Document:

exhibit4-19.htm

    
      

      

    

     

     

    Exhibit 4.19

     

     

    Execution Copy

     

     

     

     

    
      
        

      

      
        

         

        

      

      

       

      PLY GEM
INDUSTRIES, INC.

       

      as
Issuer,

       

      the
GUARANTORS named herein,

       

      as
Guarantors,

       

      and

       

      U.S. Bank
National Association,

       

      as
Trustee

       

      ________________________

       

      INDENTURE

       

      ________________________

       

      Dated as
of  January 11, 2010

       

      ________________________

       

      13 1/8%
Senior Subordinated Notes due 2014

       

      

       

       

       

       

       

       

      
        
          

        

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      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)

              	
                7.08;
      7.10

              
	 
      	
                (b)

              	
                7.08;
      7.10; 12.02

              
	 
      	
                (c)

              	
                N.A.

              
	
                311

              	
                (a)

              	
                7.11

              
	 
      	
                (b)

              	
                7.11

              
	 
      	
                (c)

              	
                N.A.

              
	
                312

              	
                (a)

              	
                2.05

              
	 
      	
                (b)

              	
                12.03

              
	 
      	
                (c)

              	
                12.03

              
	
                313

              	
                (a)

              	
                7.06

              
	 
      	
                (b)(1)

              	
                7.06

              
	 
      	
                (b)(2)

              	
                7.06

              
	 
      	
                (c)

              	
                7.06;
      12.02

              
	 
      	
                (d)

              	
                7.06

              
	
                314

              	
                (a)

              	
                4.06;
      4.18; 12.02

              
	 
      	
                (b)

              	
                N.A.

              
	 
      	
                (c)(1)

              	
                7.02;
      12.04, 12.05;

              
	 
      	
                (c)(2)

              	
                7.02;
      12.04, 12.05

              
	 
      	
                (c)(3)

              	
                N.A.

              
	 
      	
                (d)

              	
                N.A.

              
	 
      	
                (e)

              	
                12.05

              
	 
      	
                (f)

              	
                N.A.

              
	
                315

              	
                (a)

              	
                7.01(b);
      7.02(a)

              
	 
      	
                (b)

              	
                7.05;
      12.02

              
	 
      	
                (c)

              	
                7.01

              
	 
      	
                (d)

              	
                6.05;
      7.01(c)

              
	 
      	
                (e)

              	
                6.11

              
	
                316

              	
                (a)(last
      sentence)

              	
                2.09

              
	 
      	
                (a)(1)(A)

              	
                6.05

              
	 
      	
                (a)(1)(B)

              	
                6.04

              
	 
      	
                (a)(2)

              	
                9.02

              
	 
      	
                (b)

              	
                6.07

              
	 
      	
                (c)

              	
                9.05

              
	
                317

              	
                (a)(1)

              	
                6.08

              
	 
      	
                (a)(2)

              	
                6.09

              
	 
      	
                (b)

              	
                2.04

              
	
                318

              	
                (a)

              	
                12.01

              
	 
      	
                (c)

              	
                12.01

              

      

      ________________________

       

      N.A.
means Not Applicable

       

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

       

      
        
          
             

            

             

          

           

        

        
          i

          
            

          

        

        
           

        

      

      TABLE
OF CONTENTS

       

      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                ARTICLE
      I DEFINITIONS AND INCORPORATION BY REFERENCE

              	
                1

              
	 
      	 
      	 
      
	
                Section
      1.01

              	
                Definitions

              	
                1

              
	
                Section
      1.02

              	
                Other
      Definitions

              	
                32

              
	
                Section
      1.03

              	
                Incorporation
      by Reference of Trust Indenture Act

              	
                33

              
	
                Section
      1.04

              	
                Rules
      of Construction

              	
                33

              
	 
      	 
      	 
      
	
                ARTICLE
      II THE NOTES

              	
                34

              
	 
      	 
      	 
      
	
                Section
      2.01

              	
                Form
      and Dating

              	
                34

              
	
                Section
      2.02

              	
                Execution,
      Authentication and Denomination;

              	
                35

              
	 
      	
                Additional
      Notes; Exchange Notes

              	 
      
	
                Section
      2.03

              	
                Registrar
      and Paying Agent

              	
                36

              
	
                Section
      2.04

              	
                Paying
      Agent to Hold Assets in Trust

              	
                37

              
	
                Section
      2.05

              	
                Holder
      Lists

              	
                37

              
	
                Section
      2.06

              	
                Transfer
      and Exchange

              	
                37

              
	
                Section
      2.07

              	
                Replacement
      Notes

              	
                38

              
	
                Section
      2.08

              	
                Outstanding
      Notes

              	
                38

              
	
                Section
      2.09

              	
                Treasury
      Notes

              	
                39

              
	
                Section
      2.10

              	
                Temporary
      Notes

              	
                39

              
	
                Section
      2.11

              	
                Cancellation

              	
                39

              
	
                Section
      2.12

              	
                Defaulted
      Interest

              	
                39

              
	
                Section
      2.13

              	
                CUSIP
      and ISIN Numbers

              	
                40

              
	
                Section
      2.14

              	
                Deposit
      of Moneys

              	
                40

              
	
                Section
      2.15

              	
                Book-Entry
      Provisions for Global Notes

              	
                40

              
	
                Section
      2.16

              	
                Special
      Transfer and Exchange Provisions

              	
                41

              
	 
      	 
      	 
      
	
                ARTICLE
      III REDEMPTION

              	
                45

              
	 
      	 
      	 
      
	
                Section
      3.01

              	
                Right
      of Redemption

              	
                45

              
	
                Section
      3.02

              	
                Notices
      to Trustee

              	
                45

              
	
                Section
      3.03

              	
                Selection
      of Notes to be Redeemed

              	
                46

              
	
                Section
      3.04

              	
                Notice
      of Redemption

              	
                46

              
	
                Section
      3.05

              	
                Effect
      of Notice of Redemption

              	
                47

              
	
                Section
      3.06

              	
                Deposit
      of Redemption Price

              	
                47

              
	
                Section
      3.07

              	
                Notes
      Redeemed in Part

              	
                48

              
	 
      	 
      	 
      
	
                ARTICLE
      IV COVENANTS

              	
                48

              
	 
      	 
      	 
      
	
                Section
      4.01

              	
                Payment
      of Notes

              	
                48

              

      

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      

      

      
        	
                Section
      4.02

              	
                Maintenance
      of Office or Agency

              	
                48

              
	
                Section
      4.03

              	
                Corporate
      Existence

              	
                49

              
	
                Section
      4.04

              	
                Payment
      of Taxes

              	
                49

              
	
                Section
      4.05

              	
                Maintenance
      of Properties and Insurance

              	
                49

              
	
                Section
      4.06

              	
                Compliance
      Certificate; Notice of Default

              	
                50

              
	
                Section
      4.07

              	
                Intentionally
      Omitted

              	
                50

              
	
                Section
      4.08

              	
                Waiver
      of Stay, Extension of Usury Laws

              	
                50

              
	
                Section
      4.09

              	
                Change
      of Control

              	
                50

              
	
                Section
      4.10

              	
                Limitations
      on Additional Indetedness

              	
                52

              
	
                Section
      4.11

              	
                Limitations
      on Restricted Payments

              	
                55

              
	
                Section
      4.12

              	
                Limitations
      on Liens

              	
                57

              
	
                Section
      4.13

              	
                Limitations
      on Asset Sales

              	
                58

              
	
                Section
      4.14

              	
                Limitations
      on Transactions with Affiliates

              	
                62

              
	
                Section
      4.15

              	
                Limitations
      on Dividend and Other Restrictions

              	
                64

              
	 
      	
                Affecting
      Restricted Subsidiaries

              	 
      
	
                Section
      4.16

              	
                Additional
      Note Guarantees

              	
                66

              
	
                Section
      4.17

              	
                Limitations
      on Layering Indebtedness

              	
                66

              
	
                Section
      4.18

              	
                Reports
      to Holders

              	
                67

              
	
                Section
      4.19

              	
                Limitations
      on Designation of Unrestricted Subsidiaries

              	
                68

              
	
                Section
      4.20

              	
                Limitation
      on the Issuance or Sale of Equity

              	
                69

              
	 
      	
                Interests
      of Restricted Subsidiaries

              	 
      
	 
      	 
      	 
      
	
                ARTICLE
      V SUCCESSOR CORPORATION

              	
                69

              
	 
      	 
      	 
      
	
                Section
      5.01

              	
                Mergers,
      Consolidations, Etc.

              	
                69

              
	 
      	 
      	 
      
	
                ARTICLE
      VI DEFAULT AND REMEDIES

              	
                72

              
	 
      	 
      	 
      
	
                Section
      6.01

              	
                Events
      of Default

              	
                72

              
	
                Section
      6.02

              	
                Acceleration

              	
                74

              
	
                Section
      6.03

              	
                Other
      Remedies

              	
                75

              
	
                Section
      6.04

              	
                Waiver
      of Past Defaults

              	
                75

              
	
                Section
      6.05

              	
                Control
      by Majority

              	
                75

              
	
                Section
      6.06

              	
                Limitation
      on Suits

              	
                75

              
	
                Section
      6.07

              	
                Rights
      of Holders to Receive Payment

              	
                76

              
	
                Section
      6.08

              	
                Collection
      Suit by Trustee

              	
                76

              
	
                Section
      6.09

              	
                Trustee
      may File Proofs of Claim

              	
                76

              
	
                Section
      6.10

              	
                Priorities

              	
                77

              
	
                Section
      6.11

              	
                Undertaking
      Costs

              	
                77

              

      

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

      

      
        	
                ARTICLE
      VII TRUSTEE

              	
                77

              
	 
      	 
      	 
      
	
                Section
      7.01

              	
                Duties
      of Trustee

              	
                77

              
	
                Section
      7.02

              	
                Rights
      of Trustee

              	
                79

              
	
                Section
      7.03

              	
                Individual
      Rights of Trustee

              	
                80

              
	
                Section
      7.04

              	
                Duties
      of Trustee

              	
                80

              
	
                Section
      7.05

              	
                Notice
      of Default

              	
                80

              
	
                Section
      7.06

              	
                Reports
      by Trustee to Holders

              	
                81

              
	
                Section
      7.07

              	
                Compensation
      and Indemnity

              	
                81

              
	
                Section
      7.08

              	
                Replacement
      of Trustee

              	
                82

              
	
                Section
      7.09

              	
                Successor
      Trustee by Merger, Etc.

              	
                83

              
	
                Section
      7.10

              	
                Eligibility;
      Disqualification

              	
                83

              
	
                Section
      7.11

              	
                Preferential
      Collection of Claims Against the Issuer

              	
                83

              
	 
      	 
      	 
      
	
                ARTICLE
      VIII DISCHARGE OF INDENTURE; DEFEASANCE

              	
                83

              
	 
      	 
      	 
      
	
                Section
      8.01

              	
                Termination
      of the Issuer’s Obligations

              	
                83

              
	
                Section
      8.02

              	
                Legal
      Defeasance and Covenant Defeasance

              	
                84

              
	
                Section
      8.03

              	
                Conditions
      to Legal Defeasance or Covenant Defeasance

              	
                86

              
	
                Section
      8.04

              	
                Application
      of Trust Money

              	
                87

              
	
                Section
      8.05

              	
                Repayment
      to the Issuer

              	
                87

              
	
                Section
      8.06

              	
                Reinstatement

              	
                88

              
	 
      	 
      	 
      
	
                ARTICLE
      IX AMENDMENTS, SUPPLEMENTS AND WAIVERS

              	
                88

              
	 
      	 
      	 
      
	
                Section
      9.01

              	
                Without
      Consent of Holders

              	
                88

              
	
                Section
      9.02

              	
                With
      Consent of Holders

              	
                89

              
	
                Section
      9.03

              	
                Effect
      on Senior Debt

              	
                90

              
	
                Section
      9.04

              	
                Compliance
      with the Trust Indenture Act

              	
                90

              
	
                Section
      9.05

              	
                Revocation
      and Effect of Consents

              	
                90

              
	
                Section
      9.06

              	
                Notation
      on or Exchange of Notes

              	
                91

              
	
                Section
      9.07

              	
                Trustee
      to Sign Amendments, Etc.

              	
                91

              
	 
      	 
      	 
      
	
                ARTICLE
      X SUBORDINATION OF NOTES

              	
                92

              
	 
      	 
      	 
      
	
                Section
      10.01

              	
                Notes
      Subordinated to Senior Debt

              	
                92

              
	
                Section
      10.02

              	
                Suspension
      of Payment When Senior Debt is in Default

              	
                92

              
	
                Section
      10.03

              	
                Notes
      Subordinated to Prior Payment of all Senior Debt

              	
                93

              
	 
      	
                on
      Dissolution, Liquidation or Reorganization of the

              	 
      
	 
      	
                Issuer

              	 
      
	
                Section
      10.04

              	
                Payments
      May be Made on Notes

              	
                95

              
	
                Section
      10.05

              	
                Holders
      to be Subrogated to Rights of Holders of

              	
                95

              
	 
      	
                Senior
      Debt

              	 
      

      

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

      

      
        	
                Section
      10.06

              	
                Obligations
      of the Issuer Unconditional

              	
                95

              
	
                Section
      10.07

              	
                Notice
      to Trustee

              	
                96

              
	
                Section
      10.08

              	
                Reliance
      on Judicial Order or Certificate of

              	
                96

              
	 
      	
                Liquidating
      Agent

              	 
      
	
                Section
      10.09

              	
                Trustee’s
      Relation to Senior Debt

              	
                97

              
	
                Section
      10.10

              	
                Subordination
      Rights not Impaired by Acts or

              	
                97

              
	 
      	
                Omissions
      of the Issuer or Holders of Senior Debt

              	 
      
	
                Section
      10.11

              	
                Holders
      Authorize Trustee to Effectuate

              	
                97

              
	 
      	
                Subordination
      of Notes

              	 
      
	
                Section
      10.12

              	
                This
      Article X Not to Prevent Events of Default

              	
                98

              
	
                Section
      10.13

              	
                Trustee’s
      Compensation Not Prejudiced

              	
                98

              
	 
      	 
      	 
      
	
                ARTICLE
      XI NOTE GUARANTEE

              	
                98

              
	 
      	 
      	 
      
	
                Section
      11.01

              	
                Unconditional
      Guarantee

              	
                98

              
	
                Section
      11.02

              	
                Subordination
      of Note Guarantee

              	
                99

              
	
                Section
      11.03

              	
                Limitation
      on Guarantor Liability

              	
                100

              
	
                Section
      11.04

              	
                Execution
      and Delivery of Note Guarantee

              	
                100

              
	
                Section
      11.05

              	
                Release
      of a Subsidiary Guarantor

              	
                101

              
	
                Section
      11.06

              	
                Waiver
      of Subrogation

              	
                101

              
	
                Section
      11.07

              	
                Immediate
      Payment

              	
                102

              
	
                Section
      11.08

              	
                No
      Set-Off

              	
                102

              
	
                Section
      11.09

              	
                Guarantee
      Obligations Absolute

              	
                102

              
	
                Section
      11.10

              	
                Note
      Guarantee Obligations Continuing

              	
                102

              
	
                Section
      11.11

              	
                Note
      Guarantee Obligations no Reduced

              	
                103

              
	
                Section
      11.12

              	
                Note
      Guarantee Obligations Reinstated

              	
                103

              
	
                Section
      11.13

              	
                Note
      Guarantee Obligations not Affected

              	
                103

              
	
                Section
      11.14

              	
                Waiver

              	
                104

              
	
                Section
      11.15

              	
                No
      Obligation to Take Action Against the Issuer

              	
                105

              
	
                Section
      11.16

              	
                Dealing
      With the Issuer and Others

              	
                105

              
	
                Section
      11.17

              	
                Default
      and Enforcement

              	
                105

              
	
                Section
      11.18

              	
                Acknowledgment

              	
                106

              
	
                Section
      11.19

              	
                Costs
      and Expenses

              	
                106

              
	
                Section
      11.20

              	
                No
      Merger or Waiver; Cumulative Remedies

              	
                106

              
	
                Section
      11.21

              	
                Survival
      of Note Guarantee Obligations

              	
                106

              
	
                Section
      11.22

              	
                Note
      Guarantee in Addition to Other Guarantee

              	
                106

              
	 
      	
                Obligations

              	 
      
	
                Section
      11.23

              	
                Severability

              	
                106

              
	
                Section
      11.24

              	
                Successors
      and Assigns

              	
                107

              
	 
      	 
      	 
      
	
                ARTICLE
      XII MISCELLANEOUS

              	
                107

              
	 
      	 
      	 
      
	
                Section
      12.01

              	
                Trust
      Indenture Act Controls

              	
                107

              

      

      
        
           

        

        
          v

          
            

          

        

        
           

        

      

      

      
        	
                Section
      12.02

              	
                Notices

              	
                107

              
	
                Section
      12.03

              	
                Communications
      by Holders with Other Holders

              	
                108

              
	
                Section
      12.04

              	
                Certificate
      and Opinion as to Conditions Precedent

              	
                108

              
	
                Section
      12.05

              	
                Statements
      Required in Certificate or Opinion

              	
                108

              
	
                Section
      12.06

              	
                Rules
      by Paying Agent or Registrar

              	
                109

              
	
                Section
      12.07

              	
                Legal
      Holidays

              	
                109

              
	
                Section
      12.08

              	
                Governing
      Law

              	
                109

              
	
                Section
      12.09

              	
                No
      Adverse Interpretation of Other Agreements

              	
                109

              
	
                Section
      12.10

              	
                No
      Recourse Against Others

              	
                109

              
	
                Section
      12.11

              	
                Successors

              	
                109

              
	
                Section
      12.12

              	
                Duplicate
      Originals

              	
                110

              
	
                Section
      12.13

              	
                Severability

              	
                110

              
	 
      	 
      	 
      
	
                Signatures

              	 
      	
                S-1

              

      

      

      
        	
                 
      

              	
                Exhibit A

              	
                -

              	
                Form
      of Note

              

      

      
        	
                 
      

              	
                Exhibit B

              	
                -

              	
                Form
      of Legends

              

      

      
        	
                 
      

              	
                Exhibit C

              	
                -

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

              

      

      
        	
                 
      

              	
                Exhibit D

              	
                -

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

              

      

      
        	
                 
      

              	
                Exhibit E

              	
                -

              	
                Form
      of Certificate To Be Delivered in Connection with Transfers of Temporary
      Regulation S Global Note

              

      

      
        	
                 
      

              	
                Exhibit F

              	
                -

              	
                Form
      of Notation of Subsidiary Guarantee

              

      

      

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

      

      
        
           

        

        
          vi

          
            

          

        

        
           

        

      

      INDENTURE
dated as of January 11, 2010 among Ply Gem Industries, Inc., a Delaware
corporation (the “Issuer”), and each of
the Guarantors named herein, as Guarantors, and U.S. Bank National Association,
a national banking association, as Trustee (the “Trustee”).

       

      The
Issuer has duly authorized the creation of an issue of 13 1¤8% Senior Subordinated Notes due
2014 and, to provide therefor, the Issuer and the Guarantors have duly
authorized the execution and delivery of this Indenture.

       

      All
things necessary to make the Notes, when duly issued and executed by the Issuer
and authenticated and delivered hereunder, the valid and binding obligations of
the Issuer and to make this Indenture a valid and binding agreement of the
Issuer and the Guarantors has been done.

       

      For and
in consideration of the premises and the purchase of the Notes by the Holders
thereof, the parties hereto covenant and agree, for the equal and proportionate
benefit of all Holders, as follows:

       

      ARTICLE I

       

      

       

      DEFINITIONS
AND INCORPORATION BY REFERENCE

       

      Section 1.01 

Definitions.

       

      Set forth
below are certain defined terms used in this Indenture.

       

      “144A Global Note” has
the meaning given to such term in Section 2.01.

       

      “Acquired
Indebtedness” means (1) with respect to any Person that becomes a
Restricted Subsidiary after the Issue Date, Indebtedness of such Person and its
Subsidiaries existing at the time such Person becomes a Restricted Subsidiary
that was not incurred in connection with, or in contemplation of, such Person
becoming a Restricted Subsidiary and (2) with respect to the Issuer or any
Restricted Subsidiary, any Indebtedness of a Person (other than the Issuer or a
Restricted Subsidiary) existing at the time such Person is merged with or into
the Issuer or a Restricted Subsidiary, or Indebtedness expressly assumed by the
Issuer or any Restricted Subsidiary in connection with the acquisition of an
asset or assets from another Person, which Indebtedness was not, in any case,
incurred by such other Person in connection with, or in contemplation of, such
merger or acquisition.

       

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

       

      “Advisory Agreement”
means the General Advisory Agreement, dated as of February 12, 2004, between the
Issuer and CxCIC LLC.

       

      “Affiliate” of any
Person means any other Person which directly or indirectly controls or is
controlled by, or is under direct or indirect common control with, the referent
Person.  For purposes of this definition and the definition of
“Permitted Holder”, “control” of
a

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      Person
shall mean the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise.

       

      “Agent” means any
Registrar or Paying Agent.

       

      “amend” means to
amend, supplement, restate, amend and restate or otherwise modify; and “amendment” shall have
a correlative meaning.

       

       “Applicable Premium”
means, with respect to a Note at any Redemption Date, the greater
of:  (i) 1.0% of the principal amount of such Note; and (ii) the
excess of:  (a) the present value at such Redemption Date of (1) the
Redemption Price of such Note on the First Call Date (such Redemption Price
being that described in Section 5 of the Notes) plus (2) all required remaining
scheduled interest payments due on such Note through the First Call Date, other
than accrued interest to such Redemption Date, computed using a discount rate
equal to the Treasury Rate plus 75 basis points per annum discounted on a
semi-annual bond equivalent basis, over (b) the principal amount of such Note on
such Redemption Date.

       

      Calculation
of the Applicable Premium will be made by the Issuer or on behalf of the Issuer
by such Person as the Issuer shall designate; provided, however, that such
calculation shall not be a duty or obligation of the Trustee.

       

      “asset” means any
asset or property.

       

      “Asset Acquisition”
means:

       

      (1)           an
Investment by the Issuer or any Restricted Subsidiary of the Issuer in any other
Person if, as a result of such Investment, such Person shall become a Restricted
Subsidiary of the Issuer, or shall be merged with or into the Issuer or any
Restricted Subsidiary of the Issuer, or

       

      (2)           the
acquisition by the Issuer or any Restricted Subsidiary of the Issuer of all or
substantially all of the assets of any other Person or any division or line of
business of any other Person.

       

      “Asset Sale” means any
sale, issuance, conveyance, transfer, lease, assignment or other disposition by
the Issuer or any Restricted Subsidiary to any Person other than the Issuer or
any Restricted Subsidiary (including by means of a sale and leaseback
transaction or a merger or consolidation) (collectively, for purposes of this
definition, a “transfer”), in one
transaction or a series of related transactions, of any assets of the Issuer or
any of its Restricted Subsidiaries other than in the ordinary course of
business.  For purposes of this definition, the term “Asset Sale”
shall not include:

       

      (1)           transfers
of cash or Cash Equivalents;

       

      (2)           transfers
of assets (including Equity Interests) that are governed by, and made in
accordance with, Section 5.01;

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (3)           Permitted
Investments and Restricted Payments permitted under
Section 4.11;

       

      (4)           the
creation or realization of any Lien permitted under this Indenture;

       

      (5)           transfers
of damaged, worn-out or obsolete equipment or assets that, in the Issuer’s
reasonable judgment, are no longer used or useful in the business of the Issuer
or its Restricted Subsidiaries;

       

      (6)           sales
or grants of licenses or sublicenses to use the patents, trade secrets, know-how
and other intellectual property, and licenses, leases or subleases of other
assets, of the Issuer or any Restricted Subsidiary to the extent not materially
interfering with the business of Issuer and the Restricted Subsidiaries;
and

       

      (7)           any
transfer or series of related transfers that, but for this clause, would be
Asset Sales, if after giving effect to such transfers, the aggregate Fair Market
Value of the assets transferred in such transaction or any such series of
related transactions does not exceed $3.5 million.

       

      “Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any similar federal or state
law for the relief of debtors.

       

      “Board of Directors”
means, with respect to any Person, (i) in the case of any corporation, the
board of directors of such Person, (ii) in the case of any limited
liability company, the board of managers of such Person, (iii) in the case
of any partnership, the Board of Directors of the general partner of such Person
and (iv) in any other case, the functional equivalent of the foregoing or,
in each case, other than for purposes of the definition of “Change of
Control,” any duly
authorized committee of such body.

       

      “Borrowing Base”
means, as of any date, the sum of (x) 90% of the book value of the
inventory of the Issuer and its Restricted Subsidiaries as of the end of the
most recent fiscal quarter preceding such date, (y) 90% of the book value
of the accounts receivable of the Issuer and its Restricted Subsidiaries as of
the end of the most recent fiscal quarter preceding such date and (z) 100%
of the unrestricted cash and Cash Equivalents of the Issuer and its Restricted
Subsidiaries as of the end of the most recent fiscal quarter preceding such
date, in each case calculated on a consolidated basis in accordance with
GAAP.

       

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

       

      “Capitalized Lease”
means a lease required to be capitalized for financial reporting purposes in
accordance with GAAP.

       

      “Capitalized Lease
Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under a Capitalized Lease, and the amount of such
obligation shall be the capitalized amount thereof determined in accordance with
GAAP.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      “Cash Equivalents”
means:

       

      (1)           marketable
obligations issued or directly and fully guaranteed or insured by the United
States of America or any agency or instrumentality thereof (provided that the full faith
and credit of the United States of America is pledged in support thereof),
maturing within 360 days of the date of acquisition thereof;

       

      (2)           demand
and time deposits and certificates of deposit or acceptances, maturing within
360 days of the date of acquisition thereof, of any financial institution that
is a member of the Federal Reserve System having combined capital and surplus
and undivided profits of not less than $500 million and is assigned at least a
“B” rating by Thomson Financial BankWatch;

       

      (3)           commercial
paper maturing no more than 180 days from the date of creation thereof issued by
a corporation that is not the Issuer or an Affiliate of the Issuer, and is
organized under the laws of any State of the United States of America or the
District of Columbia and rated at least A-1 by S&P or at least P-1 by
Moody’s;

       

      (4)           repurchase
obligations with a term of not more than ten days for underlying securities of
the types described in clause (1) above entered into with any commercial
bank meeting the specifications of clause (2) above; and

       

      (5)           investments
in money market or other mutual funds substantially all of whose assets comprise
securities of the types described in clauses (1) through (4)
above.

       

      “Change of Control”
means the occurrence of any of the following events:

       

      (1)           any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Exchange Act, except that in no event shall the parties to the Stockholders’
Agreement be deemed a “group” solely by virtue of being parties to the
Stockholders’ Agreement), other than one or more Permitted Holders, is or
becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act, except that for purposes of this clause that person or group shall
be deemed to have “beneficial ownership” of all securities that any such person
or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time), directly or indirectly, of Voting Stock
representing 50% or more of the voting power of the total outstanding Voting
Stock of the Issuer; provided, however, that such event
shall not be deemed to be a Change of Control so long as one or more of the
Permitted Holders have the right or ability by voting power, contract or
otherwise to elect or designate for election a majority of the Board of
Directors of the Issuer;

       

      (2)           during
any period of two consecutive years, individuals who at the beginning of such
period constituted the Board of Directors (together with any new directors whose
election to such Board of Directors or whose nomination for election by the
stockholders of the Issuer was approved by a vote of the majority of the
directors of the Issuer then still in office who were either directors at the
beginning of such period or

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      whose
election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the Board of Directors of the
Issuer;

       

      (3)           (a) all
or substantially all of the assets of the Issuer and the Restricted Subsidiaries
are sold or otherwise transferred to any Person other than a Wholly-Owned
Restricted Subsidiary or one or more Permitted Holders or (b) the Issuer
consolidates or merges with or into another Person or any Person consolidates or
merges with or into the Issuer, in either case under this clause (3), in one
transaction or a series of related transactions in which immediately after the
consummation thereof Persons beneficially owning (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, Voting Stock representing
in the aggregate a majority of the total voting power of the Voting Stock of the
Issuer immediately prior to such consummation do not beneficially own (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, Voting Stock representing a majority of the total voting power of
the Voting Stock of the Issuer or the surviving or transferee Person; provided that it shall not
constitute a Change of Control under this clause (3)(b) if, after giving effect
to such transaction, one or more of the Permitted Holders beneficially own (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, Voting Stock representing (i) 35% or more of the total voting
power of the Voting Stock of the Issuer or the surviving or transferee Person in
such transaction immediately after such transaction and (ii) a greater
percentage of the total voting power of the Voting Stock of the Issuer than any
other “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act); or

       

      (4)           the
Issuer shall adopt a plan of liquidation or dissolution or any such plan shall
be approved by the stockholders of the Issuer.

       

      For
purposes of this definition, (i) a Person shall not be deemed to have
beneficial ownership of securities subject to a stock purchase agreement, merger
agreement or similar agreement until the consummation of the transactions
contemplated by such agreement and (ii) any holding company whose only
significant asset is Equity Interests of Parent or the Issuer shall not itself
be considered a “person” or “group” for purposes of clause (1) or
(3) above.

       

      “CI Noteholders” means
Caxton-Iseman (Ply Gem) III, L.P. and Caxton-Iseman (Ply Gem) IV,
L.P.

       

      “Consolidated Amortization
Expense” for any period means the amortization expense of the Issuer and
the Restricted Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP.

       

      “Consolidated Cash
Flow” for any period means, without duplication, the sum of the amounts
for such period of

       

      (1)           Consolidated
Net Income, plus

       

      (2)           in
each case only to the extent (and in the same proportion) deducted in
determining Consolidated Net Income and with respect to the portion of
Consolidated

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      Net
Income attributable to any Restricted Subsidiary (other than any Foreign
Subsidiary) only if a corresponding amount would be permitted at the date of
determination to be distributed to the Issuer by such Restricted Subsidiary
without prior approval (that has not been obtained), pursuant to the terms of
its charter and all agreements (other than any municipal loan or related
agreements entered into in connection with the incurrence of industrial revenue
bonds), instruments, judgments, decrees, orders, statutes, rules and
governmental regulations applicable to such Restricted Subsidiary or its
stockholders,

       

      (a)           Consolidated
Income Tax Expense,

       

      (b)           Consolidated
Amortization Expense (but only to the extent not included in Consolidated
Interest Expense),

       

      (c)           Consolidated
Depreciation Expense,

       

      (d)           Consolidated
Interest Expense,

       

      (e)           Restructuring
Expenses,

       

      (f)           payments
pursuant to the Advisory Agreement, and

       

      (g)           all
other non-cash items reducing the Consolidated Net Income (excluding any
non-cash charge that results in an accrual of a reserve for cash charges in any
future period) for such period,

       

      in each
case determined on a consolidated basis in accordance with GAAP, minus

       

      (3)           the
aggregate amount of all non-cash items, determined on a consolidated basis, to
the extent such items increased Consolidated Net Income for such
period.

       

      “Consolidated Depreciation
Expense” for any period means the depreciation expense of the Issuer and
the Restricted Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP.

       

      “Consolidated Income Tax
Expense” for any period means the provision for taxes of the Issuer and
the Restricted Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP.

       

      “Consolidated Interest
Coverage Ratio” means the ratio of Consolidated Cash Flow during the most
recent four consecutive full fiscal quarters for which financial statements are
available (the “Four-Quarter Period”)
ending on or prior to the date of determination (the “
 Transaction Date”) to
Consolidated Interest Expense for the Four-Quarter Period.  For
purposes of this definition, Consolidated Cash Flow and Consolidated Interest
Expense shall be calculated after giving effect on a pro forma basis for the
period of such calculation to:

       

      (1)           the
incurrence of any Indebtedness or the issuance of any Preferred Stock of the
Issuer or any Restricted Subsidiary (and the application of the proceeds
thereof) and any repayment of other Indebtedness or redemption of other
Preferred Stock (and the

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      application
of the proceeds therefrom) (other than the incurrence or repayment of
Indebtedness in the ordinary course of business for working capital purposes
pursuant to any revolving credit arrangement) occurring during the Four-Quarter
Period or at any time subsequent to the last day of the Four-Quarter Period and
on or prior to the Transaction Date, as if such incurrence, repayment, issuance
or redemption, as the case may be (and the application of the proceeds thereof),
occurred on the first day of the Four-Quarter Period; and

       

      (2)           any
Asset Sale or Asset Acquisition (including, without limitation, any Asset
Acquisition giving rise to the need to make such calculation as a result of the
Issuer or any Restricted Subsidiary (including any Person who becomes a
Restricted Subsidiary as a result of such Asset Acquisition) incurring Acquired
Indebtedness and also including any Consolidated Cash Flow (including any Pro
Forma Cost Savings) associated with any such Asset Acquisition) occurring during
the Four-Quarter Period or at any time subsequent to the last day of the
Four-Quarter Period and on or prior to the Transaction Date, as if such Asset
Sale or Asset Acquisition (including the incurrence of, or assumption or
liability for, any such Indebtedness or Acquired Indebtedness) occurred on the
first day of the Four-Quarter Period.

       

      In
calculating Consolidated Interest Expense for purposes of determining the
denominator (but not the numerator) of this Consolidated Interest Coverage
Ratio:

       

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

       

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

       

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

       

      “Consolidated Interest
Expense” for any period means the sum, without duplication, of the total
interest expense (less interest income) of the Issuer and the Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance
with GAAP and including without duplication,

       

      (1)           imputed
interest on Capitalized Lease Obligations,

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      (2)           commissions,
discounts and other fees and charges owed with respect to letters of credit
securing financial obligations, bankers’ acceptance financing and receivables
financings,

       

      (3)           the
net costs associated with Hedging Obligations,

       

      (4)           the
interest portion of any deferred payment obligations,

       

      (5)           all
other non-cash interest expense,

       

      (6)           capitalized
interest,

       

      (7)           the
product of (a) all dividend payments on any series of Disqualified Equity
Interests of the Issuer or any Preferred Stock of any Restricted Subsidiary
(other than any such Disqualified Equity Interests or any Preferred Stock held
by the Issuer or a Wholly-Owned Restricted Subsidiary or to the extent paid in
Qualified Equity Interests), multiplied by (b) 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 the Issuer and the
Restricted Subsidiaries, expressed as a decimal,

       

      (8)           all
interest payable with respect to discontinued operations, and

       

      (9)           all
interest on any Indebtedness described in clause (7) or (8) of the definition of
“Indebtedness”; provided that such interest
shall be included in Consolidated Interest Expense only to the extent that the
amount of the related Indebtedness is reflected on the balance sheet of the
Issuer or any Restricted Subsidiary,

       

      less, to the extent included
in such total interest expense, (A) the amortization during such period of
capitalized financing costs associated with the Transactions and (B) the
amortization during such period of other capitalized financing costs; provided, however, that, in the case of
clause (B), the aggregate amount of amortization relating to such capitalized
financing costs deducted in calculating Consolidated Interest Expense shall not
exceed 5% of the aggregate amount of the financing giving rise
thereto.

       

      Consolidated
Interest Expense shall be calculated excluding unrealized gains and losses with
respect to Hedging Obligations.

       

      “Consolidated Net
Income” for any period means the net income (or loss) of the Issuer and
the Restricted Subsidiaries for such period determined on a consolidated basis
in accordance with GAAP; provided that there shall be
excluded from such net income (or loss) (to the extent otherwise included
therein), without duplication:

       

      (1)           the
net income (or loss) of any Person (other than a Restricted Subsidiary) in which
any Person other than the Issuer and the Restricted Subsidiaries has an
ownership interest, except to the extent that cash in an amount equal to any
such income has actually been received by the Issuer or any of its Wholly-Owned
Restricted Subsidiaries during such period;

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      (2)           except
to the extent includible in the consolidated net income of the Issuer pursuant
to the foregoing clause (1), the net income (or loss) of any Person that accrued
prior to the date that (a) such Person becomes a Restricted Subsidiary or
is merged into or consolidated with the Issuer or any Restricted Subsidiary or
(b) the assets of such Person are acquired by the Issuer or any Restricted
Subsidiary;

       

      (3)           the
net income of any Restricted Subsidiary (other than any Foreign Subsidiary)
during such period to the extent that the declaration or payment of dividends or
similar distributions by such Restricted Subsidiary of that income is not
permitted by operation of the terms of its charter or any agreement (other than
any municipal loan or related agreements entered into in connection with the
incurrence of industrial revenue bonds), instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Subsidiary during
such period, except that the Issuer’s equity in a net loss of any such
Restricted Subsidiary for such period shall be included in determining
Consolidated Net Income;

       

      (4)           for
the purposes of calculating the Restricted Payments Basket only, in the case of
a successor to the Issuer by consolidation, merger or transfer of its assets,
any income (or loss) of the successor prior to such merger, consolidation or
transfer of assets;

       

      (5)           any
gain (or loss), together with any related provisions for taxes on any such gain
(or the tax effect of any such loss), realized during such period by the Issuer
or any Restricted Subsidiary upon (a) the acquisition of any securities, or
the extinguishment of any Indebtedness, of the Issuer or any Restricted
Subsidiary or (b) any Asset Sale by the Issuer or any Restricted
Subsidiary;

       

      (6)           gains
and losses due solely to fluctuations in currency values and the related tax
effects according to GAAP;

       

      (7)           unrealized
gains and losses with respect to Hedging Obligations;

       

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

       

      (9)           any
amortization or write-offs of debt issuance or deferred financing costs,
premiums and prepayment penalties, and other costs and expenses, in each case,
paid or charged during such period to the extent attributable to the
Transactions and the Exchange Offer pursuant to the Registration Rights
Agreement;

       

      (10)           gains
and losses realized upon the refinancing of any Indebtedness of the Issuer or
any Restricted Subsidiary;

       

      (11)           any
extraordinary or nonrecurring gain (or extraordinary or nonrecurring loss),
together with any related provision for taxes on any such extraordinary or
nonrecurring gain (or the tax effect of any such extraordinary or nonrecurring
loss), realized by the Issuer or any Restricted Subsidiary during such
period;

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      (12)           non-cash
compensation charges or other non-cash expenses or charges arising from the
grant of or issuance or repricing of Equity Interests or other equity-based
awards or any amendment or substitution of any such Equity Interests or other
equity-based awards;

       

      (13)           any
non-cash goodwill or non-cash asset impairment charges subsequent to the Issue
Date;

       

      (14)           any
expenses or reserves for liabilities to the extent that the Issuer or any
Restricted Subsidiary is entitled to indemnification therefor under binding
agreements; provided
that any liabilities for which the Issuer or such Restricted Subsidiary
is not actually indemnified shall reduce Consolidated Net Income in the period
in which it is determined that the Issuer or such Restricted Subsidiary will not
be indemnified; and

       

      (15)           so
long as the Issuer and the Restricted Subsidiaries file a consolidated tax
return, or are part of a consolidated group for tax purposes, with Parent,
Holdings or any other holding company, the excess of (a) the Consolidated
Income Tax Expense for such period over (b) all tax payments payable for
such period by the Issuer and the Restricted Subsidiaries to Parent, Holdings or
such other holding company under a tax sharing agreement or
arrangement.

       

      In
addition:

       

      (a)           Consolidated
Net Income shall be reduced by the amount of any payments to or on behalf of
Parent made pursuant to Section 4.14(b)(4); and

       

      (b)           any
return of capital with respect to an Investment that increased the Restricted
Payments Basket pursuant to Section 4.11(a)(3)(d) or decreased the amount
of Investments outstanding pursuant to clause (17), (18) or (19) of the
definition of “Permitted Investment” shall be excluded from Consolidated Net
Income for purposes of calculating the Restricted Payments Basket.

       

      For
purposes of this definition of “Consolidated Net Income,” “nonrecurring” means,
with respect to any cash gain or loss, any gain or loss as of any date that is
not reasonably likely to recur within the two years following such date; provided that if there was a
gain or loss similar to such gain or loss within the two years preceding such
date, such gain or loss shall not be deemed nonrecurring.

       

      “Consolidated Net Tangible
Assets” means the aggregate amount of assets of the Issuer (less
applicable reserves and other properly deductible items) after deducting
therefrom (to the extent otherwise included therein) (a) all current
liabilities (other than the obligations under this Indenture or current
maturities of long-term Indebtedness), and (b) all goodwill, trade names,
trademarks, patents, unamortized debt discount and expense and other like
intangibles, all as set forth on the books and records of the Issuer and the
Restricted Subsidiaries on a consolidated basis and in accordance with
GAAP.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      “Corporate Trust
Office” means the corporate trust office of the Trustee located at 60
Livingston Avenue, EP-MN-WS3C, St. Paul, Minnesota, 55107-2292,
Attention:  Corporate Trust Department, or such other office,
designated by the Trustee by written notice to the Issuer, at which at any
particular time its corporate trust business shall be administered.

       

      “Credit Agreement”
means the Credit Agreement dated June 9, 2008, as amended and restated on July
16, 2009, and as further amended on October 9, 2009, by and among the Issuer, as
Borrower, Parent, CWD Windows and Doors, Inc., a Canadian corporation, as
Canadian borrower, Credit Suisse, as administrative agent, General Electric
Capital Corporation, as collateral agent, and the lenders named therein and the
guarantors party thereto, including any notes, guarantees, collateral and
security documents, instruments and agreements executed in connection therewith
(including Hedging Obligations related to the Indebtedness incurred thereunder),
and in each case as amended or refinanced from time to time.

       

      “Credit Facilities”
means (i) the Credit Agreement, as amended, restated, supplemented, waived,
replaced (whether or not upon termination, and whether with the original lenders
or otherwise), restructured, repaid, refunded, refinanced or otherwise modified
from time to time, including any agreement or indenture extending the maturity
thereof, refinancing, replacing or otherwise restructuring all or any portion of
the debt under such agreement or agreements or indenture or indentures or any
successor or replacement agreement or agreements or indenture or indentures or
increasing the amount loaned or issued thereunder or altering the maturity
thereof , (ii) the Senior Secured Notes Agreements, as amended, restated,
supplemented, waived, replaced, restructured, repaid, refunded, refinanced or
otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the debt under such agreement or agreements
or indenture or indentures or any successor or replacement agreement or
agreements or indenture or indentures or increasing the amount issued thereunder
or altering the maturity thereof and (iii) whether or not the Credit Agreement
or Senior Secured Notes Agreements referred to in clauses (i) and (ii),
respectively, remain in effect or outstanding, if designated by the Issuer to be
included in the definition of “Credit Facilities,” one or more (A) debt
facilities or commercial paper facilities, providing for revolving credit loans,
term loans, receivables financing (including through the sale of receivables to
lenders or to special purpose entities formed to borrow from lenders against
such receivables) or letters of credit, (B) debt securities, indentures or other
forms of debt financing (including convertible or exchangeable debt instruments
or bank guarantees or bankers’ acceptances), or (C) instruments or agreements
evidencing any other debt, in each case, with the same or different borrowers or
issuers and, in each case, as amended, supplemented, modified, extended,
restructured, renewed, refinanced, restated, replaced or refunded in whole or in
part from time to time.

       

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

       

      “Default” means
(1) any Event of Default or (2) any event, act or condition that,
after notice or the passage of time or both, would be an Event of
Default.

