
issued under this Indenture:

102

 

     (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in
such amounts, along with interest earned thereon, as will be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay the principal of and
premium, if any, interest and Additional Interest, if any, due on the Notes issued under this
Indenture on the stated maturity date or on the applicable redemption date, as the case may be,
of such principal of or premium, if any, interest or Additional Interest, if any, on such Notes,
and the Company must specify whether such Notes are being defeased to maturity or to a particular
redemption date;

     (2) in the case of an election under Section 8.02 hereof, the Company shall have delivered
to the Trustee an Opinion of Counsel in the United States confirming that, subject to customary
assumptions and exclusions;

     (A) the Company has received from, or there has been published by, the United States
Internal Revenue Service a ruling; or

     (B) since the issuance of such Notes, there has been a change in the applicable U.S.
federal income tax law;

in either case to the effect that, and based thereon such Opinion of Counsel in the United
States shall confirm that, subject to customary assumptions and exclusions, the Holders will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Legal Defeasance had not
occurred;

     (3) in the case of an election under Section 8.03 hereof, the Company shall have delivered
to the Trustee an Opinion of Counsel in the United States confirming that, subject to customary
assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred;

     (4) no Default or Event of Default (other than that resulting from borrowing funds to be
applied to make such deposit and the granting of Liens in connection therewith) shall have
occurred and be continuing on the date of such deposit;

     (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under the ABL Facility or any other material agreement or instrument
(other than this Indenture) governing Indebtedness to which, the Company or any Guarantor is a
party or by which the Company or any Guarantor is bound;

     (6) the Company shall have delivered to the Trustee an Officer’s Certificate stating that
the deposit was not made by the Company with the intent of defeating, hindering, delaying or
defrauding any creditors of the Company or any Guarantor or others; and

     (7) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel in the United States (which Opinion of Counsel may be subject to customary assumptions
and exclusions) each stating that all conditions precedent provided for
or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have
been complied with.

103

 

     The Collateral will be released from the Lien securing the Notes as provided in the Collateral
Trust Agreement upon a Legal Defeasance or Covenant Defeasance in accordance with the provisions
described above.

Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions.

     Subject to Section 8.06 hereof, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the
outstanding Notes will 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 (including the Company acting as 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,
interest and Additional Interest, if any, but such money need not be segregated from other funds
except to the extent required by law.

     The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable Government Securities deposited pursuant to Section
8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes.

     Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to
the Company from time to time upon the request of the Company any money or non-callable Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

Section 8.06 Repayment to Company.

     The Trustee shall promptly, and in any event, no later than five Business Days, pay to the
Company after request therefor, any excess money held with respect to the Notes at such time in
excess of amounts required to pay any of the Company’s Obligations then owing with respect to the
Notes.

     Any money or non-callable Government Securities deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, premium on, if
any, interest or Additional Interest, if any, on, any Note and remaining unclaimed for one year
after such principal, premium, if any, interest or Additional Interest, if any, has become due and
payable shall be paid to the Company on its request unless an abandoned property law designates
another person or (if then held by the Company) will be discharged from such trust; and the Holder
of such Note will thereafter, as an unsecured creditor, be permitted to 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 securities, and all liability of the Company as trustee thereof, will thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Company cause to be published once, in the New York Times
and The Wall Street Journal (national edition), notice that such money and securities remains
unclaimed and that, after a date specified therein,
which will not be less than 30 days from the date of such notification or publication, any
unclaimed balance of such money and securities then remaining will be repaid to the Company.

104

 

Section 8.07 Reinstatement.

     If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ obligations under this
Indenture and the Notes and the Guarantees will be revived and reinstated as though no deposit had
occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such money and securities in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided, however, that, if the Company makes any payment of principal of, premium
on, if any, interest or Additional Interest, if any, on, any Note following the reinstatement of
its obligations, the Company will be subrogated to the rights of the Holders of such Notes to
receive such payment from the money and securities held by the Trustee or Paying Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

     Notwithstanding Section 9.02 of this Indenture, without the consent of any Holder of Notes,
the Company, any Guarantor (with respect to its Guarantee or this Indenture) and the Trustee may
amend or supplement this Indenture, any Guarantee, the Notes or any Security Document:

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

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

     (3) to comply with the covenant relating to mergers, consolidations and sales of
assets;

     (4) to provide for the assumption of the Company’s or any Guarantor’s obligations to
Holders;

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

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

     (7) to evidence and provide for the acceptance and appointment under this Indenture of
a successor Trustee pursuant to the requirements thereof;

     (8) to add a Guarantor under this Indenture or to add additional assets as
Collateral;

     (9) to make, complete or confirm any grant of Collateral permitted or required by this
Indenture or any of the Security Documents or any release, termination or discharge of
Collateral that becomes effective as set forth in this Indenture or any of the Security
Documents;

     (10) to conform the text of this Indenture, Guarantees or the Notes or any Security
Document to any provision of the “Description of Notes” section of the Offering Memorandum
to

105

 

the extent that such provision in such “Description of Notes” was intended to be a verbatim
recitation of a provision of this Indenture, the Guarantees, the Notes or such Security
Document, as certified by the Company in an Officer’s Certificate;

     (11) to make any amendment to the provisions of this Indenture relating to the transfer
and legending of Notes as permitted by this Indenture, including, without limitation to
facilitate the issuance and administration of the Notes and the Exchange Notes; provided,
however, that (a) compliance with this Indenture as so amended would not result in Notes
being transferred in violation of the Securities Act or any applicable securities law and
(b) such amendment does not materially and adversely affect the rights of Holders to
transfer Notes;

     (12) to provide for the issuance of Exchange Notes and Additional Notes in accordance
with the limitations set forth in this Indenture as of the Issue Date; or

     (13) to comply with the requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act.

     Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company
and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee will not be obligated to enter into
such amended or supplemental indenture that affects its own rights, duties or immunities under this
Indenture or otherwise.

     The Collateral Trustee and the Trustee will be authorized to amend the Security Documents to
add additional secured parties to the extent Liens securing obligations held by such parties are
permitted under this Indenture.

Section 9.02 With Consent of Holders of Notes.

     Except as provided in Section 9.01 hereof and below in this Section 9.02, this Indenture, any
Security Document, any related Guarantee and the Notes issued hereunder may be amended or
supplemented with the consent of the Holders of at least a majority in aggregate principal amount
of the Notes then outstanding and issued under this Indenture, including, without limitation,
consents obtained in connection with a purchase of, or tender offer or Exchange Offer for, Notes,
and any existing Default or Event of Default or compliance with any provision of this Indenture or
the Notes issued hereunder may be waived with the consent (including consents obtained in
connection with a purchase of or tender offer or exchange offer for notes) of the Holders of a
majority in principal amount of the then outstanding Notes issued under this Indenture, other than
notes beneficially owned by the Company or its Affiliates.

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

     After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company will mail to the Holders of Notes affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Company to mail such notice, or any
defect therein, will not, however, in any way impair or affect the validity of any such
amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders
of a majority in aggregate principal amount of the Notes then outstanding voting as a single class
may waive compliance in a particular instance by

106

 

the Company with any provision of this Indenture, the Notes or the Guarantees. However, without the
consent of each Holder of Notes affected, an amendment, supplement or waiver may not, with respect
to any Notes issued hereunder and held by a nonconsenting Holder:

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

     (2) reduce the principal of or change the fixed maturity of any such Note or alter or
waive the provisions with respect to the redemption of the Notes (other than provisions
relating to Sections 3.09, 4.10 or 4.15 hereof);

     (3) reduce the rate of interest (other than Additional Interest) or change the time for
payment of interest on any Note;

     (4) waive a Default or Event of Default in the payment of principal of or premium, if
any, interest or Additional Interest, if any, on the Notes issued under this Indenture,
except a rescission of acceleration of the Notes by the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes and a waiver of the payment default
that resulted from such acceleration, or in respect of a covenant or provision contained in
this Indenture or any Guarantee which cannot be amended or modified without the consent of
all Holders;

     (5) make any Note payable in money other than that stated therein;

     (6) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders to receive payments of principal of or premium, if any,
interest or Additional Interest, if any, on the Notes;

     (7) make any change in this Section 9.02;

     (8) impair the right of any Holder to receive payment of principal of, or premium, if
any, interest or Additional Interest, if any, on such Holder’s Notes on or after the due
dates therefor or to institute suit for the enforcement of any payment on or with respect to
such Holder’s Notes;

     (9) make any change to or modify the ranking of the Notes that would adversely affect
the Holders thereof; or

     (10) except as expressly permitted by this Indenture, modify the Guarantee of any
Significant Subsidiary or any group of Guarantors that, taken together as of the date of
the most recent audited financial statements of the Company, would constitute a
Significant Subsidiary in any manner adverse to the Holders of the Notes.

     Without the consent of the Holders of at least 66 2/3% in principal amount of the Notes then
outstanding, no amendment, supplement or waiver may release all or substantially all of the
Collateral other than in accordance with this Indenture and the Security Documents.

Section 9.03 Compliance with Trust Indenture Act.

     Every amendment or supplement to this Indenture or the Notes will be set forth in a amended or
supplemental indenture that complies with the TIA as then in effect.

107

 

Section 9.04 Revocation and Effect of Consents.

     Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation
before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or
waiver becomes effective in accordance with its terms and thereafter binds every Holder.

Section 9.05 Notation on or Exchange of Notes.

     The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

     Failure to make the appropriate notation or issue a new Note will not affect the validity and
effect of such amendment, supplement or waiver.

Section 9.06 Trustee to Sign Amendments, etc.

     The Trustee will sign any amended or supplemental indenture authorized pursuant to this
Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until
the Board of Directors of the Company approves it. In executing any amended or supplemental
indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be
fully protected in relying upon, in addition to the documents required by Section 13.04 hereof, an
Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture.

ARTICLE 10

COLLATERAL AND SECURITY

Section 10.01 Security Documents.

     The due and punctual payment of the principal of and interest on the Notes when and as the
same will be due and payable, whether on an interest payment date, at maturity, by acceleration,
repurchase, redemption or otherwise, and interest on the overdue principal of and premium, if any,
interest and Additional Interest, if any, on the Notes and performance of all other Obligations of
the Company and the Guarantors to the Holders, the Trustee or the Collateral Trustee under this
Indenture, the Notes, and the Security Documents, according to the terms hereunder or thereunder,
will be secured as provided in the Security Documents, which define the terms of the Liens that
secure the Notes and such other Obligations, subject to the terms of the Intercreditor Agreement.
The Trustee and the Company hereby acknowledge and agree that the Collateral Trustee holds the
Collateral in trust for the benefit of the Trustee and the Holders, in each case pursuant to the
terms of the Security Documents. Each Holder, by accepting a Note, consents and agrees to the terms
of the Security Documents (including the
provisions providing for the application of proceeds, exercise of remedies, possession, use,
release and foreclosure of Collateral) as the same may be in effect or may be amended from time to
time in accordance with their terms and this Indenture, and authorizes the appointment of the
Collateral Trustee. The Trustee and each Holder, by accepting a Note authorizes and directs the
Collateral Trustee to enter into the Security

108

 

Documents and to perform its obligations and exercise its rights thereunder in accordance
therewith. The Company will deliver to the Collateral Trustee copies of all documents pursuant to
the Security Documents, and will do or cause to be done all such acts and things as may be
reasonably required by the next sentence of this Section 10.01, to assure and confirm to the
Collateral Trustee the security interest in the Collateral contemplated hereby, by the Security
Documents or any part thereof, as from time to time constituted, so as to render the same available
for the security and benefit of this Indenture and of the Notes secured hereby, according to the
intent and purposes herein expressed. The Company will deliver to Trustee copies of all Security
Documents delivered to the Collateral Trustee. The Company will, and will cause the Subsidiaries of
the Company to, use its and their commercially reasonable efforts to take any and all actions
reasonably required to cause the Security Documents to create and maintain, as security for the
Obligations under the Notes, a valid and enforceable perfected Lien and security interest in and on
all of the Collateral (subject to the terms of the Intercreditor Agreement), in favor of the
Collateral Trustee for the benefit of the Holders of Notes and holders of other Permitted Fixed
Asset Obligations, to the extent required by and with the Lien priority as provided by the Secured
Debt Documents.

Section 10.02 Equal and Ratable Sharing of Collateral by Holders of Permitted Fixed Asset Debt

     (a) All Permitted Fixed Asset Liens granted at any time by the Company or any Guarantor will
secure, equally and ratably, all current and future Permitted Fixed Asset Obligations, and all
proceeds of all Permitted Fixed Asset Liens granted at any time by the Company or any Guarantor
will be allocated and distributed equally and ratably on account of Permitted Fixed Asset Debt and
other Permitted Fixed Asset Obligations, notwithstanding:

     (1) anything to the contrary contained in the Security Documents;

     (2) the time of incurrence of any Series of Fixed Asset Debt;

     (3) the order or method of attachment or perfection of any Liens securing any Series of
Fixed Asset Debt;

     (4) the time or order of filing or recording of financing statements, mortgages or
other documents filed or recorded to perfect any Lien upon any Collateral;

     (5) the time of taking possession or control over any Collateral;

     (6) that any Permitted Fixed Asset Debt may not have been perfected or may be or have
become subordinated, by equitable subordination or otherwise, to any other Lien; or

     (7) the rules of determining priority under any law governing relative priorities of
Liens.

     This Section 10.02(a) is intended for the benefit of, and will be enforceable as a third party
beneficiary by, each current and future holder of Permitted Fixed Asset Obligations, each current
and future Permitted Fixed Asset Representative and the Collateral Trustee as the holder of
Permitted Fixed Asset Liens.

     (b) The Permitted Fixed Asset Representative of each future Series of Fixed Asset Debt is
required to deliver a joinder to the Collateral Trust Agreement to the Collateral Trustee and the
Trustee at the time of incurrence of such Series of Fixed Asset Debt.

109

 

Section 10.03 Relative Rights

     Nothing in the Permitted Fixed Asset Documents will:

     (1) impair, as between the Company and the Holders of Notes, the obligation of the
Company to pay principal of, premium and interest, if any, on the Notes in accordance with
their terms or any other obligation of the Company or any Guarantor;

     (2) affect the relative rights of Holders of Notes as against any other creditors of
the Company or any Guarantor (other than holders of Permitted ABL Liens, Permitted Liens or
Permitted Fixed Asset Liens);

     (3) restrict the right of any Holders of Notes to sue for payments that are then due
and owing (but not enforce any judgment in respect thereof against any Collateral to the
extent specifically prohibited by the Intercreditor Agreement);

     (4) restrict or prevent any Holders of Notes or Permitted ABL Obligations, the
Collateral Trustee or any Permitted ABL Representative from exercising any of its rights or
remedies upon a Default or Event of Default not specifically restricted or prohibited by
the Intercreditor Agreement; or

     (5) restrict or prevent any Holders of Notes or Permitted ABL Obligations, the
Collateral Trustee or any Permitted ABL Representative from taking any lawful action in an
insolvency or liquidation proceeding not specifically restricted or prohibited by the
Intercreditor Agreement.

Section 10.04 Suits To Protect the Collateral.

     Subject to the provisions of Article 7 hereof, the Intercreditor Agreement and the Collateral
Trust Agreement, the Trustee in its sole discretion and without the consent of the Holders, on
behalf of the Holders, may direct the Collateral Trustee to take all actions it deems necessary or
appropriate in order to:

     (a) enforce any of the terms of the Security Documents; and

     (b) collect and receive any and all amounts payable in respect of the Obligations hereunder.

     Subject to the provisions of the Security Documents, the Trustee shall have power to institute
and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of
the Collateral by any acts which may be unlawful or in violation of any of the Secuirty Documents
or this Indenture, and such suits and proceedings as the Trustee, in its sole discretion, may deem
expedient to preserve or protect its interests and the interests of the Holders in the Collateral
(including power to institute and maintain suits or proceedings to restrain the enforcement of or
compliance with any legislative or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the Lien on the Collateral or be prejudicial to the interests of the
Holders or the Trustee). Nothing in this Section 10.04 shall be considered to impose any such duty
or obligation to act on the part of the Trustee.

110

 

Section 10.05 Authorization of Receipt of Funds by the Trustee Under the Security Documents.

     Subject to the provisions of the Intercreditor Agreement and the Collateral Trust Agreement,
the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the
Security Documents, to apply such funds as provided in this Indenture and to make further
distributions of such funds to the Holders according to the provisions of this Indenture.

Section 10.06 Purchaser Protected.

