Document:

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                                                                    EXHIBIT 4.16

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement"), dated as of the 11th day
of July, 2002, is by and among Elite Logistics, Inc., an Idaho corporation;
Elite Logistics Services, Inc., a Texas corporation (collectively, the
"Company", whether one or both), with offices at 1201 North Avenue H., Freeport,
Texas 77541; and Matthew Hutchins, Sr., an individual and a resident of the
State of Texas, with an address at 1641 Glen Springs Drive, Plano, Texas 75093
(the "Executive").

                                   WITNESSETH:

         WHEREAS, in recognition of the valuable nature of Executive's
management, operational, and strategic business development capabilities to the
business of Company, Company desires to enter into this Agreement with Executive
to be effective as of the date above first written (the "Effective Date"); and

         WHEREAS, Executive desires to enter into this Agreement with Company
and to be employed by Company in the capacity, for the period, and on the terms
and conditions set forth herein;

         NOW THEREFORE, in consideration of the mutual covenants, agreements and
conditions contained herein, the parties hereto intending to be legally bound do
hereby covenant and agree as follows:

         1.       Employment.

                  (a) Company hereby agrees to employ Executive, and Executive
         hereby agrees to serve the Company, as Chairman, and immediately upon
         his resignation as President & CEO of T-Speed Broadband Communications,
         Inc., as Chief Executive Officer of Elite Logistics, Inc. ("ELOG"), and
         its wholly-owned subsidiary, Elite Logistics Services, Inc., and,
         subject to the direction of the Board of Directors of Company, to
         perform such duties, functions and responsibilities commensurate with
         and appropriate to such positions, and as the same may be from time to
         time set forth in the By-laws of Company or otherwise delegated to
         Executive by the Board of Directors of Company or their designates. As
         of the Effective Date of this Agreement, said duties, responsibilities
         and functions of Executive are set forth in Schedule A attached hereto
         and incorporated herein by reference for all purposes.

                  (b) Executive shall receive from Company the necessary power
         and authority to carry out and discharge all such duties, functions and
         responsibilities.

                  (c) Executive shall be an employee of the Company and shall
         devote his commercially reasonable efforts to the performance,
         discharge and fulfillment of all such duties, functions and
         responsibilities; provided, however, that Executive may work on behalf

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         of, or render services to, entities that do not compete with the
         current operations of the Company during the term of this Agreement.

                  (d) Executive will perform his services in the State of Texas,
         or at such other location as may be mutually agreed upon by the Board
         of Directors of Company and Executive.

         2.       Term of Employment.

                  (a) Subject to the provisions for termination as hereinafter
         provided, the term of employment under this Agreement shall be
         effective as of the Effective Date and shall continue through July 11,
         2004; provided, however, that beginning on July 11, 2003 and on July
         11th each year thereafter (each such July 11th being referred to as a
         "Renewal Date"), the term of this Agreement shall automatically be
         extended for an additional one year so that on each Renewal Date the
         then remaining, unexpired term of this Agreement shall be two years,
         unless either party gives the other written notice of non-renewal at
         least ninety (90) days prior to any such Renewal Date.

                  (b) This Agreement shall terminate prior to the expiration of
         the initial term or any renewal term of this Agreement upon the
         earliest to occur of the following:

                           (i) the death or permanent disability (as defined in
                  Company's permanent disability insurance program, if any, then
                  in effect covering Executive or if no permanent disability
                  program is then in effect, in the opinion of the Executive
                  exercised in good faith) of Executive; provided, however, that
                  the Company shall remain responsible for and shall satisfy its
                  obligations under its life and permanent disability insurance
                  programs then in effect covering Executive as are referred to
                  in Schedule B attached hereto and incorporated herein by
                  reference for all purposes; and further provided, however,
                  that in addition to Company's obligations to Executive under
                  its life and permanent disability insurance programs then in
                  effect covering Executive, the Company shall pay (a) to any
                  beneficiary or beneficiaries designated by the Executive or,
                  if none, (b) to his estate or other legal representative in
                  the event of Executive's death a pro rata portion of the
                  Annual Base Salary to the last day of the month in which his
                  death occurs and, in lieu of the maximum bonus provided for in
                  Subsection 3(c), an amount equal to a pro rata portion (based
                  on the number of months or portions thereof elapsed to the
                  date of the Executive's death) of the Annual Incentive Bonus
                  paid or anticipated to be payable to the Executive in respect
                  of the then current year of Executive's employment hereunder;

                           (ii) as permitted by Section 6 hereof by Executive
                  for "Good Reason" (as hereinafter defined) pursuant to Section
                  6;

                           (iii) as permitted by Section 7 hereof by Executive
                  upon a "Change of Control of the Company" (as hereinafter
                  defined pursuant to Section 7; or

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                           (iv) as permitted by Section 7 hereof, by Company for
                  "Cause" (as hereinafter defined) pursuant to Section 7.

         Sections 6, 7, 8, 11 and 12 shall survive the termination of this
Agreement.

         3.       Compensation.

                  (a) In consideration for all of the services to be rendered by
         Executive to the Company, the Company shall pay Executive an initial
         annual base salary of (i) One Hundred Thousand Dollars ($100,000.00)
         until the date that he resigns as President & CEO of T-Speed Broadband
         Communications, Inc (the "T-Speed Resignation Date"); and (ii) One
         Hundred Forty-four Thousand Dollars ($144,000.00) from the T-Speed
         Resignation Date until the date that the Company has received
         additional capital after the Effective Date in an amount equal to
         $1,000.000.00 (the "Minimum Capital Benchmark Date"), at which time the
         annual base salary will automatically increase to Two Hundred Fifty
         Thousand Dollars ($250,000.00), subject to such annual increases as
         approved by the Board of Directors or any authorized committee thereof
         (the "Compensation Committee"), but no less than the increase in the
         U.S. government's Consumer Price Index, all markets, for the prior
         twelve months (such annual base salary, as it may be increased from
         time to time hereafter, being herein referred to as the "Annual Base
         Salary"). Notwithstanding the foregoing, on the Minimum Capital
         Benchmark Date, the Company shall pay to the Executive, at his option
         in cash or in options to purchase common shares of ELOG at an exercise
         price per share equal to $0.25, an amount equal to (i) the product of
         $417.00 times the number of days that elapsed between the Effective
         Date and the T-Speed Resignation Date, plus (ii) the product of $294.00
         times the number of days that elapsed between the T-Speed Resignation
         Date and the Minimum Capital Benchmark Date.

                  (b) The Annual Base Salary shall be paid to Executive in
         periodic installments throughout the year in accordance with Company's
         normal and customary pay policy for executive officers of Company then
         in effect.

                  (c) In addition to the Annual Base Salary to be paid pursuant
         to subsection 3(a) of this Agreement, during the term of this Agreement
         or any renewal or extension, the Company shall pay to the Executive as
         incentive compensation annual bonuses in accordance with the incentive
         bonus plan(s) adopted from time to time by the Board or the
         Compensation Committee of the Board, as the case may be. Such plan,
         among other things, shall establish a maximum bonus equal to 100% of
         the Executive's Annual Base Salary, payable quarterly, based on
         performance criteria mutually agreeable to the Executive and the Board
         or the Compensation Committee, such as annual gross revenues, operating
         profitability and capital formation.

                  (d) In addition to the amounts set forth above, as a
         management bonus in connection with the capital being raised by the
         Company, the Company shall pay to the

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         Executive an amount equal to two and one half percent (2.5%) of all
         gross proceeds received by the Company up to $400,000.00, and five
         percent (5%) of all gross proceeds received by the Company in excess of
         $400,000.00. The Company shall pay any and all such management bonuses
         to the Executive on the date(s) that the Company receives such gross
         proceeds.

                  (e) The amount of the Annual Base Salary and any other amounts
         payable pursuant to this Agreement are gross amounts due by Company to
         Executive hereunder, and Company shall have the right to deduct
         therefrom all taxes and other amounts which may be required to be
         deducted or withheld by law (including, but not limited to, federal
         income tax withholding and social security payments), whether such law
         is now in effect or becomes effective after the date of this Agreement.

                  (f) Company has adopted certain equity-based incentive
         compensation plans (collectively, the "Plan") providing for annual or
         other periodic awards to key employees of, among other things, options
         to purchase the Company's common stock. Upon the execution of this
         Agreement, the Company shall grant Executive an option or options to
         purchase shares of Common Stock under the Plan, at an exercise price
         per share of ($0.10), in an aggregate amount of not less than eight
         percent (8%) of the Company's "fully diluted" capital stock, including
         all outstanding or committed warrants and options, and capital stock or
         convertible securities to be issued in connection with the current
         private placement, as the same may be extended or increased, being
         placed by Bathgate Capital Partners, LLC, including the May 30, 2002
         Private Placement (as hereinafter defined). To the extent possible,
         such options shall be "incentive stock options." Such options shall
         contain a "cashless" exercise provision, and shall vest upon the
         earlier of (i) a Change of Control of the Company (as hereinafter
         defined); or (ii) fifty percent (50%) on the Effective Date, and fifty
         percent (50%) shall vest on the first anniversary date of the Effective
         Date of the Agreement.