       

      “Depository” means The
Depository Trust Company, New York, New York, or a successor thereto
registered under the Exchange Act or other applicable statute or
regulation.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      “Designated Senior
Debt” means (1) Senior Debt and Guarantor Senior Debt under or in
respect of the Credit Facilities and (2) any other Indebtedness
constituting Senior Debt or Guarantor Senior Debt which, at the time of
determination, has an aggregate principal amount of at least $25.0 million and
is specifically designated in the instrument evidencing such Senior Debt as
“Designated Senior Debt.”

       

      “Disqualified Equity
Interests” of any Person means any class of Equity Interests of such
Person that, by its terms, or by the terms of any related agreement or of any
security into which it is convertible, puttable or exchangeable, is, or upon the
happening of any event or the passage of time would be, required to be redeemed
by such Person, whether or not at the option of the holder thereof, or matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, in whole or in part, on or prior to the date which is 91 days after
the final maturity date of the Notes; provided, however, that any class of
Equity Interests of such Person that, by its terms, authorizes such Person to
satisfy in full its obligations with respect to the payment of dividends or upon
maturity, redemption (pursuant to a sinking fund or otherwise) or repurchase
thereof or otherwise by the delivery of Equity Interests that are not
Disqualified Equity Interests, and that is not convertible, puttable or
exchangeable for Disqualified Equity Interests or Indebtedness, will not be
deemed to be Disqualified Equity Interests so long as such Person satisfies its
obligations with respect thereto solely by the delivery of Equity Interests that
are not Disqualified Equity Interests; provided, further, however, that any Equity
Interests that would not constitute Disqualified Equity Interests but for
provisions thereof giving holders thereof (or the holders of any security into
or for which such Equity Interests are convertible, exchangeable or exercisable)
the right to require the Issuer to redeem such Equity Interests upon the
occurrence of a change in control or an asset sale occurring prior to the 91st
day after the final maturity date of the Notes shall not constitute Disqualified
Equity Interests if the change in control or asset sale provisions applicable to
such Equity Interests are no more favorable to such holders than the provisions
set forth in Section 4.09 and Section 4.13 respectively, and such
Equity Interests provide that the Issuer will not redeem any such Equity
Interests pursuant to such provisions prior to the Issuer’s purchase of the
Notes as required pursuant to the provisions set forth in Section 4.09 and
4.13 respectively.

       

      “Equity Interests” of
any Person means (1) any and all shares or other equity interests
(including common stock, preferred stock, limited liability company interests
and partnership interests) in such Person and (2) all rights to purchase,
warrants or options (whether or not currently exercisable), participations or
other equivalents of or interests in (however designated) such shares or other
interests in such Person.

       

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

       

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

       

      “Exchange Offer” means
an offer that may be made by the Issuer pursuant to the Registration Rights
Agreement to exchange Notes bearing the Private Placement Legend for the
Exchange Notes.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      “Exchange Offer Registration
Statement” has the meaning given to such term in the Registration Rights
Agreement.

       

      “Fair Market Value”
means, with respect to any asset, the price (after taking into account any
liabilities relating to such asset) that would be negotiated in an arm’s-length
transaction for cash between a willing seller and a willing and able buyer,
neither of which is under any compulsion to complete the
transaction.  Fair Market Value (other than of any asset with a public
trading market) in excess of $5.0 million shall be determined by the Board of
Directors of the Issuer acting reasonably and in good faith and shall be
evidenced by a board resolution delivered to the Trustee.  Fair Market
Value (other than of any asset with a public trading market) in excess of $20.0
million shall be determined by an Independent Financial Advisor, which
determination shall be evidenced by an opinion addressed to the Board of
Directors of the Issuer and delivered to the Trustee.

       

      “First Call Date”
means January 15, 2012.

       

      “Foreign Subsidiary”
means any Restricted Subsidiary of the Issuer which is not organized under the
laws of (x) the United States or any state thereof or (y) the District
of Columbia.

       

      “

Four-Quarter
Period” has the meaning given to such term in the definition of
“Consolidated Interest Coverage Ratio.”

       

      “GAAP” means generally
accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as may be
approved by a significant segment of the accounting profession of the United
States, as in effect on the Issue Date.

       

      “guarantee” means a
direct or indirect guarantee by any Person of any Indebtedness of any other
Person and includes any obligation, direct or indirect, contingent or otherwise,
of such Person:  (1) to purchase or pay (or advance or supply
funds for the purchase or payment of) Indebtedness of such other Person (whether
arising by virtue of partnership arrangements, or by agreements to keep-well, to
purchase assets, goods, securities or services (unless such purchase
arrangements are on arm’s-length terms and are entered into in the ordinary
course of business), to take-or-pay, or to maintain financial statement
conditions or otherwise); or (2) entered into for purposes of assuring in
any other manner the obligee of such Indebtedness of the payment thereof or to
protect such obligee against loss in respect thereof (in whole or in part);
“guarantee,” when used as a verb, and
“guaranteed”
have correlative meanings.

       

      “Guarantor Senior
Debt” means, with respect to any Guarantor, the principal of, premium, if
any, interest (including any interest accruing subsequent to the filing of a
petition of bankruptcy at the rate provided for in the documentation with
respect thereto, whether or not such interest is an allowed claim under
applicable law) on and all Obligations of any Indebtedness of such Guarantor,
whether outstanding on the Issue Date or thereafter created, incurred or
assumed, unless, in the case of any particular Indebtedness, the instrument
creating or

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      evidencing
the same or pursuant to which the same is outstanding expressly provides that
such Indebtedness shall not be senior in right of payment to the
Notes.

       

      Without
limiting the generality of the foregoing, “Guarantor Senior Debt” shall also
include the principal of, premium, if any, interest (including any interest
accruing subsequent to the filing of a petition of bankruptcy at the rate
provided for in the documentation with respect thereto, whether or not such
interest is an allowed claim under applicable law) on, and all other amounts
owing in respect of:

       

      (1)           all
monetary obligations of every nature of such Guarantor under, or with respect
to, the Credit Facilities, including, without limitation, obligations to pay
principal and interest, reimbursement obligations under letters of credit, fees,
expenses and indemnities (and guarantees thereof); and

       

      (2)           all
Hedging Obligations in respect of the Credit Facilities;

       

      in each
case whether outstanding on the Issue Date or thereafter incurred.

       

      Notwithstanding
the foregoing, “Guarantor Senior Debt” shall not include:

       

      (1)           any
Indebtedness of such Guarantor to Parent or any of its
Subsidiaries;

       

      (2)           obligations
to trade creditors and other amounts incurred (but not under the Credit
Facilities) in connection with obtaining goods, materials or
services;

       

      (3)           Indebtedness
represented by Disqualified Equity Interests;

       

      (4)           any
liability for taxes owed or owing by such Guarantor;

       

      (5)           that
portion of any Indebtedness incurred in violation of Section 4.10 (but, as
to any such obligation, no such violation shall be deemed to exist for purposes
of this clause (5) if the holder(s) of such obligation or their representative
shall have received an officers’ certificate of the Issuer to the effect that
the incurrence of such Indebtedness does not (or, in the case of revolving
credit indebtedness, that the incurrence of the entire committed amount thereof
at the date on which the initial borrowing thereunder is made would not) violate
such provisions of this Indenture); and

       

      (6)           Indebtedness
which, when incurred and without respect to any election under
Section 1111(b) of Title 11, United States Code, is without recourse to
such Guarantor.

       

      “Guarantors” means
(1) Parent, (2) each Restricted Subsidiary of the Issuer on the Issue
Date (other than any Foreign Subsidiaries) and (3) each other Person that
is required to, or at the election of the Issuer does, become a Guarantor by the
terms of this Indenture after the Issue Date, in each case, until such Person is
released from its Note Guarantee in accordance with the terms of this
Indenture.

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      “Hedging Obligations”
of any Person means the obligations of such Person under swap, cap, collar,
forward purchase or similar agreements or arrangements dealing with interest
rates, currency exchange rates or commodity prices, either generally or under
specific contingencies.

       

      “Holder” means any
registered holder, from time to time, of the Notes.

       

      “Holdings” means Ply
Gem Investment Holdings, Inc., a Delaware corporation, and its successors and
assigns.

       

      “incur” means, with
respect to any Indebtedness or Obligation, incur, create, issue, assume,
guarantee or otherwise become directly or, indirectly liable, contingently or
otherwise, with respect to such Indebtedness or Obligation; provided that (1) the
Indebtedness of a Person existing at the time such Person became a Restricted
Subsidiary shall be deemed to have been incurred by such Restricted Subsidiary
and (2) the accrual of interest, the accretion of original issue discount
or the accretion or accumulation of dividends on any Equity Interests shall not
be deemed to be an incurrence of Indebtedness.

       

      “Indebtedness” of any
Person at any date means, without duplication:

       

      (1)           all
liabilities, contingent or otherwise, of such Person for borrowed money (whether
or not the recourse of the lender is to the whole of the assets of such Person
or only to a portion thereof);

       

      (2)           all
obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments;

       

      (3)           all
reimbursement obligations of such Person in respect of letters of credit,
letters of guaranty, bankers’ acceptances and similar credit
transactions;

       

      (4)           all
obligations of such Person to pay the deferred and unpaid purchase price of
property or services, except trade payables and accrued expenses incurred by
such Person in the ordinary course of business in connection with obtaining
goods, materials or services;

       

      (5)           the
amount of all Disqualified Equity Interests of such Person calculated in
accordance with GAAP (whether classified as debt, equity or
mezzanine);

       

      (6)           all
Capitalized Lease Obligations of such Person;

       

      (7)           all
Indebtedness of others secured by a Lien on any asset of such Person, whether or
not such Indebtedness is assumed by such Person;

       

      (8)           all
Indebtedness of others guaranteed by such Person to the extent of such
guarantee; provided
that Indebtedness of the Issuer or its Subsidiaries that is guaranteed by the
Issuer or the Issuer’s Subsidiaries shall only be counted once in the
calculation of the amount of Indebtedness of the Issuer and its Subsidiaries on
a consolidated basis;

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      (9)           to
the extent not otherwise included in this definition, Hedging Obligations of
such Person; and

       

      (10) all
obligations of such Person under conditional sale or other title retention
agreements relating to assets purchased by such Person, except trade payables
incurred by such Person in the ordinary course of business.

       

      The
amount of any Indebtedness which is incurred at a discount to the principal
amount at maturity thereof as of any date shall be deemed to have been incurred
at the accreted value thereof as of such date.  The amount of
Indebtedness of any Person at any date shall be the outstanding balance at such
date of all unconditional obligations as described above, the maximum liability
of such Person for any such contingent obligations at such date and, in the case
of clause (7), the lesser of (a) the Fair Market Value of any asset subject
to a Lien securing the Indebtedness of others on the date that the Lien attaches
and the amount of the Indebtedness secured.

       

      Notwithstanding
the foregoing, Indebtedness shall not include any liability for Federal, state,
local or other taxes owed or owing to any governmental entity.

       

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

       

      “Independent Financial
Advisor” means an accounting, appraisal or investment banking firm of
nationally recognized standing that is, in the reasonable judgment of the
Issuer’s Board of Directors, disinterested and independent with respect to the
Issuer and its Affiliates.

       

      “Initial Global Notes”
has the meaning given to such term in Section 2.01.

       

      “Initial Notes” has
the meaning given to such term in Section 2.02.

       

      “Initial Purchasers”
means UBS Securities LLC and Credit Suisse Securities (USA) LLC.

       

      “Institutional Accredited
Investor” or “IAI” means an
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act.

       

      “Interest” means, with
respect to the Notes, interest and Additional Interest, if any, on the
Notes.

       

      “Interest Payment
Date” means the Stated Maturity of an installment of interest on the
Notes.

       

      “Investments” of any
Person means:

       

      (1)           all
direct or indirect investments by such Person in any other Person in the form of
loans, advances or capital contributions or other credit extensions constituting
Indebtedness of such other Person, and any guarantee of Indebtedness of any
other Person;

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      (2)           all
purchases (or other acquisitions for consideration) by such Person of
Indebtedness, Equity Interests or other securities of any other Person (other
than any such purchase that constitutes a Restricted Payment of the type
described in clause (2) of the definition thereof);

       

      (3)           all
other items that would be classified as investments on a balance sheet of such
Person prepared in accordance with GAAP; and

       

      (4)           the
Designation of any Subsidiary as an Unrestricted Subsidiary.

       

      Except as
otherwise expressly specified in this definition, the amount of any Investment
(other than an Investment made in cash) shall be the Fair Market Value thereof
on the date such Investment is made.  The amount of Investment
pursuant to clause (4) shall be the Designation Amount determined in accordance
with Section 4.19.  If the Issuer or any Restricted Subsidiary
sells or otherwise disposes of any Equity Interests of any Restricted
Subsidiary, or any Restricted Subsidiary issues any Equity Interests, in either
case, such that, after giving effect to any such sale or disposition, such
Person is no longer a Restricted Subsidiary, the Issuer shall be deemed to have
made an Investment on the date of any such sale or other disposition equal to
the Fair Market Value of the Equity Interests of and all other Investments in
such Restricted Subsidiary retained.  Notwithstanding the foregoing,
purchases or redemptions of Equity Interests of the Issuer, Parent or Holdings
shall be deemed not to be Investments.

       

      “Issue Date” means
January 11, 2010.

       

      “Lien” means, with
respect to any asset, any mortgage, deed of trust, lien (statutory or other),
pledge, lease, easement, restriction, covenant, charge, security interest or
other encumbrance of any kind or nature 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.

       

      “Maturity Date” means
July 15, 2014.

       

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

       

      “Net Available
Proceeds” means, with respect to any Asset Sale, the proceeds thereof in
the form of cash or Cash Equivalents, net of

       

      (1)           brokerage
commissions and other fees and expenses (including fees, discounts and expenses
of legal counsel, accountants, investment banks, consultants and placement
agents) of such Asset Sale;

       

      (2)           provisions
for taxes payable as a result of such Asset Sale (after taking into account any
available tax credits or deductions and any tax sharing
arrangements);

       

      (3)           amounts
required to be paid to any Person (other than the Issuer or any Restricted
Subsidiary) owning a beneficial interest in the assets subject to the Asset Sale
or having a Lien thereon;

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      (4)           payments
of unassumed liabilities (not constituting Indebtedness) relating to the assets
sold at the time of, or within 30 days after the date of, such Asset Sale;
and

       

      (5)           appropriate
amounts to be provided by the Issuer or any Restricted Subsidiary, as the case
may be, as a reserve required in accordance with GAAP against any adjustment in
the sale price of such asset or assets or liabilities associated with such Asset
Sale and retained by the Issuer or any Restricted Subsidiary, as the case may
be, after such Asset Sale, including pensions and other postemployment benefit
liabilities, liabilities related to environmental matters and liabilities under
any indemnification obligations associated with such Asset Sale, all as
reflected in an Officers’ Certificate delivered to the Trustee; provided, however, that any amounts
remaining after adjustments, revaluations or liquidations of such reserves shall
constitute Net Available Proceeds.

       

      “Non-U.S. Person” has
the meaning assigned to such term in Regulation S.

       

      “Note Contribution”
means the transfer by Parent of $218,844,000 aggregate principal amount of Old
Notes to the Issuer as a capital contribution.

       

      “Note Guarantee” means
the subordinated guarantee by each Guarantor of the Issuer’s payment obligations
under this Indenture and the Notes, executed pursuant to this
Indenture.

       

      “Note Transfer” means
the transfer of $218,844,000 aggregate principal amount of Old Notes held by the
CI Noteholders to Parent through a series of transactions.

       

      “Notes” means,
collectively, the Issuer’s 13 1¤8% Senior Subordinated Notes due
2014 issued in accordance with Section 2.02 (whether issued on the Issue
Date, issued as Additional Notes, issued as Exchange Notes or Private Exchange
Notes, or otherwise issued after the Issue Date) treated as a single class of
securities under this Indenture, as amended or supplemented from time to time in
accordance with the terms of this Indenture.

       

      “Obligation” means any
principal, interest, penalties, fees, indemnification, reimbursements, costs,
expenses, damages and other liabilities payable under the documentation
governing any Indebtedness.

       

      “Offering Memorandum”
means the final offering memorandum of the Issuer relating to the Notes dated
January 6, 2010.

       

      “Officer” means any of
the following of the Issuer:  the Chairman of the Board of Directors,
the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice President, the Treasurer or the Secretary.

       

      “Officers’
Certificate” means a certificate signed by two Officers.

       

      “Offering” means the
offering of the Initial Notes by the Issuer pursuant to the Offering
Memorandum.

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      “Old Notes” means the
Issuer’s 9.0% Senior Subordinated Notes due 2012.

       

      “Opinion of Counsel”
means a written opinion from legal counsel who is reasonably acceptable to the
Trustee.  The counsel may be an employee of, or counsel to, the
Issuer, a Guarantor or the Trustee.

       

      “Parent” means Ply Gem
Holdings, Inc., a Delaware corporation, and its successors and
assigns.

       

      “Pari Passu
Indebtedness” means any Indebtedness of the Issuer or any Guarantor that
ranks pari passu in
right of payment with the Notes or the Note Guarantees, as
applicable.

       

      “Permanent Regulation S
Global Note” has the meaning given to such term in
Section 2.01.

       

      “Permitted Business”
means the businesses engaged in by the Issuer and its Subsidiaries on the Issue
Date as described in the Offering Memorandum and businesses that are reasonably
related thereto, reasonable extensions thereof or necessary or desirable to
facilitate any such business, and any unrelated business to the extent that it
is not material in size as compared with the Issuer’s business as a
whole.

       

      “Permitted Holders”
means (1) Sponsor, Caxton Associates, LLC, Caxton-Iseman (Ply Gem) L.P.,
Caxton-Iseman (Ply Gem) II L.P., Frederick J. Iseman, Lee D. Meyer, John Wayne,
Shawn Poe, Mark Watson, Bryan Sveinson, David S. McCready, Robert A. Ferris,
Steven M. Lefkowitz and any other Person that is a controlled Affiliate of any
of the foregoing and (2) any Related Party of any of the foregoing; provided that in no event
shall any operating portfolio company or any holding company for any operating
portfolio company (other than the Issuer) be a Permitted Holder.

       

      “Permitted Investment”
means:

       

      (1)           (i) Investments
by the Issuer or any Subsidiary Guarantor in (a) any Restricted Subsidiary
that is a Subsidiary Guarantor or (b) any Person that will become
immediately after such Investment a Restricted Subsidiary that is a Subsidiary
Guarantor or that will merge or consolidate into the Issuer or any Restricted
Subsidiary that is a Subsidiary Guarantor and (ii) Investments by any
Restricted Subsidiary that is not a Subsidiary Guarantor in any other Restricted
Subsidiary;

       

      (2)           Investments
in the Issuer by any Restricted Subsidiary;

       

      (3)           loans
and advances to directors, employees and officers of the Issuer and the
Restricted Subsidiaries for bona fide business purposes and to purchase Equity
Interests of the Issuer, Parent or Holdings not in excess of $5.0 million at any
one time outstanding;

       

      (4)           Hedging
Obligations incurred pursuant to Section 4.10;

       

      (5)           cash
and Cash Equivalents;

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      (6)           receivables
owing to the Issuer or any Restricted Subsidiary if created or acquired in the
ordinary course of business and payable or dischargeable in accordance with
customary trade terms; provided, however, that such trade
terms may include such concessionary trade terms as the Issuer or any such
Restricted Subsidiary deems reasonable under the circumstances;

       

      (7)           Investments
in securities of trade creditors or customers received upon foreclosure or
pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of such trade creditors or customers;

       

      (8)           Investments
made by the Issuer or any Restricted Subsidiary as a result of consideration
received in connection with an Asset Sale made in compliance with
Section 4.13;

       

      (9)           lease,
utility and other similar deposits in the ordinary course of
business;

       

      (10)           Investments
made by the Issuer or a Restricted Subsidiary for consideration consisting only
of Qualified Equity Interests;

       

      (11)           stock,
obligations or securities received in settlement of debts created in the
ordinary course of business and owing to the Issuer or any Restricted Subsidiary
or in satisfaction of judgments;

       

      (12)           guarantees
of Indebtedness permitted to be incurred under this Indenture;

       

      (13)           loans
and advances to suppliers, licensees, franchisees or customers of the Issuer or
any Restricted Subsidiary made in the ordinary course of business in an
aggregate amount, together with the aggregate amount of Indebtedness under
clause (14) of the definition of “Permitted Indebtedness,” not to exceed $5.0
million at any time outstanding;

       

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

       

      (15)           Investments
in existence on the Issue Date;

       

      (16)           prepaid
expenses, negotiable instruments held for collection and workers’ compensation,
performance and other similar deposits in the ordinary course of
business;

       

      (17)           Investments
in an aggregate amount not to exceed, at any one time outstanding, the greater
of (a) $20.0 million and (b) 7.0% of Consolidated Net Tangible Assets
at such time (with each Investment being valued as of the date made and without
regard to subsequent changes in value);

       

      (18)           Investments
in Subsidiaries that are not Guarantors or Foreign Subsidiaries in an aggregate
amount not to exceed $10.0 million at any one time

       

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      outstanding
(with each Investment being valued as of the date made and without regard to
subsequent changes in value); and

       

      (19)           Investments
in Foreign Subsidiaries in an aggregate amount not to exceed, at any one time
outstanding, the greater of (a) $10.0 million and (b) 3.5% of
Consolidated Net Tangible Assets at such time (with each Investment being valued
as of the date made and without regard to subsequent changes in
value).

       

      The
amount of Investments outstanding at any time pursuant to clause (17), (18) or
(19) above shall be deemed to be reduced:

       

      (a) upon the
disposition or repayment of or return on any Investment made pursuant to clause
(17), (18) or (19) above, as the case may be, by an amount equal to the return
of capital with respect to such Investment to the Issuer or any Restricted
Subsidiary (to the extent not included in the computation of Consolidated Net
Income); and

       

      (b) upon a
Redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, by an
amount equal to the lesser of (x) the Fair Market Value of the Issuer’s
proportionate interest in such Subsidiary immediately following such
Redesignation, and (y) the aggregate amount of Investments in such
Subsidiary that increased (and did not previously decrease) the amount of
Investments outstanding pursuant to clause (17), (18) or (19) above, as the case
may be.

       

      “Permitted Junior
Securities” means:

       

      (1)           Equity
Interests in the Issuer or any Guarantor; or

       

      (2)           debt
securities issued pursuant to a confirmed plan of reorganization that are
subordinated in right of payment to (a) all Senior Debt and Guarantor
Senior Debt and (b) any debt securities issued in exchange for Senior Debt
to substantially the same extent as, or to a greater extent than, the Notes and
the Note Guarantees are subordinated to Senior Debt and Guarantor Senior Debt
under this Indenture.

       

      “Permitted Liens”
means the following types of Liens:

       

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

       

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

       

      (3)           Liens
incurred or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of

       

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      social
security, or to secure the performance of tenders, statutory obligations, surety
and appeal bonds, bids, leases, government contracts, performance and
return-of-money bonds and other similar obligations (exclusive of obligations
for the payment of borrowed money);

       

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

       

      (5)           judgment
Liens not giving rise to a Default so long as such Liens are adequately bonded
and any appropriate legal proceedings which may have been duly initiated for the
review of such judgment have not been finally terminated or the period within
which the proceedings may be initiated has not expired;

       

      (6)           easements,
rights-of-way, zoning restrictions and other similar charges, restrictions or
encumbrances in respect of real property or immaterial imperfections of title
which do not, in the aggregate, impair in any material respect the ordinary
conduct of the business of the Issuer and the Restricted Subsidiaries taken as a
whole;

       

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

       

      (8)           Liens
encumbering deposits made to secure obligations arising from statutory,
regulatory, contractual or warranty requirements of the Issuer or any Restricted
Subsidiary, including rights of offset and setoff;

       

      (9)           (A)
bankers’ Liens, rights of setoff and other similar Liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more of accounts
maintained by the Issuer or any Restricted Subsidiary, in each case granted in
the ordinary course of business in favor of the bank or banks with which such
accounts are maintained, securing amounts owing to such bank with respect to
cash management and operating account arrangements, including those involving
pooled accounts and netting arrangements; provided that in no case
shall any such Liens secure (either directly or indirectly) the repayment of any
Indebtedness; and (B) Liens (i) of a collection bank arising under
Section 4-208 of the Uniform Commercial Code (or equivalent statutes) on
items in the course of collection and (ii) in favor of a banking
institution arising as a matter of law encumbering deposits (including the right
of set-off) and which are within the general parameters customary in the banking
industry;

       

      (10)           leases
or subleases granted to others that do not materially interfere with the
ordinary course of business of the Issuer or any Restricted
Subsidiary;

       

      (11)           Liens
arising from filing Uniform Commercial Code financing statements regarding
leases;

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      (12)           Liens
securing all of the Notes and Liens securing any Note Guarantee;

       

      (13)           Liens
securing Senior Debt or Guarantor Senior Debt;

       

      (14)           Liens
existing on the Issue Date securing Indebtedness outstanding on the Issue
Date;

       

      (15)           Liens
in favor of the Issuer or a Guarantor;

       

      (16)           Liens
securing Indebtedness under the Credit Facilities;

       

      (17)           Liens
securing Purchase Money Indebtedness and Capitalized Lease Obligations; provided that such Liens
shall not extend to any asset other than the specified asset being financed and
additions and improvements thereon;

       

      (18)           Liens
securing Acquired Indebtedness permitted to be incurred under this Indenture;
provided that the Liens
do not extend to assets not subject to such Lien at the time of acquisition
(other than improvements thereon) and are no more favorable to the lienholders
than those securing such Acquired Indebtedness prior to the incurrence of such
Acquired Indebtedness by the Issuer or a Restricted Subsidiary;

       

      (19)           Liens
on assets of a Person existing at the time such Person is acquired or merged
with or into or consolidated with the Issuer or any such Restricted Subsidiary
(and not created in anticipation or contemplation thereof);

       

      (20)           Liens
to secure Refinancing Indebtedness of Indebtedness secured by Liens referred to
in the foregoing clauses (12), (14), (16), (17), (18) and (19); provided that in the case of
Liens securing Refinancing Indebtedness of Indebtedness secured by Liens
referred to in the foregoing clauses (14), (17), (18) and (19), such Liens do
not extend to any additional assets (other than improvements thereon and
replacements thereof);

       

      (21)           Liens
securing Indebtedness of any Restricted Subsidiary that is not a Subsidiary
Guarantor permitted to be incurred under this Indenture; provided that such Lien
extends only to the assets and Equity Interests of such Restricted
Subsidiary;

       

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

       

      (23)           Liens
with respect to obligations that do not in the aggregate exceed $10.0 million at
any one time outstanding;

       

      (24)          Liens
encumbering property or assets under construction arising from progress or
partial payments by a customer of the Issuer or any of its Restricted
Subsidiaries relating to such property or assets;

       

      (25)          Liens
on property of, or on shares of stock or Indebtedness of, any Person existing at
the time (A) such Person becomes a Restricted Subsidiary of the Issuer or (B)
such

       

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      Person or
such property is acquired by the Issuer or any Restricted Subsidiary; provided that such Liens do
not extend to any other assets of the Issuer or any Restricted Subsidiary and
such Lien secures only those obligations which it secures on the date of such
acquisition (and extensions, renewals, refinancings and replacements
thereof);

       

      (26)          Liens
solely on any cash earnest money deposits made by the Issuer or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase
agreement permitted under the Indenture; and

       

      (27)          Liens
encumbering reasonable customary initial deposits and margin deposits and
similar Liens attaching to brokerage accounts incurred in the ordinary course of
business and not for speculative purposes.

       

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

       

      “Plan of Liquidation”
with respect to any Person, means a plan that provides for, contemplates or the
effectuation of which is preceded or accompanied by (whether or not
substantially contemporaneously, in phases or
otherwise):  (1) the sale, lease, conveyance or other disposition
of all or substantially all of the assets of such Person otherwise than as an
entirety or substantially as an entirety; and (2) the distribution of all
or substantially all of the proceeds of such sale, lease, conveyance or other
disposition of all or substantially all of the remaining assets of such Person
to holders of Equity Interests of such Person.

       

      “Preferred Stock”
means, with respect to any Person, any and all preferred or preference stock or
other equity interests (however designated) of such Person whether now
outstanding or issued after the Issue Date.

       

      “principal” means,
with respect to the Notes, the principal of, and premium, if any, on the
Notes.

       

      “Private Exchange” has
the meaning given to it in the Registration Rights Agreement.

       

      “Private Exchange
Notes” has the meaning given to it in the Registration Rights
Agreement.

       

      “Private Placement
Legend” means the legends initially set forth on the Notes in the form
set forth in Exhibit B.

       

      “Pro Forma Cost
Savings” means, with respect to any period, the reductions in costs that
occurred during the Four-Quarter Period that are (1) directly attributable
to an asset acquisition and calculated on a basis that is consistent with
Article 11 of Regulation S-X under the Securities Act or
(2) implemented, committed to be implemented or the commencement of
implementation of which has begun in good faith by the business that was the
subject of any

       

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

      such
asset acquisition within six months of the date of the asset acquisition and
that are supportable and quantifiable by the underlying records of such
business, as if, in the case of each of clauses (1) and (2), all such
reductions in costs had been effected as of the beginning of such period,
decreased by any incremental expenses incurred or to be incurred during the
Four-Quarter Period in order to achieve such reduction in costs.

       

      “Purchase Money
Indebtedness” means Indebtedness, including Capitalized Lease
Obligations, of the Issuer or any Restricted Subsidiary incurred for the purpose
of financing all or any part of the purchase price of property, plant or
equipment used in the business of the Issuer or any Restricted Subsidiary or the
cost of installation, construction or improvement thereof, and the payment of
any sales or other taxes associated therewith; provided, however, that (1) the
amount of such Indebtedness shall not exceed such purchase price or cost and
payment and (2) such Indebtedness shall be incurred within one year after
such acquisition of such asset by the Issuer or such Restricted Subsidiary or
such installation, construction or improvement.

       

      “Qualified Equity
Interests” means Equity Interests of the Issuer other than Disqualified
Equity Interests; provided that such Equity
Interests shall not be deemed Qualified Equity Interests to the extent sold or
owed to a Subsidiary of the Issuer or financed, directly or indirectly, using
funds (1) borrowed from the Issuer or any Subsidiary of the Issuer until
and to the extent such borrowing is repaid or (2) contributed, extended,
guaranteed or advanced by the Issuer or any Subsidiary of the Issuer (including,
without limitation, in respect of any employee stock ownership or benefit
plan).

       

      “Qualified Equity
Offering” means the issuance and sale of Qualified Equity Interests by
the Issuer or Equity Interests by Parent or Holdings; provided, however, that in the case of
an issuance or sale of Equity Interests of Parent or Holdings, cash proceeds
therefrom equal to not less than 100% of the aggregate principal amount of any
Notes to be redeemed are received by the Issuer as a capital contribution or
consideration for the issuance and sale of Qualified Equity Interests
immediately prior to such redemption.

       

      “Qualified Institutional
Buyer” or “QIB” shall have the
meaning specified in Rule 144A under the Securities Act.

       

      “Record Date” means
the applicable Record Date specified in the Notes; provided that if any such
date is not a Business Day, the Record Date shall be the first day immediately
succeeding such specified day that is a Business Day.

       

      “redeem” means to
redeem, repurchase, purchase, defease, retire, discharge or otherwise acquire or
retire for value; and “redemption” shall
have a correlative meaning; provided that this definition
shall not apply for purposes of Section 5 or Section 6 of the Notes or
Article III.

       

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

       

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

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

       

      “refinance” means to
refinance, repay, prepay, replace, renew, refund, redeem, defease or
retire.

       

      “Refinancing
Indebtedness” means Indebtedness of the Issuer or a Restricted Subsidiary
issued in exchange for, or the proceeds from the issuance and sale or
disbursement of which are used (or will be used within 90 days) to redeem,
extend, renew, replace, defease, refund or refinance in whole or in part, any
Indebtedness of the Issuer or any Restricted Subsidiary (the “Refinanced
Indebtedness”); provided that:

       

      (1)           the
principal amount (or accreted value, in the case of Indebtedness issued at a
discount) of the Refinancing Indebtedness does not exceed the principal amount
(or accreted value, as the case may be) of the Refinanced Indebtedness plus the
amount of accrued and unpaid interest on the Refinanced Indebtedness, any
premium paid to the holders of the Refinanced Indebtedness and reasonable
expenses incurred in connection with the incurrence of the Refinancing
Indebtedness;

       

      (2)           the
Refinancing Indebtedness is the obligation of the same Person as that of the
Refinanced Indebtedness;

       

      (3)           if
the Refinanced Indebtedness was subordinated in right of payment to the Notes or
the Note Guarantees, as the case may be, then such Refinancing Indebtedness, by
its terms, is subordinate in right of payment to the Notes or the Note
Guarantees, as the case may be, at least to the same extent as the Refinanced
Indebtedness, and if the Refinanced Indebtedness was pari passu with the Notes or
the Note Guarantees, as the case may be, then the Refinancing Indebtedness ranks
pari passu with, or is
subordinated in right of payment to, the Notes or the Note Guarantees, as the
case may be;

       

      (4)           the
Refinancing Indebtedness has a final Stated Maturity either (a) no earlier
than the Refinanced Indebtedness being repaid or amended or (b) after the
maturity date of the Notes; and

       

      (5)           the
portion, if any, of the Refinancing Indebtedness that is scheduled to mature on
or prior to the maturity date of the Notes has a Weighted Average Life to
Maturity at the time such Refinancing Indebtedness is incurred that is equal to
or greater than the Weighted Average Life to Maturity of the portion of the
Refinanced Indebtedness being repaid that is scheduled to mature on or prior to
the maturity date of the Notes.

       

      “Registration Rights
Agreement” means (i) the Registration Rights Agreement dated as of
the Issue Date among the Issuer, the Guarantors and the Initial Purchasers and
(ii) any other registration rights agreement entered into in connection
with an issuance of Additional Notes in a private offering after the Issue
Date.

       

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

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

       

      “Related Party” means,
with respect to any Person, (1) any controlling stockholder, controlling
member, general partner, Subsidiary, or spouse or immediate family member (in
the case of an individual), of such Person, (2) any estate, trust,
corporation, partnership or other entity, the beneficiaries, stockholders,
partners or owners of which consist solely of one or more Permitted Holders
and/or such other Persons referred to in the immediately preceding clause (1),
or (3) any executor, administrator, trustee, manager, director or other
similar fiduciary of any Person referred to in the immediately preceding clause
(2), acting solely in such capacity.

       

      “Representative” means
any agent or representative in respect of any Designated Senior Debt; provided that if, and for so
long as, any Designated Senior Debt lacks such representative, then the
Representative for such Designated Senior Debt shall at all times constitute the
holders of a majority in outstanding principal amount of such Designated Senior
Debt.

       

      “Responsible Officer”
means, when used with respect to the Trustee, any officer in the Corporate Trust
Office of the Trustee to whom any corporate trust matter is referred because of
such officer’s knowledge of and familiarity with the particular subject and
shall also mean any officer who shall have direct responsibility for the
administration of this Indenture.

       

      “Restricted Payment”
means any of the following:

       

      (1)           the
declaration or payment of any dividend or any other distribution on Equity
Interests of the Issuer or any Restricted Subsidiary or any payment made to the
direct or indirect holders (in their capacities as such) of Equity Interests of
the Issuer or any Restricted Subsidiary, including, without limitation, any
payment in connection with any merger or consolidation involving the Issuer but
excluding (a) dividends or distributions payable solely in Qualified Equity
Interests or through accretion or accumulation of such dividends on such Equity
Interests and (b) in the case of Restricted Subsidiaries, dividends or
distributions payable to the Issuer or to a Restricted Subsidiary and pro rata dividends or
distributions payable to minority stockholders of any Restricted
Subsidiary;

       

      (2)           the
redemption of any Equity Interests of the Issuer or any Restricted Subsidiary,
or any equity holder of the Issuer, including, without limitation, any payment
in connection with any merger or consolidation involving the Issuer but
excluding any such Equity Interests held by the Issuer or any Restricted
Subsidiary;

       

      (3)           any
Investment other than a Permitted Investment; or

       

      (4)           any
redemption for consideration prior to the scheduled maturity or prior to any
scheduled repayment of principal or sinking fund payment, as the case may be, in
respect of Subordinated Indebtedness.

       

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

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

       

      “Restricted
Subsidiary” means any Subsidiary of the Issuer other than an Unrestricted
Subsidiary.

       

      “Restructuring
Expenses” means (i) losses, expenses and charges incurred in connection
with restructuring within the Issuer and/or one or more Restricted Subsidiaries,
including in connection with integration of acquired businesses or Persons,
disposition of one or more Subsidiaries or businesses, exiting of one or more
lines of businesses and relocation or consolidation of facilities, including
severance, lease termination and other non-ordinary-course, non-operating costs
and expenses in connection therewith and (ii) the net-out-of-pocket costs and
expenses of the Issuer and its Restricted Subsidiaries related to acquiring the
inventory of a prior supplier of a new customer in connection with the Issuer
and/or one or more Restricted Subsidiaries becoming a supplier to such
customer.

       

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

       

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

       

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

       

      “Secretary’s
Certificate” means a certificate signed by the Secretary of the
Issuer.

       

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

       

      “Senior Debt” means
the principal of, premium, if any, interest (including any interest accruing
subsequent to the filing of a petition of bankruptcy at the rate provided for in
the documentation with respect thereto, whether or not such interest is an
allowed claim under applicable law) on and all Obligations of any Indebtedness
of the Issuer, whether outstanding on the Issue Date or thereafter created,
incurred or assumed, unless, in the case of any particular Indebtedness, the
instrument creating or evidencing the same or pursuant to which the same is
outstanding expressly provides that such Indebtedness shall not be senior in
right of payment to the Notes.

       

      Without
limiting the generality of the foregoing, “Senior Debt” shall
include the principal of, premium, if any, interest (including any interest
accruing subsequent to the filing of a petition of bankruptcy at the rate
provided for in the documentation with respect thereto, whether or not such
interest is an allowed claim under applicable law) on, and all other amounts
owing in respect of:

       

      (1)           all
monetary obligations of every nature under, or with respect to, the Credit
Facilities, including, without limitation, obligations to pay principal and
interest,

       

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

      reimbursement
obligations under letters of credit, fees, expenses and indemnities (and
guarantees thereof); and

       

      (2)           all
Hedging Obligations in respect of the Credit Facilities; in each case whether
outstanding on the Issue Date or thereafter incurred.

       

      Notwithstanding
the foregoing, “Senior
Debt” shall not include:

       

      (1)           any
Indebtedness of the Issuer to Parent or any of its Subsidiaries;

       

      (2)           obligations
to trade creditors and other amounts incurred (but not under the Credit
Facilities) in connection with obtaining goods, materials or
services;

       

      (3)           Indebtedness
represented by Disqualified Equity Interests;

       

      (4)           any
liability for taxes owed or owing by the Issuer;

       

      (5)           that
portion of any Indebtedness incurred in violation of Section 4.10 (but, as
to any such obligation, no such violation shall be deemed to exist for purposes
of this clause (5) if the holder(s) of such obligation or their representative
shall have received an Officers’ Certificate of the Issuer to the effect that
the incurrence of such Indebtedness does not (or, in the case of revolving
credit indebtedness, that the incurrence of the entire committed amount thereof
at the date on which the initial borrowing thereunder is made would not) violate
such provisions of this Indenture); and

       

      (6)           Indebtedness
which, when incurred and without respect to any election under
Section 1111(b) of Title 11, United States Code, is without recourse to the
Issuer.

       

      “Senior Secured Notes”
means the Issuer’s 11.75% Senior Secured Notes due 2013.

       

      “Senior Secured Notes
Agreements” means the Senior Secured Notes
and the indenture,
dated as of June 9, 2008, among the Issuer, the Guarantors and U.S. Bank
National Association, as trustee and as collateral agent, including any notes,
guarantees, collateral and security documents, instruments and agreements
executed in connection therewith (including Hedging Obligations related to the
Indebtedness incurred thereunder), and in each case as amended or refinanced
from time to time.

       

      “Significant
Subsidiary” means (1) any Restricted Subsidiary that would be a
“significant subsidiary” as defined in Regulation S-X promulgated pursuant to
the Securities Act as such Regulation is in effect on the Issue Date and
(2) any Restricted Subsidiary that, when aggregated with all other
Restricted Subsidiaries that are not otherwise Significant Subsidiaries and as
to which any event described in clause (7) or (8) under Section 6.01 has
occurred and is continuing, or which are being released from their Note
Guarantees (in the case of clause (9) of Section 9.02(b), would constitute
a Significant Subsidiary under clause (1) of this definition.

       

      “Sponsor” means CI
Capital Partners LLC.

       

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      “Stated Maturity”
means, with respect to any installment of interest or principal on any
Indebtedness, the date on which such payment of interest or principal is
scheduled to be paid in the documentation governing such Indebtedness, and shall
not include any contingent obligations to repay, redeem or repurchase any such
interest or principal prior to the date originally scheduled for the payment
thereof.

       

       “Stockholders’
Agreement” means the Amended and Restated Stockholders’ Agreement, dated
as of February 24, 2007, by and among Ply Gem Prime Holdings, Inc., Ply Gem
Investment Holdings, Inc., Caxton-Iseman (Ply Gem), L.P., Caxton-Iseman (Ply
Gem) II, L.P. and certain members of the Issuer’s management and other
parties thereto.

       

      “Subordinated
Indebtedness” means Indebtedness of the Issuer or any Restricted
Subsidiary that is expressly subordinated in right of payment to the Notes or
the Note Guarantees, respectively.

       

      “Subsidiary” means,
with respect to any Person:

       

      (1)           any
corporation, limited liability company, association or other business entity of
which more than 50% of the total voting power of the Equity Interests entitled
(without regard to the occurrence of any contingency) to vote in the election of
the Board of Directors thereof are at the time 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 (a) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b) the only general
partners of which are such Person or of one or more Subsidiaries of such Person
(or any combination thereof).

       

      Unless
otherwise specified, “Subsidiary” refers to a Subsidiary of the
Issuer.

       

      “Subsidiary Guarantor”
means any Guarantor other than Parent.

       

      “Temporary Regulation S
Global Note” has the meaning given to such term in
Section 2.01.

       

      “Transactions” means
(i) the Offering, (ii) the Note Transfer, (iii) the Note Contribution, (iv) the
discharge and redemption of any outstanding Old Notes following the Offering,
(iv) the purchases by the CI Noteholders of the Old Notes prior to the
consummation of the Offering and (v) the issuance by the Issuer of an additional
$25.0 million aggregate principal amount of Senior Secured Notes on October 23,
2009.

       

      “Treasury Rate” means,
with respect to a Redemption Date, the yield to maturity at the time of
computation of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) that has become publicly available at least two Business Days prior to
such Redemption Date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data))

       

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      most
nearly equal to the period from such Redemption Date to the First Call Date;
provided, however, that if the period
from such Redemption Date to the First Call Date is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield
is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields
of United States Treasury securities for which such yields are given, except
that if the period from such Redemption Date to the First Call Date is less than
one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be
used.

       

      “Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended.

       

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

       

      “Uniform Commercial
Code” or “UCC” means the
Uniform Commercial Code as in effect in the relevant jurisdiction from time to
time. Unless otherwise specified, references to the Uniform Commercial Code
herein refer to the New York Uniform Commercial Code.

       

      “Unrestricted
Subsidiary” means (1) any Subsidiary that at the time of
determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of the Issuer in accordance with Section 4.19 and (2) any
Subsidiary of an Unrestricted Subsidiary.