     In no event shall any purchaser in good faith of any property purported to be released
hereunder be bound to ascertain the authority of the Collateral Trustee or the Trustee to execute
the release or to inquire as to the satisfaction of any conditions required by the provisions
hereof for the exercise of such authority or to see to the application of any consideration given
by such purchaser or other transferee; nor shall any purchaser or other transferee of any property
or rights permitted by this Article 10 to be sold be under any obligation to ascertain or inquire
into the authority of the Company or the applicable Guarantor to make any such sale or other
transfer.

Section 10.07 Powers Exercisable by Receiver or Trustee.

     In case the Collateral shall be in the possession of a receiver or trustee, lawfully
appointed, the powers conferred in this Article 10 upon the Company or a Guarantor, as applicable,
with respect to the release, sale or other disposition of such property may be exercised by such
receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the
equivalent of any similar instrument of the Company or a Guarantor, as applicable, or of any
officer or officers thereof required by the provisions of this Article 10.

Section 10.08 Collateral Trustee.

     (a) The Trustee and each of the Holders by acceptance of the Notes hereby acknowledges
appointment of the Collateral Trustee as collateral trustee under this Indenture and the Security
Documents and the Trustee and each of the Holders by acceptance of the Notes hereby irrevocably
authorizes the Collateral Trustee to (i) execute and enter into and make any representations in the
Security Documents, (ii) bind the Trustee and such Holder on the terms as set forth in the Security
Documents and (iii) take such action on its behalf under the provisions of this Indenture, the
Collateral Trust Agreement, and the Security Documents and to exercise such powers and perform such
duties as are expressly delegated to the Collateral Trustee by the terms of this Indenture and the
Security Documents, together with such powers as are reasonably incidental thereto. In addition,
the Trustee and each of the Holders, by acceptance of the Notes hereby authorizes the Collateral
Trustee to act at the direction of the Trustee (acting at the direction of the requisite percentage
of the Holders), subject to the terms of this Indenture and the Security Documents.

     (b) Except as provided in the Collateral Trust Agreement or as directed by an act of Required
Debtholders in accordance with the Collateral Trust Agreement, the Collateral Trustee will not be
obliged:

(1) to act upon directions purported to be delivered to it by any Person;

(2) to foreclose upon or otherwise enforce any Lien; or

(3) to take any other action whatsoever with regard to any or all of the Security
Documents, the Liens created thereby or the Collateral.

111

 

     The Company shall deliver to each Permitted Fixed Asset Representative copies of all Security
Documents delivered to the Collateral Trustee.

     (c) Notwithstanding any provision to the contrary contained elsewhere in this Indenture and
the Security Documents, the Collateral Trustee shall not have any duties or responsibilities
hereunder nor shall the Collateral Trustee have or be deemed to have any fiduciary relationship
with the Trustee, any Holder, the Company or any Guarantor, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Indenture and the
Security Documents or otherwise exist against the Collateral Trustee. Except as expressly otherwise
provided in this Indenture and the Collateral Trust Agreement, the Collateral Trustee shall have
and may use its sole discretion with respect to exercising or refraining from exercising any
discretionary rights or taking or refraining from taking any actions which the Collateral Trustee
is expressly entitled to take or assert under this Indenture and the Security Documents, including
the exercise of remedies pursuant to Article 6, and any action so taken or not taken shall be
deemed consented to by the Trustee and the Holders.

     (d) None of the Collateral Trustee or any of its respective Affiliates shall (i) be liable for
any action taken or omitted to be taken by any of them under or in connection with this Indenture
or the transactions contemplated hereby (except for its own gross negligence or willful misconduct)
or under or in connection with the Security Documents or the transactions contemplated thereby
(except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner
to any of the Trustee or any Holder for any recital, statement, representation, warranty, covenant
or agreement made by the Company or any Guarantor or Affiliate of any Guarantor, or any officer or
Related Person thereof, contained in this or any Indenture, or in any certificate, report,
statement or other document referred to or provided for in, or received by the Collateral Trustee
under or in connection with, this or any other Indenture or the Security Documents, or the
validity, effectiveness, genuineness, enforceability or sufficiency of this or any other Indenture
or Security Documents, or for any failure of the Company or any Guarantor or any other party to
this Indenture or the Security Documents to perform its obligations hereunder or thereunder. None
of the Collateral Trustee or any of its respective Affiliates shall be under any obligation to the
Trustee or any Holder to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this or any other Indenture or the Security Documents or
to inspect the properties, books, or records of the Company or any Guarantor or any of their
Affiliates.

     (e) The Collateral Trustee and its respective Affiliates may make loans to, issue letters of
credit for the account of, accept deposits from, acquire equity interests in and generally engage
in any kind of banking, trust, financial advisory, underwriting, or other business with the Company
or any Guarantor or any of their Affiliates as though it was not the Collateral Trustee hereunder
and without notice to or consent of the Trustee. The Trustee and the Holders acknowledge that,
pursuant to such activities, the Collateral Trustee or its respective Affiliates may receive
information regarding the Company or any Guarantor or any of their Affiliates (including
information that may be subject to confidentiality obligations in favor of any such Person) and
acknowledge that the Collateral Trustee shall not be under any obligation to provide such
information to the Trustee or the Holders. Nothing herein shall impose or imply any obligation on
the part of the Collateral Trustee to advance funds.

     (f) The Trustee agrees that it shall not (and shall not be obliged to), and shall not instruct
the Collateral Trustee to, unless specifically requested to do so by a majority of the Holders,
take or cause to be taken any action to enforce its rights under this Indenture or
against any Guarantor, including the commencement of any legal or equitable proceedings, to
foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral.

     If at any time or times the Trustee shall receive (i) by payment, foreclosure, set-off or
otherwise, any proceeds of Collateral or any payments with respect to the Obligations arising
under, or relating to,

112

 

this Indenture, except for any such proceeds or payments received by the Trustee from the
Collateral Trustee pursuant to the terms of this Indenture, or (ii) payments from the Collateral
Trustee in excess of the amount required to be paid to the Trustee pursuant to Article 6, the
Trustee shall promptly turn the same over to the Collateral Trustee, in kind, and with such
endorsements as may be required to negotiate the same to the Collateral Trustee.

     (g) The Collateral Trustee shall have no obligation whatsoever to the Trustee or any of the
Holders to assure that the Collateral exists or is owned by any Guarantor or is cared for,
protected, or insured or has been encumbered, or that the Collateral Trustee’s Liens have been
properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are
entitled to any particular priority, or to determine whether all or the Guarantor’s property
constituting collateral intended to be subject to the Lien and security interest of the Security
Documents has been properly and completely listed or delivered, as the case may be, or the
genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all
or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue
exercising, any of the rights, authorities, and powers granted or available to the Collateral
Trustee pursuant to this Indenture, any Collateral Document or the Intercreditor Agreement, it
being understood and agreed that in respect of the Collateral, or any act, omission, or event
related thereto, the Collateral Trustee may act in any manner it may deem appropriate, in its sole
discretion given the Collateral Trustee’s own interest in the Collateral and that the Collateral
Trustee shall have no other duty or liability whatsoever to the Trustee or any Holder as to any of
the foregoing.

     (h) No provision of this Indenture, the Security Documents or the Intercreditor Agreement
shall require the Collateral Trustee (or the Trustee) to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder or thereunder or to
take or omit to take any action hereunder or thereunder or take any action at the request or
direction of Holders (or the Trustee in the case of the Collateral Trustee) if it shall have
reasonable grounds for believing that repayment of such funds is not assured to it.

     (i) The Collateral Trustee (i) shall not be liable for any action it takes or omits to take in
good faith which it reasonably believes to be authorized or within its rights or powers, or for any
error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Collateral Trustee was grossly negligent in ascertaining the pertinent facts, (ii) shall not be
liable for interest on any money received by it except as the Collateral Trustee may agree in
writing with the Company (and money held in trust by the Collateral Trustee need not be segregated
from other funds except to the extent required by law), (iii) the Collateral Trustee may consult
with counsel of its selection and the advice or opinion of such counsel as to matters of law shall
be full and complete authorization and protection from liability in respect of any action taken,
omitted or suffered by it in good faith and in accordance with the advice or opinion of such
counsel. The grant of permissive rights or powers to the Collateral Trustee shall not be construed
to impose duties to act.

     (j) Neither the Collateral Trustee nor the Trustee shall be liable for delays or failures in
performance resulting from acts beyond its control. Such acts shall include but not be limited to
acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations
superimposed after the fact, fire, communication line failures, computer viruses, power failures,
earthquakes or other disasters. Neither the Collateral Trustee nor the Trustee shall be liable for
any indirect, special or consequential damages (included but not limited to lost profits)
whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of
action.

113

 

ARTICLE 11

GUARANTEES

Section 11.01 Guarantee.

     (a) Subject to this Article 11, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

     (1) the principal of, premium on, if any, interest and Additional Interest, if any, on,
the Notes will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of, premium on, if any,
interest and Additional Interest, if any, on, the Notes, if lawful, and, within applicable
grace periods, all other obligations of the Company to the Holders or the Trustee hereunder
or thereunder will be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and

     (2) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

     Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.

     (b) The Guarantors hereby agree that their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Company, any right to require a proceeding first against the Company, protest, notice and all
demands whatsoever and covenant that this Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture.

     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such
Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force and
effect.

     (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes
of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any
declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations
(whether or not due and payable) will forthwith become due and payable by the Guarantors for the
purpose of this Guarantee. The Guarantors will have the right to seek contribution

114

 

from any non-paying Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the Guarantee.

Section 11.02 Limitation on Guarantor Liability.

     Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum
amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in
the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or
conveyance.

Section 11.03 Execution and Delivery of Guarantee.

     To evidence its Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that
this Indenture will be executed on behalf of such Guarantor by one of its Officers.

     Each Guarantor hereby agrees that its Guarantee set forth in Section 11.01 hereof will remain
in full force and effect notwithstanding any failure to endorse on each Note a notation of such
Guarantee.

     If an Officer whose signature is on this Indenture or on the Guarantee no longer holds that
office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the
Guarantee will be valid nevertheless.

     The delivery of any Note by the Trustee, after the authentication thereof hereunder, will
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors.

     In the event that the Company or any of its Restricted Subsidiaries creates or acquires any
Domestic Subsidiary after the date of this Indenture, if required by Section 4.16(a) hereof, the
Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.16(a) hereof
and this Article 11, to the extent applicable.

ARTICLE 12

SATISFACTION AND DISCHARGE

Section 12.01 Satisfaction and Discharge.

     This Indenture will be discharged and will cease to be of further effect as to all Notes
issued hereunder, when:

     (1) either:

     (a) all such Notes theretofore authenticated and delivered, except lost, stolen
or destroyed Notes which have been replaced or paid and Notes for whose payment money
has theretofore been deposited in trust, have been delivered to the Trustee for
cancellation; or

115

 

     (b) all such Notes not theretofore delivered to the Trustee for cancellation
have become due and payable by reason of the making of a notice of redemption or
otherwise or will become due and payable within one year or are to be called for
redemption within one year in the name, and at the expense of the Company and the
Company or any Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such
amounts as will be sufficient, without consideration of any reinvestment of interest,
to pay and discharge the entire Indebtedness on such Notes not theretofore delivered
to the Trustee for cancellation for principal, premium, if any, and accrued interest
and Additional Interest, if any, to the date of maturity or redemption;

     (2) no Default or Event of Default (other than that resulting from borrowing funds to
be applied to make such deposit and any similar and simultaneous deposit relating to other
Indebtedness and, in each case, the granting of Liens in connection therewith) with respect
to this Indenture or the Notes issued hereunder shall have occurred and be continuing on the
date of such deposit or shall occur as a result of such deposit and such deposit will not
result in a breach or violation of, or constitute a default under, the ABL Facility or any
other material agreement or instrument (other than this Indenture) governing Indebtedness to
which an Company or any Guarantor is a party or by which an Company or any Guarantor is
bound;

     (3) the Company or any Guarantor has paid or caused to be paid all sums payable by the
Company to the Trustee under this Indenture and the Collateral Trustee under the Collateral
Trust Agreement; and

     (4) the Company has delivered irrevocable instructions to the Trustee to apply the
deposited money toward the payment of such Notes issued hereunder at maturity or the
redemption date, as the case may be.

     In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel to
the Trustee stating that all conditions precedent to satisfaction and discharge have been
satisfied.

     The Collateral will be released from the Lien securing the Notes, as provided under the
Collateral Trust Agreement upon a satisfaction and discharge in accordance with the provisions
described above.

     Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited
with the Trustee pursuant to subclause (b) of clause (1) of this Section 12.01, the provisions of
Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be
deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

Section 12.02 Application of Trust Money.

     Subject to the provisions of Section 8.06 hereof, all money and Government Securities
deposited with the Trustee pursuant to Section 12.01 hereof shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any,
interest and Additional Interest, if any, for whose payment such money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the extent required by
law.

116

 

     If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 12.01 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s and any Guarantor’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof;
provided that if the Company has made any payment of principal of, premium on, if any, interest or
Additional Interest, if any, on, any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from
the money or Government Securities held by the Trustee or Paying Agent.

     Any money or non-callable Government Securities deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, premium on, if
any, interest or Additional Interest, if any, on, any Note and remaining unclaimed for one year
after such principal, premium, if any, interest or Additional Interest, if any, has become due and
payable shall be paid to the Company on its request unless an abandoned property law designates
another person or (if then held by the Company) will be discharged from such trust; and the Holder
of such Note will thereafter, as an unsecured creditor, be permitted to look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
money and securities, and all liability of the Company as trustee thereof, will thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in the New York Times and
The Wall Street Journal (national edition), notice that such money and securities remains unclaimed
and that, after a date specified therein, which will not be less than 30 days from the date of such
notification or publication, any unclaimed balance of such money and securities then remaining will
be repaid to the Company.

ARTICLE 13

MISCELLANEOUS

Section 13.01 Trust Indenture Act Controls.

     If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
TIA §318(c), the imposed duties will control.

Section 13.02 Notices.

     Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly
given if in writing and delivered in Person or by first class mail (registered or certified, return
receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery,
to the others’ address:

If to the Company and/or any Guarantor:

Thermadyne Holdings Corporation

16052 Swingley Ridge Road, Suite 300

Chesterfield, Missouri 63017

Attention: Steven A. Schumm
 Fax: (636) 728-3010

117

 

With a copy to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue, New York, NY 10153

Attention: Todd Chandler, Esq.

Fax: (212) 310-8007

If to the Trustee:

U.S. Bank National Association

EP-MN-WS3C

60 Livingston Avenue

St. Paul, MN 55107-1419

Attention: Raymond S. Haverstock

Fax: (651) 495-8097

     The Company, any Guarantor or the Trustee, by notice to the others, may designate additional
or different addresses for subsequent notices or communications.

     All notices and communications (other than those sent to Holders) will be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five calendar days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

     Any notice or communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to
its address shown on the register kept by the Registrar. Any notice or communication will also be
so mailed to any Person described in TIA §313(c), to the extent required by the TIA. Failure to
mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with
respect to other Holders.

     If a notice or communication is given in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it.

     If the Company gives a notice or communication to Holders, it will mail a copy to the Trustee
and each Agent at the same time.

     Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any
Note provides for notice of any event (including any notice of redemption) to a Holder of a Global
Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC for
such Note (or its designee), pursuant to the customary procedures of DTC.

Section 13.03 Communication by Holders of Notes with Other Holders of Notes.

     Holders may communicate pursuant to TIA §312(b) with other Holders with respect to their
rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else
shall have the protection of TIA §312(c).

Section 13.04 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

118

 

     (1) an Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 13.05 hereof) stating that,
in the opinion of the signers, all conditions precedent and covenants, if any, provided for
in this Indenture relating to the proposed action have been satisfied; and

     (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which must include the statements set forth in Section 13.05 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been satisfied.

Section 13.05 Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA §314(a)(4)) must comply
with the provisions of TIA §314(e) and must include:

     (1) a statement that the Person making such certificate or opinion has read such
covenant or condition;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of such Person, he or she has 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 satisfied; and

     (4) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.

     With respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate,
certificates of public officials or reports or opinions of experts.

Section 13.06 Rules by Trustee and Agents.

     The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

Section 13.07 No Personal Liability of Directors, Officers, Employees and Stockholders.

     No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, will have any liability for any obligations of the Company or the Guarantors under the
Notes, this Indenture, the Guarantees , the Security Documents or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws.

Section 13.08 Governing Law; Waiver of Jury Trial.

     THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE,
THE NOTES AND THE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO
THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED

119

 

THEREBY. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

Section 13.09 No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

Section 13.10 Successors.

     All agreements of the Company in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in this Indenture will bind its successors. All agreements of each
Guarantor in this Indenture will bind its successors, except as otherwise provided in Section
5.01(d) hereof.