                  (g) In addition to the foregoing, in the event that Company
         grants stock options or similar incentives to its officers and
         employees from time to time hereafter, Executive shall be allowed to
         participate in any such future stock options or similar incentives on
         such terms as are approved by the Board of Directors of Company or the
         Compensation Committee and are offered to other executive officers of
         Company.

         4.       Executive Benefits and Business Expenses.

                  (a) During the term hereof, Executive shall be entitled to
         participate in such employee benefit plans and programs maintained by
         the Company for the benefit of its executive officers, and to
         participate in applicable new or amended programs, including, but not
         limited to, medical, dental, health, life, accident and disability
         insurance programs, savings for retirement plans, bonus, stock option
         plans, and any other incentive compensation plans.

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                  (b) Executive shall be reimbursed for any necessary business
         expenses reasonably incurred by Executive in carrying out Executive's
         duties, functions and responsibilities hereunder, including, without
         limitation, taxi fares to and from the airport and parking and toll
         charges.

                  (c) Executive shall receive a cash allowance of $650 per month
         to cover all costs of local business travel.

         5.       Vacation and Sick Leave Time.

         Executive shall be entitled to annual sick leave time pursuant to the
plan or policy currently in effect, or as hereafter may be amended, available
for other executive officers of Company. Commencing on the Effective Date, the
Executive shall be entitled to annual vacation time equal to no less than four
(4) weeks paid vacation every year throughout the term of this Agreement.

         6.       Termination. In the event of (a) termination by the Company or
any successor of the Executive's employment hereunder without Cause, or (b)
Executive terminates his employment for Good Reason, then Executive shall be
entitled to receive: (i) in twenty-four (24) equal monthly installments
beginning on the date of such termination an amount (the "Termination Amount")
equal to (x) the then Annual Base Salary, including amounts payable under
Section 4 (c) hereof, plus (y) 100% of the maximum bonus provided in Subsection
3(c); (ii) Executive's outstanding stock options and any stock subject to
restricted stock purchase agreements shall accelerate and fully vest; and (iii)
any and all deferred compensation, including, without limitation, accounts under
any Company deferred compensation plans or arrangements shall accelerate and
fully vest, including as to any amounts contributed by the Company for the year
in which the termination occurs. Notwithstanding the foregoing, at the sole
option of Executive, the Executive shall be entitled to receive the amounts set
forth in Section 6 (b) (i) hereof in a lump sum payable on the date of
termination.

         For the purpose of this Agreement, "Good Reason" is defined as (a) the
reduction of the Executive's title, duties, authority or responsibilities,
relative to the Executive's title, duties, authority or responsibilities as in
effect immediately prior to such reduction; (b) a reduction by the Company in
the Annual Base Salary or bonus target amount of the Executive as in effect
immediately prior to such reduction; (c) any breach of this Agreement by the
Company; (d) the termination of that certain Voting Trust or Proxy dated on or
about of even date herewith, by and among certain shareholders of the Company
and the Executive, as Trustee or holder of said Proxy, as the case may be,
within six (6) months of the Effective Date; or (e) any act or set of facts or
circumstances which would, under Texas case law or statute, constitute a
constructive termination of the Executive.

         7.       Change of Control. In the event of a Change of Control of the
Company, at the option of the Executive, (a) the term of employment shall
terminate, (b) Executive's outstanding stock options and any stock subject to
restricted stock purchase agreements shall accelerate and fully vest, and (c)
the Company shall pay Executive, in a lump sum, an amount equal to the
Termination Amount; provided, however, that the Executive may not exercise his
rights under this Section 7

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in connection with, and only in connection with, the Change of Control of the
Company that will occur as a result of the transaction set forth in that certain
Elite Logistics, Inc. Proposed Summary of Terms for Private Placement dated May
30, 2002, delivered by Bathgate Capital Partners, LLC, as Placement Agent, to
Elite Logistics, Inc., as Issuer (the "May 30, 2002 Private Placement").

         For this purpose, "Change of Control of the Company" is defined as:

                  (a) Any "person" (as such term is used in Sections 13(d) and
         14(d) of the Securities Exchange Act of 1934, as amended) becomes the
         "beneficial owner" (as defined in Rule 13d-3 under said Act), directly
         or indirectly, of securities of the Company representing 35% or more of
         the total voting power represented by the Company's then outstanding
         voting securities; or

                  (b) A change in the composition of the Board of Directors of
         the Company occurring within a two-year period, as a result of which
         fewer than a majority of the directors are Incumbent Directors.
         "Incumbent Directors" means directors who either (i) are directors of
         the Company as of the date hereof, or (ii) are elected, or nominated
         for election, to the Board of Directors of the Company with the
         affirmative votes of at least a majority of the Incumbent Directors at
         the time of such election or termination (but shall not include an
         individual whose election or nomination is in connection with an actual
         or threatened proxy contest relating to the election of directors to
         the Company); or

                  (c) The consummation of a merger or consolidation of the
         Company with any other corporation other than a merger or consolidation
         which would result in the voting securities of the Company outstanding
         immediately prior thereto continuing to represent (either by remaining
         outstanding or by being converted into voting securities of the
         surviving entity) at least thirty-five percent (35%) of the total
         voting power represented by the voting securities of the Company or
         such surviving entity outstanding immediately after such merger or
         consolidation; or

                  (d) The consummation of the sale or disposition by the Company
         of all or substantially all of the Company's assets.

         8.       Golden Parachute Gross-Up for Taxes. In the event that the
benefits provided for in this Agreement or otherwise payable to the Executive
constitute "parachute payments" within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the "Code") or any successor
provision and as a result are subject to the excise tax imposed by Section 4999
of the Code or any successor provision, then the Executive shall receive (a) a
lump-sum cash payment from the Company sufficient to pay such excise tax, and
(b) an additional lump-sum cash payment from the Company sufficient to pay the
excise tax and all federal and state income taxes arising from the payments made
by the Company to Executive pursuant to this sentence. Unless the Company and
the Executive otherwise agree in writing, the determination of Executive's tax
liability arising from such taxes, and the amount required to be paid under this
Section 8, shall be made in writing by the

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Accountants. For purposes of making the calculations required by this Section 8,
the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code or any
successor provision. The Company and the Executive shall furnish to the
Accountants such information and documents as the Accountants may reasonably
request in order to make a determination under this Section 8. The Company shall
bear all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this Section 8.

         9.       Breach by Company; Nonexclusive Remedy.

                  (a) In the event of a material breach of this Agreement by the
         Company which remains uncured after written notice thereof by Executive
         to the Company and the expiration of thirty (30) days opportunity to
         cure such breach, the Company shall be obligated to pay Executive as
         liquidated damages, and not as a penalty, in a lump sum or on an
         annuity basis, at Executive's sole option, an amount equal to the
         Termination Amount; provided, however, that the Company's obligation to
         pay the Termination Amount shall not be binding until the closing date
         of the May 30, 2002 Private Placement. It is acknowledged and agreed to
         by the parties hereto that because actual damages would be difficult to
         ascertain in the event that Company breaches this Agreement, the amount
         of liquidated damages provided for herein is reasonable and appropriate
         to remedy any such breach and to compensate Executive for any damages
         incurred by him hereunder.

                  (b) In the event that Company, or its successor or assigns,
         fails to perform or breaches this Agreement in any respect and
         Executive shall file any judicial action for enforcement of this
         Agreement and successfully recovers compensation or damages, Executive
         shall be entitled to recover an additional amount as interest at ten
         percent (10%) per annum on the amount owed from the date such amount
         was due and payable, together with all actual expenses and attorneys'
         fees reasonably incurred by Executive in obtaining legal advice
         regarding his rights under this Agreement and in prosecuting and
         disposing of such action.

                  (c) The provisions of this Section 9 shall not constitute the
         exclusive remedy of Executive for Company's breach of this Agreement.

         10.      Breach by Executive.

                  (a) In the event that Executive willfully and materially
         breaches this Agreement, Company may terminate this Agreement, at the
         option of Company, (i) effective thirty (30) days after Company gives
         written notice of such termination to Executive, or (ii) effective upon
         payment of thirty (30) days' pay in lieu of notice; provided, however,
         that the Company shall pay to Executive, on the date of such
         termination, all cash and non-cash compensation then accrued under this
         Agreement to the date of such termination.