       

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

       

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

       

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

       

      “Weighted Average Life to
Maturity” when applied to any Indebtedness at any date, means the number
of years obtained by dividing (1) the sum of the products obtained by
multiplying (a) the amount of each then remaining installment, sinking
fund, serial maturity or other required payment of principal, including payment
at final maturity, in respect thereof by (b) the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and
the making of such payment by (2) the then outstanding principal amount of
such Indebtedness.

       

      “Wholly-Owned Restricted
Subsidiary” means a Restricted Subsidiary of which 100% of the Equity
Interests (except for directors’ qualifying shares or certain minority interests
owned by other Persons solely due to local law requirements that there be more
than one

       

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      stockholder,
but which interest is not in excess of what is required for such purpose) are
owned directly by the Issuer or through one or more Wholly-Owned Restricted
Subsidiaries.

       

      Section 1.02 Other
Definitions.

       

      
        	
                
Term

              	
                Section

              
	
                Acceleration
      Declaration

              	
                6.02(a)

              
	
                Additional
      Notes

              	
                2.02

              
	
                Affiliate
      Transaction

              	
                4.14(a)

              
	
                Authentication
      Order

              	
                2.02

              
	
                Change
      of Control Offer

              	
                4.09

              
	
                Change
      of Control Payment Date

              	
                4.09

              
	
                Change
      of Control Purchase Price

              	
                4.09

              
	
                Covenant
      Defeasance

              	
                8.02(c)

              
	
                Coverage
      Ratio Exception

              	
                4.10(a)

              
	
                Designation

              	
                4.19(a)

              
	
                Designation
      Amount

              	
                4.19(a)(2)

              
	
                Excess
      Proceeds

              	
                4.13(d)

              
	
                Global
      Notes

              	
                2.01

              
	
                Guarantee
      Obligations

              	
                11.01

              
	
                IAI
      Global Note

              	
                2.01

              
	
                Legal
      Defeasance

              	
                0

              
	
                Net
      Proceeds Deficiency

              	
                4.13(f)

              
	
                Net
      Proceeds Offer

              	
                4.13(e)(1)

              
	
                Net
      Proceeds Payment Date

              	
                0

              
	
                Non-Payment
      Default

              	
                10.02(b)

              
	
                Offered
      Price

              	
                4.13(e)(2)

              
	
                Parent
      Successor

              	
                5.01(b)(1)(b)

              
	
                Pari
      Passu Indebtedness Price

              	
                4.13(e)(2)

              
	
                Participants

              	
                2.15(a)

              
	
                Paying
      Agent

              	
                2.03

              
	
                Payment
      Amount

              	
                0

              
	
                Payment
      Blockage Notice

              	
                10.02(b)

              
	
                Payment
      Blockage Period

              	
                10.02(b)

              
	
                Payment
      Default

              	
                10.02(a)

              
	
                Permitted
      Indebtedness

              	
                4.10(b)

              
	
                Physical
      Notes

              	
                2.01

              
	
                Redesignation

              	
                4.19(d)

              
	
                Registrar

              	
                2.03

              
	
                Regulation S
      Global Note

              	
                2.01

              
	
                Restricted
      Payments Basket

              	
                4.11(a)(3)

              
	
                Successor

              	
                5.01(a)(1)(b)

              

      

      

      
        
           

        

        
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      Section 1.03 Incorporation by Reference
of Trust Indenture Act.

       

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

       

      “Indenture Securities”
means the Notes.

       

      “Indenture Security
Holder” means a Holder.

       

      “Indenture to be
Qualified” means this Indenture.

       

      “Indenture Trustee” or
“Institutional
Trustee” means the Trustee.

       

      “Obligor” on the
indenture securities means the Issuer, any Guarantor or any other obligor on the
Notes.

       

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

       

      Section 1.04 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;

       

      (3)           “or”
is not exclusive;

       

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

       

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

       

      (6)           the
words “including,” “includes” and similar words shall be deemed to be followed
by “without limitation”; and

       

      (7)           all
references to the date the Initial Notes were originally issued shall referto the Issue Date.

      
        
           

        

        
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      ARTICLE II

       

      

       

      THE
NOTES

       

      Section 2.01 

Form and Dating.

       

      The Notes
and the Trustee’s certificate of authentication shall be substantially in the
form of Exhibit A
hereto.  The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage.  The Issuer shall
approve the form of the Notes and any notation, legend or endorsement on
them.  Each Note shall be dated the date of its issuance and show the
date of its authentication.  Each Note shall have an executed Note
Guarantee from each of the Guarantors existing on the Issue Date endorsed
thereon substantially in the form of Exhibit F.

       

      The terms
and provisions contained in the Notes and the Note Guarantees shall constitute,
and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Issuer, the Guarantors and the Trustee, by their execution and
delivery of this Indenture, expressly agree to such terms and provisions and to
be bound thereby.

       

      Notes
offered and sold in reliance on Rule 144A shall be issued initially in the
form of a single permanent global Note in registered form, substantially in the
form set forth in Exhibit A (the
“144A Global
Note”), deposited with the Trustee, as custodian for the Depository, duly
executed by the Issuer (and having an executed Note Guarantee from each of the
Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter
provided and shall bear the legends set forth in Exhibit B.

       

      Notes
offered and sold in offshore transactions in reliance on Regulation S shall be
issued initially in the form of a single temporary global Note in registered
form, substantially in the form set forth in Exhibit A (the
“Temporary
Regulation S Global Note”), deposited with the Trustee, as custodian
for the Depository, duly executed by the Issuer (and having an executed Note
Guarantee from each of the Guarantors endorsed thereon) and authenticated by the
Trustee as hereinafter provided and shall bear the legends set forth in Exhibit B.

       

      Reasonably
promptly following the date that is 40 days after the later of the commencement
of the offering of the Notes in reliance on Regulation S and the Issue Date,
upon receipt by the Trustee and the Issuer of a duly executed certificate
certifying that the Holder of the beneficial interest in the Temporary
Regulation S Global Note is a Non-U.S. Person, substantially in the form of
Exhibit E
from the Depository, a single permanent global Note in registered form,
substantially in the form set forth in Exhibit A (the
“Permanent
Regulation S Global Note,” and together with the Temporary
Regulation S Global Note, the “
 Regulation S Global
Note”) duly executed by the Issuer (and having an executed Note Guarantee
from each of the Guarantors endorsed thereon) and authenticated by the Trustee
as hereinafter provided shall be deposited with the Trustee, as custodian for
the Depository, and the Registrar shall reflect on its books and records the
cancellation of the Temporary Regulation S Global Note and the issuance of the
Permanent Regulation S Global Note.

       

      
        
           

        

        
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      The
initial offer and resale of the Notes shall not be to an Institutional
Accredited Investor.  The Notes resold to Institutional Accredited
Investors in connection with the first transfer made pursuant to
Section 2.16(a) shall be issued initially in the form of a single permanent
Global Note in registered form, substantially in the form set forth in Exhibit A (the “
 IAI Global Note,”
and, together with the 144A Global Note and the Regulation S Global Note, the
“Initial Global
Notes”), deposited with the Trustee, as custodian for the Depository,
duly executed by the Issuer (and having an executed Note Guarantee from each of
the Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter
provided and shall bear the legend set forth in Exhibit B.

       

      Notes
issued after the Issue Date shall be issued initially in the form of one or more
global Notes in registered form, substantially in the form set forth in Exhibit A,
deposited with the Trustee, as custodian for the Depository, duly executed by
the Issuer (and having an executed Note Guarantee from each of the Guarantors
endorsed thereon) and authenticated by the Trustee as hereinafter provided and
shall bear any legends required by applicable law (together with the Initial
Global Notes, the “
 Global Notes”) or as
Physical Notes.

       

      The
aggregate principal amount of the Global Notes may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depository, as hereinafter provided.  Notes issued
in exchange for interests in a Global Note pursuant to Section 2.16 may be
issued in the form of permanent certificated Notes in registered form in
substantially the form set forth in Exhibit A and
bearing the applicable legends, if any, (the “
 Physical
Notes”).

       

      Section 2.02 

Execution, Authentication
and Denomination; Additional Notes; Exchange Notes

       

      One
Officer of the Issuer (who shall have been duly authorized by all requisite
corporate actions) shall sign the Notes for such Issuer by manual or facsimile
signature.  One Officer of a Guarantor (who shall have been duly
authorized by all requisite corporate actions) shall sign the Note Guarantee for
such Guarantor by manual or facsimile signature.

       

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

       

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

       

      The
Trustee shall authenticate (i) on the Issue Date, Notes for original issue
in the aggregate principal amount of $150,000,000 (the “Initial Notes”),
(ii) additional Notes (the “
 Additional Notes”)
having identical terms and conditions to the Initial Notes, except for issue
date, issue price, first interest payment date and the amount of interest paid
on the first interest payment date after the issue date, in an unlimited amount
(so long as not otherwise prohibited by the terms of this Indenture, including,
without limitation, Section 4.10) and (iii) Exchange
Notes

       

      
        
           

        

        
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      or
Private Exchange Notes (x) in exchange for a like principal amount of
Initial Notes or (y) in exchange for a like principal amount of Additional
Notes in each case upon a written order of the Issuer in the form of a
certificate of an Officer of the Issuer (an “
 Authentication
Order”).  Each such Authentication Order shall specify the
amount of Notes to be authenticated and the date on which the Notes are to be
authenticated, whether the Notes are to be Initial Notes, Exchange Notes,
Private Exchange Notes or Additional Notes and whether the Notes are to be
issued as Physical Notes or Global Notes or such other information as the
Trustee may reasonably request.  In addition, with respect to
authentication pursuant to clause (ii) or (iii) of the first sentence
of this paragraph, the first such Authentication Order from the Issuer shall be
accompanied by an Opinion of Counsel of the Issuer in a form reasonably
satisfactory to the Trustee.

       

      All Notes
issued under this Indenture shall be treated as a single class for all purposes
under this Indenture.  The Additional Notes and the Private Exchange
Notes shall bear any legend required by applicable law.

       

      The
Trustee may appoint an authenticating agent reasonably acceptable to the Issuer
to authenticate Notes.  Unless otherwise provided in the appointment,
an authenticating agent may authenticate Notes whenever the Trustee may do
so.  Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent.  An authenticating agent has
the same rights as an Agent to deal with the Issuer and Affiliates of the
Issuer.  The Trustee shall have the right to decline to authenticate
and deliver any Notes under this Indenture if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or if the Trustee
in good faith shall determine that such action would expose the Trustee to
personal liability.

       

      The Notes
shall be issuable only in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.

       

      Section 2.03 

Registrar and Paying
Agent.

       

      The
Issuer shall maintain or cause to be maintained an office or agency in the
Borough of Manhattan, The City of New York, where (a) Notes may be
presented or surrendered for registration of transfer or for exchange (“
 Registrar”),
(b) Notes may, subject to Section 2 of the Notes, be presented or
surrendered for payment (“
 Paying Agent”) and
(c) notices and demands to or upon the Issuer in respect of the Notes and
this Indenture may be served.  The Issuer 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; provided, however, that no such
designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain or cause to be maintained an office or agency in the
Borough of Manhattan, The City of New York, for such
purposes.  The Issuer may act as Registrar or Paying Agent, except
that for the purposes of Article VIII, neither the Issuer nor any Affiliate
of the Issuer shall act as Paying Agent.

       

      The
Registrar shall keep a register of the Notes and of their transfer and
exchange.  The Issuer, upon notice to the Trustee, may have one or
more co-registrars and one or more additional paying agents reasonably
acceptable to the Trustee.  The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying
agent.  The Issuer

       

      
        
           

        

        
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      initially
appoints the Trustee as Registrar and Paying Agent until such time as the
Trustee has resigned or a successor has been appointed.

       

      The
Issuer shall enter into an appropriate agency agreement with any Agent not a
party to this Indenture, which agreement shall implement the provisions of this
Indenture that relate to such Agent.  The Issuer shall notify the
Trustee, in advance, of the name and address of any such Agent.  If
the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act
as such.

       

      Section 2.04 Paying Agent to Hold Assets
in Trust.

       

      The
Issuer shall require each Paying Agent other than the Trustee or the Issuer or
any Subsidiary to agree in writing that, subject to Article X and
Section 11.02, each Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all assets held by the Paying Agent for the payment of
principal of, or interest on, the Notes (whether such assets have been
distributed to it by the Issuer or any other obligor on the Notes), and shall
notify the Trustee of any Default by the Issuer (or any other obligor on the
Notes) in making any such payment. The Issuer at any time may require a Paying
Agent to distribute all assets held by it to the Trustee and account for any
assets disbursed and the Trustee may at any time during the continuance of any
payment Default, upon written request to a Paying Agent, require such Paying
Agent to distribute all assets held by it to the Trustee and to account for any
assets distributed.  Upon distribution to the Trustee of all assets
that shall have been delivered by the Issuer to the Paying Agent, the Paying
Agent shall have no further liability for such assets.

       

      Section 2.05 Holder Lists.

       

      The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of
Holders.  If the Trustee is not the Registrar, the Issuer shall
furnish to the Trustee at least two (2) Business Days prior to 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 Holders, which list may be conclusively
relied upon by the Trustee.

       

      Section 2.06 Transfer and
Exchange.

       

      Subject
to Sections 2.15 and 2.16, when Notes are presented to the Registrar with a
request to register the transfer of such Notes or to exchange such Notes for an
equal principal amount of Notes of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested if its
requirements for such transaction are met; provided, however, that the Notes
surrendered for transfer or exchange shall be duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the
Registrar, duly executed by the Holder thereof or his or her attorney duly
authorized in writing. To permit registrations of transfers and exchanges, the
Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s
request.  No service charge shall be made for any registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to
cover any transfer tax or similar governmental charge payable in connection
therewith.

       

      
        
           

        

        
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      Without
the prior written consent of the Issuer, the Registrar shall not be required to
register the transfer of or exchange of any Note (i) during a period
beginning at the opening of business 15 days before the mailing of a notice of
redemption of Notes and ending at the close of business on the day of such
mailing, (ii) selected for redemption in whole or in part pursuant to
Article III, except the unredeemed portion of any Note being redeemed in
part, and (iii) beginning at the opening of business on any Record Date and
ending on the close of business on the related Interest Payment
Date.

       

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

       

      Section 2.07 Replacement
Notes.

       

      If a
mutilated Note is surrendered to the Trustee or if the Holder of a Note claims
that the Note has been lost, destroyed or wrongfully taken, the Issuer shall
issue and the Trustee shall authenticate a replacement Note if the Trustee’s
requirements are met.  Such Holder must provide an indemnity bond or
other indemnity, sufficient in the judgment of both the Issuer and the Trustee,
to protect the Issuer, the Trustee or any Agent from any loss which any of them
may suffer if a Note is replaced.  The Issuer may charge such Holder
for its reasonable out-of-pocket expenses in replacing a Note pursuant to this
Section 2.07, including reasonable fees and expenses of counsel and of the
Trustee.

       

      Every
replacement Note is an additional obligation of the Issuer and every replacement
Note Guarantee shall constitute an additional obligation of the Guarantor
thereof.

       

      The
provisions of this Section 2.07 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of lost, destroyed or wrongfully taken Notes.

       

      Section 2.08 Outstanding
Notes.

       

      Notes
outstanding at any time are all the Notes that have been authenticated by the
Trustee except those cancelled by it, those delivered to it for cancellation and
those described in this Section as not outstanding.  A Note does
not cease to be outstanding because the Issuer, the Guarantors or any of their
respective Affiliates hold the Note (subject to the provisions of
Section 2.09).

       

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

       

      
        
           

        

        
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      If the
principal amount of any Note is considered paid under Section 4.01, it
ceases to be outstanding and interest ceases to accrue.  If on a
Redemption Date or the Maturity Date the Trustee or Paying Agent (other than the
Issuer or an Affiliate thereof) holds U.S. Legal Tender or U.S. Government
Obligations sufficient to pay all of the principal and interest due on the Notes
payable on that date, then on and after that date such Notes cease to be
outstanding and interest on them ceases to accrue.

       

      Section 2.09 Treasury Notes.

       

      In
determining whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Issuer or any
of its Affiliates shall be disregarded, except that, for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee actually knows are so owned shall be disregarded.

       

      Section 2.10 Temporary Notes.

       

      Until
definitive Notes are ready for delivery, the Issuer may prepare and the Trustee
shall authenticate temporary Notes.  Temporary Notes shall be
substantially in the form of definitive Notes but may have variations that the
Issuer considers appropriate for temporary Notes.  Without
unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate
definitive Notes in exchange for temporary Notes.  Until such
exchange, temporary Notes shall be entitled to the same rights, benefits and
privileges as definitive Notes.  Notwithstanding the foregoing, so
long as the Notes are represented by a Global Note, such Global Note may be in
typewritten form.

       

      Section 2.11 Cancellation.

       

      The
Issuer at any time may deliver Notes to the Trustee for
cancellation.  The Registrar and the Paying Agent shall forward to the
Trustee any Notes surrendered to them for transfer, exchange or
payment.  The Trustee, or at the direction of the Trustee, the
Registrar or the Paying Agent (other than the Issuer or a Subsidiary), and no
one else, shall cancel and, at the written direction of the Issuer, shall
dispose of all Notes surrendered for transfer, exchange, payment or cancellation
in accordance with its customary procedures.  Subject to
Section 2.07, the Issuer may not issue new Notes to replace Notes that it
has paid or delivered to the Trustee for cancellation.  If the Issuer
or any Guarantor shall acquire any of the Notes, such acquisition shall not
operate as a redemption or satisfaction of the Indebtedness represented by such
Notes unless and until the same are surrendered to the Trustee for cancellation
pursuant to this Section 2.11.

       

      Section 2.12 Defaulted
Interest.

       

      If the
Issuer defaults in a payment of interest on the Notes, it shall pay the
defaulted interest, plus (to the extent lawful) any interest payable on the
defaulted interest, in any lawful manner.  The Issuer may pay the
defaulted interest to the persons who are Holders on a subsequent special record
date, which date shall be the fifteenth day next preceding the date fixed by the
Issuer for the payment of defaulted interest or the next succeeding Business Day
if

       

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

      such date
is not a Business Day.  At least 15 days before any such subsequent
special record date, the Issuer shall mail to each Holder, with a copy to the
Trustee, a notice that states the subsequent special record date, the payment
date and the amount of defaulted interest, and interest payable on such
defaulted interest, if any, to be paid.

       

      Section 2.13 CUSIP and ISIN
Numbers.

       

      The
Issuer in issuing the Notes may use “CUSIP” or “ISIN” numbers, and if so, the
Trustee shall use the “CUSIP” or “ISIN” numbers in notices of redemption or
exchange as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness or accuracy of
the “CUSIP” or “ISIN” numbers printed in the notice or on the Notes, and that
reliance may be placed only on the other identification numbers printed on the
Notes.  The Issuer will promptly notify the Trustee of any change in
the “CUSIP” or “ISIN” numbers.

       

      Section 2.14 Deposit of
Moneys.

       

      Subject
to Section 2 of the Notes, prior to 10:00 a.m. New York City time on
each Interest Payment Date, Maturity Date, Redemption Date, Change of Control
Payment Date and Net Proceeds Payment Date, the Issuer shall have deposited with
the Paying Agent in immediately available funds money sufficient to make cash
payments, if any, due on such Interest Payment Date, Maturity Date, Redemption
Date, Change of Control Payment Date and Net Proceeds Payment Date, as the case
may be, in a timely manner which permits the Paying Agent to remit payment to
the Holders on such Interest Payment Date, Maturity Date, Redemption Date,
Change of Control Payment Date and Net Proceeds Payment Date, as the case may
be.

       

      Section 2.15 Book-Entry Provisions for
Global Notes.

       

      (a) 

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

       

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

       

      (b) Transfers
of Global Notes shall be limited to transfers in whole, but not in part, to the
Depository, its successors or their respective nominees.  Interests of
beneficial owners in the Global Notes may be transferred or exchanged for
Physical Notes in accordance with the rules and procedures of the Depository and
the provisions of Section 2.16.

       

      
        
           

        

        
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      In
addition, Physical Notes shall be transferred to all beneficial owners in
exchange for their beneficial interests in Global Notes if (i) the
Depository notifies the Issuer that it is unwilling or unable to act as
Depository for any Global Note, the Issuer so notifies the Trustee in writing
and a successor Depository is not appointed by the Issuer within 90 days of such
notice or (ii) the Issuer, at its option, notifies the Trustee in writing
that it elects to cause the issuance of the Notes in the form of Physical Notes
under this Indenture. Upon any issuance of a Physical Note in accordance with
this Section 2.15(b) the Trustee is required to register such Physical Note
in the name of, and cause the same to be delivered to, such person or persons
(or the nominee of any thereof).  All such Physical Notes shall bear
the applicable legends, if any.

       

      (c) In
connection with any transfer or exchange of a portion of the beneficial interest
in a Global Note to beneficial owners pursuant to paragraph (b) of this
Section 2.15, the Registrar shall (if one or more Physical Notes are to be
issued) reflect on its books and records the date and a decrease in the
principal amount of such Global Note in an amount equal to the principal amount
of the beneficial interest in the Global Note to be transferred, and the Issuer
shall execute, and the Trustee shall authenticate and deliver, one or more
Physical Notes of authorized denominations in an aggregate principal amount
equal to the principal amount of the beneficial interest in the Global Note so
transferred.

       

      (d) In
connection with the transfer of a Global Note as an entirety to beneficial
owners pursuant to paragraph (b) of this Section 2.15, such Global Note
shall be deemed to be surrendered to the Trustee for cancellation, and
(i) the Issuer shall execute, (ii) the Guarantors shall execute
notations of Note Guarantees on and (iii) the Trustee shall upon written
instructions from the Issuer authenticate and deliver, to each beneficial owner
identified by the Depository in exchange for its beneficial interest in such
Global Note, an equal aggregate principal amount of Physical Notes of authorized
denominations.

       

      (e) Any
Physical Note constituting a Restricted Security delivered in exchange for an
interest in a Global Note pursuant to paragraph (c) or (d) of this
Section 2.15 shall, except as otherwise provided by Section 2.16, bear the
Private Placement Legend.

       

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

       

      Section 2.16 Special Transfer and
Exchange Provisions

       

      .

       

      (a) Transfers to Non-QIB
Institutional Accredited Investors.  The following provisions
shall apply with respect to the registration of any proposed transfer of a
Restricted Security to any Institutional Accredited Investor which is not a
QIB:

       

      (i) the
Registrar shall register the transfer of any Restricted Security, whether or not
such Note bears the Private Placement Legend, if (x) the requested transfer
is after the expiration of the applicable holding period with respect thereto
set forth in Rule 144(d) of the Securities Act; provided, however, that neither the
Issuer nor any Affiliate of the Issuer has held any beneficial interest in such
Note, or portion thereof, at any time on or prior

       

      
        
           

        

        
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      to the
expiration of the applicable holding period with respect thereto set forth in
Rule 144(d) of the Securities Act or (y) the proposed transferee has
delivered to the Registrar a certificate substantially in the form of Exhibit C hereto
and any legal opinions and certifications as may be reasonably requested by the
Trustee and the Issuer;

       

      (ii) if the
proposed transferee is a Participant and the Notes to be transferred consist of
Physical Notes which after transfer are to be evidenced by an interest in the
IAI Global Note, upon receipt by the Registrar of the Physical Note and
(x) written instructions given in accordance with the Depository’s and the
Registrar’s procedures and (y) the certificate, if required, referred to in
clause (y) of paragraph (i) above (and any legal opinion or other
certifications), the Registrar shall register the transfer and reflect on its
books and records the date and an increase in the principal amount of the IAI
Global Note in an amount equal to the principal amount of Physical Notes to be
transferred, and the Registrar shall cancel the Physical Notes so transferred;
and

       

      (iii) if the
proposed transferor is a Participant seeking to transfer an interest in a Global
Note, upon receipt by the Registrar of (x) written instructions given in
accordance with the Depository’s and the Registrar’s procedures and (y) the
certificate, if required, referred to in clause (y) of paragraph
(i) above, the Registrar shall register the transfer and reflect on its
books and records the date and (A) a decrease in the principal amount of
the Global Note from which such interests are to be transferred in an amount
equal to the principal amount of the Notes to be transferred and (B) an
increase in the principal amount of the IAI Global Note in an amount equal to
the principal amount of the Notes to be transferred.

       

      (b) Transfers to
QIBs.  The following provisions shall apply with respect to the
registration of any proposed transfer of a Restricted Security to a
QIB:

       

      (i) the
Registrar shall register the transfer of any Restricted Security, whether or not
such Note bears the Private Placement Legend, if (x) the requested transfer
is after the expiration of the applicable holding period with respect thereto
set forth in Rule 144(d) of the Securities Act; provided, however, that neither the
Issuer nor any Affiliate of the Issuer has held any beneficial interest in such
Note, or portion thereof, at any time on or prior to the expiration of the
applicable holding period with respect thereto set forth in Rule 144(d) of the
Securities Act or (y) such transfer is being made by a proposed transferor
who has checked the box provided for on the applicable Global Note stating, or
has otherwise advised the Issuer and the Registrar in writing, that the sale has
been made in compliance with the provisions of Rule 144A to a transferee who has
signed the certification provided for on the applicable Global Note stating, or
has otherwise advised the Issuer and the Registrar in writing, that it is
purchasing the Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a QIB
within the meaning of Rule 144A, and is aware that the sale to it is being made
in reliance on Rule 144A and acknowledges that it has received such information
regarding the Issuer as it has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A;

       

      
        
           

        

        
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      (ii) if the
proposed transferee is a Participant and the Notes to be transferred consist of
Physical Notes which after transfer are to be evidenced by an interest in the
144A Global Note, upon receipt by the Registrar of the Physical Note and written
instructions given in accordance with the Depository’s and the Registrar’s
procedures, the Registrar shall register the transfer and reflect on its book
and records the date and an increase in the principal amount of the 144A Global
Note in an amount equal to the principal amount of Physical Notes to be
transferred, and the Registrar shall cancel the Physical Notes so transferred;
and

       

      (iii) if the
proposed transferor is a Participant seeking to transfer an interest in the IAI
Global Note or the Regulation S Global Note, upon receipt by the Registrar of
written instructions given in accordance with the Depository’s and the
Registrar’s procedures, the Registrar shall register the transfer and reflect on
its books and records the date and (A) a decrease in the principal amount
of the IAI Global Note or the Regulation S Global Note, as the case may be, in
an amount equal to the principal amount of the Notes to be transferred and
(B) an increase in the principal amount of the 144A Global Note in an
amount equal to the principal amount of the Notes to be
transferred.

       

      (c) Transfers of Interests in
the Temporary Regulation S Global Note.  The following
provisions shall apply with respect to the registration of any proposed transfer
of interests in the Temporary Regulation S Global Note:

       

      (i) the
Registrar shall register the transfer of an interest in the Temporary Regulation
S Global Note, whether or not such Global Note bears the Private Placement
Legend if the proposed transferor has delivered to the Registrar a certificate
substantially in the form of Exhibit E
stating, among other things, that the proposed transferee is a Non-U.S. Person
(except for a transfer to an Initial Purchaser);

       

      (ii) if the
proposed transferee is a Participant, upon receipt by the Registrar of the
documents referred to in clause (i)(x) above, if required, and instructions
given in accordance with the Depository’s and the Registrar’s procedures, the
Registrar shall reflect on its books and records the date and amount of such
transfer of an interest in the Temporary Regulation S Global Note.

       

      (d) Transfers to Non-U.S.
Persons.  The following provisions shall apply with respect to
any transfer of a Restricted Security to a Non-U.S. Person under
Regulation S:

       

      (i) the
Registrar shall register any proposed transfer of a Restricted Security to a
Non-U.S. Person upon receipt of a certificate substantially in the form of Exhibit D from
the proposed transferor and such certifications, legal opinions and other
information as the Trustee or the Issuer may reasonably request;
and

       

      (ii) (a) if
the proposed transferor is a Participant holding a beneficial interest in the
144A Global Note or the IAI Global Note or the Note to be transferred consists
of Physical Notes, upon receipt by the Registrar of (x) the documents
required by paragraph (i) and (y) instructions in accordance with the
Depository’s and the Registrar’s

       

      
        
           

        

        
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      procedures,
the Registrar shall reflect on its books and records the date and a decrease in
the principal amount of the 144A Global Note or the IAI Global Note, as the case
may be, in an amount equal to the principal amount of the beneficial interest in
the 144A Global Note or the IAI Global Note, as the case may be, to be
transferred or cancel the Physical Notes to be transferred, and (b) if the
proposed transferee is a Participant, upon receipt by the Registrar of
instructions given in accordance with the Depository’s and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and an
increase in the principal amount of the Permanent Regulation S Global Note in an
amount equal to the principal amount of the 144A Global Note, the IAI Global
Note or the Physical Notes, as the case may be, to be transferred.

       

      (e) Exchange
Offer.  Upon the occurrence of the Exchange Offer in accordance
with the Registration Rights Agreement, the Issuer shall issue and, upon receipt
of an Authentication Order in accordance with Section 2.02, the Trustee
shall authenticate one or more Global Notes and/or Physical Notes not bearing
the Private Placement Legend in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Initial Global Notes or
Physical Notes, as the case may be, tendered for acceptance in accordance with
the Exchange Offer and accepted for exchange in the Exchange Offer.

       

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

       

      (g) Private Placement
Legend.  Upon the transfer, exchange or replacement of Notes
not bearing the Private Placement Legend unless otherwise required by applicable
law, the Registrar shall deliver Notes that do not bear the Private Placement
Legend.  Upon the transfer, exchange or replacement of Notes bearing
the Private Placement Legend, the Registrar shall deliver only Notes that bear
the Private Placement Legend unless (i) there is delivered to the Trustee
an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to
the effect that neither such legend nor the related restrictions on transfer are
required in order to maintain compliance with the provisions of the Securities
Act or (ii) such Note has been offered and sold (including pursuant to the
Exchange Offer) pursuant to an effective registration statement under the
Securities Act.

       

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

       

      The
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.15 or
Section 2.16.  The Issuer shall have the right to inspect and
make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the
Registrar.

       

      
        
           

        

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

       

      The
Trustee shall have no responsibility for the actions or omissions of the
Depository, or the accuracy of the books and records of the
Depository.

       

      (i) Cancellation and/or
Adjustment of Global Note.  At such time as all beneficial
interests in a particular Global Note have been exchanged for Physical Notes or
a particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note shall 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 Physical Notes, the
principal amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall 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 shall be increased accordingly and an
endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such
increase.

       

       

      ARTICLE III

       

      

       

      REDEMPTION

       

      Section 3.01 Right of
Redemption.

       

      The Notes
may be redeemed in accordance with Section 5 and Section 6 of the Notes at the
Redemption Price specified therein together with accrued and unpaid interest, if
any, to but excluding the Redemption Date.

       

      Section 3.02 Notices to
Trustee.

       

      If the
Issuer elects to redeem Notes pursuant to Section 5 or Section 6 of
the Notes, it shall notify the Trustee in writing of the Redemption Date, the
Redemption Price and the principal amount of Notes to be
redeemed.  The Issuer shall give notice of redemption to the Trustee
at least 31 days but not more than 60 days before the Redemption Date (unless a
shorter notice shall be agreed to by the Trustee), together with such
documentation and records as shall enable the Trustee to select the Notes to be
redeemed.

       

      
        
           

        

        
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      Section 3.03 Selection of Notes to be
Redeemed.

       

      If less
than all of the Notes are to be redeemed at any time pursuant to Section 5
or Section 6 of the Notes, the Trustee will select Notes for redemption as
follows:

       

      
        	
                 
      

              	
                (x)

              	
                if
      the Notes are listed on a national securities exchange, in compliance with
      the requirements of the principal national securities exchange on which
      the Notes are listed; or

              

      

       

      
        	
                 
      

              	
                (y)

              	
                if
      the Notes are not so listed, on a pro rata basis, by lot
      or by such method as the Trustee shall deem fair and
      appropriate;

              

      

       

      provided that, in the case of
such redemption pursuant to Section 6(a) of the Notes, the Trustee will
select the Notes on a pro rata
basis or on as nearly a pro rata basis as practicable
(subject to the procedures of the Depository) unless that method is otherwise
prohibited.

       

      No Notes
of $2,000 or less shall be redeemed in part.

       

      Section 3.04 Notice of
Redemption.

       

      At least
30 days but not more than 60 days before a Redemption Date, the Issuer shall
mail a notice of redemption by first class mail, postage prepaid, to each Holder
whose Notes are to be redeemed at its registered address (except that a notice
issued in connection with a redemption referred to in Section 8.01 may be
more than 60 days before such Redemption Date).  At the Issuer’s
request, the Trustee shall forward the notice of redemption in the Issuer’s name
and at the Issuer’s expense.  Each notice for redemption shall
identify the Notes (including the CUSIP or ISIN number) to be redeemed and shall
state:

       

      (1) the
Redemption Date;

       

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

       

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

       

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

       

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

       

      
        
           

        

        
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      (6) if any
Note is being redeemed in part, the portion of the principal amount of such Note
to be redeemed and that, after the Redemption Date, and upon surrender and
cancellation of such Note, a new Note or Notes in aggregate principal amount
equal to the unredeemed portion thereof will be issued;

       

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

       

      (8) the
Section of the Notes or this Indenture, as applicable, pursuant to which
the Notes are to be redeemed.

       

      The
notice, if mailed in a manner herein provided, shall be conclusively presumed to
have been given, whether or not the Holder receives such notice.  In
any case, failure to give such notice by mail or any defect in the notice to the
Holder of any Note designated for redemption in whole or in part shall not
affect the validity of the proceedings for the redemption of any other
Note.  Except with respect to redemption pursuant to Section 6(b)
of the Notes, notices of redemption may not be conditional.

       

      Section 3.05 Effect of Notice of
Redemption.

       

      Once
notice of redemption is mailed in accordance with Section 3.04, Notes
called for redemption become due and payable on the Redemption Date and at the
Redemption Price plus accrued interest, if any.  Upon surrender to the
Trustee or Paying Agent, such Notes called for redemption shall be paid at the
Redemption Price (which shall include accrued interest thereon to, but not
including, the Redemption Date), but installments of interest, the maturity of
which is on or prior to the Redemption Date, shall be payable to Holders of
record at the close of business on the relevant Record Dates.  On and
after the Redemption Date interest shall cease to accrue on Notes or portions
thereof called for redemption unless the Issuer shall have not complied with its
obligations pursuant to Section 3.06.

       

      Section 3.06 Deposit of Redemption
Price.

       

      On or
before 10:00 a.m. New York time on the Redemption Date, the Issuer shall
deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Redemption
Price plus accrued and unpaid interest, if any, of all Notes to be redeemed on
that date.

       

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

       

      
        
           

        

        
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      Section 3.07 Notes Redeemed in
Part.

       

      If any
Note is to be redeemed in part only, the notice of redemption that relates to
such Note shall state the portion of the principal amount thereof to be
redeemed.  A new Note or Notes in principal amount equal to the
unredeemed portion of the original Note or Notes shall be issued in the name of
the Holder thereof upon surrender and cancellation of the original Note or
Notes.

       

       

      ARTICLE IV

       

      

       

      COVENANTS

       

      Section 4.01 Payment of Notes.

       

      The
Issuer shall pay the principal of (and premium, if any) and interest on the
Notes in the manner provided in the Notes, the Registration Rights Agreement and
this Indenture.  An installment of principal of, or interest on, the
Notes shall be considered paid on the date it is due if the Trustee or Paying
Agent (other than the Issuer or an Affiliate thereof) holds on that date U.S.
Legal Tender designated for and sufficient to pay the
installment.  Interest on the Notes will be computed on the basis of a
360-day year comprised of twelve 30-day months.

       

      The
Issuer shall pay interest on overdue principal (including, without limitation,
post petition interest in a proceeding under any Bankruptcy Law), and overdue
interest, to the extent lawful, at the same rate per annum borne by the
Notes.

       

      Section 4.02 Maintenance of Office or
Agency.

       

      The
Issuer shall maintain in the Borough of Manhattan, The City of New York,
the office or agency required under Section 2.03 (which may be an office of
the Trustee or an affiliate of the Trustee or Registrar).  The Issuer
shall give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency.  If at any time the Issuer
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the address of the Trustee set
forth in Section 12.02.

       

      The
Issuer 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
Issuer 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
Issuer hereby initially designates U.S. Bank, National Association, located at
100 Wall Street, Suite 1600, New York, New York 10005, Lobby Level,
Attn:  Corporate Trust, as such office of the Issuer in accordance
with Section 3.04.

       

      
        
           

        

        
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      Section 4.03 Corporate
Existence.

       

      Except as
otherwise permitted by Article V, the Issuer shall do or cause to be done
all things reasonably necessary to preserve and keep in full force and effect
its corporate existence and the corporate, partnership or other existence of
each of its Restricted Subsidiaries in accordance with the respective
organizational documents of each such Restricted Subsidiary and the material
rights (charter and statutory) and material franchises of the Issuer and each of
its Restricted Subsidiaries; provided, however, that the Issuer
shall not be required to preserve any such right, franchise or corporate
existence with respect to itself or any Restricted Subsidiary, if the loss
thereof would not, individually or in the aggregate, have a material adverse
effect on the Issuer and the Guarantors, taken as a whole.

       

      Section 4.04 Payment of Taxes.

       

      The
Issuer and the Guarantors shall, and shall cause each of the Restricted
Subsidiaries to, pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (a) all material taxes, assessments and
governmental charges levied or imposed upon it or any of the Restricted
Subsidiaries or upon the income, profits or property of it or any of the
Restricted Subsidiaries and (b) all lawful claims for labor, materials and
supplies which, in each case, if unpaid, might by law become a liability or Lien
upon the property of it or any of the Restricted Subsidiaries which would
reasonably be expected to have a material adverse effect on the Issuer and the
Guarantors taken as a whole; provided, however, that the Issuer and
the Guarantors shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount the
applicability or validity is being contested in good faith by appropriate
actions and for which appropriate provision has been made, or any such tax,
assessment, charge or claim that would not reasonably be expected to have a
material adverse effect on the Issuer and the Guarantors taken as a
whole.

       

      Section 4.05 Maintenance of Properties
and Insurance.

       

      The
Issuer shall cause all material properties owned by or leased by it or any of
its Restricted Subsidiaries used or useful to the conduct of its business or the
business of any of its Restricted Subsidiaries to be maintained and kept in
normal condition, repair and working order and supplied with all necessary
equipment and shall cause to be made all repairs, renewals, replacements, and
betterments thereof, all as in its judgment may be necessary, so that the
business carried on in connection therewith may be properly and advantageously
conducted at all times; provided, however, that nothing in this
Section 4.05 shall prevent the Issuer or any of its Restricted Subsidiaries
from discontinuing the use, operation or maintenance of any of such properties,
or disposing of any of them, if such discontinuance or disposal is desirable in
the conduct of the business of the Issuer or any such Restricted Subsidiary, and
if such discontinuance or disposal would not, individually or in the aggregate,
have a material adverse effect on the ability of the Issuer or the Guarantors to
perform each of their respective obligations hereunder; provided, further, that nothing in this
Section 4.05 shall prevent the Issuer or any of its Restricted Subsidiaries
from discontinuing or disposing of any properties to the extent otherwise
permitted by this Indenture.

       

      
        
           

        

        
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      Section 4.06 Compliance Certificate;
Notice of Default.

       

      (a) The
Issuer shall deliver to the Trustee, within 120 days after the close of each
fiscal year, an Officers’ Certificate stating that a review of the activities of
the Issuer and its Subsidiaries has been made under the supervision of the
signing Officers with a view to determining whether the Issuer and the
Guarantors have kept, observed, performed and fulfilled their obligations under
this Indenture and further stating, as to each such Officer signing such
certificate, that to the best of such Officer’s knowledge, the Issuer and the
Guarantors during such preceding fiscal year has kept, observed, performed and
fulfilled each and every such covenant and no Default occurred during such year
and at the date of such certificate there is no Default that has occurred and is
continuing or, if such signers do know of such Default, the certificate shall
specify such Default and what action, if any, the Issuer is taking or proposes
to take with respect thereto. The Officers’ Certificate shall also notify the
Trustee should the Issuer elect to change the manner in which it fixes the
fiscal year end.

       

      (b) The
Issuer shall deliver to the Trustee promptly and in any event within seven days
after any Officer of the Issuer becomes aware of the occurrence of any Default
an Officers’ Certificate specifying the Default and what action, if any, the
Issuer is taking or proposes to take with respect thereto.

       

      Section 4.07 Intentionally
Omitted.

       

      Section 4.08 Waiver of Stay, Extension or
Usury Laws.

       

      The
Issuer and each Guarantor covenants (to the extent permitted by applicable law)
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 or extension law or any
usury law or other law that would prohibit or forgive such Issuer or such
Guarantor from paying all or any portion of the principal of and/or interest on
the Notes or the Note Guarantee of any such Guarantor as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of this Indenture, and (to the extent permitted by
applicable law) each hereby expressly waives all benefit or advantage of any
such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been
enacted.

       

      Section 4.09 

Change of
Control.

       

      Upon the
occurrence of any Change of Control, each Holder of Notes will have the right to
require that the Issuer purchase that Holder’s Notes pursuant to a Change of
Control Offer (the “
 Change of Control
Offer”).  In the Change of Control Offer, the Issuer will offer
to pay an amount in cash (the “
 Change of Control Purchase
Price”) equal to 101% of the principal amount of Notes to be purchased,
plus accrued and unpaid interest thereon, if any, to the date of
purchase.  Within 30 days following any Change of Control, the Issuer
will mail, or cause to be mailed, a notice to each Holder describing the
transaction or transactions that constitute the Change of Control and offering
to purchase Notes on the date (the “
 Change of Control
Payment

       

      
        
           

        

        
          50

          
            

          

        

        
           

        

      

      Date”) specified in
such notice, which date shall be a Business Day no earlier than 30 days and no
later than 60 days from the date such notice is mailed, pursuant to the
procedures described below.  Such notice shall state:

       

      (1) that the
Change of Control Offer is being made pursuant to this Section 4.09 and
that all Notes tendered and not withdrawn will be accepted for
payment;

       

      (2) the
purchase price (including the amount of accrued interest) and the Change of
Control Payment Date;

       

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

       

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

       

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

       

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

       

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

       

      On or
before the Change of Control Payment Date, the Issuer will, to the extent
lawful:

       

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

       

      (ii) deposit
with the Paying Agent U.S. Legal Tender sufficient to pay the Change of Control
Purchase Price in respect of all Notes or portions thereof so tendered;
and

       

      (iii) deliver
or cause to be delivered to the Trustee the Notes so accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or
portions thereof being purchased by the Issuer.

       

      
        
           

        

        
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      The
Paying Agent will promptly mail to each Holder of Notes so tendered the Change
of Control Purchase Price 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
Issuer will publicly announce the results of the Change of Control Offer on or
as soon as practicable after the Change of Control Payment Date.

       

      The
Issuer will not be required to make a Change of Control Offer upon a Change of
Control if a third party makes the Change of Control Offer in the manner, at the
times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Issuer and
purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer.

       

      The
Issuer shall cause the Change of Control Offer to remain open for at least 20
Business Days or for such longer period as may be required by law.