Section 13.11 Severability.

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

Section 13.12 Counterpart Originals.

     The parties may sign any number of copies of this Indenture. Each signed copy will be an
original, but all of them together represent the same agreement.

Section 13.13 Table of Contents, Headings, etc.

     The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

[Signatures on following page]

120

 

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

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION

THERMADYNE INDUSTRIES, INC.

THERMAL DYNAMICS CORPORATION 

THERMADYNE INTERNATIONAL CORP. 

VICTOR EQUIPMENT COMPANY 

STOODY COMPANY

 	 
	 	By  	/s/ STEVEN A. SCHUMM
 	 
	 	 	Name:  	STEVEN A. SCHUMM 	 
	 	 	Title:  	EVP CFO & CAO 	 
	 

Signature Page — Indenture

 

 

	 	 	 	 	 	 	 	 

	Executed by THERMADYNE AUSTRALIA PTY

	 	 	)	 	 	 	 
	LTD ACN 071 843 028 in accordance with section

	 	 	)	 	 	 
	127(1) of the Corporations Act 2001 (Cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of company secretary*

*delete whichever does not apply
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Name (please print)

	 	 	 	 	 	Name (please print)
	 
	 	 	 	 	 	 
	Executed
by CIGWELD PTY LTD ACN 007 226

	 	 	)	 	 	 
	815 in accordance with section 127(1) of the

	 	 	)	 	 	 
	Corporations Act 2001 (Cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of company secretary*

*delete whichever does not apply
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Name (please print)

	 	 	 	 	 	Name (please print)

Signature Page — Indenture

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, 

as Trustee

 	 
	 	By  	/s/ Raymond S. Haverstock
 	 
	 	 	Name:  	Raymond S. Haverstock  	 
	 	 	Title:  	Vice President 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION, 
as Collateral Trustee

 	 
	 	By  	/s/ Raymond S. Haverstock
 	 
	 	 	Name:  	Raymond S. Haverstock  	 
	 	 	Title:  	Vice President 	 
	 

Signature Page — Indenture

 

 

[Face of Note]

CUSIP No. ____________

9% Senior Secured Notes due 2017

	 	 	 

	No. ___

	 	$____________ *

THERMADYNE HOLDINGS CORPORATION

promises
to pay to                      or registered assigns,

the principal sum of ____________________________
DOLLARS* on December 15, 2017.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

Dated: December 3, 2010

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	This is one of the Notes referred to

in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION, as Trustee
 	 

	 	 	 	 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-1

 

	 	 	 	 	 

[Back of Note]

9% Senior Secured Notes due 2017

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

     Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

     (1)
Interest. Thermadyne Holdings Corporation, a Delaware corporation (the
“Company”), promises to pay or cause to be paid interest on the principal amount of this
Note at 9% per annum from December 3, 2010 until maturity and shall pay the Additional
Interest, if any, payable pursuant to the Registration Rights Agreement referred to below.
The Company will pay interest and Additional Interest, if any, semi-annually in arrears on
June 15 and December 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that, if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided further that
the first Interest Payment Date shall be June 15, 2011. The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal at a rate that is equal to the then applicable interest rate on the Notes to the
extent lawful; it will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if
any (without regard to any applicable grace period), at the same rate to the extent lawful.

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

     (2) Method of Payment. The Company will pay interest on the Notes
(except defaulted interest) and Additional Interest, if any, to the Persons who are
registered Holders of Notes at the close of business on the June 1 or December 1 next
preceding the Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. The Notes will be payable as to principal,
premium, if any, interest and Additional Interest, if any, at the office or agency of the
Company maintained for such purpose, or, at the option of the Company, payment of interest
and Additional Interest, if any, may be made by check mailed to the Holders at their
addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of, premium on, if
any, interest and Additional Interest, if any, on, all Global Notes and all other Notes the
Holders of which will have provided wire transfer instructions to the Company or the Paying
Agent. Such payment will be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

     (3) Paying Agent and Registrar. Initially, U.S. Bank
National Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change the Paying Agent or Registrar without prior notice to the
Holders of the Notes. The Company or any of its Subsidiaries may act as Paying Agent or
Registrar.

A-2

 

     (4) Indenture. The Company issued the Notes under an Indenture dated as of
December 3, 2010 (the “Indenture”) among the Company, the Guarantors and the Trustee. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling.

     (5) Optional Redemption.

          (a) At any time prior to December 15, 2013, the Company may, at its option, on one or more
occasions, redeem up to 35% of the original aggregate principal amount of Notes issued under this
Indenture (including any Additional Notes) at a redemption price equal to 109.000% of the
aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional
Interest thereon, if any, to but excluding the applicable date of redemption (the “Redemption
Date”), subject to the right of Holders of record of the Notes on the relevant record date to
receive interest due on the relevant interest payment date, with the net cash proceeds of one or
more Equity Offerings of the Company or any direct or indirect parent of the Company to the
extent such net cash proceeds are received by or contributed to the Company; provided that:

     (i) at least 65% of the original aggregate principal amount of Notes originally
issued under this Indenture (excluding Notes held by the Company and its Subsidiaries)
remains outstanding immediately after the occurrence of each such redemption; and

     (ii) each such redemption occurs within 90 days of the date of closing of each such
Equity Offering.

          (b) At any time and from time to time prior to December 15, 2013, the Company may redeem, in
the aggregate, up to 10% of the original aggregate principal amount of Notes issued under this
Indenture (including any Additional Notes issued under this Indenture after the Issue Date)
during each 12-month period commencing with the Issue Date at a redemption price of 103% of the
aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional
Interest thereon, if any, to but excluding the applicable Redemption Date, subject to the right
of Holders of record of the Notes on the relevant record date to receive interest due on the
relevant interest payment date.

          (c) At any time prior to December 15, 2013, the Company may redeem all or a part of the
Notes, upon not less than 30 nor more than 60 days’ notice (or, if such redemption is accompanied
by the satisfaction and discharge of the Notes and this Indenture, upon not
less than 30 days’ nor more than one year’s notice) to the registered address of each Holder
of Notes or otherwise in accordance with the procedures of DTC, at a redemption price equal to
100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and
unpaid interest and Additional Interest thereon, if any, to but excluding the Redemption Date,
subject to the rights of Holders of the Notes on the relevant record date to receive interest due
on the relevant interest payment date.

          (d) On and after December 15, 2013, the Company may redeem the Notes, in whole or in part,
upon not less than 30 nor more than 60 days’ notice (or, if such redemption is accompanied by the
satisfaction and discharge of the Notes and this Indenture, upon not less than

A-3

 

30 days’ nor more than one year’s notice) by first class mail, postage prepaid, with a copy to
the Trustee, to each Holder of Notes to the address of such Holder appearing in the security
register at the redemption prices (expressed as percentages of principal amount of the Notes to
be redeemed) set forth in the table below, plus accrued and unpaid interest and Additional
Interest thereon, if any, to but excluding the applicable Redemption Date, subject to the right
of Holders of record of the Notes on the relevant record date to receive interest due on the
relevant interest payment date, if redeemed during the twelve-month period beginning on of each
of the years indicated in the table below:

	 	 	 	 	 
	Year	 	Percentage	 
	2013
	 	 	106.750	%
	2014
	 	 	104.500	%
	2015
	 	 	102.250	%
	2016 and thereafter
	 	 	100.000	%

     Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

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

     (7) Repurchase at the Option of Holder.

          (a) If a Change of Control occurs, unless the Company has previously or concurrently
mailed a redemption notice with respect to all of the outstanding Notes as described under
Section 3.07(c) or (d) of the Indenture, the Company will make an offer to purchase all of
the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price
in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of
the Notes plus accrued and unpaid interest and Additional Interest, if any, to but excluding
the date of purchase, subject to the rights of Holders of Notes on the relevant record date
to receive interest due on the relevant interest payment date. The Change of Control Offer
shall be made in accordance with Section 4.15 of the Indenture.

          (b) When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company
shall make an Asset Sale Offer and, at the Company’s option, an offer to the holders of any
other Permitted Fixed Asset Debt, to purchase or repay the maximum aggregate principal
amount of Notes (that is $2,000 or an integral multiple of $1,000 in excess thereof) and
such other Permitted Fixed Asset Debt that may be purchased or repaid out of the Excess
Proceeds at an offer price in cash in an amount equal to 100% of the principal amount
thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date fixed
for the closing of such offer, in accordance
with the procedures set forth in the Indenture. The Asset Sale Offer shall be made in
accordance with Sections 3.09 and 4.10 of the Indenture.

     (8) Notice of Redemption. At least 30 days but not more than 60 days
before a Redemption Date, the Company will mail or cause to be mailed, by first class mail,
a notice of redemption to each Holder whose Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of the Indenture pursuant to Articles 8 or 12 thereof. Notes and
portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in
excess thereof; except that if all of the Notes

A-4

 

of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such
Holder shall be redeemed or purchased

     (9) Denominations, Transfer, Exchange. The Notes are in
registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
This Note shall represent the aggregate principal amount of outstanding Notes from time to time
endorsed hereon and the aggregate principal amount of Notes represented hereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges, repurchases and redemptions.
The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.
The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, the Company need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or
during the period between a record date and the next succeeding Interest Payment Date.

     (10) Security. The Notes will be secured by the Collateral on the terms and subject to the
conditions set forth in the Indenture and the Security Documents. The Collateral Trustee holds
the Collateral in trust for the benefit of the Secured Parties pursuant to the Security
Documents. Each Holder, by accepting this Note, consents and agrees to the terms of the Security
Documents (including the provisions providing for the foreclosure and release of Collateral) as
the same may be in effect or may be amended from time to time in accordance with their terms and
the Indenture and authorizes and directs the Trustee and/or the Collateral Trustee, as
applicable, to enter into the Security Documents, and to perform its obligations and exercise its
rights thereunder in accordance therewith.

     (11) Persons Deemed Owners. The registered Holder of a Note may
be treated as the owner of it for all purposes. Only registered Holders have rights under the
Indenture.

     (12) Amendment, Supplement and Waiver. The Indenture, the
Security Documents, the Guarantees or the Notes may be amended or supplemented as provided in the
Indenture.

     (13) Defaults and Remedies. If an Event of Default with respect to the
Notes shall occur and be continuing, the principal, premium, if any, interest and any other
monetary obligations on all then outstanding Notes may be declared due and payable in the manner
and with the effect provided in the Indenture.

     (14) Guarantees. The Company’s obligations under the Notes are fully and unconditionally
guaranteed, jointly and severally, by the Guarantors.

     (15) Trustee Dealings With Company. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as
if it were not the Trustee.

     (16) No Recourse Against Others. No director, officer,
employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any
liability for any obligations of the Company or the Guarantors under the Notes, the Indenture,
the Guarantees, the Security Documents or for any claim based on, in respect of, or by reason
of, such obligations or their

A-5

 

creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes. The waiver
may not be effective to waive liabilities under the federal securities laws.

     (17) Authentication. This Note will not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent.

     (18) Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     (19) Additional Rights of Holders of Restricted
Global Notes and
Restricted Definitive Notes. In addition to the rights
provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and
Restricted Definitive Notes will have all the rights set forth in the Registration Rights
Agreement dated as of December 3, 2010, among the Company, the Guarantors and the other
parties named on the signature pages thereof or, in the case of Additional Notes, Holders of
Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in
one or more registration rights agreements, if any, among the Company, the Guarantors and
the other parties thereto, relating to rights given by the Company and the Guarantors to the
purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”).

     (20) Cusip Numbers. Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption, and reliance may be
placed only on the other identification numbers placed thereon.

     (21)
Governing Law; Waiver of Jury Trial. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE
COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THE INDENTURE, THIS NOTE, THE GUARANTEES OR THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY.

     The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to:

Thermadyne Holdings Corporation

16052 Swingley Ridge Road, Suite 300

Chesterfield, Missouri 63017

Attention: Steven A. Schumm

A-6

 

ASSIGNMENT FORM

     To assign this Note, fill in
the form below:

	 	 	 

	(I) or (we) assign and transfer this Note to:
	 	 
	 
	 
	 
	 
	 	(Insert assignee’s legal name)

 
(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 
 (Print or type assignee’s name, address and zip code)

and
irrevocably appoint   
                                                                                                                                                    to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Date: _______________

	 	 	 	 

	 

	 	Your Signature: 
	 
	 

	 	 	 
	 

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

Signature Guarantee*: _________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

A-7

 

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.15 of the Indenture, check the appropriate box below:

	 	 	 

	o Section 4.10
	 	o Section 4.15

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased:

$_______________

Date: _______________

	 	 	 	 	 	 	 

	 
	 	Your Signature:  	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	(Sign exactly as your name appears on the face of this Note)
	 
	 	Tax Identification No.:  	 	 
	 
	 	 	 	 	 

Signature Guarantee*: _________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

A-8

 

Schedule of Exchanges of Interests in the Global Note *

     The following exchanges of a part of this Global Note for an interest in another Global
Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for
an interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount of	 	 
	 	 	 	 	 	 	this Global Note	 	 
	 	 	Amount of decrease in	 	Amount of increase in	 	following such	 	Signature of authorized
	 	 	Principal Amount of	 	Principal Amount of	 	decrease	 	officer of Trustee or
	Date of Exchange	 	this Global Note	 	this Global Note	 	(or increase)	 	Custodian
	 
	 	 
	 	 
	 	 
	 	 

 

			
	*	 	This schedule should be included only if the Note is issued in global form.

A-9

 

[Face of Regulation S Temporary Global Note]

CUSIP No. ____________

9% Senior Secured Notes due 2017

			
	No. ___
	 	$____________*

THERMADYNE HOLDINGS CORPORATION

promises to pay to                      or registered assigns,

the principal sum of ____________________________
DOLLARS* on December 15, 2017.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

Dated: December 3, 2010

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

This is one of the Notes referred to

in the within-mentioned Indenture:

	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	By:  	 	 
	 	Authorized Signatory 	 
	 	 	 

A2-1

 

	 	 	 	 	 

[Back of Regulation S Temporary Global Note] 9%

Senior Secured Notes due 2017

EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS REGULATION S TEMPORARY GLOBAL
NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE REGULATION S PERMANENT GLOBAL NOTE OR ANY OTHER
NOTE REPRESENTING AN INTEREST IN THE NOTES 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) AND THEN
ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL
INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A
TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY
DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP IN THIS REGULATION S TEMPORARY GLOBAL NOTE MAY
ONLY BE TRANSFERRED IN ACCORDANCE WITH THE INDENTURE.

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“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 SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT
AS

A2-2

 

SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
HOLDER:

(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) (A “QIB”), (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS
DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”),

(2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN EXCEPT (A) TO THE ISSUER, THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE
REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S OF THE SECURITIES ACT, (D) IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL
ACCEPTABLE TO THE COMPANY AND THE TRUSTEE), (F) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES
TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
REGISTRATION OF TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE)
AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES AT THE TIME OF
TRANSFER OF LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER
IS IN COMPLIANCE WITH THE SECURITIES ACT OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION, AND

(3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTIONS” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO
THEM BY RULE 902 OF REGULATION S UNDER THE
SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY
TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING.

     Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

     (1) Interest. Thermadyne Holdings Corporation, a Delaware corporation (the
“Company”), promises to pay or cause to be paid interest on the principal amount of this
Note at 9% per annum from December 3, 2010 until maturity and shall pay the Additional
Interest, if any, payable pursuant to the Registration Rights Agreement
referred to below. The Company will pay interest and Additional Interest, if any,
semi-annually in arrears on June 15 and December 15 of each year, or if any such day is not
a Business Day, on the next succeeding Business Day (each,

A2-3

 

an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that, if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided further that the first Interest Payment Date
shall be June 15, 2011. The Company will pay interest (including post-petition interest in
any proceeding under any Bankruptcy Law) on overdue principal at a rate that is equal to the
then applicable interest rate on the Notes to the extent lawful; it will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any (without regard to any applicable
grace period), at the same rate to the extent lawful. Interest will be computed on the basis
of a 360-day year of twelve 30-day months.

     Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S
Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest
hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other
respects be entitled to the same benefits as other Notes under the Indenture.

     (2) Method of Payment. The Company will pay interest on the Notes
(except defaulted interest) and Additional Interest, if any, to the Persons who are
registered Holders of Notes at the close of business on the June 1 or December 1 next
preceding the Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. The Notes will be payable as to principal,
premium, if any, interest and Additional Interest, if any, at the office or agency of the
Company maintained for such purpose, or, at the option of the Company, payment of interest
and Additional Interest, if any, may be made by check mailed to the Holders at their
addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of, premium on, if
any, interest and Additional Interest, if any, on, all Global Notes and all other Notes the
Holders of which will have provided wire transfer instructions to the Company or the Paying
Agent. Such payment will be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

     (3) Paying Agent and Registrar. Initially, U.S. Bank
National Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change the Paying Agent or Registrar without prior notice to the
Holders of the Notes. The Company or any of its Subsidiaries may act as Paying Agent or
Registrar.