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                  (b) A material breach of this Agreement by Executive, in
         either case that is materially detrimental to Company as determined in
         good faith by the Board of Directors of the Company and supported by a
         formal resolution duly voted upon and adopted by the Board of
         Directors, shall be deemed to have occurred upon the happening of any
         of the following events (for "Cause"), and the continuation thereof for
         a period of thirty (30) days after notice of such breach from the
         Company is received by Executive, to-wit:

                           (i) Executive's wanton or willful misconduct in the
                  performance or discharge of any of Executive's duties,
                  functions and responsibilities hereunder; or

                           (ii) Executive's conviction of any felony offense
                  during the term of this Agreement that adversely affects his
                  ability to perform and discharge his duties under this
                  Agreement; or

                           (iii) Executive's breach of any of Executive's
                  material obligations hereunder, including, without limitation,
                  Executive's obligations under Sections 11 and 12 hereof.

         In the event Company elects to terminate Executive pursuant to this
Section 10, Company shall give written notice to Executive specifically stating
each fact and reason, which is the basis for such termination. Following such
termination, Company shall have no further obligation to Executive under this
Agreement except for accrued and unpaid cash and non-cash compensation payments
then due and owing to Executive.

         11.      Covenant not to Compete.

                  (a) Executive covenants and agrees that Executive will not
         during the term of this Agreement and for a period of two (2) years
         following the termination of this Agreement, directly or indirectly in
         the United States of America or Canada, as a principal, partner, agent,
         consultant or otherwise of any person, partnership, corporation or
         other entity, engage in or be financially interested in any business or
         group of affiliated or unaffiliated businesses (other than Company)
         that engages in a business which is competitive with any material line
         or business in which the Company is then currently engaged.

                  (b) Company and Executive hereby agree that in the event that
         either the length of, time or geographical area set forth herein is
         deemed too restrictive by any court of competent jurisdiction, the
         court may reduce such restriction to those which it deems reasonable
         under the circumstances. This Section 11 shall not prohibit Executive
         from investing in less than five percent (5%) of any class of equity
         security of a company that has a class of equity security registered
         pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of
         1934.

         12.      Confidentiality, Proprietary Information and Trade Secrets.

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                  (a) During the term of this Agreement and for a period of two
         (2) years after the termination of this Agreement, Executive shall not
         disclose, communicate or divulge to any person, firm, association or
         company, other than the Company, any material referred to in
         Subsections 12(f), (g) and (h) hereof, or any proprietary information
         regarding the business methods, business, policies, procedures,
         techniques, research or development projects or results, trade secrets
         or other knowledge or processes of, or developed by, Company or any
         names and addresses of customers or clients or any data on or relating
         to past, present or prospective customers or clients or any other
         confidential information relating to or dealing with the business
         operations or activities of Company, made known to Executive or learned
         or acquired by Executive while employed by Company.

                  (b) During the term of this Agreement and for a period of two
         (2) years after the termination of this Agreement, Executive shall not,
         directly or indirectly, in any geographic area served by Company or its
         affiliates induce or attempt to influence any employee of Company to
         terminate his or her employment with Company or to hire any such
         employee of Company, without the Company's prior written consent.

                  (c) Executive acknowledges and agrees that the restrictions
         contained in Section 11 hereof and in Subsections 12(a) and (b) (the
         "Restrictions"), in view of the nature of the business in which Company
         is engaged, are reasonable and necessary in order to protect the
         legitimate business interests of Company, and that any violation
         thereof would result in irreparable harm to Company, and Executive
         therefore further acknowledges and agrees that, in the event Executive
         violates, or threatens to violate, any of such Restrictions, Company
         shall be entitled to obtain from any court of competent jurisdiction,
         without the posting of any bond or other security, preliminary and
         permanent injunctive or equitable relief as well as damages and an
         equitable accounting of all earnings, profits and other benefits
         arising from such violation, which rights shall be cumulative and in
         addition to any other rights or remedies at law or in equity to which
         Company may be entitled.

                  (d) If any Restriction, or any part thereof, is determined in
         any judicial or administrative proceeding to be invalid or
         unenforceable, the remainder of the Restrictions shall not thereby be
         affected and shall be given full effect, without regard to the invalid
         provisions.

                  (e) If Executive violates any of the Restrictions, the
         restrictive period shall not run in favor of Executive from the time of
         the commencement of any such violation until such time as such
         violation shall be cured by Executive to the satisfaction of Company.

                  (f) It is recognized that Executive will have access to
         certain confidential information of Company and its affiliates, and
         that such information constitutes valuable, special and unique property
         of Company and its affiliates. Executive shall not at any time during
         the term of this Agreement and for a period of two years after the
         termination of this Agreement disclose any such confidential
         information to any party for any reason or purpose except as may be
         made in the normal cause of business of Company and for its benefit.

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                  (g) All advertising, sales, and other materials or articles,
         including, without limitation, data processing reports, customer sales
         analyses, invoices, or any other materials or data of any kind
         furnished to Executive by Company or developed by Executive on behalf
         of Company or at Company's direction or for Company's use or otherwise
         in connection with Executive's employment hereunder, are and shall
         remain the sole, exclusive and confidential property of Company. In the
         event that Company requests the return of such materials at any time
         during, upon or after the termination of Executive's employment,
         Executive shall immediately deliver the same, and any and all copies
         thereof, to Company.

                  (h) For purposes of this Agreement, Confidential Information
         shall include the Company's trade secrets and proprietary information,
         techniques, sketches, drawings, know-how, processes, apparatus,
         equipment, algorithms, software programs, software source documents and
         formulae related to the current, future and proposed products and
         services of the Company, and/or the Company's parents, subsidiaries,
         customers and/or vendors, whether delivered in written (or other
         tangible) form or verbally, and includes, without limitation,
         information concerning research, design details and specifications,
         financial data, procurement requirements, customer lists, business
         forecasts and purchasing, sales, merchandising, development and
         marketing plans, but shall exclude (i) confidential information that
         was in the public domain at the time it was communicated to the
         Executive; (ii) confidential information that enters the public domain
         subsequent to the time it was communicated to Executive through no
         fault of the Executive; or (iii) confidential information that was in
         Executive's possession free of any obligation of confidence at the time
         it was communicated to Executive.

         13.      Representations and Warranties of Executive. Except for
restrictions heretofore disclosed in writing by Executive to Company, Executive
represents and warrants to Company that (a) there are no restrictions,
agreements or understandings whatsoever to which Executive is a party which
would prevent or make unlawful the execution or performance of this Agreement or
his employment hereunder; (b) his execution of this Agreement and his employment
hereunder shall not constitute a breach of any contract, agreement or
understanding to which he is a party or by which he may be bound; and (c) he is
free and able to execute and perform this Agreement in all respects.

         14.       Successors.

                  (a) This Agreement shall inure to the benefit of and be
         binding upon Company and Executive. This Agreement and the benefits and
         obligations of Company hereunder may be assigned by Company to any
         person acquiring all or substantially all of the assets or all of the
         issued and outstanding equity securities of the Company; provided,
         however, that the Company shall remain jointly and severally liable to
         Executive with such assignee for the fulfillment of Company's
         obligations under this Agreement, or to any corporation with which
         Company may be merged or consolidated.

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                  (b) This Agreement shall inure to the benefit of and be
         binding upon Executive and Executive's executors, administrators,
         trustees, heirs and legal representatives. Because Executive's duties,
         functions, responsibilities, and services hereunder are special,
         personal and unique in nature, Executive shall not transfer, sell or
         assign, by operation of law or otherwise, Executive's obligations under
         this Agreement.

         15.      Waivers. Neither the failure nor any delay on the part of
either party hereto to exercise any right, remedy, power or privilege
(collectively, "Right") under this Agreement shall operate as a waiver,
abandonment or release thereof; nor shall any single or partial exercise of any
Right preclude any other or further exercise of the same or of any other Right,
nor shall any waiver of any Right with respect to any occurrence be construed as
a waiver of such Right with respect to any other occurrence.

         16.      Severability. If any provision of this Agreement shall be held
to be invalid or unenforceable, such invalidity or unenforceability shall not
affect or impair the validity or enforceability of the remaining provisions of
this Agreement, which provisions shall remain in full force and effect and the
parties hereto shall continue to be bound thereby.

         17.      Entire Agreement. This Agreement contains the entire agreement
between the parties relating to the subject matter hereof and supersedes all
previous agreements and understandings between the parties, whether written or
oral, with respect to the subject matter hereof. This Agreement shall not be
modified, altered or amended except by a writing executed by both parties.

         18.      Notices. Any notice or other communication provided for in
this Agreement or contemplated hereby shall be sufficiently given if given in
writing and delivered personally or by certified mail, return receipt requested,
and addressed, in the case of the Company, to the Company at:

                  Elite Logistics Services, Inc.
                  1201 North Avenue H.
                  Freeport, Texas  77541

and in the case of Executive, to the address set forth in the introductory
paragraph. Notice shall be effective when so delivered personally. Either party
may designate a different address by giving notice of change of address in the
manner provided above.