       

      The
Issuer will comply, and will cause any third party making a Change of Control
Offer to comply, with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with a Change of Control
Offer.  To the extent the provisions of any applicable securities laws
or regulations conflict with the provisions of this Section 4.09, the
Issuer will not be deemed to have breached their obligations under this
Section 4.09 by virtue of complying with such laws or
regulations.

       

      Section 4.10 Limitations on Additional
Indebtedness.

       

      (a) The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, incur any Indebtedness; provided that the Issuer or
any Guarantor may incur additional Indebtedness, and any Restricted Subsidiary
may incur Acquired Indebtedness, in each case, if, after giving effect thereto,
the Consolidated Interest Coverage Ratio would be at least 2.00 to 1.00 (the “
 
Coverage Ratio
Exception”).

       

      (b) Notwithstanding
Section 4.10(a), each of the following shall be permitted (the “
 
Permitted
Indebtedness”):

       

      (1) Indebtedness
of the Issuer or any Guarantor under the Credit Facilities (including, without
limitation, the Senior Secured Notes) in an aggregate amount at any time
outstanding not to exceed the sum of (a) the greater of (i) $250.0 million and
(ii) the Borrowing Base as of the date of such incurrence and (b) the greater of
(i) $725.0 million less, to the extent a permanent repayment and/or commitment
reduction is required thereunder as a result of such application, the aggregate
amount of Net Available Proceeds applied to repayments under the Credit
Facilities in accordance

       

      
        
           

        

        
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      with
Section 4.13 and (ii) the amount that is 3.0 times Consolidated Cash Flow
for the Four-Quarter Period;

       

      (2) the Notes
issued on the Issue Date and the Note Guarantees and the Exchange Notes and the
Note Guarantees in respect thereof to be issued pursuant to the Registration
Rights Agreement;

       

      (3) Indebtedness
of the Issuer and the Restricted Subsidiaries to the extent outstanding on the
Issue Date including, without limitation, the Old Notes (other than Indebtedness
referred to in clauses (1) and (2) above, and after giving effect to
the transactions contemplated by the Offering Memorandum);

       

      (4) Indebtedness
under Hedging Obligations of the Issuer or any Restricted Subsidiary not for the
purpose of speculation; provided that if such Hedging
Obligations relate to Indebtedness of the type described in clause (1) of
the definition of Indebtedness, (a) such Hedging Obligations relate to
payment obligations on Indebtedness otherwise permitted to be incurred by this
Section 4.10, and (b) the notional principal amount of such Hedging
Obligations at the time incurred does not exceed the principal amount of the
Indebtedness to which such Hedging Obligations relate;

       

      (5) Indebtedness
of the Issuer owed to a Restricted Subsidiary and Indebtedness of any Restricted
Subsidiary owed to the Issuer or any other Restricted Subsidiary; provided, however, that upon any such
Restricted Subsidiary ceasing to be a Restricted Subsidiary or such Indebtedness
being owed to any Person other than the Issuer or a Restricted Subsidiary, the
Issuer or such Restricted Subsidiary, as applicable, shall be deemed to have
incurred Indebtedness not permitted by this clause (5);

       

      (6) Indebtedness
in respect of bid, performance, surety bonds and workers’ compensation claims,
self-insurance obligations and bankers acceptances issued for the account of the
Issuer or any Restricted Subsidiary in the ordinary course of business,
including guarantees or obligations of the Issuer or any Restricted Subsidiary
with respect to letters of credit supporting such bid, performance, surety bonds
and workers’ compensation claims, self-insurance obligations and bankers
acceptances;

       

      (7) Purchase
Money Indebtedness incurred by the Issuer or any Restricted Subsidiary, and
Refinancing Indebtedness thereof, in an aggregate amount not to exceed at any
time outstanding $25.0 million;

       

      (8) Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument inadvertently (except in the case of daylight
overdrafts) drawn against insufficient funds in the ordinary course of business;
provided, however, that such
Indebtedness is extinguished within five Business Days of
incurrence;

       

      (9) Indebtedness
arising in connection with endorsement of instruments for deposit in the
ordinary course of business;

       

      
        
           

        

        
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      (10) Refinancing
Indebtedness with respect to Indebtedness incurred pursuant to the Coverage
Ratio Exception, clause (2), (3), (11)(B) or (13)(B) of this
Section 4.10(b) or this clause (10); provided, however, that this clause
(10) may not be used to refinance the Old Notes;

       

      (11) (A) Acquired
Indebtedness of the Issuer or any Restricted Subsidiary, and Refinancing
Indebtedness thereof, in an aggregate amount not to exceed $20.0 million at any
time outstanding and (B) Acquired Indebtedness of the Issuer or any
Restricted Subsidiary assumed or acquired in connection with a transaction
governed by, and effected in accordance with, Section 5.01(a);

       

      (12) Indemnification,
adjustment of purchase price, earn-out or similar obligations, in each case,
incurred or assumed in connection with the acquisition or disposition of any
business or assets of the Issuer or any Restricted Subsidiary or Equity
Interests of a Restricted Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or
Capital Stock for the purpose of financing any such acquisition; provided that the maximum
aggregate liability in respect of all such obligations outstanding under this
clause (12) shall at no time exceed (a) in the case of an acquisition,
$10.0 million (provided
that the amount of such liability shall be deemed to be the amount thereof, if
any, reflected on the balance sheet of the Issuer or any Restricted Subsidiary
(e.g., the amount of such liability shall be deemed to be zero if no amount is
reflected on such balance sheet)) and (b) in the case of a disposition, the
gross proceeds actually received by the Issuer and the Restricted Subsidiaries
in connection with such disposition;

       

      (13) (A) Indebtedness
of Foreign Subsidiaries in an aggregate amount not to exceed $30.0 million at
any time outstanding and (B) Indebtedness of Foreign Subsidiaries if, after
giving effect thereto the Consolidated Interest Coverage Ratio (with the
references to the Issuer and the Restricted Subsidiaries in the definitions used
in the calculation thereof being to Foreign Subsidiaries (other than
Unrestricted Subsidiaries)) of all Foreign Subsidiaries would be at least 2.00
to 1.00; provided that
Indebtedness under this clause (13) may be incurred under any Credit
Facility;

       

      (14) Indebtedness
of the Issuer or any Restricted Subsidiary incurred in the ordinary course of
business under guarantees of Indebtedness of suppliers, licensees, franchisees
or customers in an aggregate amount, together with the aggregate amount of
Investments under clause (13) of the definition of “Permitted
Investment,” not to exceed $5.0 million at any time outstanding;
and

       

      (15) Indebtedness
of the Issuer or any Restricted Subsidiary in an aggregate amount not to exceed
$25.0 million at any time outstanding.

       

      (c) For
purposes of determining compliance with this Section 4.10, in the event
that an item of Indebtedness meets the criteria of more than one of the
categories of Permitted Indebtedness described in clauses (1) through (15)
above or is entitled to be incurred

       

      
        
           

        

        
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      pursuant
to the Coverage Ratio Exception, the Issuer shall classify and may reclassify,
in its sole discretion, such item of Indebtedness and may divide, classify and
reclassify such Indebtedness in more than one of the types of Indebtedness
described, except that Indebtedness incurred under the Credit Facilities on the
Issue Date shall be deemed to have been incurred under clause (1) above. In
addition, for purposes of determining any particular amount of Indebtedness
under this covenant, guarantees, Liens or letter of credit obligations
supporting Indebtedness otherwise included in the determination of such
particular amount shall not be included so long as incurred by a Person that
could have incurred such Indebtedness.

       

      Section 4.11 Limitations on Restricted
Payments.

       

      (a) The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, make any Restricted Payment if at the time of such Restricted
Payment:

       

      (1) a Default
shall have occurred and be continuing or shall occur as a consequence
thereof;

       

      (2) the
Issuer cannot incur $1.00 of additional Indebtedness pursuant to the Coverage
Ratio Exception; or

       

      (3) the
amount of such Restricted Payment, when added to the aggregate amount of all
other Restricted Payments made after the Issue Date (other than Restricted
Payments made pursuant to clause (2), (3), (4), (5), (6), (7) or (8) of
Section 4.11(b)), exceeds the sum (the “
 
Restricted Payments
Basket”) of (without duplication):

       

      (a) 50% of
Consolidated Net Income for the period (taken as one accounting period)
commencing on January 1, 2004 to and including the last day of the fiscal
quarter ended immediately prior to the date of such calculation for which
consolidated financial statements are available (or, if such Consolidated Net
Income shall be a deficit, minus 100% of such aggregate deficit),
plus

       

      (b) 100% of
the aggregate net cash proceeds received by the Issuer and 100% of the Fair
Market Value at the time of receipt of assets other than cash, if any, received
by the Issuer, either (x) as contributions to the common equity of the
Issuer after June 9, 2008 or (y) from the issuance and sale of Qualified
Equity Interests after June 9, 2008, other than (A) any such proceeds which are
used to redeem Notes in accordance with Section 6(a) of the Notes, (B) any such
proceeds or assets received from a Subsidiary of the Issuer or (C) any Old Notes
received in the Note Contribution, plus

       

      (c) the
aggregate amount by which Indebtedness (other than any Subordinated
Indebtedness) incurred by the Issuer or any Restricted Subsidiary subsequent to
June 9, 2008 is reduced on the Issuer’s balance sheet upon the conversion or
exchange (other than by a Subsidiary of the Issuer or in connection with the
Note Contribution) into Qualified Equity Interests (or a

       

      
        
           

        

        
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      capital
contribution in respect of Qualified Equity Interests) (less the amount of any
cash, or the fair value of assets, distributed by the Issuer or any Restricted
Subsidiary upon such conversion or exchange), plus

       

      (d) in the
case of the disposition or repayment of or return on any Investment that was
treated as a Restricted Payment made after June 9, 2008, an amount (to the
extent not included in the computation of Consolidated Net Income) equal to the
lesser of (i) 100% of the aggregate amount received by the Issuer or any
Restricted Subsidiary in cash or other property (valued at the Fair Market Value
thereof) as the return of capital with respect to such Investment and
(ii) the amount of such Investment that was treated as a Restricted
Payment, plus

       

      (e) upon a
Redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the
lesser of (i) the Fair Market Value of the Issuer’s proportionate interest
in such Subsidiary immediately following such Redesignation, and (ii) the
aggregate amount of the Issuer’s Investments in such Subsidiary to the extent
such Investments reduced the Restricted Payments Basket and were not previously
repaid or otherwise reduced.

       

      (b) The
foregoing provisions will not prohibit:

       

      (1) (the
payment by the Issuer or any Restricted Subsidiary of any dividend within 60
days after the date of declaration thereof, if on the date of declaration the
payment would have complied with the provisions of this Indenture;

       

      (2) the
redemption of any Equity Interests of the Issuer or any Restricted Subsidiary in
exchange for, or out of the proceeds of the substantially concurrent issuance
and sale of, or a capital contribution in respect of, Qualified Equity
Interests;

       

      (3) the
redemption of Subordinated Indebtedness of the Issuer or any Restricted
Subsidiary (a) in exchange for, or out of the proceeds of the substantially
concurrent issuance and sale of, or a capital contribution in respect of,
Qualified Equity Interests, (b) in exchange for, or out of the proceeds of
the substantially concurrent incurrence of, Refinancing Indebtedness permitted
to be incurred under Section 4.10 and the other terms of this Indenture or
(c) upon a Change of Control or in connection with an Asset Sale to the
extent required by the agreement governing such Subordinated Indebtedness but
only if the Issuer shall have complied with Section 4.09 and
Section 4.13 and purchased all Notes validly tendered pursuant to the
relevant offer prior to redeeming such Subordinated Indebtedness;

       

      (4) payments
by the Issuer or to Parent to permit Parent or Holdings, and which are used by
Parent or Holdings, to redeem Equity Interests of the Issuer, Parent or Holdings
held by officers, directors or employees or former officers, directors or
employees (or their transferees, estates or beneficiaries under their estates),
upon their death, disability, retirement, severance or termination of employment
or

       

      
        
           

        

        
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      service;
provided that the
aggregate cash consideration paid for all such redemptions shall not exceed the
sum of (A) $5.0 million during any calendar year (with unused amounts being
available to be used in the following calendar year, but not in any succeeding
calendar year) plus (B) the amount of any net cash proceeds received by or
contributed to the Issuer from the issuance and sale after the Issue Date of
Qualified Equity Interests of Holdings, Parent or the Issuer to its officers,
directors or employees that have not been applied to the payment of Restricted
Payments pursuant to this clause (4), plus (C) the net cash proceeds of any
“key-man” life insurance policies that have not been applied to the payment of
Restricted Payments pursuant to this clause (4);

       

      (5) payments
to Parent permitted pursuant to clauses (3) or (4) of
Section 4.14(b);

       

      (6) repurchases
of Equity Interests deemed to occur upon the exercise of stock options if the
Equity Interests represent a portion of the exercise price thereof;

       

      (7) distributions
to Parent in order to enable Parent or Holdings to pay customary and reasonable
costs and expenses of an offering of securities of Parent or Holdings that is
not consummated; or

       

      (8) additional
Restricted Payments of $20.0 million;

       

      provided that (a) in the
case of any Restricted Payment pursuant to clause (3)(c) above, no Default shall
have occurred and be continuing or occur as a consequence thereof and
(b) no issuance and sale of Qualified Equity Interests pursuant to clause
(2), (3) or (4)(B) above shall increase the Restricted Payments
Basket.

       

      Section 4.12 Limitations on
Liens.

       

      The
Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, create, incur, assume or permit or suffer to exist any Lien of any
nature whatsoever securing any Indebtedness against any assets of the Issuer or
any Restricted Subsidiary (including Equity Interests of a Restricted
Subsidiary), whether owned at the Issue Date or thereafter acquired, or any
proceeds therefrom, or assign or otherwise convey any right to receive income or
profits therefrom to holders of Indebtedness or their agent (in each case, other
than Permitted Liens), unless contemporaneously therewith:

       

      (1) in the
case of any Lien securing an obligation that ranks pari passu with the Notes or
a Note Guarantee, effective provision is made to secure the Notes or such Note
Guarantee, as the case may be, at least equally and ratably with or prior to
such obligation with a Lien on the same collateral; and

       

      (2) in the
case of any Lien securing an obligation that is subordinated in right of payment
to the Notes or a Note Guarantee, effective provision is made to secure the
Notes or such Note Guarantee, as the case may be, with a Lien on the same
collateral that is prior to the Lien securing such subordinated
obligation,

       

      
        
           

        

        
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      (3) in each
case, for so long as such obligation is secured by such Lien.

       

      Section 4.13 Limitations on Asset
Sales.

       

      (a) The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, consummate any Asset Sale unless:

       

      (1) the
Issuer or such Restricted Subsidiary receives consideration at the time of such
Asset Sale at least equal to the Fair Market Value of the assets included in
such Asset Sale; and

       

      (2) either
(x) at least 75% of the total consideration received in such Asset Sale
consists of cash or Cash Equivalents or (y) the cash or Cash Equivalents
portion (without giving effect to Section 4.13(b)(3)) of the total
consideration received in such Asset Sale shall be no less than an amount equal
to the product of (A) 5.25 and (B) the portion of Consolidated Cash
Flow for the Four-Quarter Period directly attributable to the assets included in
such Asset Sale.

       

      (b) For
purposes of clause (2) of Section 4.13(a), the following shall be
deemed to be cash:

       

      (1) the
amount (without duplication) of any Indebtedness (other than Subordinated
Indebtedness) of the Issuer or such Restricted Subsidiary that is expressly
assumed by the transferee in such Asset Sale and with respect to which the
Issuer or such Restricted Subsidiary, as the case may be, is unconditionally
released by the holder of such Indebtedness,

       

      (2) the
amount of any obligations received from such transferee that are within 90 days
converted by the Issuer or such Restricted Subsidiary to cash (to the extent of
the cash actually so received), and

       

      (3) the Fair
Market Value of (i) any assets (other than securities) received by the
Issuer or any Restricted Subsidiary to be used by it in the Permitted Business,
(ii) Equity Interests in a Person that is a Restricted Subsidiary or in a
Person engaged in a Permitted Business that shall become a Restricted Subsidiary
immediately upon the acquisition of such Person by the Issuer or (iii) a
combination of (i) and (ii).

       

      (c) If at any
time any non-cash consideration received by the Issuer or any Restricted
Subsidiary, as the case may be, pursuant to Section 4.13(b)(2) in
connection with any Asset Sale is repaid or converted into or sold or otherwise
disposed of for cash (other than interest received with respect to any such
non-cash consideration), then the date of such repayment, conversion or
disposition shall be deemed to constitute the date of an Asset Sale hereunder
and the Net Available Proceeds thereof shall be applied in accordance with this
Section 4.13.

       

      
        
           

        

        
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      (d) If the
Issuer or any Restricted Subsidiary engages in an Asset Sale, the Issuer or such
Restricted Subsidiary shall, by no later than 12 months following the later of
the consummation thereof and the Issuer’s or Restricted Subsidiary’s receipt of
the Net Available Proceeds, have applied all or any of the Net Available
Proceeds therefrom to:

       

      (1) repay
Senior Debt or Guarantor Senior Debt, and in the case of any such repayment
under any revolving credit facility, effect a permanent reduction in the
availability under such revolving credit facility;

       

      (2) repay any
Indebtedness which was secured by the assets sold in such Asset Sale;
and/or

       

      (3) 

(A) invest in the purchase of assets (other than securities) to be used by
the Issuer or any Restricted Subsidiary in the Permitted Business,
(B) acquire Equity Interests in a Person that is a Restricted Subsidiary or
in a Person engaged in a Permitted Business that shall become a Restricted
Subsidiary immediately upon the consummation of such acquisition or (C) a
combination of (A) and (B); provided that the Issuer or
such Restricted Subsidiary shall be deemed to have applied Net Available
Proceeds in accordance with this clause (3) within such 12-month period if,
within such 12-month period, it has entered into a binding commitment or
agreement to invest such Net Available Proceeds and continues to use all
reasonable efforts to so apply such Net Available Proceeds as soon as
practicable thereafter; provided, further, that upon any
abandonment or termination of such commitment or agreement, the Net Available
Proceeds not applied will constitute Excess Proceeds (as defined below). In
addition, following the entering into of a binding agreement with respect to an
Asset Sale and prior to the consummation thereof, cash (whether or not actual
Net Available Proceeds of such Asset Sale) used for the purposes described in
subclause (A), (B) and (C) of this clause (3) that are designated
as uses in accordance with this clause (3), and not previously or subsequently
so designated in respect of any other Asset Sale, shall be deemed to be Net
Available Proceeds applied in accordance with this clause (3).

       

      The
amount of Net Available Proceeds not applied or invested as provided in this
Section 4.13(d) will constitute “
 Excess
Proceeds.”

       

      (e) When the
aggregate amount of Excess Proceeds equals or exceeds $15.0 million, the Issuer
will be required to make an offer to purchase from all Holders and, if
applicable, redeem (or make an offer to do so) any Pari Passu Indebtedness of
the Issuer the provisions of which require the Issuer to redeem such
Indebtedness with the proceeds from any Asset Sales (or offer to do so), in an
aggregate principal amount of Notes and such Pari Passu Indebtedness equal to
the amount of such Excess Proceeds as follows:

       

      (1) the
Issuer will (a) make an offer to purchase (a “
 
Net Proceeds Offer”)
to all Holders in accordance with the procedures set forth in this Indenture,
and (b) redeem (or make an offer to do so) any such other Pari Passu
Indebtedness, pro rata
in proportion to the respective principal amounts of the Notes and

       

      
        
           

        

        
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      such
other Indebtedness required to be redeemed, the maximum principal amount of
Notes and Pari Passu Indebtedness that may
be redeemed out of the amount (the “

Payment Amount”) of
such Excess Proceeds;

       

      (2) the offer
price for the Notes will be payable in cash in an amount equal to 100% of the
principal amount of the Notes tendered pursuant to a Net Proceeds Offer, plus
accrued and unpaid interest thereon, if any, to the date such Net Proceeds Offer
is consummated (the “
 
Offered Price”), in
accordance with the procedures set forth in this Indenture and the Redemption
Price or the offer price for such Pari Passu Indebtedness (the “
 
Pari Passu Indebtedness
Price”) shall be as set forth in the related documentation governing such
Indebtedness;

       

      (3) if the
aggregate Offered Price of Notes validly tendered and not withdrawn by Holders
thereof exceeds the pro
rata portion of the Payment Amount allocable to the Notes, Notes to be
purchased will be selected on a pro rata basis;
and

       

      (4) upon
completion of such Net Proceeds Offer in accordance with the foregoing
provisions, the amount of Excess Proceeds with respect to which such Net
Proceeds Offer was made shall be deemed to be zero.

       

      (f) To the
extent that the sum of the aggregate Offered Price of Notes tendered pursuant to
a Net Proceeds Offer and the aggregate Pari Passu Indebtedness Price paid to the
holders of such Pari Passu Indebtedness is less than the Payment Amount relating
thereto (such shortfall constituting a “
 
Net Proceeds
Deficiency”), the Issuer may use the Net Proceeds Deficiency, or a
portion thereof, for general corporate purposes, subject to the provisions of
this Indenture.

       

      (g) In the
event of the transfer of substantially all (but not all) of the assets of the
Issuer and the Restricted Subsidiaries as an entirety to a Person in a
transaction covered by and effected in accordance with Article V other than
a transaction meeting the requirements of Section 5.01(a)(3)(a), the
successor shall be deemed to have sold for cash at Fair Market Value the assets
of the Issuer and the Restricted Subsidiaries not so transferred for purposes of
this Section 4.13, and shall comply with the provisions of this
Section 4.13 with respect to such deemed sale as if it were an Asset Sale
(with such Fair Market Value being deemed to be Net Available Proceeds for such
purpose).

       

      (h) Upon the
commencement of a Net Proceeds Offer, the Issuer shall send, by first class
mail, a notice to the Trustee and to each Holder at is registered
address.  The notice shall contain all instructions and materials
necessary to enable such Holder to tender Notes pursuant to the Net Proceeds
Offer.  Any Net Proceeds Offer shall be made to all
Holders.  The notice, which shall govern the terms of the Net Proceeds
Offer, shall state:

       

      (1) that the
Net Proceeds Offer is being made pursuant to this Section;

       

      (2) the
Payment Amount, the Offered Price, and the date on which Notes tendered and
accepted for payment shall be purchased, which date shall be

       

      
        
           

        

        
          60

          
            

          

        

        
           

        

      

      at least
30 days and not later than 60 days from the date such notices is mailed (the “
 
Net Proceeds Payment
Date”);

       

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

       

      (4) that,
unless the Issuer defaults in making such payment, any Notes accepted for
payment pursuant to the Net Proceeds Offer shall cease to accrue interest on and
after the Net Proceeds Payment Date;

       

      (5) that
Holders electing to have any Notes purchased pursuant to any Net Proceeds Offer
shall be required to surrender the Notes, with the form entitled “Option of
Holder to Elect Purchase” on the reverse of the Note completed, or transfer by
book-entry transfer, to the Issuer, a depository, if appointed by the Issuer, or
the Paying Agent at the address specified in the notice at least three days
before the Net Proceeds Payment Date;

       

      (6) that
Holders shall be entitled to withdraw their election if the Issuer, the
Depository or the Paying Agent, as the case may be, receives, not later than the
Net Proceeds Payment Date, a notice 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;

       

      (7) that if
the aggregate principal amount of Notes surrendered by Holders exceeds the
Payment Amount, the Issuer shall select the Notes to be purchased on a pro rata basis (with such
adjustments as may be deemed appropriate by the Issuer so that only Notes in
denominations of $2,000, or an integral multiple of $1,000 in excess thereof,
shall be purchased); and

       

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

       

      (i) On the
Net Proceeds Payment Date, the Issuer shall, to the extent
lawful:  (1) accept for payment all Notes or portions thereof
properly tendered pursuant to the Net Proceeds Offer, subject to pro ration if
the aggregate Notes tendered exceed the Payment Amount allocable to the Notes;
(2) deposit with the Paying Agent U.S. Legal Tender equal to the lesser of
the Payment Amount allocable to the Notes and the amount sufficient to pay the
Offered Price in respect of all Notes or portions thereof so tendered; and
(3) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officers’ Certificate stating the aggregate principal amount of
Notes or portions thereof being repurchased by the Issuer. The Issuer shall
publicly announce the results of the Net Proceeds Offer on the Net Proceeds
Payment Date.

       

      (j) The
Paying Agent shall promptly mail to each Holder of Notes so tendered the Offered
Price for such Notes, and the Trustee shall promptly authenticate pursuant to an
Authentication Order and mail (or cause to be transferred by book-entry) to each
Holder a new Note equal in principal amount to any unrepurchased portion of the
Notes surrendered, if

       

      
        
           

        

        
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      any;
provided that each such
new Note shall be in principal amount of $2,000 or an integral multiple of
$1,000 in excess thereof.  However, if the Net Proceeds Payment Date
is on or after an interest record date and on or before the related Interest
Payment Date, any accrued and unpaid interest shall 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 shall be payable to Holders who tender Notes pursuant
to the Net Proceeds Offer.

       

      (k) The
Issuer will comply with applicable tender offer rules, including the
requirements of Rule 14e-1 under the Exchange Act and any other applicable laws
and regulations in connection with the purchase of Notes pursuant to a Net
Proceeds Offer.  To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Section 4.13, the
Issuer shall comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under this Section 4.13 by
virtue of this compliance.

       

      Section 4.14 Limitations on Transactions
with Affiliates.

       

      (a) The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, in one transaction or a series of related transactions, sell, lease,
transfer or otherwise dispose of any of its assets to, or purchase any assets
from, or enter into any contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate (an “
 
Affiliate
Transaction”), unless:

       

      (1) such
Affiliate Transaction is on terms that are no less favorable to the Issuer or
the relevant Restricted Subsidiary than those that would have been obtained in a
comparable transaction at such time on an arm’s-length basis by the Issuer or
that Restricted Subsidiary from a Person that is not an Affiliate of the Issuer
or that Restricted Subsidiary; and

       

      (2) the
Issuer delivers to the Trustee:

       

      (x)           with
respect to any Affiliate Transaction involving aggregate value in excess of $5.0
million, an Officers’ Certificate certifying that such Affiliate Transaction
complies with clause (1) above and (x) a Secretary’s Certificate which
sets forth and authenticates a resolution that has been adopted by a majority of
the directors of the Issuer who are disinterested with respect to such Affiliate
Transaction, approving such Affiliate Transaction or (y) if there are no
such disinterested directors, a written opinion described in clause
(y) below; and

       

      (y)           with
respect to any Affiliate Transaction involving aggregate value of $20.0 million
or more, the certificates described in the preceding clause (x) and a
written opinion as to the fairness of such Affiliate Transaction to the Issuer
or such Restricted Subsidiary from a financial point of view issued by an
Independent Financial Advisor to the Board of Directors of the
Issuer.

       

      
        
           

        

        
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      (b) The
foregoing restrictions shall not apply to:

       

      (1) transactions
exclusively between or among (a) the Issuer and one or more Restricted
Subsidiaries or (b) Restricted Subsidiaries; provided, in each case, that
no Affiliate of the Issuer (other than another Restricted Subsidiary) owns
Equity Interests of any such Restricted Subsidiary;

       

      (2) reasonable
director, officer and employee compensation (including bonuses) and other
benefits (including retirement, health, stock option and other benefit plans),
indemnification arrangements, compensation, employment and severance agreements,
in each case approved by the Board of Directors;

       

      (3) the
entering into of a tax sharing agreement, or payments pursuant thereto, between
the Issuer and/or one or more Subsidiaries, on the one hand, and any other
Person with which the Issuer or such Subsidiaries are required or permitted to
file a consolidated tax return or with which the Issuer or such Subsidiaries are
part of a consolidated group for tax purposes, on the other hand, which payments
by the Issuer and the Restricted Subsidiaries are not in excess of the tax
liabilities that would have been payable by them on a stand-alone
basis;

       

      (4) payments
by the Issuer to or on behalf of Parent in an amount sufficient to pay
out-of-pocket legal, accounting and filing and other general corporate overhead
costs of Parent actually incurred by Parent, in any case in an aggregate amount
not to exceed $500,000 in any calendar year;

       

      (5) loans and
advances permitted by clause (3) of the definition of “Permitted
Investment”;

       

      (6) payments
to Sponsor or an Affiliate or Related Party thereof in respect of management and
consulting services rendered to the Issuer and the Restricted Subsidiaries in
the amounts and at the times specified or permitted in the Advisory Agreement,
as in effect on the Issue Date or as thereafter amended, extended, renewed or
replaced in any manner, that, taken as a whole, is not more adverse to the
interests of the Holders in any material respect than such agreement as it was
in effect on the date the Advisory Agreement was entered into; provided that no Default
described in Section 6.01(1), (2), (3), (7) or (8) shall have occurred and
be continuing or occur as a consequence thereof;

       

      (7) any
Restricted Payments which are made in accordance with
Section 4.11;

       

      (8) entering
into an agreement that provides registration rights to the shareholders of the
Issuer, Parent or Holdings or amending any such agreement with shareholders of
the Issuer, Parent or Holdings and the performance of such
agreements;

       

      
        
           

        

        
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      (9) any
transaction with a joint venture or similar entity which would constitute an
Affiliate Transaction solely because the Issuer or a Restricted Subsidiary owns
an equity interest in or otherwise controls such joint venture or similar
entity; provided that
no Affiliate of the Issuer or any of its Subsidiaries other than the Issuer or a
Restricted Subsidiary shall have a beneficial interest in such joint venture or
similar entity;

       

      (10) any
merger, consolidation or reorganization of the Issuer with an Affiliate, solely
for the purposes of (a) reorganizing to facilitate an initial public
offering of securities of the Issuer, Parent, Holdings or other holding company,
(b) forming a holding company or (c) reincorporating the Issuer in a
new jurisdiction;

       

      (11)  (a) any
transaction with an Affiliate where the only consideration paid by the Issuer or
any Restricted Subsidiary is Qualified Equity Interests or (b) the issuance
or sale of any Qualified Equity Interests;

       

      (12)  (a) any
agreement in effect on the Issue Date (other than the Advisory Agreement) and
disclosed in the Offering Memorandum, as in effect on the Issue Date or as
thereafter amended or replaced in any manner, that, taken as a whole, is not
more adverse to the interests of the Holders in any material respect than such
agreement as it was in effect on the Issue Date or (b) any transaction
pursuant to any agreement referred to in the immediately preceding clause (a);
or

       

      (13) any
Investment in an Unrestricted Subsidiary; provided that no Affiliate of
the Issuer or any of its Subsidiaries other than the Issuer or a Restricted
Subsidiary shall have a beneficial interest in such Unrestricted
Subsidiary.

       

      Section 4.15 Limitations on Dividend and
Other Restrictions Affecting Restricted Subsidiaries.

       

      The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any
Restricted Subsidiary to:

       

      (a) pay
dividends or make any other distributions on or in respect of its Equity
Interests;

       

      (b) make
loans or advances or pay any Indebtedness or other obligation owed to the Issuer
or any other Restricted Subsidiary; or

       

      (c) transfer
any of its assets to the Issuer or any other Restricted Subsidiary;

       

      except
for:

       

      
        
           

        

        
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      (1) encumbrances
or restrictions existing under or by reason of applicable law, regulation or
order;

       

      (2) encumbrances
or restrictions existing under this Indenture, the Notes and the Note
Guarantees;

       

      (3) non-assignment
provisions of any contract or any lease entered into in the ordinary course of
business;

       

      (4) encumbrances
or restrictions existing under agreements existing on the date of this Indenture
(including, without limitation, the Credit Facilities) as in effect on that
date;

       

      (5) restrictions
relating to any Lien permitted under this Indenture imposed by the holder of
such Lien;

       

      (6) restrictions
imposed under any agreement to sell assets permitted under this Indenture to any
Person pending the closing of such sale;

       

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

       

      (8) any other
agreement governing Indebtedness entered into after the Issue Date that contains
encumbrances and restrictions that are not materially more restrictive with
respect to any Restricted Subsidiary than those in effect on the Issue Date with
respect to that Restricted Subsidiary pursuant to agreements in effect on the
Issue Date;

       

      (9) customary
provisions in partnership agreements, limited liability company organizational
governance documents, joint venture, asset sale and stock sale agreements and
other similar agreements entered into in the ordinary course of business that
restrict the transfer of ownership interests in such partnership, limited
liability company, joint venture or similar Person;

       

      (10) Purchase
Money Indebtedness incurred in compliance with Section 4.10 that impose
restrictions of the nature described in clause (c) above on the assets
acquired;

       

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

       

      (12) encumbrances
or restrictions contained in security agreements or mortgages securing
Indebtedness of a Restricted Subsidiary to the extent such encumbrances or
restrictions restrict the transfer of assets subject to such security agreements
or mortgages;

       

      
        
           

        

        
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      (13) encumbrances
or restrictions contained in Indebtedness of Foreign Subsidiaries, or municipal
loan or related agreements entered into in connection with the incurrence of
industrial revenue bonds, permitted to be incurred under this Indenture; provided that any such
encumbrances or restrictions are ordinary and customary with respect to the type
of Indebtedness being incurred under the relevant circumstances and do not, in
the good faith judgment of the Board of Directors of the Issuer, materially
impair the Issuer’s ability to make payment on the Notes when due;
and

       

      (14) any
encumbrances or restrictions imposed by any amendments or refinancings of the
contracts, instruments or obligations referred to in clauses (1)  through
(13) above; provided
that such amendments or refinancings are no more materially restrictive with
respect to such encumbrances and restrictions than those prior to such amendment
or refinancing.

       

      Section 4.16 Additional Note
Guarantees.

       

      (a) If, after
the Issue Date, any Restricted Subsidiary (including any newly formed, newly
acquired or newly Designated Restricted Subsidiary) (other than any Foreign
Subsidiary) guarantees any Indebtedness under any Credit Facility, then the
Issuer shall cause such Restricted Subsidiary to:

       

      (1) execute
and deliver to the Trustee (a) a supplemental indenture pursuant to which such
Restricted Subsidiary shall unconditionally guarantee all of the Issuer’s
obligations under the Notes and this Indenture and (b) a notation of guarantee
in respect of its Note Guarantee; and

       

      (2) deliver
to the Trustee one or more opinions of counsel that such supplemental indenture
(a) has been duly authorized, executed and delivered by such Restricted
Subsidiary and (b) constitutes a valid and legally binding obligation of
such Restricted Subsidiary in accordance with its terms.

       

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

       

      (b) Notwithstanding
Section 4.16(a), a Subsidiary Guarantor will be automatically and
unconditionally released and discharged from its obligations under its Note
Guarantee, this Indenture and the Registration Rights Agreement under the
circumstances set forth in Section 11.05.  The form of the Note
Guarantee is attached hereto as Exhibit F.

       

      Section 4.17 Limitations on Layering
Indebtedness.

       

      The
Issuer will not, and will not permit any Subsidiary Guarantor to, directly or
indirectly, incur or suffer to exist any Indebtedness that is or purports to be
by its terms (or by the terms of any agreement governing such Indebtedness)
senior in right of payment to the Notes or the Note Guarantee of such Subsidiary
Guarantor and subordinated in right of payment to any other Indebtedness of the
Issuer or of such Subsidiary Guarantor, as the case may be.  Unsecured
Indebtedness will not be treated as subordinated or junior to secured
Indebtedness merely

       

      
        
           

        

        
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      because
it is unsecured and secured Indebtedness will not be treated as subordinated or
junior to any other secured Indebtedness merely because it has a junior priority
with respect to the same collateral or by virtue of the fact that the holders of
such Indebtedness have entered into intercreditor agreements or other
arrangements giving one or more of such holders priority over the other holders
in the collateral held by them.

       

      Section 4.18 Reports to
Holders.

       

      Whether
or not required by the SEC, so long as any Notes are outstanding, the Issuer
will furnish to the Holders of Notes, or file electronically with the SEC
through the SEC’s Electronic Data Gathering, Analysis and Retrieval System (or
any successor system), within the time periods that would be applicable to the
Issuer if it were subject to Section 13(a) or 15(d) of the Exchange
Act:

       

      (1) all
quarterly and annual financial and other information that would be required to
be contained in a filing with the SEC on Forms 10-Q and 10-K if the Issuer were
required to file these Forms; and

       

      (2) all
current reports that would be required to be filed with the SEC on Form 8-K if
the Issuer were required to file these reports.

       

      In
addition, whether or not required by the SEC, the Issuer will file a copy of all
of the information and reports referred to in clauses (1) and
(2) above with the SEC for public availability within the time periods
specified in the SEC’s rules and regulations (unless the SEC will not accept the
filing) and make the information available to securities analysts and
prospective investors upon request.

       

      Notwithstanding
anything to the contrary, the Issuer will be deemed to have complied with its
obligations in the preceding two paragraphs following the filing of the Exchange
Offer Registration Statement and prior to the effectiveness thereof if the
Exchange Offer Registration Statement includes the information specified in
clause (1) above at the times it would otherwise be required to file such
Forms.  If Parent has complied with the reporting requirements of
Section 13 or 15(d) of the Exchange Act, if applicable, and has furnished
the Holders of Notes, or filed electronically with the SEC’s Electronic Data
Gathering, Analysis and Retrieval System (or any successor system), the reports
described herein with respect to Parent (including any financial information
required by Regulation S-X relating to the Issuer and the Subsidiary
Guarantors), the Issuer shall be deemed to be in compliance with the provisions
of this Section 4.18.

       

      The
Issuer and the Guarantors have agreed that, for so long as any Notes remain
outstanding, the Issuer will furnish to the Holders and to securities analysts
and prospective investors, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act.

       

      
        
           

        

        
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      Section 4.19 Limitations on Designation
of Unrestricted Subsidiaries.

       

      (a) The
Issuer may designate any Subsidiary (including any newly formed or newly
acquired Subsidiary) of the Issuer as an “Unrestricted Subsidiary” under this
Indenture (a “
 
Designation”) only
if:

       

      (1) no
Default shall have occurred and be continuing at the time of or after giving
effect to such Designation; and

       

      (2) either
(A) the Subsidiary to be so Designated has total assets of $1,000 or less;
or (B) the Issuer would be permitted to make, at the time of such
Designation, (x) a Permitted Investment or (y) an Investment pursuant
to Section 4.11(a), in either case, in an amount (the “

Designation Amount”)
equal to the Fair Market Value of the Issuer’s proportionate interest in such
Subsidiary on such date.

       

      (b) No
Subsidiary shall be Designated as an “Unrestricted Subsidiary” if such
Subsidiary or any of its Subsidiaries owns (i) any Equity Interests (other
than Qualified Equity Interests) of the Issuer or (ii) any Equity Interests
of any Restricted Subsidiary that is not a Subsidiary of the Subsidiary to be so
Designated.

       

      (c) If, at
any time, any Unrestricted Subsidiary fails to meet the requirements of
Section 4.19(a) and (b) as an Unrestricted Subsidiary, it shall thereafter
cease to be an Unrestricted Subsidiary for purposes of this Indenture and any
Indebtedness of the Subsidiary and any Liens on assets of such Subsidiary shall
be deemed to be incurred by a Restricted Subsidiary as of the date and, if the
Indebtedness is not permitted to be incurred under Section 4.10 or the Lien
is not permitted under Section 4.12, the Issuer shall be in default of the
applicable section.

       

      (d) The
Issuer may redesignate an Unrestricted Subsidiary as a Restricted Subsidiary (a
“
 
Redesignation”) only
if:

       

      (1) no
Default shall have occurred and be continuing at the time of and after giving
effect to such Redesignation; and

       

      (2) all
Liens, Indebtedness and Investments of such Unrestricted Subsidiary outstanding
immediately following such Redesignation would, if incurred or made at such
time, have been permitted to be incurred or made for all purposes of this
Indenture.

       

      (e) All
Designations and Redesignations must be evidenced by resolutions of the Board of
Directors of the Issuer, delivered to the Trustee, certifying compliance with
the foregoing provisions.

       

      
        
           

        

        
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      Section 4.20 Limitation on the Issuance
or Sale of Equity Interests of Restricted Subsidiaries.

       

      The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, sell or issue any shares of Equity Interests of any Restricted
Subsidiary except (1) to the Issuer, a Restricted Subsidiary or the
minority stockholders of any Restricted Subsidiary, on a pro rata basis, (2) to
the extent such shares represent directors’ qualifying shares or shares required
by applicable law to be held by a Person other than the Issuer or a Wholly-Owned
Restricted Subsidiary, or (3) if immediately after giving effect to such
sale or issuance, such Restricted Subsidiary would no longer constitute a
Restricted Subsidiary. The sale of all the Equity Interests of any Restricted
Subsidiary is permitted by this Section 4.20 but is subject to
Section 4.13.  Notwithstanding the foregoing, this covenant shall
not prohibit the issuance or sale of Equity Interests of any Restricted
Subsidiary in connection with (a) the formation or capitalization of a
Restricted Subsidiary or (b) a single transaction or a series of
substantially contemporaneous transactions whereby such Restricted Subsidiary
becomes a Restricted Subsidiary of the Issuer by reason of acquisition of
securities or assets from another Person; provided that following the
consummation of any transaction or transactions contemplated by clause
(a) or (b), the ownership of the Equity Interests of the relevant
Restricted Subsidiary or Restricted Subsidiaries shall be as if this covenant
had been complied with at all times.

       

       

      ARTICLE V

       

      

       

      SUCCESSOR
CORPORATION

       

      Section 5.01 Mergers, Consolidations,
Etc.

       

      (a) The
Issuer will not, directly or indirectly, in a single transaction or a series of
related transactions, (a) consolidate or merge with or into another Person
(other than a merger with an Affiliate solely for the purpose of and with the
effect of changing the Issuer’s jurisdiction of incorporation to another State
of the United States or forming a holding company for the Issuer), or sell,
lease, transfer, convey or otherwise dispose of or assign all or substantially
all of the assets of the Issuer or the Issuer and the Restricted Subsidiaries
(taken as a whole) or (b) adopt a Plan of Liquidation unless, in either
case:

       

      (1) either:

       

      (a) the
Issuer will be the surviving or continuing Person; or

       

      (b) the
Person formed by or surviving such consolidation or merger or to which such
sale, lease, conveyance or other disposition shall be made (or, in the case of a
Plan of Liquidation, any Person to which assets are transferred) (collectively,
the “
 
Successor”) is a
corporation, limited liability company or limited partnership organized and
existing under the laws of any State of the United States of America or the
District of Columbia, and

       

      
        
           

        

        
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      the
Successor expressly assumes, by supplemental indenture in form and substance
reasonably satisfactory to the Trustee, all of the obligations of the Issuer
under the Notes, this Indenture and the Registration Rights
Agreement;

       

      (2) immediately
prior to and immediately after giving effect to such transaction and the
assumption of the obligations as set forth in clause (1)(b) above and the
incurrence of any Indebtedness to be incurred in connection therewith, and the
use of any net proceeds therefrom on a pro forma basis, no Default shall have
occurred and be continuing; and

       

      (3) immediately
after and giving effect to such transaction and the assumption of the
obligations set forth in clause (1)(b) above and the incurrence of any
Indebtedness to be incurred in connection therewith, and the use of any net
proceeds therefrom on a pro forma basis, (a) the Issuer or the Successor,
as the case may be, could incur $1.00 of additional Indebtedness pursuant to the
Coverage Ratio Exception or (b) the Consolidated Interest Coverage Ratio of
the Issuer or the Successor, as the case may be, would be not less than the
Consolidated Coverage Ratio of the Issuer immediately prior to such
transaction.