     (4) Indenture. The Company issued the Notes under an Indenture dated as of
December 3, 2010 (the “Indenture”) among the Company, the Guarantors and the Trustee. The
terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

     (5) Optional Redemption.

          (a) At any time prior to December 15, 2013, the Company may, at its option, on one or
more occasions, redeem up to 35% of the original aggregate principal amount of Notes issued
under this Indenture (including any Additional Notes) at a redemption price equal to
109.000% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid

A2-4

 

interest and Additional Interest thereon, if any, to but excluding the applicable date of
redemption (the “Redemption Date”), subject to the right of Holders of record of the Notes on the
relevant record date to receive interest due on the relevant interest payment date, with the net
cash proceeds of one or more Equity Offerings of the Company or any direct or indirect parent of
the Company to the extent such net cash proceeds are received by or contributed to the Company;
provided that:

     (i) at least 65% of the original aggregate principal amount of Notes originally
issued under this Indenture (excluding Notes held by the Company and its Subsidiaries)
remains outstanding immediately after the occurrence of each such redemption; and

     (ii) each such redemption occurs within 90 days of the date of closing of each such
Equity Offering.

          (b) At any time and from time to time prior to December 15, 2013, the Company may redeem, in
the aggregate, up to 10% of the original aggregate principal amount of Notes issued under this
Indenture (including any Additional Notes issued under this Indenture after the Issue Date)
during each 12-month period commencing with the Issue Date at a redemption price of 103% of the
aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional
Interest thereon, if any, to but excluding the applicable Redemption Date, subject to the right
of Holders of record of the Notes on the relevant record date to receive interest due on the
relevant interest payment date.

          (c) At any time prior to December 15, 2013, the Company may redeem all or a part of the
Notes, upon not less than 30 nor more than 60 days’ notice (or, if such redemption is accompanied
by the satisfaction and discharge of the Notes and this Indenture, upon not less than 30 days’
nor more than one year’s notice) to the registered address of each Holder of Notes or otherwise
in accordance with the procedures of DTC, at a redemption price equal to 100% of the principal
amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and
Additional Interest thereon, if any, to but excluding the Redemption Date, subject to the rights
of Holders of the Notes on the relevant record date to receive interest due on the relevant
interest payment date.

          (d) On and after December 15, 2013, the Company may redeem the Notes, in whole or in part,
upon not less than 30 nor more than 60 days’ notice (or, if such redemption is accompanied by the
satisfaction and discharge of the Notes and this Indenture, upon not less than 30 days’ nor more
than one year’s notice) by first class mail, postage prepaid, with a copy to the Trustee, to each
Holder of Notes to the address of such Holder appearing in the security register at the
redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set
forth in the table below, plus accrued and unpaid interest and Additional Interest thereon, if
any, to but excluding the applicable Redemption Date, subject to the right of Holders of record
of the Notes on the relevant record date to receive interest due on the relevant interest payment
date, if redeemed during the twelve-month period beginning on of each of the years indicated in
the table below:

	 	 	 	 	 
	Year	 	Percentage	 
	2013
	 	 	106.750	%
	2014
	 	 	104.500	%
	2015
	 	 	102.250	%
	2016 and thereafter
	 	 	100.000	%

A2-5

 

     Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

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

     (7) Repurchase at the Option of Holder.

          (a) If a Change of Control occurs, unless the Company has previously or concurrently
mailed a redemption notice with respect to all of the outstanding Notes as described under
Section 3.07(c) or (d) of the Indenture, the Company will make an offer to purchase all of
the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price
in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of
the Notes plus accrued and unpaid interest and Additional Interest, if any, to but excluding
the date of purchase, subject to the rights of Holders of Notes on the relevant record date
to receive interest due on the relevant interest payment date. The Change of Control Offer
shall be made in accordance with Section 4.15 of the Indenture.

          (b) When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company
shall make an Asset Sale Offer and, at the Company’s option, an offer to the holders of any
other Permitted Fixed Asset Debt, to purchase or repay the maximum aggregate principal
amount of Notes (that is $2,000 or an integral multiple of $1,000 in excess thereof) and
such other Permitted Fixed Asset Debt that may be purchased or repaid out of the Excess
Proceeds at an offer price in cash in an amount equal to 100% of the principal amount
thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date fixed
for the closing of such offer, in accordance with the procedures set forth in the Indenture.
The Asset Sale Offer shall be made in accordance with Sections 3.09 and 4.10 of the
Indenture.

     (8) Notice of Redemption. At least 30 days but not more than 60 days
before a Redemption Date, the Company will mail or cause to be mailed, by first class mail,
a notice of redemption to each Holder whose Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of the Indenture pursuant to Articles 8 or 12 thereof. Notes and
portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in
excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased,
the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased

     (9) Denominations, Transfer, Exchange. The Notes are in
registered form in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. This Note shall represent the aggregate principal amount of outstanding Notes from
time to time endorsed hereon and the aggregate principal amount of Notes represented hereby
may from time to time be reduced or increased, as appropriate, to reflect exchanges,
repurchases and redemptions. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder to pay any taxes and fees required
by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, the Company need not exchange or register
the transfer of any Notes for a period of 15 days before a selection of Notes to be

A2-6

 

redeemed or during the period between a record date and the next succeeding Interest Payment
Date.

     This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more
Global Notes only (i) on or after the termination of the 40-day distribution compliance period
(as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an
Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this
Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this
Regulation S Temporary Global Note.

     (10) Security. The Notes will be secured by the Collateral on the terms and subject to the
conditions set forth in the Indenture and the Security Documents. The Collateral Trustee holds
the Collateral in trust for the benefit of the Secured Parties pursuant to the Security
Documents. Each Holder, by accepting this Note, consents and agrees to the terms of the Security
Documents (including the provisions providing for the foreclosure and release of Collateral) as
the same may be in effect or may be amended from time to time in accordance with their terms and
the Indenture and authorizes and directs the Trustee and/or the Collateral Trustee, as
applicable, to enter into the Security Documents, and to perform its obligations and exercise its
rights thereunder in accordance therewith.

     (11) Persons Deemed Owners. The registered Holder of a Note may
be treated as the owner of it for all purposes. Only registered Holders have rights under the
Indenture.

     (12) Amendment, Supplement and Waiver. The Indenture, the
Security Documents, the Guarantees or the Notes may be amended or supplemented as provided in the
Indenture.

     (13) Defaults and Remedies. If an Event of Default with respect to the
Notes shall occur and be continuing, the principal, premium, if any, interest and any other
monetary obligations on all then outstanding Notes may be declared due and payable in the manner
and with the effect provided in the Indenture.

     (14) Guarantees. The Company’s obligations under the Notes are fully and unconditionally
guaranteed, jointly and severally, by the Guarantors.

     (15) Trustee Dealings with Company. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as
if it were not the Trustee.

     (16) No Recourse Against Others. No director, officer,
employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any
liability for any obligations of the Company or the Guarantors under the Notes, the Indenture,
the Guarantees, the Security Documents or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the
Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

     (17) Authentication. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

A2-7

 

     (18) Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     (19) Additional Rights of Holders. In addition to the rights
provided to Holders of Notes under the Indenture, Holders of this Regulation S Temporary
Global Note will have all the rights set forth in the Registration Rights Agreement dated as
of December 3, 2010, among the Company, the Guarantors and the other parties named on the
signature pages thereof or, in the case of Additional Notes, Holders thereof will have the
rights set forth in one or more registration rights agreements, if any, among the Company,
the Guarantors and the other parties thereto, relating to rights given by the Company and
the Guarantors to the purchasers of any Additional Notes (collectively, the “Registration
Rights Agreement”).

     (20) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption, and reliance may be
placed only on the other identification numbers placed thereon.

     (21) GOVERNING LAW; WAIVER OF JURY TRIAL. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE
COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THE INDENTURE, THIS NOTE, THE GUARANTEES OR THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY.

     The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to:

Thermadyne Holdings Corporation 

16052 Swingley Ridge Road, Suite 300

Chesterfield, Missouri 63017 

Attention: Steven A. Schumm

A2-8

 

Assignment Form

     To assign this Note, fill in the form below:

	 	 	 

	(I) or (we) assign and transfer this Note to:
	 	 
	 

	 	 
	 

	 	(Insert assignee’s legal name)
	 
	 	 
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)

	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 
	(Print or type assignee’s name, address and zip code)

and irrevocably appoint      
                   
                   
               
                 
     
to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Date: _______________

	 	 	 	 	 
	 	 	 
	 	Your Signature:  	
 	 
	 	(Sign exactly as your name appears on the face of this Note) 	 
	 	 	 	 
	 

Signature Guarantee*: _________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

A2-9

 

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.15 of the Indenture, check the appropriate box below:

o Section 4.10            o Section 4.15

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased:

$_______________

Date: _______________

	 	 	 	 	 
	 	 	 
	 	Your Signature:  	
 	 
	 	(Sign exactly as your name appears on the face of this Note) 	 

	 	 	 	 	 
	 	Tax Identification No.:  	
 	 

Signature Guarantee*: _________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A2-10

 

Schedule of Exchanges of Interests in the Regulation S Temporary Global Note

     The following exchanges of a part of this Regulation S Temporary Global Note for an interest
in another Global Note, or exchanges of a part of another other Restricted Global Note for an
interest in this Regulation S Temporary Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Principal Amount of	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	this Global Note	 	 
	 	 	 	 	Amount of decrease in	 	Amount of increase in	 	following such	 	Signature of authorized
	 	 	 	 	Principal Amount of	 	Principal Amount of	 	decrease	 	officer of Trustee or
	Date of Exchange	 	this Global Note	 	this Global Note	 	(or increase)	 	Custodian

A2-11

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Thermadyne Holdings Corporation

16052 Swingley Ridge Road, Suite 300

Chesterfield, Missouri 63017

Attention: Steve Schumm

U.S. Bank National Association

EP-MN-WS3C

60 Livingston Avenue St. Paul,

MN 55107-1419

Attention: Raymond S. Haverstock

     Re: 9% Senior Secured Notes due 2017.

     Reference is hereby made to the Indenture, dated as of December 3, 2010 (the “Indenture”),
among Thermadyne Holdings Corporation, as issuer (the “Company”), the Guarantors party thereto and
U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

     ___________________, (the “Transferor”) owns and proposes to transfer the Note[s] or interest
in such Note[s] specified in Annex A hereto, in the principal amount of $___________ in such
Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”), as
further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

[CHECK ALL THAT APPLY]

     1. o Check if Transferee will take delivery of a beneficial interest in the 144A Global
Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor reasonably
believes is purchasing the beneficial interest or Definitive Note for its own account, or for one
or more accounts with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any
applicable blue sky securities laws of any state of the United States. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and
in the Indenture and the Securities Act.

     2. o Check if Transferee will take delivery of a beneficial interest in the
Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a Restricted
Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to
and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made to a
Person in the United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the United States
or (y) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on its
behalf knows that the transaction was prearranged with a buyer in the United States, (ii)
no directed selling efforts have been made in contravention of the

B-1

 

requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of
a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed
on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act.

     3. o Check and complete if Transferee will take delivery of a beneficial
interest in the IAI Global Note or a Restricted Definitive Note pursuant to any
provision of the Securities Act other than Rule 144A or Regulation S. The Transfer
is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further
certifies that (check one):

     (a) o such Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act;

or

     (b) o such Transfer is being effected to the Company or a subsidiary thereof;

or

     (c) o such Transfer is being effected pursuant to an effective registration statement
under the Securities Act and in compliance with the prospectus delivery requirements of
the Securities Act;

or

     (d) o such Transfer is being effected to an Institutional Accredited Investor and
pursuant to an exemption from the registration requirements of the Securities Act other
than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the meaning of
Regulation D under the Securities Act and the Transfer complies with the transfer
restrictions applicable to beneficial interests in a Restricted Global Note or Restricted
Definitive Notes and the requirements of the exemption claimed, which certification is
supported by (1) a certificate executed by the Transferee in the form of Exhibit E to the
Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the
time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor
or the Transferee (a copy of which the Transferor has attached to this certification), to
the effect that such Transfer is in compliance with the Securities Act. Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI
Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities
Act.

     4. o Check if Transferee will take delivery of a beneficial interest in an Unrestricted
Global Note or of an Unrestricted Definitive Note.

B-2

 

     (a) o Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant
to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any state of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

     (b) o Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

     (c) o Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	     [Insert Name of Transferor] 	 
	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: _______________________

B-3

 

	EXHIBIT C

ANNEX A TO CERTIFICATE OF TRANSFER

	 	 	 	 	 	 	 	 	 	 

	 	1.	 	The Transferor owns and proposes to transfer the following:
	 
	 	 	 	 	 	 	 	 
	 	[CHECK ONE OF (a) OR (b)]

	 
	 	 	 	 	 	 	 	 
	 	 	 	(a)	 	o	 	a beneficial interest in the:
	 
	 	 	 	 	 	 	 	 
	 	 

	 	 	 	(i)
	 	o
	 	144A Global Note (CUSIP _________), or
	 
	 	 	 	 	 	 	 	 
	 	 

	 	 	 	(ii)
	 	o
	 	Regulation S Global Note (CUSIP _________), or
	 
	 	 	 	 	 	 	 	 
	 	 

	 	 	 	(iii)
	 	o
	 	IAI Global Note (CUSIP _________); or
	 
	 	 	 	 	 	 	 	 
	 	 	 	(b)	 	o	 	a Restricted Definitive Note.
	 
	 	 	 	 	 	 	 	 
	 	2.	 	After the Transfer the Transferee will hold:
	 
	 	 	 	 	 	 	 	 
	 	[CHECK ONE]

	 
	 	 	 	 	 	 	 	 
	 	 	 	(a)	 	o	 	a beneficial interest in the:
	 
	 	 	 	 	 	 	 	 
	 	 

	 	 	 	(i)
	 	o
	 	144A Global Note (CUSIP _________), or
	 
	 	 	 	 	 	 	 	 
	 	 

	 	 	 	(ii)
	 	o
	 	Regulation S Global Note (CUSIP _________), or
	 
	 	 	 	 	 	 	 	 
	 	 

	 	 	 	(iii)
	 	o
	 	IAI Global Note (CUSIP _________); or
	 
	 	 	 	 	 	 	 	 
	 	 

	 	 	 	(iv)
	 	o
	 	Unrestricted Global Note (CUSIP _________); or
	 
	 	 	 	 	 	 	 	 
	 	 	 	(b)	 	o	 	a Restricted Definitive Note; or
	 
	 	 	 	 	 	 	 	 
	 	 	 	(c)	 	o	 	an Unrestricted Definitive Note,
	 
	 	 	 	 	 	 	 	 
	 	 	 	in accordance with the terms of the Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Thermadyne Holdings Corporation

16052 Swingley Ridge Road, Suite 300

Chesterfield, Missouri 63017

Attention: Steven Schumm

U.S. Bank National Association

EP-MN-WS3C

60 Livingston Avenue 
St. Paul, MN 55107-1419

Attention: Raymond S. Haverstock

     Re: 9% Senior Secured Noted due 2017.

	(CUSIP [     ])

     Reference is hereby made to the Indenture, dated as of December 3, 2010 (the “Indenture”),
among Thermadyne Holdings Corporation, as issuer (the “Company”), the Guarantors party thereto and
U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

     __________________________, (the “Owner”) owns and proposes to exchange the Note[s] or
interest in such Note[s] specified herein, in the principal amount of $____________ in such Note[s]
or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

     1. Exchange of Restricted Definitive Notes or Beneficial Interests in a
Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an
Unrestricted Global Note

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial
interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an
equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance
with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

     (b) o Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in
a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

C-1

 

     (c) o Check if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note
for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

     (d) o Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In
connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.

     2. Exchange of Restricted Definitive Notes or Beneficial Interests in
Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in
Restricted Global Notes

     (a) o Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted
Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner
hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and the Securities Act.

     (b) o Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note
for a beneficial interest in the [CHECK ONE] o
144A Global Note, o Regulation S Global Note, o IAI
Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Exchange
in accordance with the terms of the Indenture, the beneficial interest issued will be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

C-2

 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	[Insert Name of Transferor] 	 
	 	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Dated: ______________________	 

C-3

 

EXHIBIT D

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

     Supplemental Indenture (this “Supplemental Indenture”), dated as of ________________, among
__________________ (the “Guaranteeing Subsidiary”), a subsidiary of Thermadyne Holdings Corporation
(or its permitted successor), a Delaware corporation (the “Company”), the Company and U.S. Bank
National Association, as trustee under the Indenture referred to below (the “Trustee”).