         19.      Construction of Agreement. This Agreement shall be governed
by, construed and enforced in accordance with the laws of the State of Texas.

                   [Balance of page intentionally left blank]

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         IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
and as of theday and year above first written,

                                        "Company"

                                        ELITE LOGISTICS, INC.,
                                          an Idaho corporation

                                        By:
                                            -----------------------------------

                                            Printed Name:
                                                         ----------------------

                                            Title:
                                                  -----------------------------

                                        ELITE LOGISTICS SERVICES, INC.,
                                          a Texas corporation

                                        By:
                                            -----------------------------------

                                            Printed Name:
                                                         ----------------------

                                            Title:
                                                  -----------------------------

                                        "Executive"

                                        ---------------------------------------
                                        Matthew Hutchins, Sr., an individual
                                        and resident of the State of Texas

                                      -12-

<PAGE>

                                   Schedule A
                                       to
                             Employment Agreement by
and among Elite Logistics, Inc., Elite Logistics Services, Inc., collectively as
                                  the Company,
                                       and
                       Matthew Hutchins, Sr., as Executive

       Description of Functions, Duties and Responsibilities of Executive

         Executive shall oversee and have the primary responsibility within the
Company for all governance, corporate and operational matters of the Company,
including, without limitation, the (i) development and management of Elite
Logistics Service's strategic relationships, including its volume equipment and
services agreements, wireless communications services, and Internet applications
alliances; (ii) corporate affairs, including corporate finance, legal, financial
reporting, and strategic planning; and (iii) corporate operations, including
internal business operations and P&L management; and (iiii) investment fund
raises, investor relations and SEC compliance.

Schedule A, Description of Functions, Duties and Responsibilities of Executive -
Solo Page

<PAGE>

                                   Schedule B
                                       to
                              Employment Agreement
                       by and among Elite Logistics, Inc.,
           Elite Logistics Services, Inc., collectively as the Company
                                       and
                         Matthew Hutchins, as Executive

                      Executive Officer Benefits of Company

1.       Life insurance (at such time as the Company is funded to support the
         cost of Life insurance)

2.       Medical insurance

3.       Dental insurance

4.       401k Plan

5.       Annual Dues for the State Bar of Texas

6.       Annual Attorney Occupation Tax for the State of Texas

7.       Related trade publications and daily news sources

Schedule B, Executive Officer Benefits of Company - Solo Page<PAGE>

                                                               EXHIBIT 4.1
                                                               EXECUTION VERSION

       -------------------------------------------------------------------

                          -----------------------------

                              Metaldyne Corporation

                     and each of the Guarantors named herein

                              SERIES A AND SERIES B
                     11% SENIOR SUBORDINATED NOTES DUE 2012

                          -----------------------------

                                    INDENTURE

                            Dated as of June 20, 2002

                          -----------------------------

                              The Bank of New York
                                     Trustee

                          -----------------------------

       -------------------------------------------------------------------

<PAGE>

                             CROSS-REFERENCE TABLE*
<TABLE>
<CAPTION>
       <S>                                                                           <C>
        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).................................................................     7.03; 7.08; 7.10; 13.02
             (c).................................................................               N.A.
        311(a)...................................................................               7.11
        (b)......................................................................               7.11
        (c)......................................................................               N.A.
        312(a)...................................................................               2.05
             (b).................................................................              13.03
             (c).................................................................              13.03
        313(a)...................................................................               7.06
             (b)(1)..............................................................               N.A.
             (b)(2)..............................................................            7.06; 7.07
             (c).................................................................           7.06; 13.02
             (d).................................................................               7.06
        314(a)...................................................................     4.03; 4.04; 13.02; 13.05
             (b).................................................................               N.A.
             (c)(1)..............................................................              13.04
             (c)(2)..............................................................              13.04
             (c)(3)..............................................................               N.A.
             (d).................................................................               N.A.
             (e).................................................................           13.04; 13.05
             (f).................................................................               N.A.
        315(a)...................................................................               7.01
             (b).................................................................           7.05; 13.02
             (c).................................................................               7.01
             (d).................................................................               7.01
             (e).................................................................               6.11
        316(a) (last sentence)...................................................               2.09
             (a)(1)(A)...........................................................               6.05
             (a)(1)(B)...........................................................               6.04
             (a)(2)..............................................................               N.A.
             (b) ................................................................               6.07
             (c) ................................................................               N.A.
        317(a)(1) ...............................................................               6.08
             (a)(2) .............................................................               6.09
             (b) ................................................................               2.04
        318(a) ..................................................................              13.01

</TABLE>

N.A. means not applicable.
*  This Cross Reference Table is not part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                            Page
                                                                                                            ----
<S>                                                                                                         <C>
ARTICLE 1.  DEFINITIONS AND INCORPORATION BY REFERENCE........................................................1
   Section 1.01 Definitions...................................................................................1
   Section 1.02 Other Definitions............................................................................29
   Section 1.03 Incorporation by Reference of Trust Indenture Act............................................30
   Section 1.04 Rules of Construction........................................................................30

ARTICLE 2.  THE NOTES........................................................................................31
   Section 2.01 Form and Dating..............................................................................31
   Section 2.02 Execution and Authentication.................................................................32
   Section 2.03 Registrar and Paying Agent...................................................................32
   Section 2.04 Paying Agent to Hold Money in Trust..........................................................33
   Section 2.05 Holder Lists.................................................................................33
   Section 2.06 Transfer and Exchange........................................................................33
   Section 2.07 Replacement Notes............................................................................48
   Section 2.08 Outstanding Notes............................................................................48
   Section 2.09 Treasury Notes...............................................................................49
   Section 2.10 Temporary Notes..............................................................................49
   Section 2.11 Cancellation.................................................................................49
   Section 2.12 Defaulted Interest...........................................................................50
   Section 2.13 CUSIP Numbers................................................................................50

ARTICLE 3.  REDEMPTION AND PREPAYMENT........................................................................50
   Section 3.01 Notices to Trustee...........................................................................50
   Section 3.02 Selection of Notes to Be Redeemed or Purchased...............................................51
   Section 3.03 Notice of Redemption.........................................................................51
   Section 3.04 Effect of Notice of Redemption...............................................................52
   Section 3.05 Deposit of Redemption or Purchase Price......................................................52
   Section 3.06 Notes Redeemed or Purchased in Part..........................................................53
   Section 3.07 Optional Redemption..........................................................................53
   Section 3.08 Mandatory Redemption.........................................................................54
   Section 3.09 Offer to Purchase by Application of Excess Proceeds..........................................54

ARTICLE 4.  COVENANTS........................................................................................56
   Section 4.01 Payment of Notes.............................................................................56
   Section 4.02 Maintenance of Office or Agency..............................................................57
   Section 4.03 Reports......................................................................................57
   Section 4.04 Compliance Certificate.......................................................................58
   Section 4.05 Taxes........................................................................................59
   Section 4.06 Stay, Extension and Usuary Laws..............................................................59

                                      -i-

<PAGE>

                                                                                                            Page
                                                                                                            ----
   Section 4.07 Restricted Payments..........................................................................59
   Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries...............................63
   Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock...................................65
   Section 4.10 Asset Sales..................................................................................70
   Section 4.11 Transactions with Affiliates.................................................................72
   Section 4.12 Liens........................................................................................74
   Section 4.13 Corporate Existence..........................................................................74
   Section 4.14 Offer to Repurchase Upon Change of Control...................................................74
   Section 4.15 Anti-Layering................................................................................76
   Section 4.16 Additional Notes Guarantees..................................................................77
   Section 4.17 Designation of Restricted and Unrestricted Subsidiaries......................................77

ARTICLE 5.  SUCCESSORS.......................................................................................77
   Section 5.01 Merger, Consolidation, or Sale of Assets.....................................................77
   Section 5.02 Successor Corporation Substituted............................................................79

ARTICLE 6.  DEFAULTS AND REMEDIES............................................................................79
   Section 6.01 Events of Default............................................................................79
   Section 6.02 Acceleration.................................................................................81
   Section 6.03 Other Remedies...............................................................................82
   Section 6.04 Waiver of Past Defaults......................................................................82
   Section 6.05 Control by Majority..........................................................................82
   Section 6.06 Limitation on Suits..........................................................................83
   Section 6.07 Rights of Holders of Notes to Receive Payment................................................83
   Section 6.08 Collection Suit by Trustee...................................................................83
   Section 6.09 Trustee May File Proofs of Claim.............................................................84
   Section 6.10 Priorities...................................................................................84
   Section 6.11 Undertaking for Costs........................................................................85