       

      For
purposes of this Section 5.01(a), any Indebtedness of the Successor which
was not Indebtedness of the Issuer immediately prior to the transaction shall be
deemed to have been incurred in connection with such transaction.

       

      (b) Parent
will not, directly or indirectly, in a single transaction or a series of related
transactions, (a) consolidate or merge with or into another Person, or
sell, lease, transfer, convey or otherwise dispose of or assign all or
substantially all of the assets of Parent and its Subsidiaries (taken as a
whole) or (b) adopt a Plan of Liquidation unless, in either
case:

       

      (1) either:

       

      (a) Parent
will be the surviving or continuing Person; or

       

      (b) the
Person formed by or surviving such consolidation or merger or to which such
sale, lease, conveyance or other disposition shall be made (or, in the case of a
Plan of Liquidation, any Person to which assets are transferred) (collectively,
the “
 
Parent Successor”) is
a corporation, limited liability company or limited partnership organized and
existing under the laws of any State of the United States of America or the
District of Columbia, and the Parent Successor (unless the Parent Successor is
the Issuer) expressly assumes, by supplemental indenture in form and substance
reasonably satisfactory to the Trustee, all of the obligations of Parent under
the Notes, this Indenture and the Registration Rights Agreement;
and

       

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

       

      
        
           

        

        
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      (c) Except as
provided in Section 11.05 no Guarantor (other than Parent) may consolidate
with or merge with or into (whether or not such Guarantor is the surviving
Person) another Person, unless:

       

      (1) either:

       

      (a) such
Guarantor will be the surviving or continuing Person; or

       

      (b) the
Person formed by or surviving any such consolidation or merger assumes, by
supplemental indenture in form and substance reasonably satisfactory to the
Trustee, all of the obligations of such Guarantor under the Note Guarantee of
such Guarantor, this Indenture and the Registration Rights Agreement, and, in
the case of a consolidation or merger with Parent, is a corporation, limited
liability company or limited partnership organized and existing under the laws
of any State of the United States of America or the District of Columbia;
and

       

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

       

      (d) For
purposes of the foregoing, the transfer (by lease, assignment, sale or
otherwise, in a single transaction or series of transactions) of all or
substantially all of the properties or assets of one or more Restricted
Subsidiaries, the Equity Interests of which constitute all or substantially all
of the properties and assets of the Issuer, will be deemed to be the transfer of
all or substantially all of the properties and assets of the Issuer or Parent,
as the case may be.

       

      (e) Upon any
consolidation, combination or merger of the Issuer or a Guarantor, or any
transfer of all or substantially all of the assets of the Issuer or Parent in
accordance with the foregoing, in which the Issuer or such Guarantor is not the
continuing obligor under the Notes or its Note Guarantee, the surviving entity
formed by such consolidation or into which the Issuer or such Guarantor is
merged or the Person to which the conveyance, lease or transfer is made will
succeed to, and be substituted for, and may exercise every right and power of,
the Issuer or such Guarantor under this Indenture, the Notes and the Note
Guarantees with the same effect as if such surviving entity had been named
therein as the Issuer or such Guarantor and, except in the case of a lease, the
Issuer or such Guarantor, as the case may be, will be released from the
obligation to pay the principal of and interest on the Notes or in respect of
its Note Guarantee, as the case may be, and all of the Issuer’s or such
Guarantor’s other obligations and covenants under the Notes, this Indenture and
its Note Guarantee, if applicable.

       

      (f) Notwithstanding
the foregoing, any Restricted Subsidiary may consolidate with, merge with or
into or convey, transfer or lease, in one transaction or a series of
transactions, all or substantially all of its assets to the Issuer or another
Restricted Subsidiary.

       

      
        
           

        

        
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      ARTICLE VI

       

      

       

      DEFAULT
AND REMEDIES

       

      Section 6.01 Events of
Default.

       

      Each of
the following is an “Event of
Default”:

       

      (1) failure
by the Issuer to pay interest on any of the Notes when it becomes due and
payable and the continuance of any such failure for 30 days (whether or not such
payment is prohibited by the subordination provisions of this
Indenture);

       

      (2) failure
by the Issuer to pay the principal on any of the Notes when it becomes due and
payable, whether at Stated Maturity, upon redemption, upon purchase, upon
acceleration or otherwise (whether or not such payment is prohibited by the
subordination provisions of this Indenture);

       

      (3) failure
by the Issuer to comply with Section 5.01 or in respect of its obligations
to make a Change of Control Offer as described under Section 4.09 (whether
or not such compliance is prohibited by the subordination provisions of this
Indenture);

       

      (4) failure
by the Issuer to comply with any other agreement or covenant in this Indenture
and continuance of this failure for 60 days after notice of the failure has been
given to the Issuer by the Trustee or by the Holders of at least 25% of the
aggregate principal amount of the Notes then outstanding;

       

      (5) default
under any mortgage, indenture or other instrument or agreement under which there
may be issued or by which there may be secured or evidenced Indebtedness of the
Issuer or any Restricted Subsidiary, whether such Indebtedness now exists or is
incurred after the Issue Date, which default:

       

      (a) is caused
by a failure to pay at final maturity (giving effect to any applicable grace
periods and any extensions thereof) principal on such Indebtedness within the
applicable express grace period,

       

      (b) results
in the acceleration of such Indebtedness prior to its express final maturity
or

       

      (c) results
in the judicial authorization to foreclose upon, or to exercise remedies under
applicable law or applicable security documents to take ownership of, the assets
securing such Indebtedness, and

       

      
        
           

        

        
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      in each
case, the principal amount of such Indebtedness, together with any other
Indebtedness with respect to which an event described in clause (a), (b) or
(c) has occurred and is continuing, aggregates $20.0 million or
more;

       

      (6) one or
more judgments or orders that exceed $20.0 million in the aggregate (net of
amounts covered by insurance or bonded) for the payment of money have been
entered by a court or courts of competent jurisdiction against the Issuer or any
Restricted Subsidiary and such judgment or judgments have not been satisfied,
stayed, annulled or rescinded within 60 days of being entered;

       

      (7) the
Issuer or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:

       

      (a) commences
a voluntary case,

       

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

       

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

       

      (d) makes a
general assignment for the benefit of its creditors;

       

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

       

      (a) is for
relief against the Issuer or any Significant Subsidiary as debtor in an
involuntary case,

       

      (b) appoints
a Custodian of the Issuer or any Significant Subsidiary or a Custodian for all
or substantially all of the assets of the Issuer or any Significant Subsidiary,
or

       

      (c) orders
the liquidation of the Issuer or any Significant Subsidiary, and the order or
decree remains unstayed and in effect for 60 days; or

       

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

       

      
        
           

        

        
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      Section 6.02 Acceleration.

       

      (a) If an
Event of Default specified in clause (7) or (8) of Section 6.01 with
respect to the Issuer occurs, all outstanding Notes shall become due and payable
without any further action or notice.  If an Event of Default (other
than an Event of Default specified in clause (7) or (8) of Section 6.01
with respect to the Issuer) shall have occurred and be continuing under this
Indenture, the Trustee, by written notice to the Issuer, or the Holders of at
least 25% in aggregate principal amount of the Notes then outstanding, by
written notice to the Issuer and the Trustee, may declare (an “
 
Acceleration
Declaration”) all amounts owing under the Notes to be due and payable
immediately. Upon such declaration of acceleration, the aggregate principal of
and accrued and unpaid interest on the outstanding Notes shall become due and
payable (a) if there is no Indebtedness outstanding under any Credit
Facility at such time, immediately and (b) if otherwise, upon the earlier
of (x) the final maturity (after giving effect to any applicable grace
period or extensions thereof) or an acceleration of any Indebtedness under any
Credit Facility prior to the express final Stated Maturity thereof and
(y) five business days after the Representative under each Credit Facility
receives the acceleration declaration, but, in the case of this clause
(b) only, if such Event of Default is then continuing; provided, however, that after such
acceleration, but before a judgment or decree based on acceleration, the Holders
of a majority in aggregate principal amount of such outstanding Notes may
rescind and annul such acceleration:

       

      (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 and interest that has become due solely because of this
acceleration;

       

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

       

      (4) if the
Issuer has paid to the Trustee its reasonable compensation and reimbursed the
Trustee of its expenses, disbursements and advances; and

       

      (5) in the
event of a cure or waiver of an Event of Default of the type set forth in
Section 6.01(7) or (8), the Trustee shall have received an Officers’
Certificate and an Opinion of Counsel that such Event of Default has been cured
or waived.

       

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

       

      (b) The
Issuer shall provide prompt written notice to the holders of Senior Debt and
Guarantor Senior Debt of any acceleration pursuant to
Section 6.02(a).

       

      
        
           

        

        
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      Section 6.03 Other Remedies.

       

      If a
Default occurs and is continuing, the Trustee may pursue any available remedy by
proceeding at law or in equity to collect the payment of principal of, or
interest 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 in exercising any right or remedy accruing
upon a Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Default.  No remedy is exclusive of any other
remedy.  All available remedies are cumulative to the extent permitted
by law.

       

      Section 6.04 Waiver of Past
Defaults.

       

      Subject
to Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal
amount of the outstanding Notes (which may include consents obtained in
connection with a tender offer or exchange offer of Notes) by notice to the
Trustee may waive an existing Default and its consequences, except a Default in
the payment of principal of, or interest on, any Note as specified in
Section 6.01(1) or (2). The Issuer shall deliver to the Trustee an
Officers’ Certificate stating that the requisite percentage of Holders have
consented to such waiver and attaching copies of such consents.  When
a Default is waived, it is cured and ceases.

       

      Section 6.05 Control by
Majority.

       

      The
Holders of not less than a majority in principal amount of the outstanding Notes
may direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on
it.  Subject to Section 7.01, however, the Trustee may refuse to
follow any direction that conflicts with any law or this Indenture, that the
Trustee determines may be unduly prejudicial to the rights of another Holder, or
that may involve the Trustee in personal liability; provided that the Trustee may
take any other action deemed proper by the Trustee which is not inconsistent
with such direction.

       

      In the
event the Trustee takes any action or follows any direction pursuant to this
Indenture, the Trustee shall be entitled to indemnification against any loss or
expense caused by taking such action or following such direction.

       

      Section 6.06 Limitation on
Suits.

       

      No Holder
will have any right to institute any proceeding with respect to this Indenture
or for any remedy thereunder, unless the Trustee:

       

      (1) has
failed to act for a period of 60 days after receiving written notice of a
continuing Event of Default by such Holder and a request to act by Holders of at
least 25% in aggregate principal amount of Notes outstanding;

       

      
        
           

        

        
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      (2) has been
offered indemnity satisfactory to it in its reasonable judgment;
and

       

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

       

      However,
such limitations do not apply to a suit instituted by a Holder of any Note for
enforcement of payment of the principal of or interest on such Note on or after
the due date therefor (after giving effect to the grace period specified in
Section 6.01(1)).

       

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

       

      Section 6.07 Rights of Holders to Receive
Payment.

       

      Notwithstanding
any other provision of this Indenture, the right of any Holder to receive
payment of principal of, and interest on, a Note, on or after the respective due
dates therefor, 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 the Holder.

       

      Section 6.08 Collection Suit by
Trustee.

       

      If a
Default in payment of principal or interest specified in Section 6.01(1) or
(2) occurs and is continuing, the Trustee may recover judgment in its own
name and as trustee of an express trust against the Issuer or any other obligor
on the Notes for the whole amount of principal and accrued interest and fees
remaining unpaid, together with interest on overdue principal and, to the extent
that payment of such interest is lawful, interest on overdue installments of
interest, in each case at the rate per annum borne by the Notes
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.

       

      Section 6.09 Trustee may File Proofs of
Claim.

       

      The
Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any
claim for the compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and the Holders allowed in any judicial proceedings
relating to the Issuer, their creditors or their property and shall be entitled
and empowered to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same, and any Custodian in
any such judicial proceedings 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 agent and counsel, and any other

       

      
        
           

        

        
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      amounts
due the Trustee under Section 7.07. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.  The Trustee shall be entitled to participate as a member
of any official committee of creditors in the matters as it deems necessary or
advisable.

       

      Section 6.10 Priorities.

       

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

       

      First:  to
the Trustee for amounts due under Section 7.07;

       

      Second:  to
Holders for interest accrued on the Notes, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for
interest;

       

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

       

      Fourth:  to
the Issuer or, if applicable, the Guarantors, as their respective interests may
appear.

       

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

       

      Section 6.11 Undertaking for
Costs.

       

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

       

       

      ARTICLE VII

       

      

       

      TRUSTEE

       

      Section 7.01 Duties of
Trustee.

       

      (a) If a
Default has occurred and is continuing, the Trustee shall exercise such of the
rights and powers vested in it by this Indenture and use the same degree of care
and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

       

      
        
           

        

        
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      (b) Except
during the continuance of a Default:

       

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

       

      (2) In the
absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon certificates (including Officers’ Certificates) or opinions (including
Opinions of Counsel) furnished to the Trustee and conforming to the requirements
of this Indenture.  However, in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this
Indenture.

       

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

       

      (1) This
paragraph does not limit the effect of Section 7.01(b).

       

      (2) The
Trustee shall 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.

       

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

       

      (d) No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder or to take or omit to take any action under this Indenture
or take any action at the request or direction of Holders if it shall have
reasonable grounds for believing that repayment of such funds is not assured to
it.

       

      (e) Whether
or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to this
Section 7.01.

       

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

       

      (g) In the
absence of bad faith, negligence or willful misconduct on the part of the
Trustee, the Trustee shall not be responsible for the application of any money
by any Paying Agent other than the Trustee.

       

      
        
           

        

        
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      Section 7.02 Rights of
Trustee.

       

      Subject
to Section 7.01:

       

      (a) The
Trustee may rely conclusively on any resolution, certificate (including any
Officers’ Certificate), statement, instrument, opinion (including any Opinion of
Counsel), notice, request, direction, consent, order, bond, debenture, or other
paper or 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 Officers’
Certificate and an Opinion of Counsel, which shall conform to the provisions of
Section 12.05.  The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on such Officers’ Certificate
or Opinion of Counsel.

       

      (c) The
Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent (other than an agent who is an
employee of the Trustee) appointed with due care.

       

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

       

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

       

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

       

      (g) The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate (including any Officers’ Certificate),
statement, instrument, opinion (including any Opinion of Counsel), notice,
request, direction, consent, order, bond, debenture, or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled, upon reasonable notice to the Issuer, to examine the books, records,
and premises of the Issuer, personally or by agent or attorney at the sole cost
of the Issuer.

       

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

       

      
        
           

        

        
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      (i) Delivery
of reports, information and documents to the Trustee under Section 4.18 is
for informational purposes only and the Trustee’s receipt of the foregoing shall
not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuer’s and the
Guarantor’s compliance with any of their covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

       

      (j) The
permissive rights of the Trustee to do things enumerated in this Indenture shall
not be construed as duties.

       

      (k) Except
with respect to Section 4.01 and Section 4.06, the Trustee shall have no
duty to inquire as to the performance of the Issuer with respect to the
covenants contained in Article IV.  In addition, the Trustee
shall not be deemed to have knowledge of an Event of Default except (i) any
Default or Event of Default occurring pursuant to Sections 4.01, 6.01(1) or
6.01(2), or (ii) any Default or Event of Default of which the Trustee shall
have received written notification.

       

      (l) 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 to
each agent, custodian and other Person employed to act hereunder.

       

      Section 7.03 Individual Rights of
Trustee.

       

      The
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer, its Subsidiaries or its
respective Affiliates with the same rights it would have if it were not
Trustee.  Any Agent may do the same with like
rights.  However, the Trustee must comply with Sections 7.10 and
7.11.

       

      Section 7.04 Trustee’s
Disclaimer.

       

      The
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Notes, it shall not be accountable
for the Issuer’s use of the proceeds from the Notes, and it shall not be
responsible for any statement of the Issuer in this Indenture or any document
issued in connection with the sale of Notes or any statement in the Notes other
than the Trustee’s certificate of authentication.  The Trustee makes
no representations with respect to the effectiveness or adequacy of this
Indenture.

       

      Section 7.05 Notice of
Default.

       

      If a
Default occurs and is continuing and the Trustee receives actual notice of such
Default, the Trustee shall mail to each Holder notice of the uncured Default
within 30 days after such Default occurs.  Except in the case of a
Default in payment of principal of, or interest on, any Note, including an
accelerated payment and the failure to make a payment on the Change of Control
Payment Date pursuant to a Change of Control Offer or the Net Proceeds
Payment

       

      
        
           

        

        
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      Date
pursuant to a Net Proceeds Offer, or a Default in complying with the provisions
of Article V, the Trustee may withhold the notice if and so long as the
Board of Directors, the executive committee, or a trust committee of directors
and/or Responsible Officers, of the Trustee in good faith determines that
withholding the notice is in the interest of the Holders.

       

      Section 7.06 Reports by Trustee to
Holders.

       

      Within 60
days after each May 15, beginning with May 15, 2010, the Trustee shall, to the
extent that any of the events described in Trust Indenture Act ss. 313(a)
occurred within the previous twelve months, but not otherwise, mail to each
Holder a brief report dated as of such date that complies with Trust Indenture
Act ss. 313(a).  The Trustee also shall comply with Trust Indenture
Act ss.ss. 313(b), 313(c) and 313(d).

       

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

       

      The
Issuer shall notify the Trustee if the Notes become listed on any securities
exchange or of any delisting thereof and the Trustee shall comply with Trust
Indenture Act ss. 313(d).

       

      Section 7.07 Compensation and
Indemnity.

       

      The
Issuer shall pay to the Trustee from time to time such compensation as the
Issuer and the Trustee shall from time to time agree in writing for its services
hereunder. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuer shall reimburse the
Trustee upon request for all reasonable disbursements, expenses and advances
(including reasonable fees and expenses of counsel) incurred or made by it in
addition to the compensation for its services, except any such disbursements,
expenses and advances as may be attributable to the Trustee’s negligence, bad
faith or willful misconduct. Such expenses shall include the reasonable fees and
expenses of the Trustee’s agents and counsel.

       

      The
Issuer shall indemnify each of the Trustee or any predecessor Trustee and its
agents for, and hold them harmless against, any and all loss, damage, claims
including taxes (other than taxes based upon, measured by or determined by the
income of the Trustee), liability or expense incurred by them except for such
actions to the extent caused by any negligence, bad faith or willful misconduct
on their part, arising out of or in connection with the acceptance or
administration of this trust including the reasonable costs and expenses of
defending themselves against or investigating any claim or liability in
connection with the exercise or performance of any of the Trustee’s rights,
powers or duties hereunder. The Trustee shall notify the Issuer promptly of any
claim asserted against the Trustee or any of its agents for which it may seek
indemnity.  The Issuer shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee and its agents subject to the claim may
have separate counsel and the Issuer shall pay the reasonable fees and expenses
of such counsel; provided, however, that the Issuer will
not be required to pay such fees and expenses if there is no conflict of
interest between the Issuer and the Trustee and its agents subject to the claim
in connection with such defense as reasonably determined by the Trustee. The
Issuer need not pay for any settlement made without its written

       

      
        
           

        

        
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      consent.
The Issuer need not reimburse any expense or indemnify against any loss or
liability to the extent incurred by the Trustee through the Trustee’s
negligence, bad faith or willful misconduct.

       

      To secure
the Issuer’s payment obligations in this Section 7.07, the Trustee shall
have a Lien prior to the Notes against all money or property held or collected
by the Trustee, in its capacity as Trustee, except money or property held in
trust to pay principal and interest on particular Notes. The obligations of the
Issuer and the Guarantors under this Section shall not be subordinated to
the payment of Senior Debt pursuant to Article X or Section 11.02
except assets or money held in trust to pay principal of or interest on
particular Notes.

       

      When the
Trustee incurs expenses or renders services after a Default specified in
Section 6.01(7) or (8) occurs, such expenses and the compensation for such
services shall be paid to the extent allowed under any Bankruptcy
Law.

       

      Notwithstanding
any other provision in this Indenture, the foregoing provisions of this
Section 7.07 shall survive the satisfaction and discharge of this Indenture
or the appointment of a successor Trustee.

       

      Section 7.08 Replacement of
Trustee.

       

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

       

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

       

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

       

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

       

      (4) the
Trustee becomes incapable of acting.

       

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

       

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

       

      
        
           

        

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

       

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

       

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

       

      Section 7.09 Successor Trustee by Merger,
Etc.

       

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

       

      Section 7.10 Eligibility;
Disqualification.

       

      This
Indenture shall always have a Trustee who satisfies the requirement of Trust
Indenture Act ss.ss. 310(a)(1), 310(a)(2) and 310(a)(5).  The Trustee
shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition. The Trustee shall
comply with Trust Indenture Act ss. 310(b); provided, however, that there shall be
excluded from the operation of Trust Indenture Act ss. 310(b)(1) any indenture
or indentures under which other securities, or certificates of interest or
participation in other securities, of the Issuer are outstanding, if the
requirements for such exclusion set forth in Trust Indenture Act
ss.  310(b)(1) are met. The provisions of Trust Indenture Act ss. 310
shall apply to the Issuer and any other obligor of the Notes.

       

      Section 7.11 Preferential Collection of
Claims Against the Issuer.

       

      The
Trustee, in its capacity as Trustee hereunder, shall comply with Trust Indenture
Act ss. 311(a), excluding any creditor relationship listed in Trust Indenture
Act ss. 311(b). A Trustee who has resigned or been removed shall be subject to
Trust Indenture Act ss. 311(a) to the extent indicated.

       

       

      ARTICLE VIII

       

      

       

      DISCHARGE
OF INDENTURE; DEFEASANCE

       

      Section 8.01 Termination of the Issuer’s
Obligations.

       

      The
Issuer may terminate its obligations under the Notes and this Indenture and the
obligations of the Guarantors under the Note Guarantees and this Indenture and
this

       

      
        
           

        

        
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      Indenture
shall cease to be of further effect, except those obligations referred to in the
penultimate paragraph of this Section 8.01, if:

       

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

       

      (2) (a)  all
Notes not delivered to the Trustee for cancellation otherwise have become due
and payable, will become due and payable, or may be called for redemption,
within one year or have been called for redemption pursuant to Section 5 or
Section 6 of the Notes and Article III hereof and the Issuer has
irrevocably deposited or caused to be deposited with the Trustee funds in trust
sufficient to pay and discharge the entire Indebtedness (including all principal
and accrued interest) on the Notes not theretofore delivered to the Trustee for
cancellation,

       

      (b) the
Issuer has paid all sums payable by it under this Indenture, and

       

      (c) the
Issuer has delivered irrevocable instructions to the Trustee to apply the
deposited money toward the payment of the Notes at maturity or on the Redemption
Date, as the case may be.

       

      In
addition, the Issuer must deliver an Officers’ Certificate and an Opinion of
Counsel stating that all conditions precedent to satisfaction and discharge have
been complied with.

       

      In the
case of clause (2) of this Section 8.01, and subject to the next
sentence and notwithstanding the foregoing paragraph, the Issuer’s obligations
in Sections 2.05, 2.06, 2.07, 2.08, 4.01, 4.02, 4.03 (as to legal existence
of the Issuer only), 7.07, 8.05, and 8.06 shall survive until the Notes are no
longer outstanding pursuant to the last paragraph of
Section 2.08.  After the Notes are no longer outstanding, the
Issuer’s obligations in Sections 7.07, 8.05, and 8.06 shall
survive.

       

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

       

      Section 8.02 Legal Defeasance and
Covenant Defeasance.

       

      (a) The
Issuer may, at its option and at any time, elect to have either paragraph (b) or
(c) below be applied to all outstanding Notes upon compliance with the
conditions set forth in Section 8.03.

       

      (b) Upon the
Issuer’s exercise under Section 8.02(a) hereof of the option applicable to
this Section 8.02(b), the Issuer and the Guarantors shall, subject to
the

       

      
        
           

        

        
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      satisfaction
of the conditions set forth in Section 8.03, be deemed to have been
discharged from their obligations with respect to all outstanding Notes on the
date the conditions set forth below are satisfied (hereinafter, “
 
Legal
Defeasance”).  For this purpose, Legal Defeasance means that
the Issuer and the Guarantors shall be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Notes and the Note
Guarantees, which shall thereafter be deemed to be “outstanding” only for the
purposes of Section 8.04 hereof and the other Sections of this
Indenture referred to in (i) and (ii) below, and to have satisfied all
its other obligations under such Notes and this Indenture and the Guarantors
shall be deemed to have satisfied all of their obligations under the Note
Guarantees and this Indenture (and the Trustee, on demand of and at the expense
of the Issuer, shall execute proper instruments acknowledging the same), except
for the following provisions which shall survive until otherwise terminated or
discharged hereunder:

       

      (i) the
rights of Holders of outstanding Notes to receive, solely from the trust fund
described in Section 8.04 hereof, and as more fully set forth in such
Section 8.04, payments in respect of the principal of, premium, if any, and
interest on such Notes when such payments are due;

       

      (ii) the
Issuer’s obligations with respect to such Notes under Article II and
Section 4.02 hereof;

       

      (iii) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Issuer’s obligations in connection therewith; and

       

      (iv) the
provisions of this Article VIII applicable to Legal
Defeasance.

       

      Subject
to compliance with this Article VIII, the Issuer may exercise its option
under this Section 8.02(b) notwithstanding the prior exercise of its option
under Section 8.02(c) hereof.

       

      (c) Upon the
Issuer’s exercise under paragraph (a) hereof of the option applicable to
this paragraph (c), the Issuer and the Guarantors shall, subject to the
satisfaction of the conditions set forth in Section 8.03 hereof, be
released from their respective obligations under the covenants contained in
Sections 4.03 (other than with respect to the legal existence of the
Issuer), 4.04, 4.05, and 4.09 through 4.20, clause (3) of Section 5.01(a)
and Article XI hereof with respect to the outstanding Notes on and after
the date the conditions set forth in Section 8.03 are satisfied
(hereinafter, “
 
Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder
(it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes, the Issuer and the Guarantors may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute an

       

      
        
           

        

        
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      Event of
Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes shall be unaffected thereby. In
addition, upon the Issuer’s exercise under paragraph hereof of the option
applicable to this paragraph (c), subject to the satisfaction of the conditions
set forth in Section 8.03 hereof, clauses (3), (5), (6) and (9) of
Section 6.01 hereof shall not constitute Events of Default.

       

      Section 8.03 Conditions to Legal
Defeasance or Covenant Defeasance.

       

      The
following shall be the conditions to the application of either
Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

       

      (1) the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders, U.S. Legal Tender, U.S. Government Obligations or a combination
thereof, in such amounts as will be sufficient (without reinvestment), in the
opinion of a nationally recognized firm of independent public accountants
selected by the Issuer, to pay the principal of and interest on the Notes on the
stated date for payment or on the Redemption Date of the principal or
installment of principal of or interest on the Notes,

       

      (2) in the
case of Legal Defeasance, the Issuer shall have delivered to the Trustee an
Opinion of Counsel in the United States confirming that:

       

      (a) the
Issuer has received from, or there has been published by the Internal Revenue
Service, a ruling, or

       

      (b) since the
date of this Indenture, there has been a change in the applicable U.S. federal
income tax law, in either case to the effect that, and based thereon this
Opinion of Counsel shall confirm that, 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 Covenant Defeasance, the Issuer shall have delivered to the Trustee an
Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that 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 the Covenant Defeasance had not
occurred,

       

      (4) no
Default shall have occurred and be continuing on the date of such deposit (other
than a Default resulting from the borrowing of funds to be applied to such
deposit),

       

      (5) the Legal
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a Default under this Indenture or a default under any other
material agreement or instrument to which the Issuer or any of its

       

      
        
           

        

        
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      Subsidiaries
is a party or by which the Issuer or any of its Subsidiaries is bound (other
than any such Default or default resulting solely from the borrowing of funds to
be applied to such deposit),

       

      (6) the
Issuer shall have delivered to the Trustee an Officers’ Certificate stating that
the deposit was not made by it with the intent of preferring the Holders over
any other of its creditors or with the intent of defeating, hindering, delaying
or defrauding any other of its creditors or others, and

       

      (7) the
Issuer shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that the conditions provided for in, in the
case of the Officers’ Certificate, clauses (1) through (6) and, in the case of
the Opinion of Counsel, clauses (2) and/or (3) and (5) of this Section 8.03
have been complied with.

       

      Section 8.04 Application of Trust
Money.

       

      The
Trustee or Paying Agent shall hold in trust U.S. Legal Tender and U.S.
Government Obligations deposited with it pursuant to this Article VIII, and
shall apply the deposited U.S. Legal Tender and the money from U.S. Government
Obligations in accordance with this Indenture to the payment of the principal of
and the interest on the Notes. The Trustee shall be under no obligation to
invest said U.S. Legal Tender and U.S. Government Obligations, except as it may
agree with the Issuer.

       

      The
Issuer shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Legal Tender and U.S. Government
Obligations deposited pursuant to Section 8.03 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.

       

      Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Issuer from time to time upon the Issuer’s request any
U.S. Legal Tender and U.S. Government Obligations held by it as provided in
Section 8.03 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.

       

      Section 8.05 Repayment to the
Issuer.

       

      The
Trustee and the Paying Agent shall pay to the Issuer upon request any money held
by them for the payment of principal or interest that remains unclaimed for two
years; provided that
the Trustee or such Paying Agent, before being required to make any payment, may
at the expense of the Issuer cause to be published once in a newspaper of
general circulation in the City of New York or mail to each Holder entitled
to such money notice that such money remains unclaimed and that after a date
specified therein which shall be at least 30 days from the date of such
publication or mailing any unclaimed balance of such money then remaining will
be

       

      
        
           

        

        
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      repaid to
the Issuer. After payment to the Issuer, Holders entitled to such money must
look to the Issuer for payment as general creditors unless an applicable law
designates another Person.

       

      Section 8.06 Reinstatement.

       

      If the
Trustee or Paying Agent is unable to apply any U.S. Legal Tender and U.S.
Government Obligations in accordance with this Article VIII 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, or if the funds deposited with the Trustee to effect Covenant
Defeasance are insufficient to pay the principal of, and interest on, the Notes
when due, the Issuer’s obligations under this Indenture, and the Notes shall be
revived and reinstated as though no deposit had occurred pursuant to this
Article VIII until such time as the Trustee or Paying Agent is permitted to
apply all such U.S. Legal Tender and U.S. Government Obligations in accordance
with this Article VIII; provided that if the Issuer
has made any payment of interest on, or principal of, any Notes because of the
reinstatement of its obligations, the Issuer shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the U.S. Legal Tender
and U.S. Government Obligations held by the Trustee or Paying
Agent.

       

       

      ARTICLE IX

       

      AMENDMENTS,
SUPPLEMENTS AND WAIVERS

       

      Section 9.01 Without Consent of
Holders.

       

      (a) Subject
to Section 9.03, the Issuer and the Trustee, together, may amend or
supplement this Indenture, the Notes or the Note Guarantees without notice to or
consent of any Holder:

       

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

       

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

       

      (3) to
provide for the assumption of the Issuer’s obligations to the Holders in the
case of a merger, consolidation or sale of all or substantially all of the
assets, in accordance with Article V;

       

      (4) to
release any Guarantor from any of its obligations under its Note Guarantee or
this Indenture (to the extent permitted by this Indenture);

       

      (5) to add
any Subsidiary of the Issuer as a Guarantor;

       

      (6) to make
any change that would not materially adversely affect the rights of any Holder;
or

       

      (7) in the
case of this Indenture, to comply with requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the Trust Indenture
Act;

       

      
        
           

        

        
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      provided that the Issuer has
delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate,
each stating that such amendment or supplement complies with the provisions of
this Section 9.01.

       

      Section 9.02 With Consent of
Holders.

       

      (a) Subject
to Sections 6.07 and 9.03, the Issuer, the Guarantors and the Trustee,
together, with the written consent (which may include consents obtained in
connection with a tender offer or exchange offer for Notes) of the Holder or
Holders of at least a majority in aggregate principal amount of the Notes then
outstanding may amend or supplement this Indenture, the Notes or the Note
Guarantees, without notice to any other Holders.  Subject to
Sections 6.07 and 9.03, the Holder or Holders of a majority in aggregate
principal amount of the outstanding Notes may waive compliance with any
provision of this Indenture, the Notes or the Note Guarantees without notice to
any other Holders;

       

      (b) Notwithstanding
Section 9.02(a), without the consent of each Holder affected, no amendment
or waiver may:

       

      (1) reduce,
or change the maturity, of the principal of any Note;

       

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

       

      (3) reduce
any premium payable upon optional redemption of the Notes, or change the date
on, or the circumstances under, which any Notes are subject to redemption (other
than provisions of Section 4.09 and Section 4.13, except that if a
Change of Control has occurred, no amendment or other modification of the
obligation of the Issuer to make a Change of Control Offer relating to such
Change of Control shall be made without the consent of each Holder of the Notes
affected);

       

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

       

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

       

      (6) reduce
the percentage of Holders necessary to consent to an amendment or waiver to this
Indenture or the Notes;

       

      (7) waive a
default in the payment of principal of or premium or interest on any Notes
(except a rescission of acceleration of the Notes by the Holders thereof as
provided in this Indenture and a waiver of the payment default that resulted
from such acceleration);

       

      
        
           

        

        
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      (8) impair
the rights of Holders to receive payments of principal of or interest on the
Notes on or after the due date therefor or to institute suit for the enforcement
of any payment on the Notes; or

       

      (9) release
any Guarantor that is a Significant Subsidiary from any of its obligations under
its Note Guarantee or this Indenture, except as permitted by this Indenture;
or

       

      (10) make any
change in these amendment and waiver provisions.

       

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

       

      (d) A consent
to any amendment, supplement or waiver under this Indenture by any Holder given
in connection with an exchange (in the case of an exchange offer) or a tender
(in the case of a tender offer) of such Holder’s Notes will not be rendered
invalid by such tender or exchange.

       

      (e) After an
amendment, supplement or waiver under this Section 9.02 becomes effective,
the Issuer shall mail to the Holders affected thereby a notice briefly
describing the amendment, supplement or waiver.  Any failure of the
Issuer to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such amendment, supplement or
waiver.

       

      Section 9.03 Effect on Senior
Debt.

       

      No
amendment of, or supplement or waiver to, this Indenture shall adversely affect
the rights of any holder of Senior Debt or Guarantor Senior Debt under
Article X and Section 11.02 and the defined terms as used therein
without the consent of such holder or its Representative or, in accordance with
the terms of such Senior Debt or Guarantor Senior Debt, the consent of the agent
or representative of such holder or the requisite holders of such Senior Debt or
Designated Senior Debt.

       

      Section 9.04 Compliance with the Trust
Indenture Act.

       

      From the
date on which this Indenture is qualified under the Trust Indenture Act, every
amendment, waiver or supplement of this Indenture, the Notes or the Note
Guarantees shall comply with the Trust Indenture Act as then in
effect.

       

      Section 9.05 Revocation and Effect of
Consents.

       

      Until an
amendment, waiver or supplement becomes effective, a consent to it by a Holder
is a continuing consent by the Holder and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note,
even if notation of the

       

      
        
           

        

        
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      consent
is not made on any Note.  However, any such Holder or subsequent
Holder may revoke the consent as to his Note or portion of his Note by notice to
the Trustee or the Issuer received before the date on which the Trustee receives
an Officers’ Certificate certifying that the Holders of the requisite principal
amount of Notes have consented (and not theretofore revoked such consent) to the
amendment, supplement or waiver.

       

      The
Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement or
waiver, which record date shall be prior to the first solicitation of such
consent.  If a record date is fixed, then notwithstanding the last
sentence of the immediately preceding paragraph, those Persons who were Holders
at such record date (or their duly designated proxies), and only those Persons,
shall be entitled to revoke any consent previously given, whether or not such
Persons continue to be Holders after such record date.  No such
consent shall be valid or effective for more than 120 days after such record
date.  The Issuer shall inform the Trustee in writing of the fixed
record date if applicable.

       

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

       

      Section 9.06 Notation on or Exchange of
Notes.

       

      If an
amendment, supplement or waiver changes the terms of a Note, the Issuer may
require the Holder of the Note to deliver it to the Trustee.  The
Issuer shall provide the Trustee with an appropriate notation on the Note about
the changed terms and cause the Trustee to return it to the Holder at the
Issuer’s expense.  Alternatively, if the Issuer or the Trustee so
determines, the Issuer in exchange for the Note shall issue, and the Trustee
shall authenticate, a new Note that reflects the changed
terms.  Failure to make the appropriate notation or issue a new Note
shall not affect the validity and effect of such amendment, supplement or
waiver.

       

      Section 9.07 Trustee to Sign Amendments,
Etc.

       

      The
Trustee shall execute any amendment, supplement or waiver authorized pursuant to
this Article IX; provided that the Trustee
may, but shall not be obligated to, execute any such amendment, supplement or
waiver which affects the Trustee’s own rights, duties or immunities under this
Indenture.  The Trustee shall be entitled to receive, and shall be
fully protected in relying upon, an Opinion of Counsel and an Officers’
Certificate each stating that the execution of any amendment, supplement or
waiver authorized pursuant to this Article IX is authorized or permitted by
this Indenture.  Such Opinion of Counsel shall be at the expense of
the Issuer.

       

      
        
           

        

        
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      ARTICLE X

       

      SUBORDINATION
OF NOTES

       

      Section 10.01 Notes Subordinated to Senior
Debt.

       

      Anything
herein to the contrary notwithstanding, each of the Issuer, for itself and its
successors, and each Holder, by his or her acceptance of Notes, agrees that the
payment of all Obligations owing to the Holders in respect of the Notes is
subordinated, to the extent and in the manner provided in this Article X,
to the prior payment in full of all Senior Debt in cash or cash equivalents,
whether outstanding on the Issue Date or thereafter incurred.

       

      Notwithstanding
anything in this Article X to the contrary, payments and distributions
(A) of Permitted Junior Securities and (B) made relating to the Notes
from the trusts established pursuant to Article VIII shall not be so
subordinated in right of payment, so long as, with respect to (B), (i) the
conditions specified in Article VIII (without any waiver or modification of
the requirement that the deposits pursuant thereto do not conflict with the
terms of the Credit Facilities or any other Senior Debt) are satisfied on the
date of any deposit pursuant to said trust and (ii) such payments and
distributions did not violate the provisions of this Article X or
Section 11.02 of this Indenture when made.

       

      This
Article X shall constitute a continuing offer to all Persons who become
holders of, or continue to hold, Senior Debt, such provisions are made for the
benefit of the holders of Senior Debt and such holders are made obligees
hereunder and any one or more of them may enforce such provisions.

       

      Section 10.02 Suspension of Payment When
Senior Debt is in Default.

       

      (a) If any
default occurs and is continuing in the payment when due, whether at maturity,
upon any redemption, by declaration or otherwise, of any principal of, interest
on, unpaid drawings for letters of credit issued in respect of, or fees with
respect to, any Senior Debt (a “
 
Payment Default”),
then no payment or distribution of any kind or character shall be made by the
Issuer with respect to any Obligations on or relating to the Notes or to acquire
any of the Notes for cash or assets or otherwise.

       

      (b) If any
other event of default (other than a Payment Default) occurs and is continuing
with respect to any Designated Senior Debt (as such event of default is defined
in the instrument creating or evidencing such Designated Senior Debt) permitting
the holders of such Designated Senior Debt then outstanding to accelerate the
maturity thereof (a “
 
Non-Payment Default”)
and if the Representative for the respective issue of Designated Senior Debt
gives written notice of the Non-Payment Default to the Trustee stating that such
notice is a payment blockage notice (a “
 
Payment Blockage
Notice”), then during the period (the “
 
Payment Blockage
Period”) beginning upon the delivery of such Payment Blockage Notice and
ending on the earliest of (1) the date on which all such nonpayment
defaults are cured or waived, (2) 179 days after the date on which the
applicable Payment Blockage Notice is received or (3) the date on which the
Trustee receives notice from the Representative for such Designated Senior
Debt

       

      
        
           

        

        
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      rescinding
the Payment Blockage Notice (unless the maturity of any Designated Senior Debt
has been accelerated), the Issuer shall not (x) make any payment of any
kind or character with respect to any Obligations on or with respect to the
Notes or (y) acquire any of the Notes for cash or assets or
otherwise.  Notwithstanding anything herein to the contrary,
(x) in no event will a Payment Blockage Period extend beyond 179 days from
the date the applicable Payment Blockage Notice is received by the Trustee and
(y) no new Payment Blockage Notice may be delivered unless and until 360
days have elapsed since the effectiveness of the immediately prior Payment
Blockage Notice.  For all purposes of this Section 10.02(b), no
Non-Payment Default which existed or was continuing on the date of the
commencement of any Payment Blockage Period with respect to the Designated
Senior Debt shall be, or be made, the basis for the commencement of a subsequent
Payment Blockage Period by the Representative of such Designated Senior Debt
whether or not within a period of 360 consecutive days, unless such Non-Payment
Default shall have been cured or waived for a period of not less than 90
consecutive days. Any subsequent action, or any breach of any financial
covenants for a period ending after the date of delivery of such Payment
Blockage Notice that, in either case, would give rise to a Non-Payment Default
pursuant to any provisions under which a Non-Payment Default previously existed
or was continuing shall constitute a new Non-Payment Default for this
purpose.

       

      (c) In the
event that, notwithstanding the foregoing, any payment shall be received by the
Trustee or any Holder when such payment is prohibited by the foregoing
provisions of this Section 10.02, such payment shall be held in trust for
the benefit of, and shall be paid over or delivered to, the holders of Senior
Debt (pro rata to such
holders on the basis of the respective amount of Senior Debt held by such
holders) or their respective Representatives, as their respective interests may
appear. The Trustee shall be entitled to rely on information regarding amounts
outstanding on the Senior Debt, if any, received from the holders of the Senior
Debt (or their Representatives).

       

      (d) Nothing
contained in this Article X shall limit the right of the Trustee or the
Holders of the Notes to take any action to accelerate the maturity of the Notes
pursuant to Section 6.02 or to pursue any rights or remedies hereunder;
provided that all
Senior Debt thereafter due or declared to be due shall first be paid in full in
cash or cash equivalents before the Holders are entitled to receive any payment
of any kind or character with respect to Obligations on the Notes.

       

      Section 10.03 Notes Subordinated to Prior
Payment of all Senior Debt on Dissolution, Liquidation or Reorganization of the
Issuer.

       

      (a) Upon any
payment or distribution of assets of the Issuer of any kind or character,
whether in cash, assets or securities, to creditors upon any total or partial
liquidation, dissolution, winding-up, assignment for the benefit of creditors or
marshaling of assets and liabilities of the Issuer or in a bankruptcy,
reorganization, insolvency, receivership or other similar proceeding relating to
the Issuer or its assets, whether voluntary or involuntary, all Obligations due
or to become due on all Senior Debt shall first be paid in full in cash or cash
equivalents, or such payment duly provided for to the satisfaction of the
holders of Senior Debt, before any payment or distribution of any kind or
character is made on account of any Obligations on or relating to the Notes, or
for the acquisition of any of the Notes for cash or

       

      
        
           

        

        
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      assets or
otherwise. Upon any such dissolution, winding-up, liquidation, reorganization,
receivership or similar proceeding, any payment or distribution of assets of the
Issuer of any kind or character, whether in cash, assets or securities, to which
the Holders of the Notes or the Trustee under this Indenture would be entitled,
except for the provisions hereof, shall be paid by the Issuer or by any
receiver, trustee in bankruptcy, liquidating trustee, agent or other Person
making such payment or distribution, or by the Holders or by the Trustee under
this Indenture if received by them, directly to the holders of Senior Debt
(pro rata to such
holders on the basis of the respective amounts of Senior Debt held by such
holders) or their respective Representatives, or to the trustee or trustees
under any indenture pursuant to which any of such Senior Debt may have been
issued, as their respective interests may appear, for application to the payment
of Senior Debt remaining unpaid until all such Senior Debt has been paid in full
in cash or cash equivalents after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of Senior
Debt.