	W I T N E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of December 3, 2010 providing for the issuance of 9% Senior Secured Notes
due 2017 (the “Notes”);

     WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Guarantee”); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

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

     1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

     2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Guarantee and
in the Indenture including but not limited to Article 11 thereof.

     4. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of
the Company or any Guarantor, as such, will have any liability for any obligations of the Company
or the Guarantors under the Notes, this Indenture, the Guarantees, the Security Documents or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
of Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. The waiver may not be effective to waive
liabilities under the federal securities laws.

     5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     6. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

D-1

 

     7. 
Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof.

     8. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and
the Company.

D-2

 

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

     Dated: _______________,

	 	 	 	 	 
	 	[GUARANTEEING SUBSIDIARY]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THERMADYNE HOLDINGS CORPORATION

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Collateral Trustee

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

D-3

 

EXHIBIT E

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Thermadyne Holdings Corporation 

16052 Swingley Ridge Road, Suite 300

Chesterfield, Missouri 63017 
Attention: Steven Schumm

U.S. Bank National Association

EP-MN-WS3C

60 Livingston Avenue St. Paul,

MN 55107-1419

Attention: Raymond S. Haverstock

	 	 	Re: 9% Senior Secured Notes due 2017

     Reference is hereby made to the Indenture, dated as of December 3, 2010 (the “Indenture”),
among Thermadyne Holdings Corporation, as issuer (the “Company”), the Guarantors party thereto and
U.S. Bank National Association, as trustee and collateral trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture.

     In connection with our proposed purchase of $____________ aggregate principal amount of:

     (a) o a beneficial interest in a Global Note, or

     (b) o a Definitive Note, we confirm that:

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

     2. We understand that the offer and sale of the Notes have not been registered
under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as
permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for
which we are acting as hereinafter stated, that if we should sell the Notes or any interest
therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with
Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C)
to an institutional “accredited investor” (as defined below) that, prior to such transfer,
furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a
signed letter substantially in the form of this letter and, if such transfer is in respect of a
principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in
form reasonably acceptable to the Company to the effect that such transfer is in compliance with
the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree to provide to any
Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a
transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising
such purchaser that resales thereof are restricted as stated herein.

E-1

 

     3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Company such certifications, legal opinions and other
information as you and the Company may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes purchased by us will
bear a legend to the foregoing effect.

     4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

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

     You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	[Insert Name of Accredited Investor] 	 
	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: _______________________

E-2exv4w2

Exhibit 4.2

EXECUTION VERSION

$260,000,000

THERMADYNE HOLDINGS CORPORATION

9% Senior Secured Notes due 2017

REGISTRATION RIGHTS AGREEMENT

December 3, 2010

JEFFERIES & COMPANY, INC. 
520
Madison Avenue 
New York, New York
10022

RBC CAPITAL MARKETS, LLC 
Three
World Financial Center 
200 Vesey
Street, 9th Floor 
New
York, New York 10281

Ladies and Gentlemen:

     Thermadyne Holdings Corporation, a Delaware corporation (the “Company”), is issuing
and selling to Jefferies & Company, Inc. and RBC Capital Markets, LLC (the “Initial
Purchasers”), upon the terms set forth in the Purchase Agreement (as supplemented by the
Joinder Agreement, dated December 3, 2010, signed by the Company and the Guarantors) dated November
17, 2010, by and among Razor Merger Sub Inc., to be mergerd with and into the Company, and the
Initial Purchasers (the “Purchase Agreement”), $260,000,000 in aggregate principal amount
of 9% Senior Secured Notes due 2017 issued by the Company (the “Notes”) pursuant to the
Indenture (as described below). As an inducement to the Initial Purchasers to enter into the
Purchase Agreement, the Company and the Guarantors listed in the signature pages hereto agree with
the Initial Purchasers, for the benefit of the Holders (as defined below) of the Notes (including,
without limitation, the Initial Purchasers), as follows:

	1.	 	Definitions 

     Capitalized terms that are used herein without definition shall have the respective meanings
ascribed to them in the Purchase Agreement. As used in this Agreement, the following terms shall
have the following meanings:

     Additional Interest: See Section 4(a).

     Advice: See Section 5(w).

	 	 	Agreement: This Registration Rights Agreement, dated as of the Closing Date, among the Company
and the Initial Purchasers.

 

 

      Applicable Period: See Section 2(e).

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

     Closing Date: December 3, 2010.

     Commission: The Securities and Exchange Commission.

     Company: See the introductory paragraph to this Agreement.

     Effectiveness Period: See Section 3(a).

     Effectiveness Target Date: The 210th day after the Closing Date.

     Event Date: See Section 4(b).

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

     Exchange Consummation Target Date: The 30th Business Day after the date on which the Exchange
Offer Registration Statement is declared effective by the Commission.

     Exchange Notes: 9% Senior Secured Notes due 2017 of the Company, identical in all material
respects to the Notes, except for references to series and restrictive legends.

     Exchange Offer: See Section 2(a).

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

     FINRA: Financial Industry Regulatory Authority, Inc.

     Guarantor: Each subsidiary of the Company that guarantees the obligations of the Company under
the Indenture.

     Holder: Any beneficial holder of Registrable Notes.

     Indemnified Party: See Section 7(c).

     
Indemnifying Party: See Section 7(c).

     Indenture: The Indenture, dated as of the Closing Date, among the Company, the Guarantors and
U.S. Bank National Association as trustee and collateral trustee, pursuant to which the Notes are
being issued, as amended or supplemented from time to time in accordance with the terms thereof.

     Initial Purchasers: See the introductory paragraph to this Agreement.

2

 

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

Inspectors: See Section 5(o).

Lien: Shall have the meaning set forth in the Indenture.

Losses: See Section 7(a).

Notes: See the introductory paragraph to this Agreement.

Participating Broker-Dealer: See Section 2(e).

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

Private Exchange: See Section 2(f).

Private Exchange Notes: See Section 2(f).

     Prospectus: The prospectus included in any Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a prospectus filed as
part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Notes covered by such Registration Statement, and
all other amendments and supplements to the Prospectus, including post-effective amendments, and
all material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

Purchase Agreement: See the introductory paragraph to this Agreement.

Records: See Section 5(o).

     Registrable
Notes: Notes and Private Exchange Notes; provided, however, that a Note or
Private Exchange Note, as applicable, shall cease to be a Registrable Note upon the earliest to
occur of the following: (i) in the circumstances contemplated by Section 2(a), the Note has been
exchanged by a Person other than a broker-dealer for an Exchange Note in an Exchange Offer as
contemplated in Section 2(a); (ii) following an exchange by a broker-dealer of the Note for an
Exchange Note in an Exchange Offer, such Exchange Note has been sold to a purchaser who receives
from such broker-dealer on or prior to the date of such sale a copy of the Prospectus contained in
the Exchange Offer Registration Statement; (iii) in the circumstances contemplated by Section 3, a
Shelf Registration Statement registering such Note or Private Exchange Note, as applicable, under
the Securities Act has been effectively registered and such Note or Private Exchange Note, as
applicable, has been disposed of by the holder thereof pursuant to and in accordance with such
effective Shelf Registration Statement; (iv) such Note or Private Exchange Note, as applicable, is
actually sold by the holder thereof pursuant to Rule 144 under circumstances in which any legend
borne by such Note or Private Exchange Note, as applicable, relating to restrictions on
transferability thereof under the Securities Act or otherwise, is removed by the Company or
pursuant to the Indenture (provided, that such Note

3

 

or Private Exchange Note, as applicable, will not cease to be a Registrable Note for purposes of
the Exchange Offer by virtue of this clause (iv)); or (v) such Note or Private Exchange Note, as
applicable, shall cease to be outstanding.

     Registration Statement: Any registration statement of the Company and the Guarantors filed
with the Commission under the Securities Act (including, but not limited to, any Exchange Offer
Registration Statement, any Shelf Registration Statement and any subsequent Shelf Registration
Statement) that covers any of the Registrable Notes pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

     Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time
to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the
Commission providing for offers and sales of securities made in compliance therewith resulting in
offers and sales by subsequent holders that are not affiliates of an issuer or such securities
being free of the registration and prospectus delivery requirements of the Securities Act.

     Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be amended from
time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the
Commission.

     Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission.

     Rule 430A: Rule 430A promulgated under the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission.

Securities: The Notes, the Exchange Notes and the Private Exchange Notes.

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

Security Documents: Shall have the meaning set forth in the Indenture.

Shelf Effectiveness Target Date: The 240th day after the
Closing Date.

Shelf Notice: See Section 2(j).

Shelf Registration Statement: See Section 3(b).

Shelf Suspension Period: See Section 3(a).

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

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

4

 

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

     Underwritten Registration or Underwritten Offering: A registration in which securities of the
Company are sold to an underwriter for reoffering to the public.

	2.	 	Exchange Offer

	 	(a)	 	Unless the Exchange Offer would not be permitted by applicable laws or a
policy of the Commission, the Company and the Guarantors shall use commercially
reasonable efforts to (i) file an exchange offer registration statement on an
appropriate registration form (the “Exchange Offer Registration Statement”)
with the Commission with respect to a registered offer to exchange the Notes for
Exchange Notes (the “Exchange Offer”) having identical terms in all material
respects to the Notes (except that the Exchange Notes will not contain terms with
respect to transfer restrictions or interest rate increases as described in the
Indenture) and (ii) cause the Exchange Offer Registration Statement to be declared
effective by the Commission under the Securities Act by the Effectiveness Target Date.
The Exchange Offer shall not be subject to any conditions, other than that the
Exchange Offer does not violate applicable law or any applicable interpretation of the
staff of the Commission.

	 	(b)	 	The Exchange Notes shall be issued under, and entitled to the benefits of,
(i) the Indenture or a trust indenture that is identical to the Indenture (other than
such changes as are necessary to comply with the requirements of the Commission to
effect or maintain the qualifications thereof under the TIA) and (ii) the Security
Documents.

	 	(c)	 	Interest on the Exchange Notes and Private Exchange Notes will accrue from
the last interest payment due date on which interest was paid on the Notes surrendered
in exchange therefor or, if no interest has been paid on the Notes, from the date of
original issue of the Notes. Each Exchange Note and Private Exchange Note shall bear
interest at the rate set forth thereon.

	 	(d)	 	The Company will require each Holder as a condition to participation in the
Exchange Offer to represent (i) that any Exchange Notes received by it will be
acquired in the ordinary course of its business, (ii) that at the time of the
commencement and consummation of the Exchange Offer such Holder has not entered into
any arrangement or understanding with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Notes in violation of the
provisions of the Securities Act,
(iii) that such Holder is not an “affiliate” (as defined in Rule 405 of the
Securities Act) of the Company or any Guarantor, or, if it such an affiliate, it
will comply with the registration and prospectus delivery requirements of the
Securities Act, to the extent applicable to it, and (iv) such Holder is not acting
on behalf of any Person who could not truthfully make the foregoing
representations.

5

 

	 	(e)	 	The Company shall (and shall cause each Guarantor to) include
within the Prospectus contained in the Exchange Offer Registration Statement a
section entitled “Plan of Distribution” reasonably acceptable to the Initial
Purchasers which shall contain a summary statement of the positions taken or
policies made by the staff of the Commission with respect to the potential
“underwriter” status of any broker-dealer that is the beneficial owner (as defined
in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such
broker-dealer in the Exchange Offer for its own account in exchange for Notes that
were acquired by it as a result of market-making or other trading activity (a
“Participating Broker-Dealer”), whether such positions or policies have
been publicly disseminated by the staff of the Commission or such positions or
policies, in the reasonable judgment of the Initial Purchasers based upon advice of
counsel, represent the prevailing views of the staff of the Commission. Such “Plan
of Distribution” section shall also allow, to the extent permitted by applicable
policies and regulations of the Commission, the use of the Prospectus by all
Persons subject to the prospectus delivery requirements of the Securities Act,
including, to the extent so permitted, all Participating Broker-Dealers, and shall
include a statement describing the manner in which Participating Broker-Dealers may
resell the Exchange Notes. The Company shall use its commercially reasonable
efforts to keep the Exchange Offer Registration Statement effective and to amend
and supplement the Prospectus contained therein, in order to permit such Prospectus
to be lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as such Persons must
comply with such requirements in order to resell the Exchange Notes; provided that
such period shall not exceed the lesser of 180 days and the date on which all
persons subject to the prospectus delivery requirement of the Securities Act have
sold all Exchange Notes held by them (the “Applicable Period”).

	 	(f)	 	If, upon consummation of the Exchange Offer, the Initial Purchasers hold
any Notes acquired by them and having the status of an unsold allotment in the initial
distribution, the Company (upon the written request from the Initial Purchasers)
shall, simultaneously with the delivery of the Exchange Notes in the Exchange Offer,
issue and deliver to the Initial Purchasers, in exchange (the “Private
Exchange”) for the Notes held by the Initial Purchasers, a like principal amount
of Senior Secured Notes that are identical to the Exchange Notes except for the
existence of restrictions on transfer thereof under the Securities Act and securities
laws of the several states of the United States (the “Private Exchange Notes”)
(and which are issued pursuant to the same Indenture as the Exchange Notes). The
Private Exchange Notes shall bear the same CUSIP number as the Exchange Notes, if
permitted by the CUSIP Services Bureau.

	 	(g)	 	In connection with the Exchange Offer, the Company shall (and shall cause
each Guarantor to, to the extent necessary):

	 	(i)	 	mail, or cause to be mailed, to each Holder a copy of the Prospectus
forming part of the Exchange Offer Registration Statement, together with an

6

 

	 	 	 	appropriate letter of transmittal that is an exhibit to the Exchange Offer
Registration Statement, and any related documents;

	 	(ii)	 	keep the Exchange Offer open for not less than 20 Business Days
after the date that notice thereof is mailed to the Holders (or longer if
required by applicable law);

	 	(iii)	 	utilize the services of a depositary for the Exchange Offer with
an address in the Borough of Manhattan, the City of New York, or in St. Paul,
Minnesota which may be the Trustee or an affiliate thereof;

	 	(iv)	 	permit Holders to withdraw tendered Registrable Notes at any time
prior to 5:00 p.m., New York time, on the last Business Day on which the Exchange
Offer shall remain open; and

	 	(v)	 	otherwise comply in all material respects with all applicable laws
related to the Exchange Offer.

	 	(h)	 	As soon as practicable after the close of the Exchange Offer or the Private
Exchange, as the case may be, the Company shall (and shall cause each Guarantor to, to
the extent necessary):

	 	(i)	 	accept for exchange all Registrable Notes validly tendered pursuant
to the Exchange Offer or the Private Exchange, as the case may be, and not
validly withdrawn;

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

	 	(iii)	 	cause the Trustee to authenticate and deliver promptly to each
Holder tendering such Registrable Notes, Exchange Notes or Private Exchange
Notes, as the case may be, equal in principal amount to the Notes of such
Holder so accepted for exchange.

	 	(i)	 	The Exchange Notes and the Private Exchange Notes may be issued under (i)
the Indenture or (ii) an indenture identical to the Indenture (other than such changes
as are necessary to comply with any requirements of the Commission to effect or
maintain the qualification thereof under the TIA), which in either event will provide
that the Exchange Notes will not be subject to the transfer restrictions set forth in
the Indenture, that the Private Exchange Notes will be subject to the transfer
restrictions set forth in the Indenture, and that the Exchange Notes, the Private
Exchange Notes and the Notes, if any, will be deemed one class of security (subject to
the provisions of the Indenture) and entitled to participate in all the security
granted by the Company pursuant to the Security Documents and in any Guarantee (as
such terms are defined in the Indenture) on an equal and ratable basis.

7

 

	 	(j)	 	If: (i) any changes in law or the applicable interpretations of the staff
of the
Commission do not permit the Company and the Guarantors to effect the Exchange
Offer; (ii) for any other reason the exchange offer is not consummated within 240
days after the Closing Date; (iii) upon the reasonable request of the Initial
Purchasers; or (iv) any Holder of Notes (other than the Initial Purchasers) is not
eligible to participate in the Exchange Offer and, in the case of this clause (iv),
such Holder notifies the Company within 30 days of consummation of the Exchange
Offer, then the Company shall promptly (and in any event within five Business Days)
deliver to the Holders (or in the case of clause (iv) of this Section 2(j), to any
such Holder) and the Trustee notice thereof (the “Shelf Notice”) and file
an Initial Shelf Registration pursuant to Section 3 no later than the Shelf Filing
Date.