ARTICLE 7.  TRUSTEE..........................................................................................85
   Section 7.01 Duties of Trustee............................................................................85
   Section 7.02 Rights of Trustee............................................................................86
   Section 7.03 Individual Rights of Trustee.................................................................87
   Section 7.04 Trustee's Disclaimer.........................................................................87
   Section 7.05 Notice of Defaults...........................................................................88
   Section 7.06 Reports by Trustee to Holders of the Notes...................................................88
   Section 7.07 Compensation and Indemnity...................................................................88
   Section 7.08 Replacement of Trustee.......................................................................89
   Section 7.09 Successor Trustee by Merger, etc.............................................................90
   Section 7.10 Eligibility; Disqualification................................................................90
   Section 7.11 Preferential Collection of Claims Against Company............................................91

                                      -ii-

<PAGE>

                                                                                                            Page
                                                                                                            ----
ARTICLE 8.  LEGAL DEFEASANCE AND COVENANT DEFEASANCE.........................................................91
   Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.....................................91
   Section 8.02 Legal Defeasance and Discharge...............................................................91
   Section 8.03 Covenant Defeasance..........................................................................92
   Section 8.04 Conditions to Legal or Covenant Defeasance...................................................93
   Section 8.05 Deposited Money and Government Securities to be Held
                in Trust; Other Miscellaneous Provisions.....................................................94
   Section 8.06 Repayment to Company.........................................................................95
   Section 8.07 Reinstatement................................................................................95

ARTICLE 9.  AMENDMENT, SUPPLEMENT AND WAIVER.................................................................95
   Section 9.01 Without Consent of Holders of Notes..........................................................95
   Section 9.02 With Consent of Holders of Notes.............................................................96
   Section 9.03 Compliance with Trust Indenture Act..........................................................98
   Section 9.04 Revocation and Effect of Consents............................................................98
   Section 9.05 Notation on or Exchange of Notes.............................................................99
   Section 9.06 Trustee to Sign Amendment, etc...............................................................99

ARTICLE 10.  SUBORDINATION...................................................................................99
   Section 10.01 Agreement to Subordinate....................................................................99
   Section 10.02 Certain Definitions.........................................................................99
   Section 10.03 Liquidation; Dissolution; Bankruptcy.......................................................101
   Section 10.04 Default on Designated Senior Debt..........................................................101
   Section 10.05 Acceleration of Notes......................................................................102
   Section 10.06 When Distribution Must Be Paid Over........................................................102
   Section 10.07 Notice by Company..........................................................................103
   Section 10.08 Subrogation................................................................................103
   Section 10.09 Relative Rights............................................................................103
   Section 10.10 Subordination May Not Be Impaired by Company...............................................104
   Section 10.11 Distribution or Notice to Representative...................................................104
   Section 10.12 Rights of Trustee and Paying Agent.........................................................104
   Section 10.13 Authorization to Effect Subordination......................................................105
   Section 10.14 Amendments.................................................................................105

ARTICLE 11.  NOTE GUARANTEE.................................................................................105
   Section 11.01 Guarantees.................................................................................105
   Section 11.02 Subordination of Note Guarantee............................................................106
   Section 11.03 Limitation on Guarantor Liability..........................................................107
   Section 11.04 Execution and Delivery of Note Guarantee...................................................107
   Section 11.05 Guarantors May Consolidate, etc., on Certain Terms.........................................107
   Section 11.06 Releases Following Sale of Assets..........................................................109

                                     -iii-

<PAGE>

                                                                                                           Page
                                                                                                           ----
ARTICLE 12.  SATISFACTION AND DISCHARGE.....................................................................109
   Section 12.01 Satisfaction and Discharge.................................................................109
   Section 12.02 Application of Trust Money.................................................................110

ARTICLE 13.  MISCELLANEOUS..................................................................................111
   Section 13.01 Trust Indenture Act Controls...............................................................111
   Section 13.02 Notices....................................................................................111
   Section 13.03 Communication by Holders of Notes with Other Holders of Notes..............................112
   Section 13.04 Certificate and Opinion as to Conditions Precedent.........................................112
   Section 13.05 Statements Required in Certificate or Opinion..............................................113
   Section 13.06 Rules by Trustee and Agents................................................................113
   Section 13.07 No Personal Liability of Directors, Officers, Employees
                 and Stockholders...........................................................................113
   Section 13.08 Governing Law..............................................................................114
   Section 13.09 No Adverse Interpretation of Other Agreements..............................................114
   Section 13.10 Successors.................................................................................114
   Section 13.11 Severability...............................................................................114
   Section 13.12 Counterpart Originals......................................................................114
   Section 13.13 Table of Contents, Headings, etc...........................................................114

</TABLE>

                                    EXHIBITS

Exhibit A         FORM OF NOTE
Exhibit B         FORM OF CERTIFICATE OF TRANSFER
Exhibit C         FORM OF CERTIFICATE OF EXCHANGE
Exhibit D         FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED
                  INVESTOR
Exhibit E         FORM OF NOTE GUARANTEE
Exhibit F         FORM OF SUPPLEMENTAL INDENTURE

                                      -iv-

<PAGE>

         INDENTURE dated as of June 20, 2002 among Metaldyne Corporation, a
Delaware corporation (the "Company"), the Guarantors (as defined) and The Bank
of New York, as trustee (the "Trustee").

         The Company, the Guarantors and the Trustee agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders (as
defined) of the 11% Series A Senior Subordinated Notes due 2012 (the "Series A
Notes") and the 11% Series B Senior Subordinated Notes due 2012 (the "Series B
Notes" and, together with the Series A Notes, the "Notes"):

                                   ARTICLE 1.

                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

         Section 1.01  Definitions.

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

         "Acquired Debt" means, with respect to any specified Person:

                (1)  Indebtedness of any other Person existing at the time such
         other Person is merged with or into or became a Subsidiary of such
         specified Person, whether or not such Indebtedness is incurred in
         connection with, or in contemplation of, such other Person merging
         with or into, or becoming a Subsidiary of, such specified Person; and

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

         "Adjusted Treasury Rate" means, with respect to any redemption date,
the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date, plus 50 basis points.

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

<PAGE>

                                      -2-

         "Advisory Agreement" means that certain monitoring agreement between
the Company and Heartland, as in effect on the date of this Indenture, or any
amendment or supplement thereto that, taken in its entirety, is no less
favorable to the Company than such agreement as in effect on the date of this
Indenture.

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control,"
as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise. For purposes of this definition, the terms
"controlling," "controlled by" and "under common control with" have correlative
meanings. No Person (other than the Company or any Subsidiary of the Company) in
whom a Receivables Subsidiary makes an Investment in connection with a Qualified
Receivables Transaction will be deemed to be an Affiliate of the Company or any
of its Subsidiaries solely by reason of such Investment.

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

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

         "Asset Sale" means:

                (1)  the sale, lease conveyance or other disposition of any
         assets or rights, other than dispositions in the ordinary course of
         business; provided that the sale, conveyance or other disposition of
         all or substantially all of the assets of the Company and the
         Restricted Subsidiaries taken as a whole will be governed by Section
         4.14 hereof and/or Section 5.01 hereof and not by Section 4.10 hereof;
         and

                (2)  the issuance of Equity Interests in any of the Restricted
         Subsidiaries or the sale of Equity Interests in any of the Restricted
         Subsidiaries.

         Notwithstanding the preceding, none of the following items will be
deemed to be an Asset Sale:

                (1)  any single transaction or series of related transactions
         that involves assets having a fair market value of less than $2.5
         million;

                (2)  a transfer of assets between or among the Company and the
         Restricted Subsidiaries;

                (3)  an issuance of Equity Interests by a Subsidiary to the
         Company or to another Restricted Subsidiary or any issuance of
         directors' qualifying shares;

<PAGE>

                                      -3-

                (4)  the sale or other disposition of cash or Cash Equivalents;

                (5)  sales of accounts receivable and related assets of the type
         specified in the definition of "Qualified Receivables Transaction" to
         a Receivables Subsidiary or sales of accounts receivable by any
         Foreign Subsidiary in the ordinary course for financing purposes;

                (6)  the surrender or waiver of contract rights or the
         settlement, release or surrender of contract, tort or other claims of
         any kind;

                (7)  the grant in the ordinary course of business of licenses of
         patents, trademarks and similar intellectual property;

                (8)  a disposition of obsolete or worn out equipment or
         equipment that is no longer useful in the conduct of the business of
         the Company and the Restricted Subsidiaries and that is disposed of in
         each case in the ordinary course of business;

                (9)  a Restricted Payment or Permitted Investment that is
         permitted by Section 4.07 hereof; and

                (10) any issuance or sale of Equity Interests of any
         Unrestricted Subsidiary.

         "Bankruptcy Law" means Title 11, U.S. Code or any similar federal or
state law for the relief of debtors.

         "Beneficial Owner" has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular "person" (as that term is used in Section 13(d)(3)
of the Exchange Act), such "person" will be deemed to have beneficial ownership
of all securities that such "person" has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition. The terms
"Beneficially Owns" and "Beneficially Owned" have a corresponding meaning.