       

      (b) To the
extent any payment of Senior Debt (whether by or on behalf of the Issuer, as
proceeds of security or enforcement of any right of setoff or otherwise) is
declared to be fraudulent or preferential, set aside or required to be paid to
any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar
Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or
similar law, then, if such payment is recovered by, or paid over to, such
receiver, trustee in bankruptcy, liquidating trustee, agent or other similar
Person, the Senior Debt or part thereof originally intended to be satisfied
shall be for purpose of this Article X deemed to be reinstated and
outstanding as if such payment had not occurred.

       

      It is
further agreed that any diminution (whether pursuant to court decree or
otherwise, including without limitation for any of the reasons described in the
preceding sentence) of the Issuer’s obligation to make any distribution or
payment pursuant to any Senior Debt, except to the extent such diminution occurs
by reason of the repayment (which has not been disgorged or returned) of such
Senior Debt in cash or cash equivalents, shall have no force or effect for
purposes of the subordination provisions contained in this Article X, with
any turnover of payments as otherwise calculated pursuant to this Article X
to be made as if no such diminution had occurred.

       

      (c) In the
event that, notwithstanding the foregoing, any payment or distribution of assets
of the Issuer of any kind or character, whether in cash, assets or securities,
shall be received by any Holder when such payment or distribution is prohibited
by this Section 10.03, such payment or distribution shall be held in trust
for the benefit of, and shall be paid over or delivered to, the holders of
Senior Debt (pro rata
to such holders on the basis of the respective amount of Senior Debt held by
such holders) or their respective Representatives, or to the trustee or trustees
under any indenture pursuant to which any of such Senior Debt may have been
issued, as their respective interests may appear, for application to the payment
of Senior Debt remaining unpaid until all such Senior Debt has been paid in full
in cash or cash equivalents, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such Senior
Debt.

       

      (d) The
consolidation of the Issuer with, or the merger of the Issuer with or into,
another Person or the liquidation or dissolution of the Issuer following
the

       

      
        
           

        

        
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      conveyance
or transfer of all or substantially all of its assets, to another Person upon
the terms and conditions provided in Article V hereof shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section if such other Person shall, as a part of such consolidation,
merger, conveyance or transfer, assume the Issuer’s obligations hereunder in
accordance with Article V hereof.

       

      Section 10.04 Payments May be Made on
Notes.

       

      Nothing
contained in this Article X or elsewhere in this Indenture shall prevent
(i) the Issuer, except under the conditions described in
Sections 10.02 and 10.03, from making payments at any time for the purpose
of making payments of principal of, and interest on, the Notes, or from
depositing with the Trustee any moneys for such payments, or (ii) in the
absence of actual knowledge by the Trustee that a given payment would be
prohibited by Section 10.02 or 10.03, the application by the Trustee of any
moneys deposited with it for the purpose of making such payments of principal
of, and interest on, the Notes to the Holders entitled thereto unless at least
two Business Days prior to the date upon which such payment would otherwise
become due and payable a Responsible Officer of the Trustee shall have actually
received the written notice provided for in the first sentence of
Section 10.02(b) or in 10.07 (provided that,
notwithstanding the foregoing, the Holders receiving any payments made in
contravention of Section 10.02 and/or 10.03 (and the respective such
payments) shall otherwise be subject to the provisions of Section 10.02 and
Section 10.03). Notwithstanding anything to the contrary contained in this
Article X or elsewhere in this Indenture, payments and distributions from
the funds deposited pursuant to Article VIII will be permitted to be made
and will not be subject to the provisions of this Article X so long as such
funds were deposited in accordance with the provisions of Article VIII and
did not violate the provisions of this Article X when such funds were so
deposited. The Issuer shall give prompt written notice to the Trustee of any
dissolution, winding-up, liquidation or reorganization of the Issuer, although
any delay or failure to give any such notice shall have no effect on the
subordination provisions contained herein.

       

      Section 10.05 Holders to be Subrogated to
Rights of Holders of Senior Debt.

       

      Subject
to the payment in full of all Senior Debt in cash or cash equivalents, the
Holders of the Notes shall be subrogated to the rights of the holders of Senior
Debt to receive payments or distributions of cash, assets or securities of the
Issuer applicable to the Senior Debt until the Notes shall be paid in full; and,
for the purposes of such subrogation, no such payments or distributions to the
holders of the Senior Debt by or on behalf of the Issuer, or by or on behalf of
the Holders by virtue of this Article X, which otherwise would have been
made to the Holders shall, as between the Issuer and the Holders, be deemed to
be a payment by the Issuer to or on account of the Senior Debt, it being
understood that the provisions of this Article X are and are intended
solely for the purpose of defining the relative rights of the Holders, on the
one hand, and the holders of Senior Debt, on the other hand.

       

      Section 10.06 Obligations of the Issuer
Unconditional.

       

      Nothing
contained in this Article X or elsewhere in this Indenture or in the Notes
is intended to or shall impair, as between the Issuer, and the Holders, the
obligation of the Issuer, which is absolute and unconditional, to pay to the
Holders the principal of, and any interest on,

       

      
        
           

        

        
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      the Notes
as and when the same shall become due and payable in accordance with their
terms, or is intended to or shall affect the relative rights of the Holders and
creditors of the Issuer other than the holders of the Senior Debt, nor shall
anything herein or therein prevent the Holder of any Note or the Trustee on its
behalf from exercising all remedies otherwise permitted by applicable law upon
default under this Indenture, subject to the rights, if any, of the holders of
Senior Debt in respect of cash, assets or securities of the Issuer received upon
the exercise of any such remedy.

       

      Section 10.07 Notice to
Trustee.

       

      The
Issuer shall give prompt written notice to the Trustee of any fact known to the
Issuer which would prohibit the making of any payment to or by the Trustee in
respect of the Notes pursuant to the provisions of this Article X, although
any delay or failure to give any such notice shall have no effect on the
subordination provisions contained herein.  Regardless of anything to
the contrary contained in this Article X or elsewhere in this Indenture,
the Trustee shall not be charged with knowledge of the existence of any default
or event of default with respect to any Senior Debt or of any other facts which
would prohibit the making of any payment to or by the Trustee unless and until
the Trustee shall have received notice in writing from the Issuer, or from a
holder of Senior Debt or a Representative therefor and, prior to the receipt of
any such written notice, the Trustee shall be entitled to assume (in the absence
of actual knowledge to the contrary) that no such facts exist.  The
Trustee shall be entitled to rely on the delivery to it of any notice pursuant
to this Section 10.07 to establish that such notice has been given by a
holder of Senior Debt (or a Representative thereof).

       

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

       

      Section 10.08 Reliance on Judicial Order
or Certificate of Liquidating Agent.

       

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

       

      
        
           

        

        
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      Section 10.09 Trustee’s Relation to Senior
Debt.

       

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

       

      With
respect to the holders of Senior Debt, the Trustee undertakes to perform or to
observe only such of its covenants and obligations as are specifically set forth
in this Article X, and no implied covenants or obligations with respect to
the holders of Senior Debt shall be read into this Indenture against the
Trustee.  The Trustee shall not be deemed to owe any fiduciary duty to
the holders of Senior Debt.

       

      Whenever
a distribution is to be made or a notice given to holders or owners of Senior
Debt, the distribution may be made and the notice may be given to their
Representative, if any.

       

      Section 10.10 Subordination Rights not
Impaired by Acts or Omissions of the Issuer or Holders of Senior
Debt.

       

      No right
of any present or future holders of any Senior Debt to enforce subordination as
provided herein shall at any time in any way be prejudiced or impaired by any
act or failure to act on the part of the Issuer or by any act or failure to act,
in good faith, by any such holder, or by any noncompliance by the Issuer with
the terms of this Indenture, regardless of any knowledge thereof, which any such
holder may have or otherwise be charged with.

       

      Without
in any way limiting the generality of the foregoing paragraph, the holders of
Senior Debt may, at any time and from time to time, without the consent of or
notice to the Trustee, without incurring responsibility to the Trustee or the
Holders of the Notes and without impairing or releasing the subordination
provided in this Article X or the obligations hereunder of the Holders of
the Notes to the holders of the Senior Debt, do any one or more of the
following:  (i) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior Debt, or otherwise
amend or supplement in any manner Senior Debt, or any instrument evidencing the
same or any agreement under which Senior Debt is outstanding; (ii) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing Senior Debt; (iii) release any Person liable in any
manner for the payment or collection of Senior Debt; and (iv) exercise or
refrain from exercising any rights against the Issuer and any other
Person.

       

      Section 10.11 Holders Authorize Trustee to
Effectuate Subordination of Notes.

       

      Each
Holder of the Notes by its acceptance of them authorizes and expressly directs
the Trustee on its behalf to take such action as may be necessary or appropriate
to effectuate, as between the holders of Senior Debt and the Holders of the
Notes, the subordination

       

      
        
           

        

        
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      provided
in this Article X, and appoints the Trustee its attorney-in-fact for such
purposes, including, in the event of any dissolution, winding-up, liquidation or
reorganization of the Issuer (whether in bankruptcy, insolvency, receivership,
reorganization or similar proceedings or upon an assignment for the benefit of
credits or otherwise) tending towards liquidation of the business and assets of
the Issuer, the filing of a claim for the unpaid balance of its Notes and
accrued interest in the form required in those proceedings.

       

      If the
Trustee does not file a proper claim or proof of debt in the form required in
such proceeding prior to 30 days before the expiration of the time to file such
claim or claims, then the holders of the Senior Debt or their Representative are
or is hereby authorized to have the right to file and are or is hereby
authorized to file an appropriate claim for and on behalf of the Holders of said
Notes.  Nothing herein contained shall be deemed to authorize the
Trustee or the holders of Senior Debt or their Representative to authorize,
consent to, accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof, or to authorize the Trustee or the holders of Senior Debt or
their Representative to vote in respect of the claim of any Holder in any such
proceeding.

       

      Section 10.12 This Article 
 X Not to Prevent Events of
Default.

       

      The
failure to make a payment on account of principal of, or interest on, the Notes
by reason of any provision of this Article X will not be construed as
preventing the occurrence of an Event of Default.

       

      Section 10.13 Trustee’s Compensation Not
Prejudiced.

       

      Nothing
in this Article X will apply to amounts due to the Trustee (other than
payments of Obligations owing to Holders in respect of the Notes) pursuant to
other Sections of this Indenture.

       

       

      ARTICLE XI

       

      NOTE
GUARANTEE

       

      Section 11.01 

Unconditional
Guarantee.

       

      Subject
to the provisions of this Article XI, each of the Guarantors hereby,
jointly and severally, unconditionally and irrevocably 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 Issuer or any other Guarantors to
the Holders or the Trustee hereunder or thereunder:  (a) (x) the
due and punctual payment of the principal of, premium, if any, and interest on
the Notes when and as the same shall become due and payable, whether at
maturity, upon redemption or repurchase, by acceleration or otherwise,
(y) the due and punctual payment of interest on the overdue principal and
(to the extent permitted by law) interest, if any, on the Notes and (z) the
due and punctual payment and performance of all other obligations of the Issuer
and all other obligations of the other Guarantors (including under the Note
Guarantees), in each case, to the Holders or the Trustee hereunder or thereunder
(including amounts due the Trustee under Section 7.07 hereof), all in
accordance with the terms hereof and thereof (collectively, the “
 Guarantee
Obligations”);

       

      
        
           

        

        
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      and
(b) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, the due and punctual payment and performance of
Guarantee Obligations in accordance with the terms of the extension or renewal,
whether at maturity, upon redemption or repurchase, by acceleration or
otherwise. Failing payment when due of any amount so guaranteed, or failing
performance of any other obligation of the Issuer to the Holders under this
Indenture or under the Notes, for whatever reason, each Guarantor shall be
obligated to pay, or to perform or cause the performance of, the same
immediately.  A Default under this Indenture or the Notes shall
constitute an event of default under the Note Guarantees, and shall entitle the
Holders of Notes to accelerate the obligations of the Guarantors thereunder in
the same manner and to the same extent as the obligations of the
Issuer.

       

      Each of
the Guarantors hereby agrees that its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, any release of any other Guarantor, the recovery of any
judgment against the Issuer, any action to enforce the same, whether or not a
Note Guarantee is affixed to any particular Note, or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor. To the fullest extent permitted by law, each of the Guarantors hereby
waives the benefit of diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Issuer, any
right to require a proceeding first against the Issuer, protest, notice and all
demands whatsoever and covenants that its Note Guarantee shall not be discharged
except by complete performance of the obligations contained in the Notes, this
Indenture and this Note Guarantee. This Note Guarantee is a guarantee of payment
and not of collection.  If any Holder or the Trustee is required by
any court or otherwise to return to the Issuer or to any Guarantor, or any
custodian, trustee, liquidator or other similar official acting in relation to
the Issuer or such Guarantor, any amount paid by the Issuer or such Guarantor to
the Trustee or such Holder, this Note Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect.  Each
Guarantor further agrees that, as between it, on the one hand, and the Holders
of Notes and the Trustee, on the other hand, (a) subject to this
Article XI, the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article VI for the purposes of this Note
Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and
(b) in the event of any acceleration of such obligations as provided in
Article VI hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this Note
Guarantee.

       

      Section 11.02 Subordination of Note
Guarantee.

       

      The
obligations of each Guarantor under its Note Guarantee pursuant to this
Article XI shall be junior and subordinated to the prior payment in full of
the Guarantor Senior Debt of such Guarantor in cash or cash equivalents on the
same basis as the Notes are junior and subordinated to Senior Debt of the
Issuer.  For the purposes of the foregoing sentence, the Trustee and
the Holders shall have the right to receive and/or retain payments by any of the
Guarantors only at such times as they may receive and/or retain payments in
respect of the Notes pursuant to this Indenture, including Article X
hereof.

       

      
        
           

        

        
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      Section 11.03 Limitation on Guarantor
Liability.

       

      Each
Subsidiary Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Note Guarantee of
such Subsidiary 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, foreign or state law to the
extent applicable to any Note Guarantee.  To effectuate the foregoing
intention, the Trustee, the Holders and the Subsidiary Guarantors hereby
irrevocably agree that the obligations of such Subsidiary Guarantor under its
Note Guarantee and this Article XI shall be limited to the maximum amount as
will, after giving effect to all other contingent and fixed liabilities of such
Subsidiary Guarantor (including any guarantees permitted under the Credit
Agreement) 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 Subsidiary Guarantor in respect of the obligations of such
other Subsidiary Guarantor under its Note Guarantee or pursuant to its
contribution obligations under this Article XI, result in the obligations
of such Subsidiary Guarantor under its Note Guarantee not constituting a
fraudulent transfer or conveyance.  Each Subsidiary Guarantor that
makes a payment for distribution under its Note Guarantee will be entitled to a
contribution from each other Subsidiary Guarantor in a pro rata amount based on
the adjusted net assets of each Subsidiary Guarantor.

       

      Section 11.04 Execution and Delivery of
Note Guarantee.

       

      To
further evidence its Note Guarantee set forth in Section 11.01, each
Guarantor hereby agrees that a notation of such Note Guarantee, substantially in
the form of Exhibit F
hereto, shall be endorsed on each Note authenticated and delivered by the
Trustee.  Such Note Guarantee shall be executed on behalf of each
Guarantor by either manual or facsimile signature of one Officer or other person
duly authorized by all necessary corporate action of each Guarantor who shall
have been duly authorized to so execute by all requisite corporate
action.

       

      The
validity and enforceability of any Note Guarantee shall not be affected by the
fact that it is not affixed to any particular Note.

       

      Each of
the Guarantors hereby agrees that its Note Guarantee set forth in
Section 11.01 shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Note Guarantee.

       

      If an
Officer of a Guarantor whose signature is on this Indenture or a Note Guarantee
no longer holds that office at the time the Trustee authenticates the Note on
which such Note Guarantee is endorsed or at any time thereafter, such
Guarantor’s Note Guarantee of such Note shall nevertheless be
valid.

       

      The
delivery of any Note by the Trustee, after the authentication thereof hereunder,
shall constitute due delivery of any Note Guarantee set forth in this Indenture
on behalf of each Guarantor.

       

      
        
           

        

        
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      Section 11.05 Release of a Subsidiary
Guarantor.

       

      A
Subsidiary Guarantor shall be released from its obligations under its Note
Guarantee and its obligations under this Indenture and the Registration Rights
Agreement:

       

      (1) in the
event of a sale or other disposition of all or substantially all of the assets
of such Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a
sale or other disposition of all of the Equity Interests of such Subsidiary
Guarantor then held by the Issuer and the Restricted Subsidiaries;
or

       

      (2) if such
Subsidiary 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

       

      (3) if such
Subsidiary Guarantor shall not guarantee any Indebtedness under any Credit
Facility (other than if such Subsidiary Guarantor no longer guarantees any
Indebtedness under any Credit Facility as a result of payment under any
guarantee of any such Indebtedness by any Subsidiary Guarantor); provided that a Subsidiary
Guarantor shall not be permitted to be released from its Note Guarantee if it is
an obligor with respect to Indebtedness that would not, under Section 4.10,
be permitted to be incurred by a Restricted Subsidiary that is not a Guarantor;
or

       

      (4) if the
Issuer exercises its legal defeasance option or its covenant defeasance option
pursuant to Section 8.02 or Section 8.03 or if the Issuer’s
obligations are discharged in accordance with Section 8.01.

       

      The
Trustee shall execute an appropriate instrument prepared by the Issuer
evidencing the release of a Guarantor from its obligations under its Note
Guarantee upon receipt of a request by the Issuer or such Guarantor accompanied
by an Officers’ Certificate and an Opinion of Counsel certifying as to the
compliance with this Section 11.05; provided, however, that the legal
counsel delivering such Opinion of Counsel may rely as to matters of fact on one
or more Officers’ Certificates of the Issuer.

       

      Except as
set forth in Articles IV and V and this Section 11.05, nothing contained in
this Indenture or in any of the Notes shall prevent any consolidation or merger
of a Guarantor with or into the Issuer or another Guarantor or shall prevent any
sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Issuer or another Guarantor.

       

      Section 11.06 Waiver of
Subrogation.

       

      Until
this Indenture is discharged and all of the Notes are discharged and paid in
full, each Guarantor hereby irrevocably waives and agrees not to exercise any
claim or other rights which it may now or hereafter acquire against the Issuer
that arise from the existence,

       

      
        
           

        

        
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      payment,
performance or enforcement of the Issuer’s obligations under the Notes or this
Indenture and such Guarantor’s obligations under this Note Guarantee and this
Indenture, in any such instance including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution, indemnification, and any
right to participate in any claim or remedy of the Holders against the Issuer,
whether or not such claim, remedy or right arises in equity, or under contract,
statute or common law, including, without limitation, the right to take or
receive from the Issuer, directly or indirectly, in cash or other assets or by
set-off or in any other manner, payment or security on account of such claim or
other rights.

       

      If any
amount shall be paid to any Guarantor in violation of the preceding sentence and
any amounts owing to the Trustee or the Holders of Notes under the Notes, this
Indenture, or any other document or instrument delivered under or in connection
with such agreements or instruments, shall not have been paid in full, such
amount shall have been deemed to have been paid to such Guarantor for the
benefit of, and held in trust for the benefit of, the Trustee or the Holders and
shall forthwith be paid to the Trustee for the benefit of itself or such Holders
to be credited and applied to the obligations in favor of the Trustee or the
Holders, as the case may be, whether matured or unmatured, in accordance with
the terms of this Indenture. Each Guarantor acknowledges that it will receive
direct and indirect benefits from the financing arrangements contemplated by
this Indenture and that the waiver set forth in this Section 11.06 is
knowingly made in contemplation of such benefits.

       

      Section 11.07 Immediate
Payment.

       

      Each
Guarantor agrees to make immediate payment to the Trustee on behalf of the
Holders of all Guarantee Obligations owing or payable to the respective Holders
upon receipt of a demand for payment therefor by the Trustee to such Guarantor
in writing.

       

      Section 11.08 No Set-Off.

       

      Each
payment to be made by a Guarantor hereunder in respect of the Guarantee
Obligations shall be payable in the currency or currencies in which such
Guarantee Obligations are denominated, and, to the fullest extent permitted by
law, shall be made without set-off, counterclaim, reduction or diminution of any
kind or nature.

       

      Section 11.09 Guarantee Obligations
Absolute.

       

      The
obligations of each Guarantor hereunder are and shall be absolute and
unconditional and any monies or amounts expressed to be owing or payable by each
Guarantor hereunder which may not be recoverable from such Guarantor on the
basis of a Note Guarantee shall be recoverable from such Guarantor as a primary
obligor and principal debtor in respect thereof.

       

      Section 11.10 Note Guarantee Obligations
Continuing.

       

      The
obligations of each Guarantor hereunder shall be continuing and shall remain in
full force and effect until all such obligations have been paid and satisfied in
full.  Each Guarantor agrees with the Trustee that it will from time
to time deliver to the Trustee suitable

       

      
        
           

        

        
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      acknowledgments
of this continued liability hereunder and under any other instrument or
instruments in such form as counsel to the Trustee may advise and as will
prevent any action brought against it in respect of any default hereunder being
barred by any statute of limitations now or hereafter in force and, in the event
of the failure of a Guarantor so to do, it hereby irrevocably appoints the
Trustee the attorney and agent of such Guarantor to make, execute and deliver
such written acknowledgment or acknowledgments or other instruments as may from
time to time become necessary or advisable, in the judgment of the Trustee on
the advice of counsel, to fully maintain and keep in force the liability of such
Guarantor hereunder.

       

      Section 11.11 Note Guarantee Obligations
not Reduced.

       

      The
obligations of each Guarantor hereunder shall not be satisfied, reduced or
discharged solely by the payment of such principal, premium, if any, interest,
fees and other monies or amounts as may at any time prior to discharge of this
Indenture pursuant to Article VIII be or become owing or payable under or
by virtue of or otherwise in connection with the Notes or this
Indenture.

       

      Section 11.12 Note Guarantee Obligations
Reinstated.

       

      The
obligations of each Guarantor hereunder shall continue to be effective or shall
be reinstated, as the case may be, if at any time any payment which would
otherwise have reduced the obligations of any Guarantor hereunder (whether such
payment shall have been made by or on behalf of the Issuer or by or on behalf of
a Guarantor) is rescinded or reclaimed from any of the Holders upon the
insolvency, bankruptcy, liquidation or reorganization of the Issuer or any
Guarantor or otherwise, all as though such payment had not been made. If demand
for, or acceleration of the time for, payment by the Issuer or any other
Guarantor is stayed upon the insolvency, bankruptcy, liquidation or
reorganization of the Issuer or such Guarantor, all such Indebtedness otherwise
subject to demand for payment or acceleration shall nonetheless be payable by
each Guarantor as provided herein.

       

      Section 11.13 Note Guarantee Obligations
not Affected.

       

      To the
fullest extent permitted by law, the obligations of each Guarantor hereunder
shall not be affected, impaired or diminished in any way by any act, omission,
matter or thing whatsoever, occurring before, upon or after any demand for
payment hereunder (and whether or not known or consented to by any Guarantor or
any of the Holders) which, but for this provision, might constitute a whole or
partial defense to a claim against any Guarantor hereunder or might operate to
release or otherwise exonerate any Guarantor from any of its obligations
hereunder or otherwise affect such obligations, whether occasioned by default of
any of the Holders or otherwise, including, without limitation:

       

      (a) any
limitation of status or power, disability, incapacity or other circumstance
relating to the Issuer or any other Person, including any insolvency,
bankruptcy, liquidation, reorganization, readjustment, composition, dissolution,
winding-up or other proceeding involving or affecting the Issuer or any other
Person;

       

      
        
           

        

        
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      (b) any
irregularity, defect, unenforceability or invalidity in respect of any
indebtedness or other obligation of the Issuer or any other Person under this
Indenture, the Notes or any other document or instrument;

       

      (c) any
failure of the Issuer or any other Guarantor, whether or not without fault on
its part, to perform or comply with any of the provisions of this Indenture, the
Notes or any Note Guarantee, or to give notice thereof to a
Guarantor;

       

      (d) the
taking or enforcing or exercising or the refusal or neglect to take or enforce
or exercise any right or remedy from or against the Issuer or any other Person
or their respective assets or the release or discharge of any such right or
remedy;

       

      (e) the
granting of time, renewals, extensions, compromises, concessions, waivers,
releases, discharges and other indulgences to the Issuer or any other
Person;

       

      (f) any
change in the time, manner or place of payment of, or in any other term of, any
of the Notes, or any other amendment, variation, supplement, replacement or
waiver of, or any consent to departure from, any of the Notes or this Indenture,
including, without limitation, any increase or decrease in the principal amount
of or premium, if any, or interest on any of the Notes;

       

      (g) any
change in the ownership, control, name, objects, businesses, assets, capital
structure or constitution of the Issuer or a Guarantor;

       

      (h) any
merger or amalgamation of the Issuer or a Guarantor with any Person or
Persons;

       

      (i) the
occurrence of any change in the laws, rules, regulations or ordinances of any
jurisdiction by any present or future action of any governmental authority or
court amending, varying, reducing or otherwise affecting, or purporting to
amend, vary, reduce or otherwise affect, any of the Guarantee Obligations or the
obligations of a Guarantor under its Note Guarantee; and

       

      (j) any other
circumstance, including release of a Guarantor pursuant to Section 11.05
(other than by complete, irrevocable payment) that might otherwise constitute a
legal or equitable discharge or defense of the Issuer under this Indenture or
the Notes or of a Guarantor in respect of its Note Guarantee
hereunder.

       

      Section 11.14 Waiver.

       

      Without
in any way limiting the provisions of Section 11.01, each Guarantor hereby
waives notice of acceptance hereof, notice of any liability of any Guarantor
hereunder, notice or proof of reliance by the Holders upon the obligations of
any Guarantor hereunder, and diligence, presentment, demand for payment on the
Issuer, protest, notice of dishonor or non-

       

      
        
           

        

        
          104

          
            

          

        

        
           

        

      

      payment
of any of the Guarantee Obligations, or other notice or formalities to the
Issuer or any Guarantor of any kind whatsoever.

       

      Section 11.15 No Obligation to Take Action
Against the Issuer.

       

      Neither
the Trustee nor any other Person shall have any obligation to enforce or exhaust
any rights or remedies against the Issuer or any other Person or any property of
the Issuer or any other Person before the Trustee is entitled to demand payment
and performance by any or all Guarantors of their liabilities and obligations
under their Note Guarantees or under this Indenture.

       

      Section 11.16 Dealing With the Issuer and
Others.

       

      The
Holders, without releasing, discharging, limiting or otherwise affecting in
whole or in part the obligations and liabilities of any Guarantor hereunder and
without the consent of or notice to any Guarantor, may

       

      (a) grant
time, renewals, extensions, compromises, concessions, waivers, releases,
discharges and other indulgences to the Issuer or any other Person;

       

      (b) take or
abstain from taking security or collateral from the Issuer or from perfecting
security or collateral of the Issuer;

       

      (c) release,
discharge, compromise, realize, enforce or otherwise deal with or do any act or
thing in respect of (with or without consideration) any and all collateral,
mortgages or other security given by the Issuer or any third party with respect
to the obligations or matters contemplated by this Indenture or the
Notes;

       

      (d) accept
compromises or arrangements from the Issuer;

       

      (e) apply all
monies at any time received from the Issuer or from any security upon such part
of the Guarantee Obligations as the Holders may see fit or change any such
application in whole or in part from time to time as the Holders may see fit;
and

       

      (f) otherwise
deal with, or waive or modify their right to deal with, the Issuer and all other
Persons and any security as the Holders or the Trustee may see fit.

       

      Section 11.17 Default and
Enforcement.

       

      If any
Guarantor fails to pay in accordance with Section 11.07 hereof, the Trustee
may proceed in its name as trustee hereunder in the enforcement of the Note
Guarantee of any such Guarantor and such Guarantor’s obligations thereunder and
hereunder by any remedy provided by law, whether by legal proceedings or
otherwise, and to recover from such Guarantor the obligations.

       

      
        
           

        

        
          105

          
            

          

        

        
           

        

      

      

       

      Section 11.18 Acknowledgment.

       

      Each
Guarantor hereby acknowledges communication of the terms of this Indenture and
the Notes and consents to and approves of the same.

       

      Section 11.19 Costs and
Expenses.

       

      Each
Guarantor shall pay on demand by the Trustee any and all reasonable costs, fees
and expenses (including, without limitation, reasonable legal fees on a
solicitor and client basis) incurred by the Trustee, its agents, advisors and
counsel or any of the Holders in enforcing any of their rights under any Note
Guarantee.

       

      Section 11.20 No Merger or Waiver;
Cumulative Remedies.

       

      No Note
Guarantee shall operate by way of merger of any of the obligations of a
Guarantor under any other agreement, including, without limitation, this
Indenture.  No failure to exercise and no delay in exercising, on the
part of the Trustee or the Holders, any right, remedy, power or privilege
hereunder or under this Indenture or the Notes, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder or under this Indenture or the Notes preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers and privileges in the Note
Guarantee and under this Indenture, the Notes and any other document or
instrument between a Guarantor and/or the Issuer and the Trustee are cumulative
and not exclusive of any rights, remedies, powers and privilege provided by
law.

       

      Section 11.21 Survival of Note Guarantee
Obligations.

       

      Without
prejudice to the survival of any of the other obligations of each Guarantor
hereunder, the obligations of each Guarantor under Section 11.01 shall
survive the payment in full of the Guarantee Obligations and shall be
enforceable against such Guarantor, to the fullest extent permitted by law,
without regard to and without giving effect to any defense, right of offset or
counterclaim available to or which may be asserted by the Issuer or any
Guarantor.

       

      Section 11.22 Note Guarantee in Addition
to Other Guarantee Obligations.

       

      The
obligations of each Guarantor under its Note Guarantee and this Indenture are in
addition to and not in substitution for any other obligations to the Trustee or
to any of the Holders in relation to this Indenture or the Notes and any
guarantees or security at any time held by or for the benefit of any of
them.

       

      Section 11.23 Severability.

       

      Any
provision of this Article XI which is prohibited or unenforceable in any
jurisdiction shall not invalidate the remaining provisions and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in

       

      
        
           

        

        
          106

          
            

          

        

        
           

        

      

      any other
jurisdiction unless its removal would substantially defeat the basic intent,
spirit and purpose of this Indenture and this Article XI.

       

      Section 11.24 Successors and
Assigns.

       

      Each Note
Guarantee shall be binding upon and inure to the benefit of each Guarantor and
the Trustee and the other Holders and their respective successors and permitted
assigns, except that no Guarantor may assign any of its obligations hereunder or
thereunder.

       

      ARTICLE XII

       

      MISCELLANEOUS

       

      Section 12.01 Trust Indenture Act
Controls.

       

      If any
provision of this Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this Indenture by the
Trust Indenture Act, such required or deemed provision shall
control.

       

      Section 12.02 Notices.

       

      Any
notices or other communications required or permitted hereunder shall be in
writing, and shall be sufficiently given if made by hand delivery, by telex, by
nationally recognized overnight courier service, by telecopier or registered or
certified mail, postage prepaid, return receipt requested, addressed as
follows:

       

      if to the
Issuer or a Guarantor:

       

      c/o Ply
Gem Industries, Inc.

      5020
Weston Parkway, Suite 400

      Cary,
North Carolina 27513

      Attention:  Chief
Financial Officer

       

      Telephone:  (919)
677-3900

      Facsimile:  (919)
677-3914

       

      if to the
Trustee:

       

      U.S. Bank
National Association

      60
Livingston Avenue

      EP-MN-WS3C

      St. Paul,
MN 55107-2292

      Attention:  Corporate
Trust Department

       

      Telephone:  (651)
495-3918

      Facsimile:  (651)
495-8097

       

      Each of
the Issuer and the Trustee by written notice to each other such Person may
designate additional or different addresses for notices to such
Person.  Any notice or

       

      
        
           

        

        
          107

          
            

          

        

        
           

        

      

      communication
to the Issuer and the Trustee, shall be deemed to have been given or made as of
the date so delivered if personally delivered; when replied to; when receipt is
acknowledged, if telecopied; five (5) calendar days after mailing if sent by
registered or certified mail, postage prepaid (except that a notice of change of
address shall not be deemed to have been given until actually received by the
addressee); and next Business Day if by nationally recognized overnight courier
service.

       

      Any
notice or communication mailed to a Holder shall be mailed to him by first class
mail or other equivalent means at his address as it appears on the registration
books of the Registrar and shall be sufficiently given to him if so mailed
within the time prescribed.

       

      Failure
to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders.  If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

       

      Section 12.03 Communications by Holders
with Other Holders.

       

      Holders
may communicate pursuant to Trust Indenture Act ss. 312(b) with other Holders
with respect to their rights under this Indenture, the Notes or the Note
Guarantees.  The Issuer, the Trustee, the Registrar and any other
Person shall have the protection of Trust Indenture Act ss. 312(c).

       

      Section 12.04 Certificate and Opinion as
to Conditions Precedent.

       

      Upon any
request or application by the Issuer to the Trustee to take any action under
this Indenture, the Issuer shall furnish to the Trustee at the request of the
Trustee:

       

      (1) an
Officers’ Certificate, in form and substance reasonably satisfactory to the
Trustee, stating that, in the opinion of the signers, all conditions precedent
to be performed or effected by the Issuer, if any, provided for in this
Indenture relating to the proposed action have been complied with;
and

       

      (2) an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

       

      Section 12.05 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 the Officers’ Certificate required by
Section 4.06, shall include:

       

      (1) a
statement that the Person making such certificate or opinion has read such
covenant or condition;

       

      (2) a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

       

      
        
           

        

        
          108

          
            

          

        

        
           

        

      

      

       

      (3) a
statement that, in the opinion of such Person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with or satisfied;
and

       

      (4) a
statement as to whether or not, in the opinion of each such Person, such
condition or covenant has been complied with; provided, however, that with respect to
matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or
certificates of public officials.

       

      Section 12.06 Rules by Paying Agent or
Registrar.

       

      The
Paying Agent or Registrar may make reasonable rules and set reasonable
requirements for their functions.

       

      Section 12.07 Legal Holidays.

       

      If a
payment date is not a Business Day, payment may be made on the next succeeding
day that is a Business Day.

       

      Section 12.08 Governing Law.

       

      THIS
INDENTURE, THE NOTES AND THE NOTE GUARANTEES WILL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

       

      Section 12.09 No Adverse Interpretation of
Other Agreements.

       

      This
Indenture may not be used to interpret another indenture, loan or debt agreement
of any of the Issuer or any of its Subsidiaries.  Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

       

      Section 12.10 No Recourse Against
Others.

       

      No
director, officer, employee, incorporator, stockholder, member or manager of the
Issuer or any Guarantor shall have any liability for any obligations of the
Issuer under the Notes or this Indenture or of any Guarantor under its Note
Guarantee or this Indenture 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.  Such
waiver and release are part of the consideration for issuance of the
Notes.

       

      Section 12.11 Successors.

       

      All
agreements of the Issuer and the Guarantors in this Indenture, the Notes and the
Note Guarantees shall bind their respective successors.  All
agreements of the Trustee in this Indenture shall bind its
successor.

       

      
        
           

        

        
          109

          
            

          

        

        
           

        

      

      

       

      Section 12.12 Duplicate
Originals.

       

      All
parties may sign any number of copies of this Indenture.  Each signed
copy or counterpart shall be an original, but all of them together shall
represent the same agreement.

       

      Section 12.13 Severability.

       

      To the
extent permitted by applicable law, in case any one or more of the provisions in
this Indenture, in the Notes or in the Note Guarantees shall be held invalid,
illegal or unenforceable, in any respect for any reason, the validity, legality
and enforceability of any such provision in every other respect and of the
remaining provisions shall not in any way be affected or impaired thereby, it
being intended that all of the provisions hereof shall be enforceable to the
full extent permitted by law.

       

      
        
           

        

        
          110

          
            

          

        

        
           

        

      

      SIGNATURES

       

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

       

      

      
        	 
      	
                PLY
      GEM INDUSTRIES, INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _/s/ Shawn K. Poe
      ____________

              
	 
      	
                Name:  Shawn
      K. Poe

              
	 
      	
                Title:  Vice
      President and Chief Financial Officer

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                PLY
      GEM HOLDINGS, INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _/s/ Shawn K. Poe
      ____________

              
	 
      	
                Name:  Shawn
      K. Poe

              
	 
      	
                Title:  Vice
      President and Chief Financial
Officer

              

      

      

       

      
        
          
          

        

        
           S-1

          
            

          

        

        
           

        

      

      

       

      
        	 
      	
                SUBSIDIARY GUARANTORS:

              
	 
      	 
      
	 
      	
                ALCOA
      HOME EXTERIORS, INC.

              
	 
      	
                ALENCO
      BUILDING PRODUCTS

              
	 
      	
                MANAGEMENT,
      L.L.C.

              
	 
      	
                ALENCO
      EXTRUSION GA, L.L.C.

              
	 
      	
                ALENCO
      EXTRUSION

              
	 
      	
                MANAGEMENT,
      L.L.C.

              
	 
      	
                ALENCO
      HOLDING CORPORATION

              
	 
      	
                ALENCO
      INTERESTS, L.L.C.

              
	 
      	
                ALENCO
      TRANS, INC.

              
	 
      	
                ALENCO
      WINDOW GA, L.L.C.

              
	 
      	
                ALUMINUM
      SCRAP RECYCLE, L.L.C.

              
	 
      	
                AWC
      ARIZONA, INC.

              
	 
      	
                AWC
      HOLDING COMPANY

              
	 
      	
                GLAZING
      INDUSTRIES

              
	 
      	
                MANAGEMENT,
      L.L.C.

              
	 
      	
                GREAT
      LAKES WINDOW, INC.

              
	 
      	
                KROY
      BUILDING PRODUCTS, INC.

              
	 
      	
                MW
      MANUFACTURERS INC.

              
	 
      	
                NAPCO,
      INC.

              
	 
      	
                NEW
      ALENCO EXTRUSION, LTD.

              
	 
      	
                NEW
      ALENCO WINDOW, LTD.

              
	 
      	
                NEW
      GLAZING INDUSTRIES, LTD.

              
	 
      	
                PLY
      GEM PACIFIC WINDOWS

              
	 
      	
                CORPORATION

              
	 
      	
                VARIFORM,
      INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _/s/ Shawn K. Poe
      ____________

              
	 
      	
                Name:  Shawn
      K. Poe

              
	 
      	
                Title:    Vice
      President

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                U.S.
      BANK NATIONAL ASSOCIATION, N.A.

              
	 
      	
                As
      Trustee

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _/s/ Richard H. Prokosch
      _______

              
	 
      	
                Name:  Richard
      H. Prokosch

              
	 
      	
                Title:    Vice
      President

              

      

      
        
           

        

        
          S-2 

          
            

          

        

        
           

        

      

      Exhibit A

       

      [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]

       

      [INSERT
THE ORIGINAL ISSUE DISCOUNT LEGEND, IF THIS NOTE IS TO ISSUED WITH ORIGINAL
ISSUE DISCOUNT]

       

      PLY
GEM INDUSTRIES, INC.

      131¤8% Senior Subordinated Notes
2014

       

      
        	
                CUSIP
      No.

              	
                No.
      $

              

      

      PLY GEM
INDUSTRIES, INC., a Delaware corporation (the “Issuer”), for value
received promises to pay to ____________ or its registered assigns, the
principal sum of [or such other amount as is provided in a schedule attached
hereto]1 on July
15, 2014.

       

      Interest
Payment Dates:  January 15 and July 15, commencing July 15,
2010.

       

      Record
Dates:  January 1 and July 1.

       

      Reference
is made to the further provisions of this Note contained herein, which will for
all purposes have the same effect as if set forth at this place.

       

      

        

      

       

        

         

        
          	
                  1

                	
                  This
      language should be included only if the Note is issued in global
      form.

                

        

         

      

      
        
           

        

        
          A-1 

          
            

          

        

        
           

        

      

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

       

      Dated:  [●],
20[●]

       

      

      
        	 
      	
                PLY GEM INDUSTRIES, INC.,
      as Issuer

              
	 
      	 
      
	 
      	
                By:  _______________________________

              
	 
      	
                Name:

              
	 
      	
                Title:

              
	 
      	 
      

      

      

       

      
        
           

        

        
          A-2 

          
            

          

        

        
           

        

      

      FORM
OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION

       

      This is
one of the 131¤8% Senior Subordinated Notes due
2014 described in the within-mentioned Indenture.

       

      Dated:  [●],
20[●]

       

      

      
        	 
      	
                U.S. BANK NATIONAL ASSOCIATION,
      as Trustee

              
	 
      	 
      
	 
      	
                By:  _______________________________

              
	 
      	
                Authorized
      Signatory

              
	 
      	 
      

      

      

       

      
        
           

        

        
          A-3 

          
            

          

        

        
           

        

      

      (Reverse of Note)

       

      13 1¤8% Senior Subordinated Notes due
2014

       

      Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

       

      SECTION
1.                             Interest.  Ply
Gem Industries, Inc., a Delaware corporation (the “Issuer”) promises to
pay interest on the principal amount of this Note at 131¤8% per annum from January 11,
2010 until maturity.  The Issuer will pay interest semi-annually on
January 15 and July 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”), commencing July 15, 2010.  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 original issuance.  The
Issuer shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to
time on demand to the extent lawful at the interest rate applicable to the
Notes; it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to
any applicable grace periods) from time to time on demand 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.

       

      SECTION
2.                             Method of
Payment.  The Issuer will pay interest on the Notes to the
Persons who are registered Holders of Notes at the close of business on the
January 1 or July 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 issued in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.  The Issuer
shall pay principal, premium, if any, and interest on the Notes 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 (“U.S. Legal
Tender”).  Principal, premium, if any, and interest on the
Notes will be payable at the office or agency of the Issuer maintained for such
purpose except that, at the option of the Issuer, the payment of interest may be
made by check mailed to the Holders of the Notes at their respective addresses
set forth in the register of Holders of Notes; provided that for Holders
that have given wire transfer instructions to the Issuer at least ten Business
Days prior to the applicable payment date, the Issuer will make all payments of
principal, premium and interest by wire transfer of immediately available funds
to the accounts specified by the Holders thereof. Until otherwise designated by
the Issuer, the Issuer’s office or agency in New York will be the office of
the Trustee maintained for such purpose.

       

      SECTION
3.                             Paying Agent and
Registrar.  Initially, U.S. Bank National Association, the
Trustee under the Indenture, will act as Paying Agent and
Registrar.  The Issuer may change any Paying Agent or Registrar
without notice to any Holder.  Except as provided in the Indenture,
the Issuer or any of its Subsidiaries may act in any such capacity.