	3.	 	Shelf Registration Statement

     If a Shelf Notice is delivered pursuant to Section 2(j), then this Section 3 shall apply to
all Registrable Notes. Otherwise, upon consummation of the Exchange Offer in accordance with
Section 2, the provisions of Section 3 shall apply solely with respect to (i) Notes held by any
Holder thereof not permitted by law or the applicable interpretations of the staff of the
Commission to participate in the Exchange Offer, (ii) Notes held by any broker-dealer that acquired
such Notes directly from the Company or any of its affiliates and (iii) Exchange Notes that are not
freely tradeable as contemplated by Section 2(j)(iv) hereof, provided in each case that the
relevant Holder has duly notified the Company within 30 days of the Exchange Offer as required by
Section 2(j)(iv).

	 	(a)	 	Initial Shelf Registration Statement. The Company and the
Guarantors shall use commercially reasonable efforts to file with the Commission a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule
415 covering all of the Registrable Notes (the “Initial Shelf Registration
Statement”). The Company and the Guarantors shall use commercially reasonable efforts
to cause the Initial Shelf Registration Statement to be declared effective under the
Securities Act on or prior to the Shelf Effectiveness Target Date. The Initial Shelf
Registration Statement shall be on Form S-1 or another appropriate form permitting
registration of such Registrable Notes for resale by Holders in the manner or manners
reasonably designated by them (including, without limitation, one or more underwritten
offerings). The Company and Guarantors shall not permit any securities other than the
Registrable Notes to be included in any Shelf Registration Statement. The Company and the
Guarantors shall and use commercially reasonable efforts to keep the Initial Shelf
Registration Statement effective until the first anniversary of the Closing Date (subject
to extension pursuant to the last sentence of Section 5(w)) (the “Effectiveness
Period”), or such shorter period ending when (i) all Registrable Notes covered by the
Initial Shelf Registration Statement have been sold in the manner set forth and as
contemplated in the Initial Shelf Registration Statement, (ii) a Subsequent Shelf
Registration Statement covering all of the Registrable Notes covered by and not sold under
the Initial Shelf Registration Statement or an earlier Subsequent Shelf Registration
Statement has been declared effective by the Commission under the Securities Act or (iii)
there cease to be any outstanding Registrable Notes. Notwithstanding anything to the
contrary in this

8

 

	 	 	 	Agreement, at any time, the Company may delay the filing of any Shelf Registration
Statement or delay or suspend the effectiveness thereof, for a reasonable period of
time, but not in excess of 60 days in any calendar year (each, a “Shelf
Suspension Period”), if the Board of Directors of the Company
determines reasonably and in good faith that (x) the filing of any such Shelf
Registration Statement or the continuing effectiveness thereof would require the
disclosure of non-public material information that, in the reasonable judgment of
the Board of Directors of the Company, would be detrimental to the Company if so
disclosed or would otherwise materially adversely affect a financing, acquisition,
disposition, merger or other material transaction or (y) such action is required by
applicable law.

	 	(b)	 	Subsequent Shelf Registration Statements. If the Initial Shelf
Registration Statement or any Subsequent Shelf Registration Statement (as defined below)
ceases to be effective for any reason at any time during the Effectiveness Period (other
than because of the sale of all of the securities registered thereunder), the Company and
the Guarantors shall, subject to the last sentence of Section 3(a) above, use commercially
reasonable efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof, and in any event shall within 30 days of such cessation of
effectiveness amend such Shelf Registration Statement in a manner to obtain the withdrawal
of the order suspending the effectiveness thereof, or file (and cause each Guarantor to
file) an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the
Registrable Notes (a “Subsequent Shelf Registration Statement”). If a Subsequent
Shelf Registration Statement is filed, the Company and the Guarantors shall, subject to the
last sentence of Section 3(a) above, use commercially reasonable efforts to cause the
Subsequent Shelf Registration Statement to be declared effective by the Commission as soon
as practicable after such filing and to keep such Subsequent Shelf Registration Statement
continuously effective for a period equal to the number of days in the Effectiveness Period
less the aggregate number of days during which the Initial Shelf Registration Statement or
any Subsequent Shelf Registration Statement was previously continuously effective. As used
herein the term “Shelf Registration Statement” means the Initial Shelf Registration
Statement and any Subsequent Shelf Registration Statements.

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

	 	(d)	 	Provision of Information. No Holder of Registrable Notes shall be
entitled to include any of its Registrable Notes in any Shelf Registration Statement
pursuant to this Agreement unless such Holder furnishes to the Company and the Trustee in
writing, within 20 days after receipt of a written request therefor, such information as
the

9

 

	 	 	 	Company and the Trustee after conferring with counsel with regard to information
relating to Holders that would be required by the Commission to have such Holder’s
Registrable Notes be included in such Shelf Registration Statement or Prospectus
included therein, may reasonably request for inclusion in any Shelf Registration
Statement or Prospectus included therein, and no such Holder shall be entitled to
benefit from the provisions regarding Additional Interest pursuant to Section 4
hereof unless and until such Holder shall have provided such information.

	4.	 	Additional Interest 

	 	(a)	 	The Company and each Guarantor acknowledges and agrees that the Holders of
Registrable Notes will suffer damages if the Company or any Guarantor fails to fulfill its
material obligations under Section 2 or Section 3 hereof and that it would not be feasible
to ascertain the extent of such damages with precision. Accordingly, the Company and the
Guarantors agree to pay additional cash interest on the Notes (“Additional
Interest”) under the circumstances and to the extent set forth below (each of which
shall be given independent effect):

	 	(i)	 	If the Exchange Offer Registration Statement is not filed with the
Commission on or prior to the 150th calendar day following the
Closing Date, Additional Interest shall accrue on the Registrable Notes
outstanding over and above any stated interest at a rate of 0.25% per annum of
the principal amount of such Notes for the first 90 days immediately following
the 150th calendar day following the Closing Date, such Additional
Interest rate increasing by an additional 0.25% per annum at the beginning of
each subsequent 90-day period;

	 	(ii)	 	if the Exchange Offer Registration Statement is not declared
effective by the Commission on or prior to the Effectiveness Target Date,
Additional Interest shall accrue on the Registrable Notes outstanding over and
above any stated interest at a rate of 0.25% per annum of the principal amount
of such Notes for the first 90 days immediately following the Effectiveness
Target Date, such Additional Interest rate increasing by an additional 0.25%
per annum at the beginning of each subsequent 90-day period; or

	 	(iii)	 	if the Exchange Offer is not consummated and no Shelf
Registration Statement is declared effective on or prior to the Shelf
Effectiveness Target Date, Additional Interest shall accrue on the Registrable
Notes outstanding over and above any stated interest at a rate of 0.25% per
annum of the principal amount of such Notes for the first 90 days immediately
following the Shelf Effectiveness Target Date, such Additional Interest rate
increasing by an additional 0.25% per annum at the beginning of each
subsequent 90-day period;

	 	 	 	provided, however, that Additional Interest will not accrue under more than one of the
foregoing clauses (i), (ii) and (iii) at any one time; and provided, further that the

10

 

	 	 	 	maximum Additional Interest rate on the Registrable Notes outstanding may not
exceed at any one time in the aggregate 1.00% per annum; provided
further, that
upon (x) the filing of the Exchange Offer Registration Statement (in the case of
clause (i) above), (y) the effectiveness of the Exchange Offer Registration
Statement (in the case of clause (ii) above) or (z) the consummation of the
Exchange Offer or the effectiveness of a Shelf Registration Statement, as the case
may be (in the case of clause (iii) above), Additional Interest on the Notes as a
result of such clause shall cease to accrue if the Company and Guarantors are
otherwise in compliance with this Section 4(a); provided, however, that if, after
any such reduction in interest rate, a different event specified in clause (i),
(ii) or (iii) above occurs, Additional Interest may again accrue on the Registrable
Notes pursuant to this Section 4(a). Nothwithstanding any provision of this Section
4, the Company shall not be obligated to pay Additional Interest provided in
Section 4(a) during any Shelf Suspension Period permitted by Section 3(a) hereof.

	 	(b)	 	The Company shall notify the Trustee within three Business Days after each
and every date on which an event occurs in respect of which Additional Interest is required
to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant to
clause (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be paid by the Company and the
Guarantors in accordance with the Indenture on the next scheduled interest payment date,
commencing with the first such semi-annual date occurring after any such Additional
Interest commences to accrue. The amount of Additional Interest will be determined by the
Company by multiplying the applicable Additional Interest rate by the principal amount of
the Notes, multiplied by a fraction, the numerator of which is the number of days such
Additional Interest rate was applicable during such period (determined on the basis of a
360-day year comprised of twelve 30-day months and, in the case of a partial month, the
actual number of days elapsed), and the denominator of which is 360.

	5.	 	Registration Procedures 

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

	 	(a)	 	Prepare and file with the Commission the Exchange Offer Registration
Statement or if the Exchange Offer Registration Statement is not filed because of the
circumstances contemplated by Section 2(j), a Shelf Registration Statement as prescribed by
Section 3, and use its commercially reasonable efforts to cause each such Registration
Statement to become effective and remain effective as provided herein; provided that, if
(1) a Shelf Registration Statement is filed pursuant to Section 3 or (2) a Prospectus
contained in an Exchange Offer Registration Statement filed pursuant to Section 2 is
required to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period relating thereto,

11

 

	 	 	 	before filing any Registration Statement or Prospectus or any amendments or
supplements thereto the Company shall (and shall cause each Guarantor to), if
requested, furnish to and afford the Holders of the Registrable Notes to be
registered pursuant to such Shelf Registration Statement, each Participating
Broker-Dealer, the managing underwriters, if any, and each of their respective
counsel, a reasonable opportunity to review copies of all such documents (including
copies of any documents to be incorporated by reference therein and all exhibits
thereto) proposed to be filed (in each case at least five Business Days prior to
such filing). The Company and each Guarantor shall not file any such Registration
Statement or Prospectus or any amendments or supplements thereto in respect of
which the Holders must provide information for the inclusion therein without the
Holders being afforded an opportunity to review such documentation if the holders
of a majority in aggregate principal amount of the Registrable Notes covered by
such Registration Statement, or any such Participating Broker-Dealer, as the case
may be, the managing underwriters, if any, or any of their respective counsel shall
reasonably object in writing on a timely basis. A Holder shall be deemed to have
reasonably objected to such filing if such Registration Statement, amendment,
Prospectus or supplement, as applicable, as proposed to be filed, contains an
untrue statement of a material fact or omits to state any material fact necessary
to make the statements therein not misleading or fails to comply with the
applicable requirements of the Securities Act.

	 	(b)	 	Provide an indenture trustee for the Registrable Notes, the Exchange Notes
or the Private Exchange Notes, as the case may be, and cause the Indenture (or other
indenture relating to the Registrable Notes) to be qualified under the TIA not later than
the effective date of the first Registration Statement; and in connection therewith, to
effect such changes to such indenture as may be required for such indenture to be so
qualified in accordance with the terms of the TIA; and execute, and use its commercially
reasonable efforts to cause such trustee to execute, all documents as may be required to
effect such changes, and all other forms and documents required to be filed with the
Commission to enable such indenture to be so qualified in a timely manner.

	 	(c)	 	Prepare and file with the Commission such pre-effective amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such Registration
Statement continuously effective for the Effectiveness Period or the Applicable Period, as
the case may be; cause the related Prospectus to be supplemented by any Prospectus
supplement required by applicable law, and as so supplemented to be filed pursuant to Rule
424 (or any similar provisions then in force) promulgated under the Securities Act; and
comply with the provisions of the Securities Act and the Exchange Act applicable to them
with respect to the disposition of all securities covered by such Registration Statement as
so amended or in such Prospectus as so supplemented and with respect to the subsequent
resale of any securities being sold by a Participating Broker-Dealer covered by any such
Prospectus. The Company and each Guarantor shall not, during the Applicable Period,
voluntarily take any action

12

 

	 	 	 	that would result in selling Holders of the Registrable Notes covered by a
Registration Statement or Participating Broker-Dealers seeking to sell Exchange
Notes not being able to sell such Registrable Notes or such Exchange Notes during
that period, unless such action is required by applicable law, rule or regulation
or permitted by this Agreement.

	 	(d)	 	Furnish to such selling Holders and Participating Broker-Dealers who so
request in writing (i) upon the Company’s receipt, a copy of the order of the Commission
declaring such Registration Statement and any post effective amendment thereto effective,
(ii) such reasonable number of copies of such Registration Statement and of each amendment
and supplement thereto (in each case including any documents incorporated therein by
reference and all exhibits), (iii) such reasonable number of copies of the Prospectus
included in such Registration Statement (including each preliminary Prospectus) and each
amendment and supplement thereto, and such reasonable number of copies of the final
Prospectus as filed by the Company and each Guarantor pursuant to Rule 424(b) under the
Securities Act, in conformity with the requirements of the Securities Act and each
amendment and supplement thereto, and (iv) such other documents (including any amendments
required to be filed pursuant to clause (c) of this Section), as any such Person may
reasonably request in writing. The Company and the Guarantors hereby consent to the use of
the Prospectus by each of the selling Holders of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any,
and dealers, if any, in connection with the offering and sale of the Registrable Notes
covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to,
such Prospectus and any amendment or supplement thereto.

	 	(e)	 	If (1) a Shelf Registration Statement is filed pursuant to Section 3, or
(2) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant
to Section 2 is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating
thereto, the Company shall notify in writing the selling Holders of Registrable Notes,
or each such Participating Broker-Dealer, as the case may be, the managing
underwriters, if any, and each of their respective counsel promptly (but in any event
within two Business Days) (i) when a Prospectus or any Prospectus supplement or
post-effective amendment has been filed, and, with respect to a Registration Statement
or any post-effective amendment, when the same has become effective (including in such
notice a written statement that any Holder may, upon request, obtain, without charge,
one conformed copy of such Registration Statement or post-effective amendment
including financial statements and schedules, documents incorporated or deemed to be
incorporated by reference and exhibits), (ii) of the issuance by the Commission of any
stop order suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of any Prospectus or the initiation of any
proceedings for that purpose, (iii) if at any time when a Prospectus is required by
the Securities Act to be delivered in connection with sales of the Registrable Notes
the representations and warranties of the Company and any Guarantor contained in any

13

 

	 	 	 	agreement (including any underwriting agreement) contemplated by Section 5(n)
hereof cease to be true and correct, (iv) of the receipt by the Company or any
Guarantor of any notification with respect to the suspension of the qualification
or exemption from qualification of a Registration Statement or any of the
Registrable Notes or the Exchange Notes to be sold by any Participating
Broker-Dealer for offer or sale in any jurisdiction, or the initiation or
threatening of any proceeding for such purpose, (v) of the happening of any event,
the existence of any condition of any information becoming known that makes any
statement made in such Registration Statement or related Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires the making of any changes in, or amendments or
supplements to, such Registration Statement, Prospectus or documents so that, in
the case of the Registration Statement, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case of
the Prospectus, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading, (vi) of any reasonable determination by the Company or any Guarantor
that a post-effective amendment to a Registration Statement would be appropriate
and (vii) of any request by the Commission for amendments to the Registration
Statement or supplements to the Prospectus or for additional information relating
thereto.

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

	 	(g)	 	If (A) a Shelf Registration Statement is filed pursuant to Section 3, (B) a
Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section
2 is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period or (C) reasonably requested
in writing by the managing underwriters, if any, or the Holders of a majority in aggregate
principal amount of the Registrable Notes being sold in connection with an underwritten
offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment
such information or revisions to information therein relating to such underwriters or
selling Holders as the managing underwriters, if any, or such Holders or any of their
respective counsel reasonably request in writing to be included or made therein and (ii)
make all required filings of such Prospectus supplement or such post-effective amendment as
soon as practicable after the Company has received notification of the matters to be
incorporated in such Prospectus supplements or post-effective amendment.

14

 

	 	(h)	 	Prior to any public offering of Registrable Notes or any delivery of a
Prospectus contained in the Exchange Offer Registration Statement by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its
commercially reasonable efforts to register or qualify, and to cooperate with the
selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the
case may be, the underwriters, if any, and their respective counsel in connection with
the registration or qualification (or exemption from such registration or
qualification) of such Registrable Notes or Exchange Notes, as the case may be, for
offer and sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any selling Holder, Participating Broker-Dealer or any managing
underwriter or underwriters, if any, reasonably request in writing; provided, that
where Exchange Notes held by Participating Broker-Dealers or Registrable Notes are
offered other than through an underwritten offering, the Company and each Guarantor
agree to cause its counsel to perform Blue Sky investigations and file any
registrations and qualifications required to be filed pursuant to this Section 5(h),
keep each such registration or qualification (or exemption therefrom) effective during
the period such Registration Statement is required to be kept effective and do any and
all other acts or things reasonably necessary or advisable to enable the disposition
in such jurisdictions of the Exchange Notes held by Participating Broker-Dealers or
the Registrable Notes covered by the applicable Registration Statement; provided that
neither the Company nor any Guarantor shall be required to (A) qualify generally to do
business in any jurisdiction where it is not then so qualified, (B) take any action
that would subject it to general service of process in any such jurisdiction where it
is not then so subject or (C) subject itself to taxation in any such jurisdiction
where it is not then so subject.
	 