         "Board of Directors" means:

                (1)  with respect to a corporation, the board of directors of
         the corporation;

                (2)  with respect to a partnership, the board of directors of
         the general partner of the partnership; and

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

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

<PAGE>

                                      -4-

         "Business Day" means any day other than a Legal Holiday.

         "Capital Lease Obligation" means, at the time any determination is to
be made, the amount of the liability in respect of a capital lease that would at
that time be required to be capitalized on a balance sheet in accordance with
GAAP.

         "Capital Stock" means:

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

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

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

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

         "Cash Equivalents" means:

                (1)  cash;

                (2)  securities issued or directly and fully guaranteed or
         nsured by the United States, British or European Union government or
         ny agency or instrumentality of the United States, British or
         uropean Union government (provided that the full faith and credit of
         he United States, British or European Union, as applicable, is
         ledged in support of those securities) having maturities of not more
         han six months from the date of acquisition;

                (3)  certificates of deposit and eurodollar time deposits with
         maturities of six months or less from the date of acquisition, bankers'
         acceptances with maturities not exceeding six months and overnight bank
         deposits, in each case, with any lender party to the Credit Agreement
         or with any domestic, British or European Union commercial bank having
         capital and surplus in excess of $150.0 million;

                (4)  repurchase obligations with a term of not more than 30 days
         for underlying securities of the types described in clauses (2) and (3)
         above entered into with any financial institution meeting the
         qualifications specified in clause (3) above;

                (5)  commercial paper with a maturity of 365 days or less from
         the date of acquisition issued by a corporation organized under the
         laws of any state of the United

<PAGE>

                                   -5-

         States of America or the District of Columbia or any foreign country
         recognized by the United States of America whose debt rating, at the
         time as of which such investment is made, is at least "A-1" by
         Standard & Poor's Corporation or at least "P-1" by Moody's Investors
         Service, Inc. or rated at least an equivalent rating category of
         another nationally recognized securities rating agency;

                (6)  any security, maturing not more than 365 days after the
         date of acquisition, backed by standby or direct pay letters of credit
         issued by a bank meeting the qualifications described in clause (3)
         above;

                (7)  any security, maturing not more than 365 days after the
         date of acquisition, issued or fully guaranteed by any state,
         commonwealth, or territory of the United States of America, or by any
         political subdivision thereof, and rated at least "A" by Standard &
         Poor's Corporation or at least "A" by Moody's Investors Service, Inc.
         or rated at least an equivalent rating category of another nationally
         recognized securities rating agency; and

                (8)  money market funds at least 95% of the assets of which
         constitute Cash Equivalents of the kinds described in clauses (1)
         through (7) of this definition.

         "Clearstream" means Clearstream Banking, S.A.

         "Change of Control" means the occurrence of any of the following:

                (1)  the direct or indirect sale, transfer, conveyance or other
         disposition (other than by way of merger or consolidation), in one or a
         series of related transactions, of all or substantially all of the
         properties or assets of the Company and the Restricted Subsidiaries,
         taken as a whole, to any "person" (as that term is used in Section
         13(d)(3) of the Exchange Act) other than a Principal;

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

                (3)  the consummation of any transaction (including, without
         limitation, any merger or consolidation) the result of which is that
         any "person" (as defined above), other than the Principals or a
         Permitted Group, becomes the Beneficial Owner, directly or indirectly,
         of more than 50% of the Voting Stock of the Company, measured by voting
         power rather than number of shares; or

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

         "Company" means Metaldyne Corporation, and any and all successors
thereto.

<PAGE>

                                      -6-

         "Comparable Treasury Issue" means the United States Treasury Security
selected by the Reference Treasury Dealer as having a maturity comparable to the
remaining term of the Notes that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the
Notes.

         "Comparable Treasury Price" means with respect to any redemption date:

                (1)  the average of the bid and asked prices for the Comparable
         Treasury Issue (expressed in each case as a percentage of its principal
         amount) on the third Business Day preceding such redemption date, as
         set forth in the daily statistical release (or any successor release)
         published by the Federal Reserve Bank of New York and designated
         "Composite 3:30 p.m. Quotations for U.S. Government Securities"; or

                (2)  if such release (or any successor release) is not published
         or does not contain such prices on such Business Day, (A) the average
         of the Reference Treasury Dealer Quotations for such redemption date,
         after excluding the highest and lowest of such Reference Treasury
         Dealer Quotations or (B) if the Trustee obtains fewer than three such
         Reference Treasury Dealer Quotations, the average of all such
         Quotations.

         "Consolidated Assets" of any Person as of any date of determination
means the total assets of such Person as reflected on the most recently prepared
balance sheet of such Person, determined on a consolidated basis in accordance
with GAAP.

         "Consolidated Cash Flow" means, with respect to any specified Person
for any period, the Consolidated Net Income of such Person for such period plus:

                (1)  an amount equal to any extraordinary loss plus any net loss
         realized by such Person or any of its Restricted Subsidiaries in
         connection with an Asset Sale, to the extent such losses were deducted
         in computing such Consolidated Net Income; plus

                (2)  provision for taxes based on income or profits of such
         Person and its Restricted Subsidiaries for such period, to the extent
         that such provision for taxes was deducted in computing such
         Consolidated Net Income; plus

                (3)  consolidated interest expense of such Person and its
         Restricted Subsidiaries for such period, whether paid or accrued and
         whether or not capitalized (including, without limitation, amortization
         of debt issuance costs and original issue discount, non-cash interest
         payments, the interest component of any deferred payment obligations,
         the interest component of all payments associated with Capital Lease
         Obligations, commissions, discounts and other fees and charges incurred
         in respect of letter of credit or bankers' acceptance financings, and
         net of the effect of all payments made

<PAGE>

                                      -7-

         or received pursuant to Hedging Obligations), to the extent that any
         such expense was deducted in computing such Consolidated Net Income;
         plus

                (4)  the loss on Qualified Receivables Transactions; plus

                (5)  dividends on preferred stock or accretion of discount on
         preferred stock to the extent reducing Consolidated Net Income; plus

                (6)  depreciation, amortization (including amortization of
         goodwill and other intangibles but excluding amortization of prepaid
         cash expenses that were paid in a prior period) and other non-cash
         items (excluding any such non-cash expense to the extent that it
         represents an accrual of or reserve for cash expenses in any future
         period or amortization of a prepaid cash expense that was paid in a
         prior period) of such Person and its Restricted Subsidiaries for such
         period to the extent that such depreciation, amortization and other
         non-cash items were deducted in computing such Consolidated Net Income;
         minus

                (7)  non-cash items increasing such Consolidated Net Income for
         such period, other than the accrual of revenue in the ordinary course
         of business; plus

                (8)  non-cash gains or losses resulting from fluctuations in
         currency exchange rates will be excluded; plus

                (9)  the disposition of any securities or the extinguishment of
         any Indebtedness will be excluded;

         in each case, on a consolidated basis and determined in accordance with
         GAAP; provided, however, that the provision for taxes based on the
         income or profits of, the consolidated depreciation and amortization
         expense and such items of expense or income attributable to, a
         Restricted Subsidiary shall be added to or subtracted from Consolidated
         Net Income to compute Fixed Charge Coverage Ratio only to the extent
         (and in the same proportion) that the net income of such Restricted
         Subsidiary was included in calculating Consolidated Net Income.

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

                (1)  the Net Income of any Person that is not a Restricted
         Subsidiary or that is accounted for by the equity method of accounting
         will be included only to the extent of the amount of dividends or
         distributions paid in cash to the specified Person or a Restricted
         Subsidiary of the Person;

<PAGE>

                                      -8-

                (2)  the Net Income of any Restricted Subsidiary will be
         excluded to the extent that the declaration or payment of dividends or
         similar distributions by that Restricted Subsidiary of that Net Income
         is not at the date of determination permitted without any prior
         governmental approval (that has not been obtained) or, directly or
         indirectly, by operation of the terms of its charter or any agreement,
         instrument, judgment, decree, order, statute, rule or governmental
         regulation applicable to that Restricted Subsidiary or its
         stockholders; provided, that if the Net Income of a Foreign Subsidiary
         for any period would be excluded from the Consolidated Net Income of
         the Company for such period under this clause (2) solely due to the
         effect of a restriction on the payment of dividends or similar
         distributions by such Foreign Subsidiary under the terms of
         Indebtedness of such Foreign Subsidiary incurred in accordance with
         the terms of this Indenture (including if such Indebtedness incurrence
         is being tested), such Net Income shall not be excluded from such
         Consolidated Net Income if (x) the ratio of Consolidated Cash Flow of
         such Foreign Subsidiary to the Fixed Charges of such Foreign
         Subsidiary, determined at the time of the incurrence of such
         Indebtedness, was at least 2.0 to 1.0, and (y) the Consolidated Cash
         Flow of such Foreign Subsidiary for the period under determination
         exceeds the Fixed Charges of such Foreign Subsidiary for such period;

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

                (4)  the cumulative effect of a change in accounting principles
         will be excluded.