       

      SECTION
4.                             Indenture and
Subordination.  The Issuer issued the Notes under an Indenture
dated as of January 11, 2010 (“Indenture”) by and
among the Issuer, the Guarantors and the Trustee.  The terms of the
Notes include those stated in the Indenture and

       

      
        
           

        

        
           
A-4

          
            

          

        

        
           

        

      

      those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code ss.ss. 77aaa-77bbbb) (the “Trust Indenture
Act”).  The Notes are subject to all such terms, and Holders
are referred to the Indenture and the Trust Indenture Act for a statement of
such terms.  The payment of the Notes will, to the extent set forth in
the Indenture, be subordinated in right of payment to the prior payment in full
in cash or cash equivalents of all Senior Debt.

       

      SECTION
5.                             Optional
Redemption.  Except as set forth in Section 6 hereof, the
Notes will not be redeemable at the Issuer’s option prior to January 15 , 2012
(the “First Call
Date”).  On or after the First Call Date, the Notes will be
subject to redemption at any time at the option of the Issuer, in whole or in
part, upon not less than 30 nor more than 60 days notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest thereon, if any, to the applicable Redemption Date,
if redeemed during the twelve-month period (or, in the case of the period
beginning on January 15, 2014, six-month period) beginning on January 15 of the
years indicated below:

       

      
        	
                
                  Year

                

              	 	
                
                  Percentage

                

              
	
                2012

              	 	
                106.5625%

              
	
                2013

              	 	
                103.2813%

              
	
                2014

              	 	
                100.0000%

              

      

       

      SECTION
6.                             Redemption with Proceeds
from Equity Offerings or upon a Change of Control.  (a) 
At any time prior to January 15, 2012, the Issuer may redeem at its option on
any one or more occasions up to 40% of the aggregate principal amount of Notes
issued under the Indenture with the net cash proceeds of one or more Qualified
Equity Offerings at a redemption price equal to 113.125% of the principal amount
of the Notes to be redeemed, plus accrued and unpaid interest thereon, if any,
to the Redemption Date; provided that (i) at
least 60% of the aggregate principal amount of Notes issued under the Indenture
remains outstanding immediately after the occurrence of such redemption and
(ii) such redemption shall occur within 90 days of the date of the closing
of any such Qualified Equity Offering.  On or after January 15, 2012,
and prior to January 15, 2013, the Issuer may redeem at its option on any one or
more occasions up to 100% of the aggregate principal amount of the Notes issued
under the Indenture with the net cash proceeds from one or more Qualified Equity
Offerings at a redemption price equal to 103% of the principal amount of the
Notes to be redeemed, plus accrued and unpaid interest, if any, to the
Redemption Date.  On or after January 15, 2013, the Issuer may redeem
at its option on any one or more occasions up to 100% of the aggregate principal
amount of the Notes issued under the Indenture with the net cash proceeds from
one or more Qualified Equity Offerings at a redemption price equal to 100% of
the principal amount of the Notes to be redeemed, plus accrued and unpaid
interest, if any, to the Redemption Date.

       

      (b)  At
any time on or prior to the First Call Date, the Notes may also be redeemed, in
whole but not in part, at the Issuer’s option, upon the occurrence of a Change
of Control, at a redemption price equal to 100% of the principal amount thereof
plus the Applicable Premium as of, and accrued and unpaid interest, if any, to,
the Redemption Date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment
date).  Such redemption or purchase may be made upon notice mailed by
first-class

       

      
        
           

        

        
          A-5 

          
            

          

        

        
           

        

      

      mail to
each Holder’s registered address, not less than 30 nor more than 60 days prior
to the Redemption Date (but in no event more than 90 days after the occurrence
of such Change of Control).  The Issuer may provide in such notice
that payment of such price and performance of the Issuer’s obligations with
respect to such redemption may be performed by another Person.  Any
such notice may be given prior to the occurrence of the related Change of
Control, and any such redemption or notice may, at the Issuer’s discretion, be
subject to the satisfaction of one or more conditions precedent, including but
not limited to the occurrence of the related Change of Control.

       

      (c)  At
any time prior to the First Call Date, after the completion of a Change of
Control Offer that was accepted by Holders of not less than 75% of the aggregate
principal amount of Notes then outstanding, the Issuer may redeem all, but not
less than all, of the Notes not validly tendered in the Change of Control Offer,
at a redemption price equal to 101% of the principal amount, and accrued and
unpaid interest, if any, to the Redemption Date; provided that such redemption
occurs within 90 days after the completion of such Change of Control
Offer.

       

      SECTION
7.                             Notice of
Redemption.  Notice of redemption will be mailed by first-class
mail at least 30 days but not more than 60 days prior to the Redemption Date to
each Holder of Notes to be redeemed at its registered address.  Notes
in denominations larger than $2,000 may be redeemed in part.  If any
Note is to be redeemed in part only, the notice of redemption that relates to
such Note shall state the portion of the principal amount thereof to be
redeemed.  A new Note in principal amount equal to the unredeemed
portion thereof will be issued in the name of the Holder thereof upon
cancellation of the original Note.  On and after the Redemption Date,
interest will cease to accrue on Notes or portions thereof called for
redemption.

       

      SECTION
8.                             Mandatory
Redemption.  For the avoidance of doubt, an offer to purchase
pursuant to Section 9 hereof shall not be deemed a redemption.

       

      The
Issuer shall not be required to make mandatory redemption payments with respect
to the Notes.

       

      SECTION
9.                             Repurchase at Option of
Holder.  Upon the occurrence of a Change of Control, and
subject to certain conditions set forth in the Indenture, the Issuer will be
required to offer to purchase all of the outstanding Notes at a purchase price
equal to 101% of the principal amount thereof, plus accrued and unpaid interest,
if any, thereon to the date of repurchase.

       

      The
Issuer is, subject to certain conditions and exceptions, obligated to make an
offer to purchase Notes at 100% of their principal amount, plus accrued and
unpaid interest, if any, thereon to the date of repurchase, with certain net
cash proceeds of certain sales or other dispositions of assets in accordance
with the Indenture.

       

      SECTION
10.                             Denominations, Transfer,
Exchange.  The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess
thereof.  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

       

      
        
           

        

        
          A-6 

          
            

          

        

        
           

        

      

      things,
to furnish appropriate endorsements and transfer documents and the Issuer may
require a Holder to pay any taxes and fees required by law or permitted by the
Indenture.  The Issuer and the Registrar are not required to transfer
or exchange any Note selected for redemption.  Also, the Issuer and
the Registrar are not required to transfer or exchange any Notes for a period of
15 days before a selection of Notes to be redeemed.

       

      SECTION
11.                             Persons Deemed
Owners.  The registered Holder of a Note may be treated as its
owner for all purposes.

       

      SECTION
12                             Amendment, Supplement and
Waiver.  Subject to certain exceptions, the Indenture and the
Notes may be amended or supplemented with the written consent of the Holders of
at least a majority in aggregate principal amount of the Notes then outstanding,
and any existing Default or compliance with any provision may be waived with the
consent of the Holders of a majority in aggregate principal amount of the Notes
then outstanding.  Without notice to or consent of any Holder, the
parties thereto may amend or supplement the Indenture and the Notes to, among
other things, cure any ambiguity, defect or inconsistency in the Indenture,
provide for uncertificated Notes in addition to certificated Notes, comply with
any requirements of the SEC in connection with the qualification of the
Indenture under the Trust Indenture Act, or make any change that does not
materially adversely affect the rights of any Holder of a Note.

       

      SECTION
13                             Defaults and
Remedies.  If a Default occurs and is continuing, the Trustee
or the Holders of at least 25% in principal amount of the then outstanding Notes
generally may declare all the Notes to be due and payable
immediately.  Notwithstanding the foregoing, in the case of a Default
arising from certain events of bankruptcy or insolvency as set forth in the
Indenture, with respect to the Issuer, all outstanding Notes will become due and
payable without further action or notice.  Holders of the Notes may
not enforce the Indenture or the Notes except as provided in the
Indenture.  Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the Trustee in its
exercise of any trust or power.

       

      The
Trustee may withhold from Holders of the Notes notice of any continuing Default
(except a Default relating to the payment of principal or interest including an
accelerated payment or the failure to make a payment on the Change of Control
Payment Date or the Net Proceeds Payment Date pursuant to a Net Proceeds Offer
or a Default in complying with the provisions of Article V of the
Indenture) if it determines that withholding notice is in their
interest.

       

      The
Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the
Notes waive any existing Default and its consequences under the Indenture except
a continuing Default in the payment of interest on, or the principal of, or the
premium on, the Notes.

       

      SECTION
14.                             Restrictive
Covenants.  The Indenture contains certain covenants that,
among other things, limit the ability of the Issuer and its Restricted
Subsidiaries to make restricted payments, to incur indebtedness, to create
liens, to sell assets, to permit restrictions on dividends and other payments by
Restricted Subsidiaries of the Issuer, to

       

      
        
           

        

        
          A-7 

          
            

          

        

        
           

        

      

      consolidate,
merge or sell all or substantially all of its assets or to engage in
transactions with affiliates.  The limitations are subject to a number
of important qualifications and exceptions.  The Issuer must annually
report to the Trustee on compliance with such limitations and other provisions
in the Indenture.

       

      SECTION
15.                             No Recourse Against
Others.  No director, officer, employee, incorporator,
stockholder, member or manager of the Issuer or any Guarantor shall have any
liability for any obligations of the Issuer under the Notes or the Indenture, or
of any Guarantor under its Note Guarantee or the Indenture 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.

       

      SECTION
16                             Note
Guarantees.  This Note will be entitled to the benefits of
certain Note Guarantees made for the benefit of the Holders.

       

      Reference
is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and obligations thereunder of the Guarantors, the
Trustee and the Holders.

       

      SECTION
17.                                Trustee Dealings with the
Issuer.  Subject to certain terms, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Issuer, their Subsidiaries or
their respective Affiliates as if it were not the Trustee.

       

      SECTION
18.                             Authentication.  This
Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.

       

      SECTION
19.                             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
entirety), 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).

       

      SECTION
20.                             Additional Rights of Holders
of Restricted Global Notes and Restricted Definitive
Notes.  Pursuant to, but subject to the exceptions in, the
Registration Rights Agreement, the Issuer and the Guarantors will be obligated
to use their commercially reasonable efforts to consummate an exchange offer
pursuant to which the Holder of this Note shall have the right to exchange this
Note for a 131¤8% Senior Subordinated Note due
2014 of the Issuer which shall have been registered under the Securities Act, in
like principal amount and having terms identical in all material respects to
this Note (except that such note shall not be entitled to Additional Interest
and shall not contain terms with respect to transfer restrictions). The Holders
shall be entitled to receive certain Additional Interest in the event such
exchange offer is not

       

      
        
           

        

        
          A-8 

          
            

          

        

        
           

        

      

      consummated
or the Notes are not offered for resale and upon certain other conditions, all
pursuant to and in accordance with the terms of the Registration Rights
Agreement.2

       

      SECTION
21.                             CUSIP and ISIN
Numbers.  Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP
or ISIN 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.

       

      SECTION
22.                             GOVERNING
LAW.  THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

       

      The
Issuer will furnish to any Holder upon written request and without charge a copy
of the Indenture.

       

      

        

      

       

        

         

        
          	
                  2

                	
                  This
      Section not to appear on Exchange Notes or Private Exchange Notes or
      Additional Notes unless required by the terms of such Additional
      Notes.

                

        

         

      

      
        
           

        

        
          A-9 

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

       

      I or we
assign and transfer this Note to

       

      ______________________________________________________________________________

       

      ______________________________________________________________________________

      (Print or
type name, address and zip code of assignee or transferee)

       

      ______________________________________________________________________________

      (Insert
Social Security or other identifying number of assignee or
transferee)

       

      and
irrevocably appoint _______________________________________ agent to transfer
this Note on the books of the Issuer.  The agent may substitute
another to act for him.

       

      
        	
                Dated:  ____________________

              	
                Signed:  ______________________________

              
	 
      	
                (Sign
      exactly as name appears on the other side

              
	 
      	
                of
      this Note)

              
	 
      	 
      
	 
      	 
      
	
                Signature
      Guarantee:

              	
                _____________________________________

              
	 
      	
                Participant
      in a recognized Signature Guarantee

              
	 
      	
                Medallion
      Program (or other signature guarantor

              
	 
      	
                program
      reasonably acceptable to the
Trustee)

              

      

      

       

      In
connection with any transfer of this Note occurring prior to the date which is
the date following the expiration of the applicable holding period set forth in
Rule 144(d) of the Securities Act, the undersigned confirms that it has not
utilized any general solicitation or general advertising in connection with the
transfer and is making the transfer pursuant to one of the
following:

       

      [CHECK
ONE]

       

      (1)
___   to the Issuer, Parent, Holdings or any of its or their
subsidiaries or affiliates; or

       

      (2)
___   to a person who the transferor reasonably believes is a
“qualified institutional buyer” pursuant to and in compliance with Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”);
or

       

      (3)
___   to an institutional “accredited investor” (as defined in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to
the Trustee a signed letter containing certain representations and agreements
(the form of which letter can be obtained from the Trustee); or

       

      (4)
___   outside the United States to a non-“U.S. person” as defined
in Rule 902 of Regulation S under the Securities Act in compliance
with Rule 904 of Regulation S under the Securities Act; or

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

       

      (5)
___   pursuant to the exemption from registration provided by Rule 144
under the Securities Act; or

       

      (6)
___   pursuant to an effective registration statement under the
Securities Act.

       

      and
unless the box below is checked, the undersigned confirms that such Note is not
being transferred to an “affiliate” of the Issuer as defined in Rule 144 under
the Securities Act (an “Affiliate”):

       

      The
transferee is an Affiliate of the Issuer.

       

      Unless
one of the foregoing items (1) through (6) is checked, the Trustee will refuse
to register any of the Notes evidenced by this certificate in the name of any
person other than the registered Holder thereof; provided, however, that if item (3),
(4) or (5) is checked, the Issuer or the Trustee may require, prior to
registering any such transfer of the Notes, in their sole discretion, such
written legal opinions, certifications (including an investment letter in the
case of box (3) or (4)) and other information as the Trustee or the Issuer has
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

       

      If none
of the foregoing items (1) through (6) are checked, the Trustee or Registrar
shall not be obligated to register this Note in the name of any person other
than the Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Section 2.16 of the Indenture shall
have been satisfied.

       

      
        	
                Dated:  ____________________

              	
                Signed:  ______________________________

              
	 
      	
                (Sign
      exactly as name appears on the other side

              
	 
      	
                of
      this Note)

              
	 
      	 
      
	 
      	 
      
	
                Signature
      Guarantee:

              	
                _____________________________________

              
	 
      	
                Participant
      in a recognized Signature Guarantee

              
	 
      	
                Medallion
      Program (or other signature guarantor

              
	 
      	
                program
      reasonably acceptable to the
Trustee)

              

      

      

       

      TO BE
COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

       

      The
undersigned represents and warrants that it is purchasing this Note for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Issuer as the undersigned
has

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      requested
pursuant to Rule 144A or has determined not to request such information and that
it is aware that the transferor is relying upon the undersigned’s foregoing
representations in order to claim the exemption from registration provided by
Rule 144A.

       

      
        	
                Dated:  ____________________

              	
                ______________________________________

              
	 
      	
                NOTICE:  To
      be executed by an executive officer

              

      

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

       

      OPTION
OF HOLDER TO ELECT PURCHASE

       

      If you
want to elect to have this Note purchased by the Issuer pursuant to
Section 4.09 or Section 4.13 of the Indenture, check the appropriate
box:

       

      
        	
                Section 4.09
      [_]

              	
                Section 4.13
      [_]

              

      

      If you
want to elect to have only part of this Note purchased by the Issuer pursuant to
Section 4.09 or Section 4.13 of the Indenture, state the amount (in
denominations of $2,000 and integral multiples of $1,000 in excess
thereof):  $___________

       

      Dated:  _________________
Signed:  __________________________________

       

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

       

      Signature
Guarantee:  _______________________________________________

       

      Participant
in a recognized Signature Guarantee Medallion Program (or other signature
guarantor program reasonably acceptable to the Trustee)

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE3

       

      The
following exchanges of a part of this Global Note for an interest in another
Global Note or for a Physical Note, or exchanges of a part of another Global
Note or Physical Note for an interest in this Global Note, have been
made:

       

      
        	
                
                  Date
      Of Exchange

                

              	 	
                
                  AMOUNT
      OF DECREASE IN

                  PRINCIPAL
      AMOUNT OF

                  This
      Global Note

                

              	 	
                
                  AMOUNT
      OF INCREASE IN

                  PRINCIPAL
      AMOUNT OF

                  This
      Global Note

                

              	 	
                
                  PRINCIPAL
      AMOUNT OF

                  THIS
      GLOBAL NOTE

                  FOLLOWING
      SUCH DECREASE

                  (Or
      Increase)

                

              	 	
                
                  SIGNATURE
      OF

                   AUTHORIZED
      OFFICER OF

                  TRUSTEE
      OR NOTE

                  Custodian

                

              
	 
      	 	 
      	 	 
      	 	 
      	 	 
      

      

      

       

      

        

      

       

        

         

        
          	
                   
      

                	
                  3

                	
                  This
      schedule should be included only if the Note is issued in global
      form.

                

        

         

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      Exhibit B

       

      FORM OF
LEGENDS

       

      Each
Global Note and Physical Note that constitutes a Restricted Security shall bear
the following legend (the “Private Placement Legend”) on the face thereof until
after the expiration of the applicable holding period with respect thereto set
forth in Rule 144(d) of the Securities Act, unless otherwise agreed by the
Issuer and the Holder thereof or if such legend is no longer required by
Section 2.16(g) of the Indenture:

       

      THIS NOTE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER.

       

      THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER AND THE GUARANTORS THAT
(A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I)
TO THE ISSUER, PARENT, HOLDINGS OR ANY OF ITS OR THEIR SUBSIDIARIES OR
AFFILIATES, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) INSIDE
THE UNITED STATES TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE
501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR
TO SUCH TRANSFER FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THE NOTES AND, IF
SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN
$250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE TRUSTEE THAT
SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (V) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF
AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THAT (B) THE
HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF
THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A)
ABOVE.

       

      
        
           

        

        
          B-1 

          
            

          

        

        
           

        

      

      

       

      Each
Global Note authenticated and delivered hereunder shall also bear the following
legend:

       

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

       

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

       

      TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 2.16 OF THE
INDENTURE.

       

      Each
Temporary Regulation S Global Note shall also bear the following
legend:

       

      THIS
GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”).  NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY
BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED
TO BELOW.

       

      
        
           
B-2

        

        
           

          
            

          

        

        
           

        

      

      

       

      NO
BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.

       

      THIS NOTE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT
FROM REGISTRATION UNDER THE SECURITIES ACT, AND MAY NOT BE TRANSFERRED IN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS.  TERMS USED
ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES
ACT.

       

      Each
Global Note and Physical Note authenticated and delivered hereunder shall also
bear the following legend if such Global Note or Physical Note is issued with
“original issue discount”:

       

      THIS NOTE
WAS ISSUED WITH “ORIGINAL ISSUE DISCOUNT.” THE TOTAL AMOUNT OF ORIGINAL ISSUE
DISCOUNT IS [—]% OF ITS
PRINCIPAL AMOUNT, THE ISSUE DATE IS [—], 20[—], AND THE
YIELD TO MATURITY ON THE ISSUE DATE IS [—]%, COMPOUNDED
SEMI-ANNUALLY.

       

      
        
           

        

        
          B-3 

          
            

          

        

        
           

        

      

      Exhibit C

       

      FORM
OF CERTIFICATE TO BE

      DELIVERED
IN CONNECTION WITH

      TRANSFERS
TO NON-QIB INSTITUTIONAL ACCREDITED INVESTORS

       

      [                        ],
[         ]

       

      U.S. Bank
National Association

      60
Livingston Avenue

      EP-MN-WS3C

      St. Paul,
MN 55107-2292

      T:  (651)
495-3918

      F:  (651)
495-8097

      Attention:  Corporate
Trust Department

       

      Ladies
and Gentlemen:

       

      In
connection with our proposed purchase of 13 1¤8% Senior Subordinated Notes due
2014 (the “Notes”) of PLY GEM
INDUSTRIES, INC., a Delaware corporation (the “Issuer”), we confirm
that:

       

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

       

      2.           We
understand that the offer and sale of the Notes have not been registered under
the Securities Act, and that the Notes may not be offered, sold, pledged or
otherwise transferred except as permitted in the following
sentence.  We agree, on our own behalf and on behalf of any accounts
for which we are acting as hereinafter stated, that if we should sell, offer,
pledge or otherwise transfer any Notes, we will do so only (i) to the
Issuer, Parent, Holdings or any of its or their subsidiaries or affiliates,
(ii) in the United States to a person who we reasonably believe is a
“qualified institutional buyer” (as defined in Rule 144A under the Securities
Act) in a transaction meeting the requirements of Rule 144A, (iii) inside
the United States 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 the Trustee (as defined in the Indenture) a signed letter
containing certain representations and agreements relating to the restrictions
on transfer of the Notes (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 less than $250,000, an opinion of counsel acceptable to the Issuer and the
Trustee that such transfer is in compliance with the Securities Act, (iv)
outside the United States in an offshore transaction in accordance with
Rule 904 under the Securities Act, (v) pursuant to an exemption from
registration under the Securities Act provided by Rule 144 (if
available)

       

      
        
           

        

        
          C-1 

          
            

          

        

        
           

        

      

      or (vi)
pursuant to an effective registration statement under the Securities Act, in
each of cases (i) through (vi) in accordance with any applicable
securities laws of any state of the United States, and we further agree to
provide to any person purchasing any of the Notes from us a notice advising such
purchaser that resales of the Notes are restricted as stated
herein.

       

      3.           We
are not acquiring the Notes for or on behalf of, and will not transfer the Notes
to, any pension or welfare plan (as defined in Section 3 of the Employee
Retirement Income Security Act of 1974, as amended) or plan (as defined in
Section 4975 of the Internal Revenue Code of 1986, as amended), except as
permitted in the section entitled “Notice to Investors”
of the Offering Memorandum.

       

      4.           We
understand that, on any proposed resale of any Notes, we will be required to
furnish to the Trustee and the Issuer such certification, legal opinions and
other information as the Trustee and the Issuer may reasonably require to
confirm that the proposed sale complies with the foregoing
restrictions.  We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

       

      5.           We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the Securities Act) and have such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Notes, and we and any
accounts for which we are acting are each able to bear the economic risk of our
or their investment, as the case may be.

       

      6.           We
are acquiring the Notes purchased by us for our 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.

       

      
        
           

        

        
          C-2 

          
            

          

        

        
           

        

      

      You, as
Trustee, the Issuer, counsel for the Issuer and others 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 proceeding or
official inquiry with respect to the matters covered hereby.

       

      

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                {Name
      of Transferee}

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _______________________________

              
	 
      	
                Name:

              
	 
      	
                Title:

              

      

      
        
           

        

        
          C-3 

          
            

          

        

        
           

        

      

      Exhibit D

       

      FORM
OF CERTIFICATE TO BE DELIVERED

      IN
CONNECTION WITH TRANSFERS

      PURSUANT TO REGULATION
S

       

      [                   ],
[          ]

       

      U.S. Bank
National Association

      60
Livingston Avenue

      EP-MN-WS3C

      St. Paul,
MN 55107-2292

      T:  (651)
495-3918

      F:  (651)
495-8097

      Attention:  [Corporate
Trust Department]

       

      
        	
                 
      

              	
                Re:

              	
                PLY
      GEM INDUSTRIES, INC. (THE “ISSUER”) 13 1¤8% SENIOR SUBORDINATED
      NOTES DUE 2014 (THE “NOTES”)

              

      

       

      Ladies
and Gentlemen:

       

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

       

      (1)           the
offer of the Notes was not made to a person in the United States;

       

      (2)           either
(a) at the time the buy offer was originated, the transferee was outside
the United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States, or (b) the transaction
was executed in, on or through the facilities of a designated offshore
securities market and neither we nor any person acting on our behalf knows that
the transaction has been prearranged with a buyer in the United
States;

       

      (3)           no
directed selling efforts have been made in the United States in contravention of
the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as
applicable;

       

      (4)           the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and

       

      (5)           we
have advised the transferee of the transfer restrictions applicable to the
Notes.

       

      
        
           

        

        
          D-1 

          
            

          

        

        
           

        

      

      

       

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

       

      

       

      

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                {Name
      of Transferee}

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _______________________________

              
	 
      	
                Authorized
      Signatory

              
	 
      	 
      

      

      
        
           

        

        
           
D-2

          
            

          

        

        
           

        

      

      Exhibit E

       

      

       

      FORM
OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH

      TRANSFERS
OF TEMPORARY REGULATION S GLOBAL NOTE

       

      ___________________,_______

       

      U.S. Bank
National Association

      60
Livingston Avenue

      EP-MN-WS3C

      St. Paul,
MN 55107-2292

      T:  (651)
495-3918

      F:  (651)
495-8097

      Attention:  [Corporate
Trust Department]

       

      
        	
                 
      

              	
                Re:

              	
                PLY
      GEM INDUSTRIES, INC. (THE “ISSUER”) 13 1¤8% SENIOR SUBORDINATED NOTES DUE 2014 (THE
      “NOTES”)

              

      

       

      Dear
Sirs:

       

      This
letter relates to U.S. $ ______________ principal amount of Notes represented by
a certificate (the “Legended
Certificate”) which bears a legend outlining restrictions upon transfer
of such Legended Certificate.  Pursuant to Section 2.16(c) of the
Indenture (the “Indenture”) dated as
of January 11, 2010 relating to the Notes, we hereby certify that we are (or we
will hold such securities on behalf of) a person outside the United States (or
to an Initial Purchaser (as defined in the Indenture)) to whom the Notes could
be transferred in accordance with Rule 904 of Regulation S promulgated under the
U.S. Securities Act of 1933, as amended.

       

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

       

      

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                {Name
      of Transferee}

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _______________________________

              
	 
      	
                Authorized
      Signatory

              
	 
      	 
      

      

      

       

      
        
           

        

        
          E-1 

          
            

          

        

        
           

        

      

      Exhibit F

       

      NOTE
GUARANTEE

       

      For value
received, each of the undersigned (including any successor Person under the
Indenture) hereby unconditionally guarantees, jointly and severally, to the
extent set forth in the Indenture (as defined below) to the Holder of this Note
the payment of principal, premium, if any, and interest on this Note in the
amounts and at the times when due and interest on the overdue principal,
premium, if any, and interest, if any, of this Note when due, if lawful, and, to
the extent permitted by law, the payment or performance of all other obligations
of the Issuer under the Indenture or the Notes, to the Holder of this Note and
the Trustee, all in accordance with and subject to the terms and limitations of
this Note, the Indenture, including Article XI thereof, and this Note
Guarantee. This Note Guarantee will become effective in accordance with
Article XI of the Indenture and its terms shall be evidenced
therein.

       

      The
validity and enforceability of any Note Guarantee shall not be affected by the
fact that it is not affixed to any particular Note.

       

      Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Indenture dated as of January 11, 2010, among Ply Gem Industries, Inc., a
Delaware corporation (the “Issuer”), the Guarantors named therein and U.S. Bank
National Association, as trustee (the “Trustee”), as amended or supplemented
(the “Indenture”).

       

      The
obligations of the undersigned to the Holders of Notes and to the Trustee
pursuant to this Note Guarantee and the Indenture are expressly set forth in
Article XI of the Indenture and reference is hereby made to the Indenture
for the precise terms of the Note Guarantee and all of the other provisions of
the Indenture to which this Note Guarantee relates.

       

      No
director, officer, employee, incorporator, stockholder, member or manager of any
Guarantor, as such, shall have any liability for any obligations of such
Guarantors under such Guarantors’ Note Guarantee or the Indenture or for any
claim based on, in respect of, or by reason of, such obligation or its
creation.

       

      This Note
Guarantee is subordinated in right of payment, in the manner and to the extent
set forth in Article XI of the Indenture, to the prior payment in full in
cash or cash equivalents of all Guarantor Senior Debt of the Guarantors, whether
outstanding on the date of the Indenture or thereafter created, incurred,
assumed or guaranteed.

       

      THIS NOTE
GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

       

      This Note
Guarantee is subject to release upon the terms set forth in the
Indenture.

       

      
        
           

        

        
          F-1 

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, each Guarantor has caused its Note Guarantee to be duly
executed.

       

      

      
        	
                Date:

              	 
      
	 
      	 
      
	 
      	
                {                                                            }

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:  _______________________________

              
	 
      	
                Name:

              
	 
      	
                Title:

              
	 
      	 
      

      

      

       

      
        
           

        

        
          F-2exhibit4-20.htm

    
      

      

    

    Exhibit
4.20

     

     

    EXECUTION COPY

    

      
        	
                 
      

              	
                $150,000,000

              

      

      

       

      PLY
GEM INDUSTRIES, INC.

       

      131⁄8%
Senior Subordinated Notes due 2014

      

      REGISTRATION RIGHTS
AGREEMENT

       

      January
11, 2010

       

      UBS
Securities LLC (“UBS”)

      299 Park Avenue

      New York, New York 10171

      

      As
Representative of the Several Initial Purchasers

      

      

      Dear
Ladies and Gentlemen:

       

      Ply Gem
Industries, Inc., a Delaware corporation (the “Company”), proposes to issue
and sell to UBS, as representative of the Initial Purchasers (collectively, the
“Initial Purchasers”),
upon the terms set forth in a purchase agreement dated as of January 6, 2010
(the “Purchase
Agreement”), $150,000,000 aggregate principal amount of its 131⁄8% Senior
Subordinated Notes due 2014 (the “Initial Securities”) to be
unconditionally guaranteed on a senior subordinated unsecured basis by Ply Gem
Holdings, Inc. (“Holdings”) and the entities
designated as guarantors in Schedule B to the Purchase Agreement (the
“Subsidiary Guarantors”
and, together with Holdings, the “Guarantors”).  The
Initial Securities will be issued pursuant to an indenture (the “Indenture”), dated of even
date herewith, among the Company, the Guarantors and U.S. Bank National
Association, as trustee (the “Trustee”).  As an
inducement to the Initial Purchasers to enter into the Purchase Agreement, the
Company agrees with the Initial Purchasers, for the benefit of the holders of
the Initial Securities (including the Initial Purchasers), the Exchange
Securities (as defined below) and the Private Exchange Securities (as defined
below) (collectively, the “Holders”), as
follows:

       

      1. Registered Exchange
Offer.  Unless not permitted by applicable law (after the
Company has complied with the ultimate paragraph of this Section 1), the Company
and the Guarantors shall prepare and, not later than 180 days (or if the 180th
day is not a business day, the first business day thereafter) (such 180th day or
first business day thereafter being an “Exchange Offer Filing
Deadline”) after the date on which the Initial Securities are first
issued (the “Issue
Date”), file with the Securities and Exchange Commission (the “Commission”) a registration
statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities Act
of 1933, as amended (the “Securities Act”), with respect
to a proposed offer (the “Registered Exchange Offer”) to
the Holders of Transfer Restricted Securities (as defined in Section 6(d)
hereof), who are not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer, to issue and deliver to such
Holders, in exchange for the Initial Securities, a like aggregate principal
amount of debt securities (the “Exchange Securities”) of the
Company issued under the Indenture identical in all material

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      respects
to the Initial Securities (except for the transfer restrictions relating to the
Initial Securities and the provisions relating to the matters in Section 6
hereof) and that would be registered under the Securities Act.  The
Company and the Guarantors shall use their commercially reasonable efforts to
(i) cause such Exchange Offer Registration Statement to become effective
under the Securities Act within 240 days after the Issue Date (or if the 240th
day is not a business day, the first business day thereafter) (such 240th (or
first business day thereafter) day being an “Effectiveness Deadline”) and
(ii) keep the Exchange Offer Registration Statement effective for not less
than 30 days (or longer, if required by applicable law) after the date
notice of the Registered Exchange Offer is mailed to the Holders (such period
being called the “Exchange
Offer Registration Period”).

       

      If the
Company commences the Registered Exchange Offer, the Company, on behalf of
itself and the Guarantors, (i) will be entitled to consummate the
Registered Exchange Offer 30 days after such commencement (provided that
the Company has accepted all the Initial Securities theretofore validly tendered
in accordance with the terms of the Registered Exchange Offer) and
(ii) shall use commercially reasonable efforts to consummate the Registered
Exchange Offer no later than 40 days (or longer if required by applicable
law) after the date on which the Exchange Offer Registration Statement is
declared effective (or if the 40th day is not a business day, the first business
day thereafter), but in any event no later than 280 days after the Issue Date
(such 280th day (or longer if required by applicable law) being the “Consummation Deadline”) by the
Commission.

       

      Following
the declaration of the effectiveness of the Exchange Offer Registration
Statement, the Company on behalf of itself and the Guarantors shall promptly
commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder of Transfer Restricted
Securities (as defined in Section 6(d) hereof) electing to exchange the
Initial Securities for Exchange Securities (assuming that such Holder is not an
affiliate of the Company or the Guarantors within the meaning of the Securities
Act, acquires the Exchange Securities in the ordinary course of such Holder’s
business and has no arrangements with any person to participate in the
distribution of the Exchange Securities and is not prohibited by any law or
policy of the Commission from participating in the Registered Exchange Offer) to
trade such Exchange Securities from and after their receipt without any
limitations or restrictions under the Securities Act and without material
restrictions under the securities laws of the several states of the United
States.

       

      The
Company and the Guarantors acknowledge that, pursuant to current interpretations
by the Commission’s staff of Section 5 of the Securities Act, in the
absence of an applicable exemption therefrom, (i) each Holder that is a
broker-dealer electing to exchange Initial Securities, acquired for its own
account as a result of market making activities or other trading activities, for
Exchange Securities (an “Exchanging Dealer”), is
required to deliver a prospectus containing the information set forth in
(a) Annex A hereto on the cover of such prospectus, (b) Annex B hereto
in the “Exchange Offer Procedures” section and the “Purpose of the Exchange
Offer” section of such prospectus, and (c) Annex C hereto in the “Plan of
Distribution” section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the
Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell
Exchange Securities acquired in exchange for Initial Securities constituting any
portion of an unsold allotment is required to deliver a prospectus

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      containing
the information required by Item 507 or 508 of Regulation S-K under
the Securities Act, as applicable, in connection with such sale.

       

      The
Company and the Guarantors shall use their 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 Securities; provided, however, that
(i) in the case where such prospectus and any amendment or supplement
thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such
period shall be the lesser of 180 days and the date on which all Exchanging
Dealers and the Initial Purchasers have sold all Exchange Securities held by
them (unless such period is extended pursuant to Section 3(j) below) and
(ii) the Company and the Guarantors shall make such prospectus and any
amendment or supplement thereto available to any broker-dealer for use in
connection with any resale of any Exchange Securities for a period of not less
than 180 days after the consummation of the Registered Exchange
Offer.

       

      If, upon
consummation of the Registered Exchange Offer, any Initial Purchaser holds
Initial Securities acquired by it as part of the initial distribution, the
Company, on behalf of itself and the Guarantors and simultaneously with the
delivery of the Exchange Securities pursuant to the Registered Exchange Offer,
shall issue and deliver to such Initial Purchaser upon the written request of
such Initial Purchaser, in exchange (the “Private Exchange”) for the
Initial Securities held by such Initial Purchaser, a like principal amount of
debt securities of the Company issued under the Indenture and identical in all
material respects (including the existence of restrictions on transfer under the
Securities Act and the securities laws of the several states of the United
States, but excluding provisions relating to the matters described in Section 6
hereof) to the Initial Securities (the “Private Exchange
Securities”).  The Initial Securities, the Exchange Securities
and the Private Exchange Securities are herein collectively called the “Securities”.

       

      In
connection with the Registered Exchange Offer, the Company on behalf of itself
and the Guarantors shall:

       

      (a) mail to
each Holder a copy of the prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and
related documents;

       

      (b) keep the
Registered Exchange Offer open for not less than 30 days (or longer, if
required by applicable law) after the date notice thereof is mailed to the
Holders;

       

      (c) utilize
the services of a depositary for the Registered Exchange Offer, which may be the
Trustee or an affiliate of the Trustee;

       

      (d) permit
Holders to withdraw tendered Securities at any time prior to the close of
business, New York time, on the last business day on which the Registered
Exchange Offer shall remain open; and

       

      (e) otherwise
comply in all material respects with all applicable laws.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      As soon
as practicable after the close of the Registered Exchange Offer or the Private
Exchange, as the case may be, the Company shall:

       

      (x)  accept
for exchange all the Initial Securities validly tendered and not withdrawn
pursuant to the Registered Exchange Offer and the Private Exchange;

       

      (y)  deliver
to the Trustee for cancellation all the Initial Securities so accepted for
exchange; and

       

      (z)  cause
the Trustee to authenticate and deliver promptly to each Holder of the Initial
Securities, Exchange Securities or Private Exchange Securities, as the case may
be, equal in principal amount to the Initial Securities of such Holder so
accepted for exchange.

       

      The
Indenture will provide that the Exchange Securities will not be subject to the
transfer restrictions set forth in the Indenture and that all the Securities
will vote and consent together on all matters as one class and that none of the
Securities will have the right to vote or consent as a class separate from one
another on any matter.

       

      Interest
on each Exchange Security and Private Exchange Security issued pursuant to the
Registered Exchange Offer and in the Private Exchange will accrue from the last
interest payment date on which interest was paid on the Initial Securities
surrendered in exchange therefor or, if no interest has been paid on the Initial
Securities, from the date of original issue of the Initial
Securities.

       

      Each
Holder participating in the Registered Exchange Offer shall be required to
represent to the Company that at the time of the consummation of the Registered
Exchange Offer (i) any Exchange Securities received by such Holder have been
acquired in the ordinary course of business, (ii) such Holder has no
arrangements or understanding with any person to participate in the distribution
of the Exchange Securities within the meaning of the Securities Act, (iii) such
Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act,
of the Company or if it is an affiliate, such Holder will comply with the
registration and prospectus delivery requirements of the Securities Act to the
extent applicable, (iv) if such Holder is not a broker-dealer, that it is not
engaged in, and does not intend to engage in, the distribution of the Exchange
Securities and (v) if such Holder is a broker-dealer, that it will receive
Exchange Securities for its own account in exchange for Initial Securities that
were acquired as a result of market-making activities or other trading
activities and that it will acknowledge its obligations to deliver a prospectus
in connection with any resale of such Exchange Securities.

       

      Notwithstanding
any other provisions hereof, the Company and the Guarantors will ensure that
(i) any Exchange Offer Registration Statement and any amendment thereto and
any prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations
thereunder, (ii) any Exchange Offer Registration Statement and any
amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(iii) any prospectus forming part of any Exchange Offer Registration
Statement, and any supplement to such prospectus, does not

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      include
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not
misleading.

       

      If
following the date hereof there has been announced a change in Commission policy
with respect to exchange offers that in the reasonable opinion of counsel to the
Company raises a substantial question as to whether the Registered Exchange
Offer is permitted by applicable federal law, the Company and the Guarantors
will seek a no-action letter or other favorable decision from the Commission
allowing the Company to consummate the Registered Exchange Offer.  The
Company and the Guarantors will pursue the issuance of such a decision to the
Commission staff level.  In connection with the foregoing, the Company
and the Guarantors will take all such other actions as may be requested by the
Commission or otherwise required in connection with the issuance of such
decision, including without limitation (i) participating in telephonic
conferences with the Commission, (ii) delivering to the Commission staff an
analysis prepared by counsel to the Company setting forth the legal bases, if
any, upon which such counsel has concluded that the Registered Exchange Offer
should be permitted and (iii) diligently pursuing a resolution (which need not
be favorable) by the Commission staff.

       

      2. Shelf
Registration.  If, (i) because of any change in law or in
applicable interpretations thereof by the staff of the Commission, the Company
is not permitted to effect a Registered Exchange Offer, as contemplated by
Section 1 hereof, (ii) the Registered Exchange Offer is not consummated by
the 240th day after the Issue Date (or if the 240th day is not a business day,
the first business day thereafter), (iii) any Initial Purchaser so requests
within 10 business days following the consummation of the Registered Exchange
Offer with respect to the Initial Securities (or the Private Exchange
Securities) not eligible to be exchanged for Exchange Securities in the
Registered Exchange Offer and held by it following consummation of the
Registered Exchange Offer or (iv) any Holder (other than an Exchanging
Dealer) notifies the Company within 10 business days following consummation of
the Registered Exchange Offer that such Holder is not eligible to participate in
the Registered Exchange Offer or such Holder may not resell the Exchange Notes
acquired by it in the Registered Exchange Offer to the public without delivering
a prospectus and the prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder, or
such Holder is a broker-dealer and holds Initial Securities that are part of an
unsold allotment from the original sale of the Initial Securities, the Company
and the Guarantors shall take the following actions (the date on which any of
the conditions described in the foregoing clauses (i) through (iv) occur,
including in the case of clause (iii) or (iv) the receipt of the required
notice, being a “Trigger
Date”):

       

      (a) The
Company and the Guarantors shall, at their cost, promptly, but in no event more
than 180 days after the Trigger Date (or if the 180th day is not a business day,
the first business day thereafter) (such 180th day being a “Shelf Registration
Statement Filing Deadline”, together with the Exchange Offer Filing Deadline,
each, a “Filing
Deadline”), file with the Commission and thereafter (i) in the case of
Section 2(i) above, use their commercially reasonable efforts to cause to be
declared effective (unless it becomes effective automatically upon filing) on or
prior to the 240th calendar day following the Issue Date and (ii) in the case of
Section 2(ii) through 2(iv) above, use their commercially reasonable efforts to
cause to be declared effective (unless it becomes

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      effective
automatically upon filing) on or prior to the 60th day after the Shelf
Registration Statement Filing Deadline (each of such days being an “Effectiveness Deadline”) a
registration statement (the “Shelf Registration Statement”
and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an
appropriate form under the Securities Act relating to the offer and sale of the
Transfer Restricted Securities (as defined in Section 6(d) hereof) by the
Holders thereof from time to time in accordance with the methods of distribution
set forth in the Shelf Registration Statement and Rule 415 under the Securities
Act (hereinafter, the “Shelf
Registration”); provided, however, that no
Holder (other than an Initial Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such
Holder agrees in writing to be bound by all the provisions of this Agreement
applicable to such Holder; provided further that
in no event shall the Company be required to file the Shelf Registration
Statement or have such Shelf Registration Statement declared effective prior to
the applicable deadlines for the Exchange Offer Registration
Statement.

       

      (b) The
Company and the Guarantors shall use their commercially reasonable efforts to
keep the Shelf Registration Statement continuously effective in order to permit
the prospectus included therein to be lawfully delivered by the Holders of the
relevant Securities, for a period of one year (or for such longer period if
extended pursuant to Section 3(j) below) from the effective date of the
Shelf Registration Statement or such shorter period that will terminate (i) when
all the Securities covered by the Shelf Registration Statement have been sold
pursuant thereto or (ii) on the earliest date that is no less than two years
after the Issue Date and on which all the Securities covered by the Shelf
Registration Statement (except for Securities held by an affiliate of the
Company) are no longer subject to any restrictions on transfer under the
Securities Act including those pursuant to Rule 144 (the “Shelf Registration
Period”).  Except as provided elsewhere in this Agreement, the
Company and the Guarantors shall be deemed not to have used their commercially
reasonable efforts to keep the Shelf Registration Statement effective during the
requisite period if they voluntarily take any action that would result in
Holders of Securities covered thereby not being able to offer and sell such
Securities during that period, unless such action is required by applicable
law.