	 	(i)	 	If (A) a Shelf Registration Statement is filed pursuant to Section 3 or
(B) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant
to Section 2 is requested to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period, cooperate with the selling Holders of Registrable Notes and the managing
underwriter or underwriters, if any, to facilitate the timely preparation and delivery
of certificates representing Registrable Notes to be sold, which certificates shall
not bear any restrictive legends and shall be in a form eligible for deposit with The
Depository Trust Company, and enable such Registrable Notes to be in such
denominations and registered in such names as the managing underwriter or
underwriters, if any, or Holders may reasonably request.
	 
	 	(j)	 	Use its commercially reasonable efforts to cause the Registrable Notes
covered by any Registration Statement to be registered with or approved by such
governmental agencies or authorities as may be necessary to enable the seller or
sellers thereof or the underwriter, if any, to consummate the disposition of such
Registrable Notes, except as may be required solely as a consequence of the nature of
such selling Holder’s business, in which case the Company shall (and shall cause each
Guarantor to) cooperate in all reasonable respects with the filing of such
Registration Statement and the granting of such approvals; provided that
neither the Company nor any existing

15

 

	 	 	 	Guarantor shall be required to (A) qualify generally to do business in any
jurisdiction where it is not then so qualified, (B) take any action that would
subject it to general service of process in any jurisdiction where it is not then
so subject or (C) subject itself to taxation in any such jurisdiction where it is
not then so subject.
	 
	 	(k)	 	If (1) a Shelf Registration Statement is filed pursuant to Section 3,
or (2) a Prospectus contained in an Exchange Offer Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period, upon the occurrence of any event contemplated by paragraph 5(e)(v) or 5(e)(vi)
hereof, as promptly as practicable, prepare and file with the Commission, at the
expense of the Company and the Guarantors, a supplement or post-effective amendment to
the Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, or file any other
required document so that, as thereafter delivered to the purchaser of the Registrable
Notes being sold thereunder or to the purchaser of the Exchange Notes to whom such
Prospectus will be delivered by a Participating Broker-Dealer, such Prospectus will
not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, and, if Commission
review is required, use its commercially reasonable efforts to cause such
post-effective amendment to be declared effective Commission as soon as possible.
	 
	 	(l)	 	Use its commercially reasonable efforts to cause the Registrable Notes
covered by a Registration Statement to be rated with such appropriate rating agencies,
if so requested in writing by the Holders of a majority in aggregate principal amount
of the Registrable Notes covered by such Registration Statement or the managing
underwriter or underwriters, if any.
	 
	 	(m)	 	Prior to the initial issuance of the Exchange Notes, (i) provide the
Trustee with one or more certificates for the Registrable Notes in a form eligible for
deposit with The Depository Trust Company and (ii) provide a CUSIP number for the
Exchange Notes.
	 
	 	(n)	 	If a Shelf Registration Statement is filed pursuant to Section 3, enter
into such agreements (including an underwriting agreement in form, scope and substance
as is customary in underwritten offerings of debt securities similar to the Notes, as
may be appropriate in the circumstances) and take all such other actions in connection
therewith (including those reasonably requested in writing by the managing
underwriters, if any, or the Holders of a majority in aggregate principal amount of
the Registrable Notes being sold) in order to expedite or facilitate the registration
or the disposition of such Registrable Notes, and in such connection, whether or not
an underwriting agreement is entered into and whether or not the registration is an
Underwritten Registration, (i) make such representations and warranties to the Holders
and the underwriters, if any, with respect to the business of the Company and its
subsidiaries as then conducted, and the Registration Statement, Prospectus and

16

 

	 	 	 	documents, if any, incorporated or deemed to be incorporated by reference therein,
in each case, in form, substance and scope as are customarily made by issuers to
underwriters in underwritten offerings of debt securities similar to the Notes, as
may be appropriate in the circumstances, and confirm the same if and when
reasonably required; (ii) obtain an opinion of counsel to the Company and the
Guarantors and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the managing underwriters, if any,
and the Holders of a majority in aggregate principal amount of the Registrable
Notes being sold), addressed to each selling Holder and each of the underwriters,
if any, covering the matters customarily covered in opinions of counsel to the
Company and the Guarantors requested in underwritten offerings of debt securities
similar to the Notes, as may be appropriate in the circumstances; (iii) obtain
“cold comfort” letters and updates thereof (which letters and updates (in form,
scope and substance) shall be reasonably satisfactory to the managing underwriters)
from the independent certified public accountants of the Company and the Guarantors
(and, if necessary, any other independent certified public accountants of any
subsidiary of the Company or of any business acquired by the Company for which
financial statements and financial data are, or are required to be, included in the
Registration Statement), addressed to each of the underwriters, such letters to be
in customary form and covering matters of the type customarily covered in “cold
comfort” letters in connection with underwritten offerings of debt securities
similar to the Notes, as may be appropriate in the circumstances, and such other
matters as reasonably requested in writing by the underwriters; and (iv) deliver
such documents and certificates as may be reasonably requested in writing by the
Holders of a majority in aggregate principal amount of the Registrable Notes being
sold and the managing underwriters, if any, to evidence the continued validity of
the representations and warranties of the Company and its subsidiaries made
pursuant to clause (i) above and to evidence compliance with any conditions
contained in the underwriting agreement or other similar agreement entered into by
the Company or any Guarantor.
	 
	 	(o)	 	If (1) a Shelf Registration Statement is filed pursuant to Section 3,
or (2) a Prospectus contained in an Exchange Offer Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period, make available for inspection by any selling Holder of such Registrable Notes
being sold, or each such Participating Broker-Dealer, as the case may be, any
underwriter participating in any such disposition of Registrable Notes, if any, and
any attorney, accountant or other agent retained by any such selling Holder or each
such Participating Broker-Dealer, as the case may be, or underwriter (collectively,
the “Inspectors”), at the offices where normally kept, during reasonable
business hours, all financial and other records and pertinent corporate documents of
the Company and its subsidiaries (collectively, the “Records”) as shall be
reasonably necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the Company and
its subsidiaries to supply all information reasonably requested in writing by any such
Inspector in connection with such Registration Statement. Each

17

 

	 	 	 	Inspector shall agree in writing that it will keep the Records confidential and not
disclose any of the Records unless (i) the disclosure of such Records is necessary
to avoid or correct a misstatement or omission in such Registration Statement, (ii)
the release of such Records is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction, (iii) the information in such Records is public or
has been made generally available to the public other than as a result of a
disclosure or failure to safeguard by such Inspector or (iv) disclosure of such
information is, in the reasonable written opinion of counsel for any Inspector,
necessary or advisable in connection with any action, claim, suit or proceeding,
directly or indirectly, involving or potentially involving such Inspector and
arising out of, based upon, related to, or involving this Agreement, or any
transaction contemplated hereby or arising hereunder. Each such Inspector shall
take such actions as are reasonably necessary to protect the confidentiality of
such information to the extent such action is not inconsistent with the rights and
interests of the Holder or any Inspector. Each selling Holder of such Registrable
Notes and each such Participating Broker-Dealer will be required to agree that
information obtained by it as a result of such inspections shall be deemed
confidential and shall not be used by it as the basis for any market transactions
in the securities of the Company unless and until such is made generally available
to the public. Each Inspector, each selling Holder of such Registrable Notes and
each such Participating Broker-Dealer will be required to further agree that it
will, upon learning of the potential disclosure of such Records, give notice to the
Company and, to the extent practicable, use its commercially reasonable efforts to
allow the Company, at its expense, to undertake appropriate action to prevent
disclosure of the Records deemed confidential at its expense.
	 
	 	(p)	 	Comply with all applicable rules and regulations of the Commission and
make generally available to the security holders of the Company with regard to any
Applicable Registration Statement earning statements satisfying the provisions of
section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule
promulgated under the Securities Act) no later than 45 days after the end of any
12-month period (or 90 days after the end of any 12-month period if such period is a
fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable
Notes are sold to underwriters in a firm commitment or best efforts underwritten
offering and (ii) if not sold to underwriters in such an offering, commencing on the
first day of the first fiscal quarter of the Company after the effective date of a
Registration Statement, which statements shall cover said 12-month periods.
	 
	 	(q)	 	Upon consummation of an Exchange Offer or Private Exchange, obtain an
opinion of counsel to the Company and the Guarantors (in form, scope and substance
reasonably satisfactory to the Initial Purchasers), addressed to the Trustee for the
benefit of all Holders participating in the Exchange Offer or Private Exchange, as the
case may be, to the effect that (i) the Company and the Guarantors have duly
authorized, executed and delivered the Exchange Notes or the Private Exchange Notes,
as the case may be, and the Indenture, (ii) the Exchange Notes or the Private Exchange
Notes, as the case may be, and the Indenture constitute legal, valid and binding
obligations of the

18

 

	 	 	 	Company and the Guarantors, enforceable against the Company and the Guarantors in
accordance with their respective terms, except as such enforcement may be subject
to customary United States and foreign exceptions and (iii) all obligations of the
Company and the Guarantors under the Exchange Notes or the Private Exchange Notes,
as the case may be, and the Indenture are secured by Liens (as defined in the
Indenture) on the assets securing the obligations of the Company and the Guarantors
under the Notes, Indenture and Security Documents to the extent and as discussed in
the Registration Statement.
	 
	 	(r)	 	If the Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Registrable Notes by the Holders to the Company and the Guarantors (or
to such other Person as directed by the Company and the Guarantors) in exchange for
the Exchange Notes or the Private Exchange Notes, as the case may be, the Company and
the Guarantors shall mark, or caused to be marked, on such Registrable Notes that the
Exchange Notes or the Private Exchange Notes, as the case may be, are being issued as
substitute evidence of the indebtedness originally evidenced by the Registrable Notes;
provided that in no event shall such Registrable Notes be marked as paid or otherwise
satisfied.
	 
	 	(s)	 	Cooperate with each seller of Registrable Notes covered by any
Registration Statement and each underwriter, if any, participating in the disposition
of such Registrable Notes and their respective counsel in connection with any filings
required to be made with FINRA.
	 
	 	(t)	 	Use its commercially reasonable efforts to cause all Securities covered
by a Registration Statement to be listed on each securities exchange, if any, on which
similar debt securities issued by the Company are then listed.
	 
	 	(u)	 	Use its commercially reasonable efforts to take all other steps
reasonably necessary to effect the registration of the Registrable Notes covered by a
Registration Statement contemplated hereby.
	 
	 	(v)	 	The Company may require each seller of Registrable Notes or
Participating Broker-Dealer as to which any registration is being effected to furnish
to the Company such information regarding such seller or Participating Broker-Dealer
and the distribution of such Registrable Notes as the Company may, from time to time,
reasonably request in writing. The Company may exclude from such registration the
Registrable Notes of any seller who fails to furnish such information within a
reasonable time (which time in no event shall exceed 45 days, subject to Section 3(d)
hereof) after receiving such request. Each seller of Registrable Notes or
Participating Broker-Dealer as to which any registration is being effected agrees to
furnish promptly to the Company all information required to be disclosed in order to
make the information previously furnished by such seller not materially misleading.
	 
	 	(w)	 	Each Holder of Registrable Notes and each Participating Broker-Dealer
agrees by acquisition of such Registrable Notes or Exchange Notes to be sold by such

19

 

	 	 	 	Participating Broker-Dealer, as the case may be, that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section
5(e)(ii), 5(e)(iv), 5(e)(v), or 5(e)(vi), such Holder will forthwith discontinue
disposition of such Registrable Notes covered by a Registration Statement and such
Participating Broker-Dealer will forthwith discontinue disposition of such Exchange
Notes pursuant to any Prospectus and, in each case, forthwith discontinue
dissemination of such Prospectus until such Holder’s or Participating
Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 5(k), or until it is advised in writing (the
“Advice”) by the Company and the Guarantors that the use of the applicable
Prospectus may be resumed, and has received copies of any amendments or supplements
thereto and, if so directed by the Company and the Guarantors, such Holder or
Participating Broker-Dealer, as the case may be, will deliver to the Company all
copies, other than permanent file copies, then in such Holder’s or Participating
Broker-Dealer’s possession, of the Prospectus covering such Registrable Notes
current at the time of the receipt of such notice. In the event the Company and the
Guarantors shall give any such notice, the Applicable Period shall be extended by
the number of days during such periods from and including the date of the giving of
such notice to and including the date when each Participating Broker-Dealer shall
have received (x) the copies of the supplemented or amended Prospectus contemplated
by Section 5(k) or (y) the Advice.

	6.	 	Registration Expenses

	 	(a)	 	All fees and expenses incident to the performance of or compliance with
this Agreement by the Company and the Guarantors shall be borne by the Company and the
Guarantors, whether or not the Exchange Offer or a Shelf Registration Statement is
filed or becomes effective, including, without limitation, (i) all registration and
filing fees, including, without limitation, (A) fees with respect to filings required
to be made with FINRA in connection with any underwritten offering and (B) fees and
expenses of compliance with state securities or Blue Sky laws as provided in Section
5(h) hereof (including, without limitation, reasonable fees and disbursements of
counsel in connection with Blue Sky qualifications of the Registrable Notes or
Exchange Notes and determination of the eligibility of the Registrable Notes or
Exchange Notes for investment under the laws of such jurisdictions (x) where the
Holders are located, in the case of the Exchange Notes, or (y) as provided in Section
5(h), in the case of Registrable Notes or Exchange Notes to be sold by a Participating
Broker-Dealer during the Applicable Period), (ii) printing expenses, including,
without limitation, expenses of printing Prospectuses if the printing of Prospectuses
is requested by the managing underwriter or underwriters, if any, or by the Holders of
a majority in aggregate principal amount of the Registrable Notes included in any
Registration Statement or by any Participating Broker-Dealer during the Applicable
Period, as the case may be, (iii) messenger, telephone and delivery expenses incurred
in connection with the performance of their obligations hereunder, (iv) fees and
disbursements of counsel for the Company and the Guarantors and, subject to Section
6(b), the Holders, (v) fees and disbursements of all independent certified public
accountants

20

 

	 	 	 	referred to in Section 5(n) (including, without limitation, the expenses of any
special audit and “cold comfort” letters required by or incident to such
performance), (vi) rating agency fees and the fees and expenses incurred in
connection with the listing of the Securities to be registered on any securities
exchange, (vii) Securities Act liability insurance, if the Company and the
Guarantors desire such insurance, (viii) fees and expenses of all other Persons
retained by the Company and the Guarantors, (ix) fees and expenses of any
“qualified independent underwriter” or other independent appraiser participating in
an offering pursuant to Section 3 of Schedule E to the Bylaws of FINRA, but only
where the need for such a “qualified independent underwriter” arises due to a
relationship with the Company and the Guarantors, (x) internal expenses of the
Company and the Guarantors (including, without limitation, all salaries and
expenses of officers and employees of the Company or the Guarantors performing
legal or accounting duties), (xi) the expense of any annual audit, (xii) the fees
and expenses of the Trustee and any exchange agent and (xiii) the expenses relating
to printing, word processing and distributing all Registration Statements,
underwriting agreements, securities sales agreements, indentures and any other
documents necessary in order to comply with this Agreement.
	 
	 	(b)	 	Notwithstanding the foregoing, the Holders of the Registrable Notes
being registered shall pay all agency fees and commissions and underwriting discounts
and commissions attributable to the sale of such Registrable Notes and the fees and
disbursements of any counsel or other advisors or experts retained by such holders
(severally or jointly), other than any counsel and experts specifically referred to in
Section 6(a) above. The Company and the Guarantors shall pay all documentary, stamp,
transfer or other transactional taxes attributable to the issuance or delivery of the
Exchange Notes or Private Exchange Notes in exchange for the Notes; provided that the
Company shall not be required to pay taxes payable in respect of any transfer involved
in the issuance or delivery of any Exchange Note or Private Exchange Note in a name
other than that of the Holder of the Note in respect of which such Exchange Note or
Private Exchange Note is being issued. The Company and the Guarantors shall reimburse
the Holders for fees and expenses (including reasonable fees and expenses of counsel
to the Holders) relating to any enforcement of any rights of the Holders under this
Agreement.