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

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

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

         "Corporate Trust Office of the Trustee" means the principal office of
the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 101 Barclay Street,
New York, New York 10286, Attention: Corporate Trust Department, or such other
address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office of any successor
Trustee (or such other address as such successor Trustee may designate from time
to time by notice to the Holders and the Company).

<PAGE>

                                      -9-

         "Credit Agreement" means that certain Credit Agreement, dated as of
November 28, 2000, by and among the Company, certain of its subsidiaries and The
Chase Manhattan Bank, as administrative agent and collateral agent, Credit
Suisse First Boston Corporation, as syndication agent, Comerica Bank, as
documentation agent, National City Bank, as documentation agent, Bank One, N.A.,
as documentation agent, and the other lenders party thereto, as amended,
modified, renewed, refunded, replaced or refinanced from time to time.

         "Credit Facilities" means, one or more debt facilities (including,
without limitation, the Credit Agreement) or commercial paper facilities, in
each case with banks or other institutional lenders providing for revolving
credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from
such lenders against such receivables) or letters of credit, in each case, as
amended, restated, modified, renewed, refunded, replaced or refinanced in whole
or in part from time to time.

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

         "Default" means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default.

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

         "Depositary" means, with respect to the Notes issuable or issued in
whole or in part in global form, the Person specified in Section 2.03 hereof as
the Depositary with respect to the Notes, and any and all successors thereto
appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture.
7
         "Disqualified Stock" means any Capital Stock that, by its terms (or by
the terms of any security into which it is convertible or for which it is
exchangeable, in each case at the option of the holder of the Capital Stock), or
upon the happening of any event, matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the Capital Stock, in whole or in part, on or prior to the date on
which the Notes mature. Notwithstanding the preceding sentence, any Capital
Stock that would constitute Disqualified Stock solely because the holders of the
Capital Stock have the right to require the Company to repurchase such Capital
Stock upon the occurrence of a change of control or an asset sale shall not
constitute Disqualified Stock if the terms of such Capital Stock provide that
the Company may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with Section 4.07
hereof.

<PAGE>

                                      -10-

Disqualified Stock shall not include the existing restricted stock obligations
of the Company and the Existing Preferred Stock.

         "Domestic Subsidiary" means any Restricted Subsidiary of the Company
that was formed under the laws of the United States or any state of the United
States or the District of Columbia or that guarantees or otherwise provides
direct credit support for any Indebtedness of the Company.

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

         "Equity Offering" means a primary sale of Capital Stock of the Company
or, to the extent the net cash proceeds thereof are paid to the Company as a
capital contribution, Capital Stock for cash to a Person or Persons other than a
Subsidiary of the Company.

         "Euroclear" means Euroclear Bank S.A./N.V., as operator of the
Euroclear system.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Exchange Notes" means the Notes issued in the Exchange Offer pursuant
to Section 2.06(f) hereof.

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

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

         "Existing Indebtedness" means the Indebtedness of the Company and its
Subsidiaries (other than Indebtedness under the Credit Agreement) in existence
on the date of this Indenture, until such amounts are repaid.

         "Existing Preferred Stock" means the issued and outstanding series of
preferred stock of the Company as of the date of this Indenture.

         "Fixed Charge Coverage Ratio" means with respect to any specified
Person for any period, the ratio of the Consolidated Cash Flow of such Person
and its Restricted Subsidiaries for such period to the Fixed Charges of such
Person and its Restricted Subsidiaries for such period. In the event that the
specified Person or any of its Restricted Subsidiaries incurs, repays,
repurchases, redeems, defeases or otherwise retires any Indebtedness (other than
ordinary working capital borrowings) or issues, repurchases or redeems preferred
stock subsequent to the commencement of the period for which the Fixed Charge
Coverage Ratio is being calculated and on or prior to the date on which the
event for which the calculation of the Fixed Charge Coverage Ratio is made (the
"Calculation Date"), then the Fixed Charge Coverage

<PAGE>

                                      -11-

Ratio will be calculated giving pro forma effect to such incurrence, repayment,
repurchase, redemption, defeasance or other retirement of Indebtedness, or such
issuance, repurchase or redemption of preferred stock, and the use of the
proceeds therefrom as if the same had occurred at the beginning of the
applicable four-quarter reference period.

         In addition, for purposes of calculating the Fixed Charge Coverage
Ratio:

                (1)  acquisitions of a business or operations that have been
         made by the specified Person or any of its Restricted Subsidiaries,
         including through mergers or consolidations and including any related
         financing transactions, during the four-quarter reference period or
         subsequent to such reference period and on or prior to the Calculation
         Date will be given pro forma effect as if they had occurred on the
         first day of the four-quarter reference period and Consolidated Cash
         Flow for such reference period will be calculated on a pro forma basis
         determined in good faith by a responsible financial or accounting
         officer of the Company (and such calculations may include such pro
         forma adjustments for non-recurring items that the Company considers
         reasonable in order to reflect the ongoing impact of any such
         transaction on the Company's results of operations), but without
         giving effect to clause (3) of the proviso set forth in the definition
         of Consolidated Net Income;

                (2)  the Consolidated Cash Flow attributable to discontinued
         operations, as determined in accordance with GAAP, and operations or
         businesses disposed of prior to the Calculation Date, will be excluded;
         and

                (3)  the Fixed Charges attributable to discontinued operations,
         as determined in accordance with GAAP, and operations or businesses
         disposed of prior to the Calculation Date, will be excluded but only to
         the extent that the obligations giving rise to such Fixed Charges will
         not be obligations of the specified Person or any of its Restricted
         Subsidiaries following the Calculation Date.

         "Fixed Charges" means, with respect to any specified Person for any
period, the sum, without duplication, of:

                (1)  the consolidated interest expense of such Person and its
         Restricted Subsidiaries for such period, whether paid or accrued,
         including, without limitation, amortization of debt issuance costs and
         original issue discount, non-cash interest payments, the interest
         component of any deferred payment obligations, the interest component
         of all payments associated with Capital Lease Obligations, commissions,
         discounts and other fees and charges incurred in respect of letter of
         credit or bankers' acceptance financings, and net of the effect of all
         payments made or received pursuant to Hedging Obligations, to the
         extent deducted in computing Consolidated Net Income; provided,
         however, that with respect to any Restricted Subsidiary that is not a
         Wholly-Owned Subsidiary, if the Consolidated Cash Flow of such
         Restricted Subsidiary for such pe-

<PAGE>

                                      -12-

         riod is greater than or equal to such consolidated interest expense of
         such Restricted Subsidiary for such period, then such Person shall
         only include the consolidated interest expense of such Restricted
         Subsidiary to the extent of the equity ownership of such Person in
         such Restricted Subsidiary (calculated in accordance with Section
         13(d) of the Exchange Act); plus

                (2)  the consolidated interest of such Person and its Restricted
         Subsidiaries that was capitalized during such period, to the extent
         deducted in computing Consolidated Net Income; plus

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

                (4)  the loss on Qualified Receivables Transactions; plus

                (5)  all dividends, whether paid in cash, assets or securities
         on any series of preferred stock of the Company or any Restricted
         Subsidiary, other than dividends on Equity Interests payable solely in
         Equity Interests of the Company or a Guarantor (other than
         Disqualified Stock) or to the Company or a Restricted Subsidiary;

         excluding, to the extent included in such consolidated interest
         expense, any of the foregoing items of any Person acquired by the
         Company or a Subsidiary of the Company in a pooling-of-interests
         transaction for any period prior to the date of such transaction.

         "Foreign Subsidiary" means a Restricted Subsidiary that is organized
under the laws of any country other than the United States and substantially all
the assets of which are located outside the United States.

         "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 have been approved by a significant segment of the accounting
profession, which are in effect from time to time.

         "Global Notes" means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes, substantially in the
form of Exhibit hereto issued in accordance with Section 2.01, 2.06(b)(3),
2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof.

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

<PAGE>

                                      -13-

         "Government Securities" means direct obligations of, or obligations
guaranteed by, the United States of America, and the payment for which the
United States pledges its full faith and credit.

         "Guarantee" means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness.

         "Guarantors" means each of:

                (1)  the Domestic Subsidiaries of the Company as of the date of
         this Indenture, other than the Receivables Subsidiary; and

                (2)  any other subsidiary that executes a Note Guarantee in
         accordance with the provisions of this Indenture;

         and their respective successors and assigns.

         "Heartland" means Heartland Industrial Partners, L.P., a Delaware
limited partnership, and its successors.