       

      (c) Notwithstanding
any other provisions of this Agreement to the contrary, the Company and the
Guarantors shall cause the Shelf Registration Statement and the related
prospectus and any amendment or supplement thereto, as of the effective date of
the Shelf Registration Statement, amendment or supplement, (i) to comply in
all material respects with the applicable requirements of the Securities Act and
the rules and regulations of the Commission and (ii) not to contain any
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      3. Registration
Procedures.  In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any
Registered Exchange Offer contemplated by Section 1 hereof, the following
provisions shall apply:

       

      (a) The
Company and the Guarantors shall (i) furnish to each Initial Purchaser,
prior to the filing thereof with the Commission, a copy of the Registration
Statement and each amendment thereof and each supplement, if any, to the
prospectus included therein and, in the event that an Initial Purchaser (with
respect to any portion of an unsold allotment from the original offering) is
participating in the Registered Exchange Offer or the Shelf Registration
Statement, the Company and the Guarantors shall use their commercially
reasonable efforts to reflect in each such document, when so filed with the
Commission, such comments as such Initial Purchaser reasonably may propose; (ii)
include the information set forth in Annex A hereto on the cover, in Annex
B hereto in the “Exchange Offer Procedures” section and the “Purpose of the
Exchange Offer” section and in Annex C hereto in the “Plan of Distribution”
section of the prospectus forming a part of the Exchange Offer Registration
Statement and include the information set forth in Annex D hereto in the Letter
of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if
requested by an Initial Purchaser, include the information required by Item 507
or 508 of Regulation S-K under the Securities Act, as applicable, in the
prospectus forming a part of the Exchange Offer Registration Statement; (iv)
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 Securities Exchange Act of 1934, as amended
(the “Exchange
Act”)) of Exchange Securities received by such broker-dealer in the
Registered Exchange Offer (a “Participating Broker-Dealer”),
whether such positions or policies have been publicly disseminated by the staff
of the Commission or such positions or policies, in the reasonable judgment of
the Initial Purchasers based upon advice of counsel (which may be in-house
counsel), represent the prevailing views of the staff of the Commission; and (v)
in the case of a Shelf Registration Statement, include in the prospectus
included in the Shelf Registration Statement (or, if permitted by Commission
Rule 430B(b), in the prospectus supplement that becomes a part thereof pursuant
to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section
3(d) and (f) the names of the Holders who propose to sell Transfer Restricted
Securities pursuant to the Shelf Registration Statement as selling
securityholders; provided that such
Holders have provided the Company with such information prior to the filing of
the Shelf Registration Statement or the prospectus supplement, as
applicable.

       

      (b) The
Company and the Guarantors shall give written notice to the Initial Purchasers,
the Holders of the Securities and, with respect to clauses (ii) through (v)
below, any Participating Broker-Dealer from whom the Company has received prior
written notice that it will be a Participating Broker-Dealer in the Registered
Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be
accompanied by an instruction to suspend the use of the prospectus until the
requisite changes have been made):

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      (i) when the
Registration Statement or any amendment thereto has been filed with the
Commission and when the Registration Statement or any post-effective amendment
thereto has become effective;

       

      (ii) of any
request by the Commission for amendments or supplements to the Registration
Statement or the prospectus included therein or for additional
information;

       

      (iii) of the
issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose, of
the issuance by the Commission of a notification of objection to the use of the
form on which the Registration Statement has been filed, and of the happening of
any event that causes the Company to become an “ineligible issuer,” as defined
in Commission Rule 405;

       

      (iv) of the
receipt by the Company or its legal counsel of any notification with respect to
the suspension of the qualification of the Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; and

       

      (v) of the
happening of any event that requires the Company to make changes in the
Registration Statement or the prospectus in order that the Registration
Statement or the prospectus do not contain an untrue statement of a material
fact nor omit to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of the prospectus, in
light of the circumstances under which they were made) not
misleading.

       

      (c) The
Company and the Guarantors shall make every commercially reasonable effort to
obtain the withdrawal at the earliest possible time of any order suspending the
effectiveness of the Registration Statement.

       

      (d) If not
otherwise available on the Commission’s Electronic Data Gathering, Analysis and
Retrieval (“EDGAR”)
System or similar system, upon the written request of a Holder of Securities
included within the coverage of the Shelf Registration, the Company and the
Guarantors shall furnish to such Holder, without charge, at least one copy of
the Shelf Registration Statement and any post-effective amendment or supplement
thereto, including financial statements and schedules, and, if such Holder so
requests in writing, all exhibits thereto (including those, if any, incorporated
by reference).  The Company and the Guarantors shall not, without the
prior consent of the Initial Purchasers, and each Initial Purchaser, Holder of
the Securities and Participant Broker-Dealer shall not, without the prior
written consent of the Company, make any offer relating to the Securities that
would constitute a “free writing prospectus”, as defined in Commission Rule
405.

       

      (e) If not
otherwise available on the Commission’s EDGAR System or similar system, upon the
request of an Initial Purchaser, Exchanging Dealer or Holder, the Company and
the Guarantors shall deliver to such Exchanging Dealer and such
Initial

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      Purchaser,
and to such Holder who so requests, without charge, at least one copy of the
Exchange Offer Registration Statement and any post-effective amendment thereto,
including financial statements and schedules, and, if any Initial Purchaser or
any such Holder requests, all exhibits thereto (including those incorporated by
reference).

       

      (f) The
Company and the Guarantors shall, during the Shelf Registration Period, deliver
to each Holder of Securities included within the coverage of the Shelf
Registration, without charge, as many copies of the prospectus (including each
preliminary prospectus) included in the Shelf Registration Statement and any
amendment or supplement thereto as such person may reasonably
request.  The Company consents, subject to the provisions of this
Agreement, to the use of the prospectus or any amendment or supplement thereto
by each of the selling Holders of the Securities in connection with the offering
and sale of the Securities covered by the prospectus, or any amendment or
supplement thereto, included in the Shelf Registration Statement.

       

      (g) The
Company and the Guarantors shall deliver to each Initial Purchaser, any
Exchanging Dealer, any Participating Broker-Dealer and such other persons
required to deliver a prospectus following the Registered Exchange Offer,
without charge, as many copies of the final prospectus included in the Exchange
Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request.  The Company consents, subject to the
provisions of this Agreement, to the use of the prospectus or any amendment or
supplement thereto by any Initial Purchaser, if necessary, any Participating
Broker-Dealer and such other persons required to deliver a prospectus following
the Registered Exchange Offer in connection with the offering and sale of the
Exchange Securities covered by the prospectus, or any amendment or supplement
thereto, included in such Exchange Offer Registration Statement.

       

      (h) Prior to
any public offering of the Securities pursuant to any Registration Statement,
the Company on behalf of itself and the Guarantors shall use its commercially
reasonable efforts to register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the
securities or “blue sky” laws of such states of the United States as any Holder
of the Securities reasonably requests in writing and do any and all other acts
or things necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement; provided, however, that the
Company shall not be required to (i) qualify generally to do business in
any jurisdiction where it is not then so qualified or (ii) take any action
which would subject it to general service of process or to taxation in any
jurisdiction where it is not then so subject.

       

      (i) Unless
the Securities are in book-entry form, the Company and the Guarantors shall
cooperate with the Holders of the Securities to facilitate the timely
preparation and delivery of certificates representing the Securities to be sold
pursuant to any Registration Statement free of any restrictive legends
(consistent with the provisions of the Indenture) and in such denominations and
registered in such names as the Holders may request a reasonable period of time
prior to sales of the Securities pursuant to such Registration
Statement.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      (j) Upon the
occurrence of any event contemplated by paragraphs (ii) through (v) of
Section 3(b) above during the period for which the Company is required to
maintain an effective Registration Statement, the Company and the Guarantors
shall promptly prepare and file a post-effective amendment to the Registration
Statement or a supplement to the related prospectus and any other required
document so that, as thereafter delivered to Holders of the Securities or
purchasers of Securities, the prospectus will not contain an 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.  If the Company notifies the
Initial Purchasers, the Holders of the Securities and any known Participating
Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b)
above to suspend (the “Suspension Notice”) the use of
the prospectus until the requisite changes to the prospectus have been made,
then the Initial Purchasers, the Holders of the Securities and any such
Participating Broker-Dealers shall suspend use of such prospectus (and shall
keep confidential the cause of such notice for so long as such cause is not
otherwise publicly known), and the period of effectiveness of the Shelf
Registration Statement provided for in Section 2(b) above and the Exchange Offer
Registration Statement provided for in Section 1 above shall each be extended by
the number of days from and including the date of the giving of such notice to
and including the date when the Initial Purchasers, the Holders of the
Securities and any known Participating Broker-Dealer shall have received such
amended or supplemented prospectus pursuant to this Section
3(j).  Each Holder receiving a Suspension Notice hereby agrees that
(unless prohibited by applicable law or internal policy of such Holder) it will
either (i) destroy all prospectuses, other than permanent file copies, then in
such Holder’s possession which have been replaced by the Company with more
recently dated prospectuses or (ii) deliver to the Company all copies, other
than permanent file copies, then in such Holder’s possession of the prospectus
covering such Securities that was current at the time of receipt of the
Suspension Notice.  During the period in which the Company is required
to maintain an effective Shelf Registration Statement pursuant to this
Agreement, the Company and the Guarantors will, prior to the three-year
expiration of that Shelf Registration Statement, file and use their commercially
reasonable efforts to cause to be declared effective (unless it becomes
effective automatically upon filing) within a period that avoids any
interruption in the ability of Holders of Securities covered by the expiring
Shelf Registration Statement to make registered dispositions, a new registration
statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for
purposes of this Agreement; provided, however, in no event
shall the Company and the Guarantors be obligated to keep any Shelf Registration
Statement effective beyond the period as required by Section 2(b) of this
Agreement as extended by the number of days provided for in the second sentence
of this Section 3(j).

       

      (k) Not later
than the effective date of the applicable Registration Statement, the Company
and the Guarantors will provide a CUSIP number for the Initial Securities, the
Exchange Securities or the Private Exchange Securities, as the case may be, and
provide the applicable trustee with printed certificates for the Initial
Securities, the Exchange Securities or the Private Exchange Securities, as the
case may be, in a form eligible for deposit with The Depository Trust
Company.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      (l) The
Company and the Guarantors will comply in all material respects with all rules
and regulations of the Commission to the extent and so long as they are
applicable to the Registered Exchange Offer or the Shelf Registration and will
make generally available to its security holders (or otherwise provide in
accordance with Section 11(a) of the Securities Act) an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act, no later than
45 days after the end of a 12-month period (or 90 days, if such period is a
fiscal year) beginning with the first month of the Company’s first fiscal
quarter commencing after the effective date of the Registration Statement, which
statement shall cover such 12-month period.

       

      (m) The
Company and the Guarantors shall cause the Indenture to be qualified under the
Trust Indenture Act of 1939, as amended, in a timely manner and containing such
changes, if any, as shall be necessary for such qualification.  In the
event that such qualification would require the appointment of a new trustee
under the Indenture, the Company and the Guarantors shall appoint a new trustee
thereunder pursuant to the applicable provisions of the Indenture.

       

      (n) The
Company may require each Holder of Securities to be sold pursuant to the Shelf
Registration Statement to furnish to the Company such information regarding the
Holder and the distribution of the Securities as the Company may from time to
time reasonably require for inclusion in the Shelf Registration Statement, and
the Company may exclude from such registration the Securities of any Holder that
unreasonably fails to furnish such information within a reasonable time after
receiving such request.

       

      (o) The
Company and the Guarantors shall enter into such customary agreements
(including, if requested, an underwriting agreement in customary form) and take
all such other action, if any, as any Holder of the Transfer Restricted
Securities shall reasonably request in order to facilitate the disposition of
the Transfer Restricted Securities pursuant to any Shelf
Registration.

       

      (p) In the
case of any Shelf Registration, the Company and the Guarantors, as applicable,
shall (i) make reasonably available for inspection by the Holders of the
Securities, any underwriter participating in any disposition pursuant to the
Shelf Registration Statement and any attorney, accountant or other agent
retained by the Holders of the Securities or any such underwriter all relevant
financial and other records, pertinent corporate documents and properties of the
Company and (ii) cause the Company’s officers, directors, employees,
accountants and auditors to supply all relevant information reasonably requested
by the Holders of the Securities or any such underwriter, attorney, accountant
or agent in connection with the Shelf Registration Statement, in each case, as
shall be reasonably necessary to enable such persons to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act; provided, however, that the
foregoing inspection and information gathering shall be coordinated on behalf of
the Initial Purchasers by UBS and on behalf of the other parties, by one counsel
designated by and on behalf of such other parties as described in Section 4
hereof; provided
further, however, that the
conduct of the foregoing inspection and information gathering shall be subject
to the execution by all persons party to such

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      inspection
and information gathering of a reasonable confidentiality undertaking in
customary form with respect to confidential and proprietary information of the
Company.

       

      (q) In the
case of any Shelf Registration, the Company, if requested by any Holder of
Securities covered thereby, shall cause (i) its counsel (who may be an
employee of the Company) to deliver an opinion and updates thereof relating to
the Securities in customary form addressed to such Holders and the managing
underwriters, if any, thereof and dated, in the case of the initial opinion, the
effective date of such Shelf Registration Statement (it being agreed that the
matters to be covered by such opinion shall include, without limitation, the due
incorporation and good standing of the Company and its domestic subsidiaries;
the qualification of the Company and its subsidiaries to transact business as
foreign corporations; the due authorization, execution and delivery of the
relevant agreement of the type referred to in Section 3(o) hereof; the due
authorization, execution, authentication and issuance, and the validity and
enforceability, of the applicable Securities; the absence of material legal or
governmental proceedings involving the Company and its domestic subsidiaries;
the absence of governmental approvals required to be obtained in connection with
the Shelf Registration Statement, the offering and sale of the applicable
Securities, or any agreement of the type referred to in Section 3(o) hereof
(other than as required by any state securities or “blue sky” laws of the
federal securities laws of the United States); the compliance in all material
respects as to form of such Shelf Registration Statement and any documents
incorporated by reference therein and of the Indenture with the requirements of
the Securities Act and the Trust Indenture Act, respectively; and, (A) as of the
date of the opinion and as of the effective date of the Shelf Registration
Statement or most recent post-effective amendment thereto, as the case may be,
the absence from such Shelf Registration Statement and the prospectus included
therein, as then amended or supplemented, and from any documents incorporated by
reference therein and (B) with respect to underwritten offerings, as of an
applicable time identified by such Holders or managing underwriters, the absence
from such prospectus taken together with any other documents identified by such
Holders or managing underwriters, in the case of (A) and (B), of an untrue
statement of a material fact or the omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading (in the case of any such documents, in the light of the circumstances
existing at the time that such documents were filed with the Commission under
the Exchange Act); (ii) its officers to execute and deliver all customary
documents and certificates and updates thereof requested by any underwriters of
the applicable Securities and (iii) its independent registered public
accounting firm and the independent registered public accounting firm with
respect to any other entity for which financial information is provided in the
Shelf Registration Statement to provide to the selling Holders of the applicable
Securities and any underwriter therefor a comfort letter in customary form and
covering matters of the type customarily covered in comfort letters in
connection with primary underwritten offerings, subject to receipt of
appropriate documentation as contemplated, and only if permitted, by Statement
of Auditing Standards No. 72 and any other applicable
pronouncements.

       

      (r) If a
Registered Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Initial Securities by Holders to the Company (or to such
other

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      Person as
directed by the Company) in exchange for the Exchange Securities or the Private
Exchange Securities, as the case may be, the Company shall mark, or cause to be
marked, on the Initial Securities so exchanged that such Initial Securities are
being canceled in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be; in no event shall the Initial Securities be
marked as paid or otherwise satisfied.

       

      (s) If so
requested by Holders of a majority in aggregate principal amount of Securities
covered by a Registration Statement, or by the managing underwriters, if any,
the Company and the Guarantors will use their commercially reasonable efforts to
(a) if the Initial Securities have been rated prior to the initial sale of such
Initial Securities, confirm such ratings will apply to the Securities covered by
such Registration Statement, or (b) if the Initial Securities were not
previously rated, cause the Securities covered by such Registration Statement to
be rated with the appropriate rating agencies.

       

      (t) In the
event that any broker-dealer registered under the Exchange Act shall underwrite
any Securities or participate as a member of an underwriting syndicate or
selling group or “assist in the distribution” (within the meaning of the Conduct
Rules (the “Rules”) of
the Financial Industry Regulatory Authority, Inc. (“FINRA”)) thereof, whether as a
Holder of such Securities or as an underwriter, a placement or sales agent or a
broker or dealer in respect thereof, or otherwise, the Company and the
Guarantors will assist such broker-dealer in complying with the requirements of
such Rules, including, without limitation, by (i) if such Rules, including
Rule 2720, shall so require, engaging a “qualified independent underwriter”
(as defined in Rule 2720) to participate in the preparation of the
Registration Statement relating to such Securities, to exercise usual standards
of due diligence in respect thereto and, if any portion of the offering
contemplated by such Registration Statement is an underwritten offering or is
made through a placement or sales agent, to recommend the yield of such
Securities, (ii) indemnifying any such qualified independent underwriter to the
extent of the indemnification of underwriters provided in Section 5 hereof and
(iii) providing such information to such broker-dealer as may be required in
order for such broker-dealer to comply with the requirements of the
Rules.

       

      (u) The
Company and the Guarantors shall use their commercially reasonable efforts to
take all other steps necessary to effect the registration of the Securities
covered by a Registration Statement contemplated hereby.

       

      (v) Each
Holder and each Participating Broker-Dealer agrees by acquisition of Initial
Securities or Exchange Securities that, upon the Company providing notice to
such Holder or Participating Broker-Dealer, as the case may be, (x) of the
happening of any event of the kind described in paragraphs (ii) through (v) of
Section 3(b) hereof, or (y) that the Board of Directors of the Company has
resolved that the Company has a bona fide business purpose
for doing so, then, upon providing such notice (which shall refer to this
Section 3(v)), the Company may delay the filing or the effectiveness of the
Exchange Offer Registration Statement or the Shelf Registration Statement (if
not then filed or effective, as applicable) and shall not be required to
maintain the effectiveness thereof or amend or supplement the Exchange Offer
Registration Statement or the Shelf

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      Registration
Statement, in all cases, for a period (a “Delay Period”) expiring upon
the earlier to occur of (i) in the case of the immediately preceding clause (x),
such Holder’s or Participating Broker-Dealer’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(g) hereof or until
it is advised in writing by the Company that the use of the applicable
prospectus may be resumed, and has received copies of any amendments or
supplements thereto or (ii) in the case of the immediately preceding clause (y),
the date which is the earlier of (A) the date on which such business purpose
ceases to interfere with the Company’s and the Guarantors’ obligations to file
or maintain the effectiveness of any such Registration Statement pursuant to
this Agreement or (B) 60 days after the Company notifies the Holders of such
good faith determination. There shall not be more than 60 days of Delay Periods
during any 12-month period. The period of effectiveness of the Shelf
Registration Statement provided for in Section 2(b) above and the Exchange Offer
Registration Statement provided for in Section 1 above shall each be extended by
a number of days equal to the number of days during any Delay
Period.  Any Delay Period will not alter the obligations of the
Company or the Guarantors to pay Additional Interest under the circumstances set
forth in Section 6 hereof.

       

      4. Registration
Expenses.

       

      (a) All
expenses incident to the Company’s and the Guarantors’ performance of and
compliance with this Agreement will be borne by the Company and the Guarantors,
regardless of whether a Registration Statement is ever filed or becomes
effective, including without limitation:

       

      (i) all
registration and filing fees and expenses;

       

      (ii) all fees
and expenses of compliance with federal securities and state “blue sky” or
securities laws;

       

      (iii) all
expenses of printing (including printing certificates for the Securities to be
issued in the Registered Exchange Offer and the Private Exchange and printing of
Prospectuses), messenger and delivery services and telephone;

       

      (iv) all fees
and disbursements of counsel for the Company and the Guarantors;

       

      (v) all
application and filing fees in connection with listing the Exchange Securities
on a national securities exchange or automated quotation system pursuant to the
requirements hereof; and

       

      (vi) all fees
and disbursements of the independent registered public accounting firm of the
Company (including the expenses of any special audit and comfort letters
required by or incident to such performance).

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      The
Company and the Guarantors will bear their internal expenses (including, without
limitation, all salaries and expenses of their officers and employees performing
legal or accounting duties), the expenses of any annual audit and the fees and
expenses of any person, including special experts, retained by the Company and
the Guarantors.

       

      (b) In the
event that a Shelf Registration Statement is required by this Agreement, the
Company and the Guarantors shall bear or reimburse the Holders of the Securities
covered thereby for the reasonable and documented fees and disbursements of not
more than one firm of counsel, who shall be Cravath, Swaine & Moore LLP
unless another firm shall be chosen by the Holders of a majority in principal
amount of the Initial Securities covered thereby to act as counsel for the
Holders of the Initial Securities in connection therewith.

       

      5. Indemnification.

       

      (a) The
Company and the Guarantors, jointly and severally, agree to indemnify and hold
harmless each Holder of the Securities, any Participating Broker-Dealer and each
person, if any, who controls such Holder or such Participating Broker-Dealer
within the meaning of the Securities Act or the Exchange Act (each Holder, any
Participating Broker-Dealer and such controlling persons are referred to
collectively as the “Indemnified Parties”) from and against any
losses, claims, damages or liabilities, joint or several, or any actions in
respect thereof (including, but not limited to, any losses, claims, damages,
liabilities or actions relating to purchases and sales of the Securities) to
which each Indemnified Party may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities
or actions arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in a Registration Statement or prospectus
or in any amendment or supplement thereto or in any preliminary prospectus or
issuer free writing prospectus, as defined in Commission Rule 433 (“Issuer FWP”), relating to a
Shelf Registration, or arise out of, or are based upon, the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and (subject to Section
5(c)) shall reimburse, as incurred, the Indemnified Parties for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action in respect thereof;
provided, however, that with
respect to any untrue statement or omission or alleged untrue statement or
omission made in any preliminary prospectus relating to a Shelf Registration
Statement, the indemnity agreement contained in this subsection (a) shall not
inure to the benefit of any Holder or Participating Broker-Dealer from whom the
person asserting any such losses, claims, damages or liabilities purchased the
Securities concerned, to the extent that a prospectus or amendment or supplement
thereto relating to such Securities was required to be delivered (including
through satisfaction of the conditions of Commission Rule 172) by such Holder or
Participating Broker-Dealer under the Securities Act in connection with such
purchase and any such loss, claim, damage or liability of such Holder or
Participating Broker-Dealer results from the fact that there was not sent or
given to such person, at or prior to the time of the sale of such Securities to
such person, an amended or supplemented prospectus or, if permitted
by

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      Section
3(d), an Issuer FWP correcting such untrue statement or omission or alleged
untrue statement or omission if the Company had previously furnished copies
thereof to such Holder or Participating Broker-Dealer; provided further,
however, that
this indemnity agreement will be in addition to any liability which the Company
and the Guarantors may otherwise have to such Indemnified Party.  The
Company and the Guarantors shall also indemnify underwriters in connection with
any Shelf Registration, their officers and directors and each person who
controls such underwriters within the meaning of the Securities Act or the
Exchange Act to the same extent as provided above with respect to the
indemnification of the Holders of the Securities if requested by such
Holders.

       

      (b) Each
Holder of the Securities and each Participating Broker-Dealer, severally and not
jointly, will indemnify and hold harmless the Company, the Guarantors and each
person, if any, who controls the Company or the Guarantors, as the case may be,
within the meaning of the Securities Act or the Exchange Act from and against
any losses, claims, damages or liabilities or any actions in respect thereof, to
which the Company, the Guarantors or any such controlling person may become
subject under the Securities Act, the Exchange Act or otherwise, insofar as such
losses, claims, damages, liabilities or actions arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained in
a Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact necessary to make the statements therein not misleading,
but in each case only to the extent that the untrue statement or omission or
alleged untrue statement or omission was made in reliance upon and in conformity
with written information pertaining to such Holder or Participating
Broker-Dealer and furnished to the Company by or on behalf of such Holder or
Participating Broker-Dealer specifically for inclusion therein; and, subject to
the limitation set forth immediately preceding this clause, shall reimburse, as
incurred, the Company or the Guarantors, as the case may be, for any legal or
other expenses reasonably incurred by the Company, the Guarantors or any such
controlling person in connection with investigating or defending any loss,
claim, damage, liability or action in respect thereof.  This indemnity
agreement will be in addition to any liability which such Holder may otherwise
have to the Company, the Guarantors or any of their controlling
persons.

       

      (c) Promptly
after receipt by an indemnified party under this Section 5 of notice of the
commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 5, notify the
indemnifying party of the commencement thereof; but the omission so to notify
the indemnifying party (i) will not relieve it from any liability under
subsection (a) or (b) above unless and to the extent it did not otherwise learn
of such action and such failure results in the forfeiture by the Indemnifying
Party of substantial rights and defenses 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 paragraph (a) or (b)
above.  In case any such action is brought against any indemnified
party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      and, to
the extent that it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory to
such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and after notice from
the indemnifying party to such indemnified party of its election so to assume
the defense thereof the indemnifying party will not be liable to such
indemnified party under this Section 5 for any legal or other expenses, other
than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof.  No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened action in respect of
which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party unless such settlement (i)
includes an unconditional release of such indemnified party from all liability
on any claims that are the subject matter of such action, 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; provided that, if the
Company is the indemnified party, no indemnifying party shall, without the prior
consent of the Company, effect any settlement of any pending action or
threatened action.  No indemnifying party shall be liable for any
settlement or compromise of, or consent to the entry of judgment with respect
to, any such action or claim effected without its consent.

       

      (d) If the
indemnification provided for in this Section 5 is unavailable or insufficient to
hold harmless an indemnified party under subsection (a) or (b) above, then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities (or
actions in respect thereof) referred to in subsection (a) or (b) above (i)
in such proportion as is appropriate to reflect the relative benefits received
by the indemnifying party or parties on the one hand and the indemnified party
on the other from the exchange of the Securities pursuant to the Registered
Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i)
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the indemnifying party or parties on the one hand and the
indemnified party on the other in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities (or actions in
respect thereof) as well as any other relevant equitable
considerations.  The relative fault of the parties shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company and the Guarantors
on the one hand or such Holder or such other indemnified party, as the case may
be, on the other, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or
omission.  The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending
any action or claim which is the subject of this subsection
(d).  Notwithstanding any other provision of this Section 5(d), the
Holders of the Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds received by such Holders from the
sale of the Securities pursuant to a Registration Statement exceeds the amount
of damages

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      which
such Holders have 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.  For purposes of this
paragraph (d), each person, if any, who controls such indemnified party within
the meaning of the Securities Act or the Exchange Act shall have the same rights
to contribution as such indemnified party and each person, if any, who controls
the Company or the Guarantors within the meaning of the Securities Act or the
Exchange Act shall have the same rights to contribution as the Company or the
Guarantors, as the case may be.

       

      (e) The
agreements contained in this Section 5 shall survive the sale of the Securities
pursuant to a Registration Statement and shall remain in full force and effect,
regardless of any termination or cancellation of this Agreement or any
investigation made by or on behalf of any indemnified party.

       

      6. Additional
Interest Under Certain Circumstances.

       

      (a) Additional
interest (the “Additional
Interest”) with respect to the Transfer Restricted Securities shall be
assessed as follows if any of the following events occur (each such event in
clauses (i) through (iv) below being herein called a “Registration
Default”):

       

      (i) any
Registration Statement required by this Agreement is not filed with the
Commission on or prior to the applicable Filing Deadline;

       

      (ii) any
Registration Statement required by this Agreement is not declared effective by
the Commission on or prior to the applicable Effectiveness
Deadline;

       

      (iii) the
Registered Exchange Offer has not been consummated on or prior to the
Consummation Deadline; or

       

      (iv) any
Registration Statement required by this Agreement has been declared effective by
the Commission but (A) such Registration Statement thereafter ceases to be
effective during the period specified in Section 1 and Section 2(b) of this
Agreement, except, in the case of the Exchange Offer Registration Statement,
following the consummation of the Exchange Offer with respect to all Securities
tendered in connection therewith prior to the expiration of the Exchange Offer
or (B) such Registration Statement or the related prospectus ceases to be usable
in connection with resales of Transfer Restricted Securities during the periods
specified herein because either (1) any event occurs as a result of which the
related prospectus forming part of such Registration Statement would include any
untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein in the light of the circumstances under which
they were made not misleading, (2) it shall be necessary to amend such
Registration Statement or supplement the related prospectus to comply with the
Securities Act or the Exchange Act or the respective rules thereunder,
or

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      (3) such
Registration Statement is a Shelf Registration Statement that has expired before
a replacement Shelf Registration Statement has become effective, causing an
interruption in the ability of Holders of Securities covered by the expiring
Shelf Registration Statement to make registered dispositions during a time when
the Company remains under an obligation to keep a Shelf Registration Statement
effective pursuant to this Agreement.

       

      Additional
Interest shall accrue on the Transfer Restricted Securities over and above the
interest set forth in the title of the Transfer Restricted Securities, from and
including the date on which any such Registration Default shall occur to but
excluding the date on which all such Registration Defaults have been cured, at a
rate of 0.25% per annum (the “Additional Interest Rate”) for
the first 90-day period immediately following the occurrence of such
Registration Default.  The Additional Interest Rate shall increase by
an additional 0.25% per annum with respect to each subsequent 90-day period
until all Registration Defaults have been cured, up to a maximum Additional
Interest Rate of 1.0% per annum; provided that the
Company shall in no event be required to pay Additional Interest for more than
one Registration Default at any given time.

       

      (b) A
Registration Default referred to in Section 6(a)(iv) hereof shall be deemed not
to have occurred and be continuing in relation to a Shelf Registration Statement
or the related prospectus if (i) such Registration Default has occurred solely
as a result of (x) the filing of a post-effective amendment to such Shelf
Registration Statement to incorporate annual audited financial information with
respect to the Company where such post-effective amendment is not yet effective
and needs to be declared effective to permit Holders to use the related
prospectus or (y) other material events, with respect to the Company that would
need to be described in such Shelf Registration Statement or the related
prospectus and (ii) in the case of clause (y), the Company is proceeding
promptly and in good faith to amend or supplement such Shelf Registration
Statement and related prospectus to describe such events; provided, however, that in any
case if such Registration Default occurs for a continuous period in excess of 45
days, Additional Interest shall be payable in accordance with the above
paragraph from the day such Registration Default occurs until such Registration
Default is cured.

       

      (c) Any
amounts of Additional Interest due pursuant to Section 6(a) above will be
payable in cash on the regular interest payment dates with respect to the
Transfer Restricted Securities.  The amount of Additional Interest
will be determined by multiplying the applicable Additional Interest Rate by the
principal amount of the Transfer Restricted Securities and further 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 comprising twelve 30-day months), and the denominator of which is
360.

       

      (d) “Transfer Restricted
Securities” means each Security until (i) the date on which such Security
has been exchanged by a person other than a broker-dealer for a freely
transferable Exchange Security in the Registered Exchange Offer, (ii) following
the exchange by a broker-dealer in the Registered Exchange Offer of an Initial
Security for an Exchange Note, the date on which such Exchange Note is sold to a
purchaser who

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      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) the
date on which such Security has been effectively registered under the Securities
Act and disposed of in accordance with the Shelf Registration Statement, (iv)
the date on which such Security is distributed to the public pursuant to Rule
144 under the Securities Act or (v) the earliest date that is no less than two
years after the Issue Date and on which all such Securities (except for
Securities held by an affiliate of the Company) are no longer subject to any
restrictions on transfer under the Securities Act including those pursuant to
Rule 144.

       

      7. Rules 144 and
144A.  The Company and the Guarantors shall use their
reasonable efforts to file the reports required to be filed by them under the
Securities Act and the Exchange Act in a timely manner and, if at any time
Holdings is not required to file such reports, the Company and the Guarantors
will, upon the request of any Holder of Securities that are “restricted
securities” within the meaning of Rule 144 and are not saleable pursuant to
Rule 144(d), make publicly available other information so long as necessary
to permit sales of their Securities pursuant to Rules 144 and
144A.  The Company and the Guarantors covenant that they will take
such further action as any Holder of Securities may reasonably request, all to
the extent required from time to time to enable such Holder to sell Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including the requirements of
Rule 144A(d)(4)).  The Company on behalf of itself and the
Guarantors will provide a copy of this Agreement to prospective purchasers of
Initial Securities identified to the Company by the Initial Purchasers upon
request.  If the Company ceases to be a reporting company under the
Exchange Act, upon the request of any Holder of Initial Securities, the Company
shall deliver to such Holder a written statement as to whether it has complied
with such requirements.  Notwithstanding the foregoing, nothing in
this Section 7 shall be deemed to require the Company and the Guarantors to
register any of their securities pursuant to the Exchange Act.

       

      8. Underwritten
Registrations.  If any of the Transfer Restricted Securities
covered by any Shelf Registration are to be sold in an underwritten offering,
the investment banker or investment bankers and manager or managers that will
administer the offering (“Managing Underwriters”) will
be selected by the Holders of a majority in aggregate principal amount of such
Transfer Restricted Securities to be included in such offering, subject to
approval by the Company, which will not be unreasonably withheld or
delayed.

       

      No person
may participate in any underwritten registration hereunder unless such person
(i) agrees to sell such person’s Transfer Restricted Securities on the
basis reasonably provided in any underwriting arrangements approved by the
persons entitled hereunder to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

       

      9. Miscellaneous.

       

      (a) Remedies.  The
Company and the Guarantors acknowledge and agree that any failure by the Company
and the Guarantors to comply with their obligations under

       

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      Sections 1
and 2 hereof may result in material irreparable injury to the Initial Purchasers
or the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such relief
as may be required to specifically enforce the Company’s and the Guarantors’
obligations under Sections 1 and 2 hereof.  The Company and the
Guarantors further agree to waive the defense in any action for specific
performance that a remedy at law would be adequate.  The Initial
Purchasers and the Holders acknowledge and agree that the Additional Interest
provided by Section 6 of this Agreement shall be the exclusive monetary remedy
available to Holders for any Registration Default.

       

      (b) No Inconsistent
Agreements.  On or after the date of this Agreement, the
Company will not enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof.  The rights granted to
the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s securities under any
agreement in effect on the date hereof.

       

      (c) 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, except by the Company on behalf of itself
and the Guarantors and the written consent of the Holders of a majority in
principal amount of the Transfer Restricted Securities affected by such
amendment, modification, supplement, waiver or consents.  Without the
consent of the Holder of each Security, however, no modification may change the
provisions relating to the payment of Additional Interest.

       

      (d) Notices.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, first-class mail, facsimile transmission, or
air courier which guarantees overnight delivery:

       

      (1)  if
to a Holder of the Securities, at the most current address given by such Holder
to the Company.

       

      (2)  if
to the Initial Purchasers:

       

      UBS Securities LLC

      677 Washington Blvd.

      Stamford, Connecticut
06901

      Fax No.:  (203)
719-3667

      Attention:  HY
Syndicate

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      

      with a
copy to:

       

      Cravath,
Swaine & Moore LLP

      Worldwide
Plaza

      825
Eighth Avenue

      New York,
NY 10019-7475

      Fax
No.:  (212) 474-3700

      Attn:  William
J. Whelan, III, Esq.

       

      (3) if to
the Company or any of the Guarantors, at its address as follows:

       

      Ply Gem
Industries, Inc.

      5020
Weston Parkway, Suite 400

      Cary, NC
27513

      Fax No.:
(919) 677-3914

      Attn:  Gary
Robinette

       

      with a
copy to:

       

      Paul,
Weiss, Rifkind, Wharton & Garrison LLP

      1285
Avenue of the Americas

      New York,
NY 10019-6064

      Fax
No.:  (212) 757-3990

      Attn:  John
C. Kennedy, Esq.

       

      All such
notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if personally delivered; three
business days after being deposited in the mail, postage prepaid, if mailed;
when receipt is acknowledged by recipient’s facsimile machine operator, if sent
by facsimile transmission; and on the day delivered, if sent by overnight air
courier guaranteeing next day delivery.

       

      (e) Third Party
Beneficiaries.  The Holders shall be third party beneficiaries
to the agreements made hereunder between the Company and the Guarantors, on the
one hand, and the Initial Purchasers, on the other hand, and shall have the
right to enforce such agreements directly to the extent they may deem such
enforcement necessary or advisable to protect their rights or the rights of
Holders hereunder.

       

      (f) Successors and
Assigns.  This Agreement shall be binding upon the Company and
its successors and assigns.

       

      (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.

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      

       

      (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 CONFLICTS OF LAWS.

       

      (j) Severability.  If
any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired
thereby.

       

      (k) Securities Held by the
Company.  Whenever the consent or approval of Holders of a
specified percentage of principal amount of Securities is required hereunder,
Securities held by the Company or its affiliates (other than subsequent Holders
of Securities if such subsequent Holders are deemed to be affiliates solely by
reason of their holdings of such Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

       

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      If the
foregoing is in accordance with your understanding of our agreement, please sign
and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement among the several Initial
Purchasers, the Guarantors and the Company in accordance with its
terms.

       

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                PLY
      GEM INDUSTRIES, INC.

              
	 
      	 
      
	 
      	
                By

              
	 
      	 
      
	 
      	
                _/s/
      Shawn K. Poe _________________

              
	 
      	
                Name: 
      Shawn K. Poe

              
	 
      	
                Title:   
      Vice President

              

      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      

      
        	 
      	
                PLY
      GEM HOLDINGS, INC.

              
	 
      	 
      
	 
      	
                By

              
	 
      	 
      
	 
      	
                _/s/
      Shawn K. Poe _________________

              
	 
      	
                Name: 
      Shawn K. Poe

              
	 
      	
                Title:   
      Vice President

              
	 
      	 
      
	 
      	 
      
	 
      	
                ALCOA
      HOME EXTERIORS, INC.

              
	 
      	
                ALENCO
      BUILDING PRODUCTS

              
	 
      	
                MANAGEMENT,
      L.L.C.

              
	 
      	
                ALENCO
      EXTRUSION GA, L.L.C.

              
	 
      	
                ALENCO
      EXTRUSION

              
	 
      	
                MANAGEMENT,
      L.L.C.

              
	 
      	
                ALENCO
      HOLDING CORPORATION

              
	 
      	
                ALENCO
      INTERESTS, L.L.C.

              
	 
      	
                ALENCO
      TRANS, INC.

              
	 
      	
                ALENCO
      WINDOW GA, L.L.C.

              
	 
      	
                ALUMINUM
      SCRAP RECYCLE, L.L.C.

              
	 
      	
                AWC
      ARIZONA, INC.

              
	 
      	
                AWC
      HOLDING COMPANY

              
	 
      	
                GLAZING
      INDUSTRIES

              
	 
      	
                MANAGEMENT,
      L.L.C.

              
	 
      	
                GREAT
      LAKES WINDOW, INC.

              
	 
      	
                KROY
      BUILDING PRODUCTS, INC.

              
	 
      	
                MW
      MANUFACTURERES INC.

              
	 
      	
                MWM
      HOLDING, INC.

              
	 
      	
                NAPCO,
      INC.

              
	 
      	
                NEW
      ALENCO EXTRUSION, LTD.

              
	 
      	
                NEW
      ALENCO WINDOW, LTD.

              
	 
      	
                NEW
      GLAZING INDUSTRIES, LTD.

              
	 
      	
                PLY
      GEM PACIFIC WINDOWS

              
	 
      	
                CORPORATION

              
	 
      	
                VARIFORM,
      INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By

              
	 
      	 
      
	 
      	
                _/s/
      Shawn K. Poe _________________

              
	 
      	
                Name: 
      Shawn K. Poe

              
	 
      	
                Title:   
      Vice President

              

      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      The
foregoing Registration Rights

      Agreement
is hereby confirmed and

      accepted
as of the date first written above.

      

       

      

      By:  UBS
SECURITIES LLC

      

      

      

      By: ___/s/ Jeffrey Groves
____________________

      

      Name: 
Jeffrey Groves

      Title:   
Executive Director

       

      By: __/s/ Rahul Kotwaz
_____________________

      

      Name: 
Rahul Kotwaz

      Title:   
Director

       

      as
Representative of the several Initial Purchasers.

       

      

       

      

       

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      ANNEX
A

       

      Each
broker-dealer that receives Exchange Securities for its own account pursuant to
the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of those Exchange Securities.  The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an “underwriter” within the
meaning of the Securities Act.  This prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where those Initial Securities were acquired by that broker-dealer as a result
of market-making activities or other trading activities.  The Company
has agreed that, for a period of 180 days after the Expiration Date (as defined
herein), it will make this prospectus available to any broker-dealer for use in
connection with any such resale.  See “Plan of
Distribution.”

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      ANNEX
B

       

      Each
broker-dealer that receives Exchange Securities for its own account in exchange
for Initial Securities, where such Initial Securities were acquired by such
broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities.  See “Plan of
Distribution.”

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      ANNEX
C

       

      PLAN OF
DISTRIBUTION

       

      Each
broker-dealer that receives Exchange Securities for its own account pursuant to
the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities.  This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a
result of market-making activities or other trading activities.  The
Company has agreed that, for a period of 180 days after the Expiration Date, it
will make this prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale.  In
addition,
until                   ,
201 ,  all dealers effecting transactions in the Exchange Securities
may be required to deliver a prospectus.

       

      The
Company will not receive any proceeds from any sale of Exchange Securities by
broker-dealers.  The Exchange Securities received by broker-dealers
for their own account pursuant to the Exchange Offer may be sold from time to
time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices.  Any such resale may be made directly to purchasers or to or
through brokers or dealers who may receive compensation in the form of
commissions or concessions from any such broker-dealer or the purchasers of any
such Exchange Securities.  Any broker-dealer that resells Exchange
Securities that were received by it for its own account pursuant to the Exchange
Offer and any broker or dealer that participates in a distribution of such
Exchange Securities may be deemed to be an “underwriter” within the meaning of
the Securities Act and any profit on any such resale of Exchange Securities and
any commission or concessions received by any such persons may be deemed to be
underwriting compensation under the Securities Act.  The Letter of
Transmittal states that, by acknowledging that it will deliver and by delivering
a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act.

       

      For a
period of 180 days after the Expiration Date, the Company will promptly send
additional copies of this Prospectus and any amendment or supplement to this
Prospectus to any broker-dealer that requests such documents in the Letter of
Transmittal.  The Company has agreed to pay all expenses incident to
the Exchange Offer (including the expenses of one counsel for the Holders of the
Securities) other than commissions or concessions of any brokers or dealers and
will indemnify the Holders of the Securities (including any broker-dealers)
against certain liabilities, including liabilities under the Securities
Act.

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      ANNEX
D

       

      [    ]           CHECK
HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE
PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

       

      Name:                      __________________________________

      Address:                 __________________________________

       

      If the
undersigned is not a broker-dealer, the undersigned represents that it is not
engaged in, and does not intend to engage in, a distribution of Exchange
Securities.  If the undersigned is a broker-dealer that will receive
Exchange Securities for its own account in exchange for Initial Securities that
were acquired as a result of market-making activities or other trading
activities, it acknowledges that it will deliver a prospectus in connection with
any resale of such Exchange Securities; however, by so acknowledging and by
delivering a prospectus, the undersigned will not be deemed to admit that it is
an “underwriter” within the meaning of the Securities Act.

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