	7.	 	Indemnification 

	 	(a)	 	Indemnification by the Company and the Guarantors. The Company
and the Guarantors jointly and severally agree to indemnify and hold harmless each
Holder of Registrable Notes, Exchange Notes or Private Exchange Notes and each
Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each
Person, if any, who controls each such Holder (within the meaning of Section 15 of the
Securities Act or Section 20(a) of the Exchange Act) and the officers, directors and
partners of each such Holder, Participating Broker-Dealer and controlling person, to
the fullest extent lawful, from and against any and all losses, claims, damages,
liabilities, costs (including, without limitation, reasonable costs of preparation and

21

 

	 	 	 	reasonable attorneys’ fees as provided in this Section 7) and expenses (including,
without limitation, reasonable costs and expenses incurred in connection with
investigating, preparing, pursuing or defending against any of the foregoing)
(collectively, “Losses”), as incurred, directly or indirectly caused by,
related to, based upon, arising out of or in connection with any untrue or alleged
untrue statement of a material fact contained in any Registration Statement,
Prospectus or form of prospectus, or in any amendment or supplement thereto, or in
any preliminary prospectus, or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading,
except insofar as such Losses are solely based upon information relating to such
Holder or Participating Broker-Dealer and furnished in writing to the Company and
the Guarantors by such Holder or Participating Broker-Dealer or their counsel
expressly for use therein. The Company and the Guarantors also agree to indemnify
underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, their officers, directors, agents
and employees and each Person who controls such Persons (within the meaning of
Section 5 of the Securities Act or Section 20(a) of the Exchange Act) to the same
extent as provided above with respect to the indemnification of the Holders or the
Participating Broker-Dealer.
	 
	 	(b)	 	Indemnification by Holder. In connection with any Registration
Statement, Prospectus or form of prospectus, any amendment or supplement thereto, or
any preliminary prospectus in which a Holder is participating, such Holder shall
furnish to the Company and the Guarantors in writing such information as the Company
and the Guarantors reasonably request for use in connection with any Registration
Statement, Prospectus or form of prospectus, any amendment or supplement thereto, or
any preliminary prospectus and shall indemnify and hold harmless the Company, the
Guarantors, their respective directors, officers and each Person, if any, who controls
the Company and the Guarantors (within the meaning of Section 15 of the Securities Act
and Section 20(a) of the Exchange Act), and the directors, officers and partners of
such controlling persons, to the fullest extent lawful, from and against all Losses
arising out of or based upon any untrue statement or alleged untrue statement of any
material fact contained in any Registration Statement, Prospectus or form of
prospectus or in any amendment or supplement thereto or in any preliminary prospectus,
or any omission or alleged untrue statement of a material fact contained in any
Registration Statement, Prospectus or form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or any omission or alleged
omission to state therein any material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they
were made, not misleading to the extent, but only to the extent, that such Losses are
finally judicially determined by a court of competent jurisdiction in a final,
unappealable order to have resulted solely from an untrue statement or alleged untrue
statement of a material fact or omission or alleged omission of a material fact
contained in or omitted from any information so furnished in writing by such Holder to
the Company and the Guarantors expressly for use therein; and, subject to the
limitation set forth

22

 

	 	 	 	immediately preceding this clause, shall reimburse, as incurred, any legal or other
expenses incurred by the Company and the Guarantors or any such director, officer
or person who controls the Company and the Guarantors in connection with any
Losses. Notwithstanding the foregoing, in no event shall the liability of any
selling Holder be greater in amount than such Holder’s Maximum Contribution Amount
(as defined below).
	 
	 	(c)	 	Conduct of Indemnification Proceedings. If any proceeding
shall be brought or asserted against any Person entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall promptly notify the party
or parties from which such indemnity is sought (the “Indemnifying Party” or
“Indemnifying Parties”, as applicable) in writing; but the omission to so
notify the Indemnifying Party (i) will not relieve such Indemnifying Party from any
liability under paragraph (a) or (b) above unless and only to the extent it is
materially prejudiced as a result thereof and (ii) will not, in any event, relieve the
Indemnifying Party from any obligations to any Indemnified Party other than the
indemnification obligation provided in paragraphs (a) and (b) above.

     The Indemnifying Party shall have the right, exercisable by giving written notice to an
Indemnified Party, within 20 Business Days after receipt of written notice from such Indemnified
Party of such proceeding, to assume, at its expense, the defense of any such proceeding; provided,
that an Indemnified Party shall have the right to employ separate counsel in any such proceeding
and to participate in the defense thereof, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party or parties unless: (1) the Indemnifying Party has agreed to
pay such fees and expenses; or (2) the Indemnifying Party shall have failed promptly to assume the
defense of such proceeding or shall have failed to employ counsel reasonably satisfactory to such
Indemnified Party; or (3) the named parties to any such proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party or any of its affiliates or
controlling persons, and such Indemnified Party shall have been advised by counsel that there may
be one or more defenses available to such Indemnified Party that are in addition to, or in conflict
with, those defenses available to the Indemnifying Party or such affiliate or controlling person
(in which case, if such Indemnified Party notifies the Indemnifying Parties in writing that it
elects to employ separate counsel at the expense of the Indemnifying Parties, the Indemnifying
Parties shall not have the right to assume the defense and the reasonable fees and expenses of such
counsel shall be at the expense of the Indemnifying Party; it being understood, however, that, the
Indemnifying Party shall not, in connection with any one such proceeding or separate but
substantially similar or related proceedings in the same jurisdiction, arising out of the same
general allegations or circumstances, be liable for the fees and expenses of more than one separate
firm of attorneys (together with appropriate local counsel) at any time for such Indemnified
Party).

     No Indemnifying Party shall be liable for any settlement of any such proceeding effected
without its written consent, which shall not be unreasonably withheld, but if settled with its
written consent, or if there be a final judgment for the plaintiff in any such proceeding, each
Indemnifying Party jointly and severally agrees, subject to the exceptions and limitations set
forth above, to indemnify and hold harmless each Indemnified Party from and against any and all
Losses by reason of

23

 

such settlement or judgment. The Indemnifying Party shall not consent to the entry of any judgment
or enter into any settlement unless such judgment or settlement (i) includes as an unconditional
term thereof the giving by the claimant or plaintiff to each Indemnified Party of a release, in
form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect
of such proceeding for which such Indemnified Party would be entitled to indemnification hereunder
(whether or not any Indemnified Party is a party thereto) and (ii) does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Party.

	 	(d)	 	Contribution. If the indemnification provided for in this
Section 7 is unavailable to an Indemnified Party or is insufficient to hold such
Indemnified Party harmless for any Losses in respect of which this Section 7 would
otherwise apply by its terms (other than by reason of exceptions provided in this
Section 7), then each applicable Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall have a joint and several obligation to contribute to the
amount paid or payable by such Indemnified Party as a result of such Losses, in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Party,
on the one hand, and such Indemnified Party, on the other hand, in connection with the
actions, statements or omissions that resulted in such Losses as well as any other
relevant equitable considerations. The relative fault of such Indemnifying Party, on
the one hand, and Indemnified Party, on the other hand, shall be determined by
reference to, among other things, whether any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates to
information supplied by such Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent any such statement or omission. The amount paid or payable by an Indemnified
Party as a result of any Losses shall be deemed to include any legal or other fees or
expenses incurred by such party in connection with any proceeding, to the extent such
party would have been indemnified for such fees or expenses if the indemnification
provided for in Section 7(a) or 7(b) was available to such party.

     The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 7(d) were determined by pro rata allocation or by other method of allocation that does
not take account of the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 7(d), a selling Holder shall not be
required to contribute, in the aggregate, any amount in excess of such Holder’s Maximum
Contribution Amount. A selling Holder’s “Maximum Contribution Amount” shall equal the
excess of (i) the aggregate proceeds received by such Holder pursuant to the sale of such
Registrable Notes or Exchange Notes over (ii) the aggregate amount of damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this
Section 7(d) are several in proportion to the respective principal amount of the Registrable
Securities held by each Holder hereunder and not joint. The Company’s and Guarantors’ obligations
to contribute pursuant to this Section 7(d) are joint and several.

24

 

     The indemnity and contribution agreements contained in this Section 7 are in addition to any
liability that the Indemnifying Parties may have to the Indemnified Parties.

	8.	 	Rules 144 and 144A 

	 	(a)	 	The Company covenants that it shall use its commercially reasonable
efforts to (a) file the reports required to be filed by it (if so required) under the
Securities Act and the Exchange Act in a timely manner and, if at any time the Company
is not required to file such reports, it will, upon the written request of any Holder
of Registrable Notes, make publicly available other information necessary to permit
sales pursuant to Rule 144 and 144A and (b) take such further action as any Holder may
reasonably request in writing, all to the extent required from time to time to enable
such Holder to sell Registrable Notes without registration under the Securities Act
pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon the request of any
Holder, the Company shall deliver to such Holder a written statement as to whether it
has complied with such information and requirements.
	 
	 	(b)	 	Availability of Rule 144 Not Excuse for Obligations under Section
2. The fact that holders of Registrable Notes may become eligible to sell such
Registrable Notes pursuant to Rule 144 shall not (1) cause such Notes to cease to be
Registrable Notes or (2) excuse the Company’s and the Guarantors’ obligations set
forth in Section 2 of this Agreement, including without limitation the obligations in
respect of an Exchange Offer, Shelf Registration and Additional Interest.

	9.	 	Underwritten Registrations of Registrable Notes 

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

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

	10.	 	Miscellaneous

	 	(a)	 	Remedies. In the event of a breach by either the Company or any
of the Guarantors of any of their respective obligations under this Agreement, each
Holder, in addition to being entitled to exercise all rights provided herein, in the
Indenture or, in the case of the Initial Purchasers, in the Purchase Agreement, or
granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. The Company and the Guarantors agree
that monetary damages would

25

 

	 	 	 	not be adequate compensation for any loss incurred by reason of a breach by either
the Company or any of the Guarantors of any of the provisions of this Agreement and
hereby further agree that, in the event of any action for specific performance in
respect of such breach, the Company shall (and shall cause each Guarantor to) waive
the defense that a remedy at law would be adequate.
	 
	 	(b)	 	No Inconsistent Agreements. The Company and each of the
Guarantors have not entered, as of the date hereof, and the Company and each of the
Guarantors shall not enter, after the date of this Agreement, into any agreement with
respect to any of its securities that is inconsistent with the rights granted to the
Holders of Securities in this Agreement or otherwise conflicts with the provisions
hereof. The Company and each of the Guarantors have not entered and will not enter
into any agreement with respect to any of its securities that will grant to any Person
piggy-back rights with respect to a Registration Statement.
	 
	 	(c)	 	Adjustments Affecting Registrable Notes. The Company shall
not, directly or indirectly, take any action with respect to the Registrable Notes as
a class that would adversely affect the ability of the Holders to include such
Registrable Notes in a registration undertaken pursuant to this Agreement.
	 
	 	(d)	 	Amendments and Waivers. The provisions of this Agreement may
not be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, otherwise than with the prior written consent
of the Holders of not less than a majority in aggregate principal amount of the then
outstanding Registrable Notes in circumstances that would adversely affect any Holders
of Registrable Notes; provided, however, that Section 7 and this Section 10(d) may not
be amended, modified or supplemented without the prior written consent of each Holder.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of Holders of
Registrable Notes whose securities are being tendered pursuant to the Exchange Offer
or sold pursuant to a Shelf Registration Statement and that does not directly or
indirectly affect, impair, limit or compromise the rights of other Holders of
Registrable Notes may be given by Holders of at least a majority in aggregate
principal amount of the Registrable Notes being tendered or being sold by such Holders
pursuant to such Shelf Registration Statement.
	 
	 	(e)	 	Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered first-class
mail, next-day air courier or telecopier:

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

26

 

Jefferies & Company, Inc.

520 Madison Avenue

New York, New York 10022

Attention: General Counsel

RBC Capital Markets, LLC

Three World Financial Center

200 Vesey Street, 9th Floor

New York, New York 10281

Attention: High Yield Capital Markets

with a copy to (which should not constitute notice):

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022

Attention: Marc Jaffe, Esq.

	 	(ii)	 	if to the Initial Purchasers, at the address specified in
Section 10(e)(i);
	 
	 	(iii)	 	if to the Company or any Guarantor, as follows:

Thermadyne Holdings Corporation

16052 Swingley Ridge Road, Suite 300

Chesterfield, MO 63017

Attention: Nick H. Varsam, Esq.

with a copy to (which should not constitute notice):

Weil, Gotshal & Manges LLP

767 Fifth Avenue,

New York, NY 10153

Attention: Todd R. Chandler, Esq.

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

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

27

 

	 	(f)	 	Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties hereto,
including, without limitation and without the need for an express assignment, subsequent
Holders of Securities.
	 
	 	(g)	 	Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement.
	 
	 	(h)	 	Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.
	 
	 	(i)	 	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAW. THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW
YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY
FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND
IRREVOCABLY ACCEPTS FOR ITS AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
JURISDICTION OF THE AFORESAID COURTS. THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE COMPANY IRREVOCABLY
CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TO THE
SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY
THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE
COMPANY AT ITS SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.
NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY
IN ANY OTHER JURISDICTION.
	 
	 	(j)	 	Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void
or unenforceable, the remainder of the terms, provisions, covenants and restrictions set
forth herein shall

28

 

	 	 	 	remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their commercially reasonable efforts
to find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or restriction.
It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid, illegal, void
or unenforceable.
	 
	 	(k)	 	Securities Held by the Company or Its Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Securities is required
hereunder, Securities held by the Company or its affiliates (as such term is defined
in Rule 405 under the Securities Act) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.
	 
	 	(l)	 	Third Party Beneficiaries. Holders and Participating
Broker-Dealers are intended third party beneficiaries of this Agreement and this
Agreement may be enforced by such Persons.
	 
	 	(m)	 	Entire Agreement. This Agreement, together with the Purchase
Agreement, the Indenture and the Security Documents, is intended by the parties as a
final and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein and therein and any and all prior
oral or written agreements, representations, or warranties, contracts, understanding,
correspondence, conversations and memoranda between the Initial Purchasers on the one
hand and the Company and the Guarantors on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or
successors in interest with respect to the subject matter hereof and thereof are
merged herein and replaced hereby.

Remainder of Page Intentionally Blank

29

 

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

	 	 	 	 	 
	 	THERMADYNE HOLDINGS CORPORATION

THERMADYNE INDUSTRIES, INC.

THERMAL DYNAMICS CORPORATION

THERMADYNE INTERNATIONAL CORP.

VICTOR EQUIPMENT COMPANY

STOODY COMPANY

 	 
	 	By:  	/s/ Steven A. Schumm
 	 
	 	 	Name:  	Steven A. Schumm 	 
	 	 	Title:  	Executive Vice President — Chief

Financial and Administrative Officer 	 
	 

Signature Page — Registration Rights Agreement

 

 

	 	 	 	 	 	 	 

	Executed by THERMADYNE AUSTRALIA

	 	 	)	 	 	 
	PTY LTD ACN 071 843 028 in accordance with

	 	 	)	 	 	 
	section 127(1) of the Corporations Act 2001 (Cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/
Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of company secretary*
	 

	 	 	 	 	 	*delete whichever does not apply
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Name (please print)

	 	 	 	 	 	Name (please print)
	 
	 	 	 	 	 	 
	Executed by CIGWELD PTY LTD ACN 007

	 	 	)	 	 	 
	226 815 in accordance with section 127(1) of the

	 	 	)	 	 	 
	Corporations Act 2001 (Cth):

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Graeme Williams

	 	 	 	 	 	/s/ Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Signature of director

	 	 	 	 	 	Signature of company secretary*
	 

	 	 	 	 	 	*delete whichever does not apply
	 
	 	 	 	 	 	 
	Graeme Williams

	 	 	 	 	 	Neil Fitzpatrick
	 

	 	 	 	 	 	 
	Name (please print)

	 	 	 	 	 	Name (please print)

Signature Page — Registration Rights Agreement

 

 

ACCEPTED AND AGREED TO AS OF THE DATE FIRST WRITTEN ABOVE:

	 	 	 	 	 
	JEFFERIES & COMPANY, INC.

 	 
	By:  	/s/ Kevin Lockhart
 	 
	 	Name : Kevin Lockhart 	 
	 	Title:  	Managing Director 	 
	 
	RBC CAPITAL MARKETS, LLC

 	 
	By:  	/s/ David Capaldi	 
	 	Name:  	David Capaldi	 
	 	Title:  	Managing Director	 
	 

Signature Page — Registration Rights Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]