         "Hedging Obligations" means, with respect to any specified Person, the
obligations of such Person under:

                (1)  interest rate swap agreements, interest rate cap agreements
         and interest rate collar agreements; and

                (2)  other agreements or arrangements designed to protect such
         Person against fluctuations in interest rates, commodity prices or
         currency risks incurred in the ordinary course of business.

         "Holder" means a Person in whose name a Note is registered.

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

         "Indebtedness" means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent:

                (1)  in respect of borrowed money;

<PAGE>

                                      -14-

                (2)  evidenced by bonds, notes, debentures or similar
         instruments or letters of credit (or reimbursement agreements in
         respect thereof);

                (3)  in respect of banker's acceptances;

                (4)  representing Capital Lease Obligations;

                (5)  representing the balance deferred and unpaid of the
         purchase price of any property, except any such balance that
         constitutes an accrued expense or trade payable or non-competition or
         trade name licensing arrangements on customary terms entered into in
         connection with an acquisition; or

                (6)  representing any Hedging Obligations,

         if and to the extent any of the preceding items (other than letters of
         credit and Hedging Obligations) would appear as a liability upon a
         balance sheet of the specified Person prepared in accordance with GAAP.
         In addition, the term "Indebtedness" includes all Indebtedness of
         others secured by a Lien on any asset of the specified Person (whether
         or not such Indebtedness is assumed by the specified Person) and, to
         the extent not otherwise included, the Guarantee by the specified
         Person of any Indebtedness of any other Person.

         The amount of any Indebtedness outstanding as of any date will be:

                (1)  the accreted value of the Indebtedness, in the case of any
         Indebtedness issued with original issue discount; and

                (2)  the principal amount of the Indebtedness, together with any
         interest on the Indebtedness that is more than 30 days past due, in the
         case of any other Indebtedness.

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

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

         "Initial Notes" means the first $250,000,000 aggregate principal amount
of Notes issued under this Indenture on the date hereof.

         "Initial Purchasers" means Credit Suisse First Boston Corporation, J.P.
Morgan Securities Inc., Deutsche Bank Securities Inc., First Union Securities,
Inc., Comerica Securities, Inc. and NatCity Investments, Inc.

<PAGE>

                                      -15-

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

         "Investments" means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations), advances or capital
contributions (excluding commission, travel and similar advances to officers and
employees made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Company
or any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Subsidiary of the Company such that, after
giving effect to any such sale or disposition, such Person is no longer a
Subsidiary of the Company, the Company will be deemed to have made an Investment
on the date of any such sale or disposition equal to the fair market value of
the Company's Investments in such Subsidiary that were not sold or disposed of
in an amount determined as provided in the final paragraph of Section 4.07. The
acquisition by the Company or any Subsidiary of the Company of a Person that
holds an Investment in a third Person will be deemed to be an Investment by the
Company or such Subsidiary in such third Person in an amount equal to the fair
market value of the Investments held by the acquired Person in such third Person
in an amount determined as provided in the final paragraph of Section 4.07.

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

         "Letter of Transmittal" means the letter of transmittal to be prepared
by the Company and sent to all Holders of the Notes for use by such Holders in
connection with the Exchange Offer.

         "Lien" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other agreement to sell or give a security
interest in and, except in connection with any Qualified Receivables
Transaction, any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

         "Liquidated Damages" means all liquidated damages then owing pursuant
to Section 2(d) of the Registration Rights Agreement.

<PAGE>

                                      -16-

         "Net Income" means, with respect to any specified Person, the net
income (loss) of such Person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends, excluding, however:

                (1)  any gain or loss, together with any related provision for
         taxes on such gain or loss, realized in connection with:

                     (a)   any Asset Sale or

                     (b)   the disposition of any securities by such Person
                or any of its Restricted Subsidiaries or the extinguishment of
                any Indebtedness of such Person or any of its Restricted
                Subsidiaries; and

                (2)  any extraordinary gain or loss, together with any related
         provision for taxes on such extraordinary gain or loss.

         "Net Proceeds" means the aggregate cash proceeds received by the
Company or any of its Restricted Subsidiaries in respect of any Asset Sale
(including, without limitation, any cash received upon the sale or other
disposition of any non-cash consideration received in any Asset Sale), net of
the direct costs relating to such Asset Sale, including, without limitation,
legal, accounting and investment banking fees, and sales commissions, and any
relocation expenses incurred as a result of the Asset Sale, taxes paid or
payable as a result of the Asset Sale, in each case, after taking into account
any available tax credits or deductions and any tax sharing arrangements, and
amounts required to be applied to the repayment of Indebtedness, other than
Indebtedness under a Credit Facility, secured by a Lien on the asset or assets
that were the subject of such Asset Sale and any reserve for adjustment in
respect of the sale price of such asset or assets established in accordance with
GAAP.

         "Non-Guarantor Subsidiaries" means MTSPC, Inc. and any other
Receivables Subsidiary, each non-Domestic Subsidiary and Domestic Subsidiary not
required to provide Guarantees under the Credit Agreement.

         "Non-Recourse Debt" means Indebtedness:

                (1)  as to which neither the Company nor any of the Restricted
         Subsidiaries (a) provides credit support of any kind (including any
         undertaking, agreement or instrument that would constitute
         Indebtedness), (b) is directly or indirectly liable as a guarantor or
         otherwise, or (c) constitutes the lender;

                (2)  no default with respect to which (including any rights that
         the holders of the Indebtedness may have to take enforcement action
         against an Unrestricted Subsidiary) would permit upon notice, lapse of
         time or both any holder of any other Indebtedness (other than the
         Notes) of the Company or any of the Restricted Subsidiaries

<PAGE>

                                      -17-

         to declare a default on such other Indebtedness or cause the payment
         of the Indebtedness to be accelerated or payable prior to its stated
         maturity; and

                (3)  as to which the lenders have been notified in writing that
         they will not have any recourse to the stock or assets of the Company
         or any of the Restricted Subsidiaries.

         "Non-U.S. Person" means a Person who is not a U.S. Person.

         "Note Guarantee" means the Guarantee by each Guarantor of the Company's
payment obligations under this Indenture and on the Notes, executed pursuant to
the provisions of this Indenture.

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

         "Obligations" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

         "Officer" means, with respect to any Person, the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller,
the Secretary or any Vice-President of such Person.

         "Officers' Certificate" means a certificate signed on behalf of the
Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company, that meets the requirements of
Section 13.05 hereof.

         "Opinion of Counsel" means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements of Section
13.05 hereof. The counsel may be an employee of or counsel to the Company, any
Subsidiary of the Company or the Trustee.

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

         "Permitted Acquired Investment" means any Investment by any Person (the
"Subject Person") in another Person made prior to the time:

                (1)  the Subject Person became a Restricted Subsidiary,

<PAGE>

                                      -18-

                (2)  the Subject Person merged into or consolidated with a
         Restricted Subsidiary, or

                (3)  another Restricted Subsidiary merged into or was
         consolidated with the Subject Person (in a transaction in which the
         Subject Person became a Restricted Subsidiary),

provided, that such Investment was not made in anticipation of any such
transaction and was outstanding prior to such transaction; provided, further,
that the book value of such Investments (excluding all Permitted Investments
(other than those referred to in clause (14) of the definition thereof)) do not
exceed 5% of the Consolidated Assets of the Subject Person immediately prior to
the Subject Person becoming a Restricted Subsidiary.

         "Permitted Group" means any group of investors that is deemed to be a
"person" (as that term is used in Section 13(d)(3) of the Exchange Act) at any
time prior to an underwritten initial public offering of common stock of the
Company, by virtue of the Stockholders Agreement, as the same may be amended,
modified or supplemented from time to time, provided that no single Person
(other than the Principals) Beneficially Owns (together with its Affiliates)
more of the Voting Stock of the Company that is Beneficially Owned by such group
of investors than is then collectively Beneficially Owned by the Principals in
the aggregate.

         "Permitted Investments" means:

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

                (2)  any Investment in Cash Equivalents;

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

                     (a) such Person becomes a Restricted Subsidiary of the
                Company; or

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

                (4)  any Investment made as a result of the receipt of non-cash
         consideration from an Asset Sale that was made pursuant to and in
         compliance with Section 4.10 hereof;

<PAGE>

                                      -19-

                (5)  any acquisition of assets to the extent in exchange for the
         issuance of Equity Interests (other than Disqualified Stock) of the
         Company;

                (6)  any Investments received in compromise of obligations of
         such persons incurred in the ordinary course of trade creditors or
         customers that were incurred in the ordinary course of business,
         including pursuant to any plan of reorganization or similar arrangement
         upon the bankruptcy or insolvency of any trade creditor or customer;

                (7)  Hedging Obligations;

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

                (9)  Investments existing on the date of this Indenture;

                (10) loans or advances to employees for purposes of purchasing
         Capital Stock of the Company in an aggregate amount outstanding at any
         one time not to exceed $7.5 million and other loans and advances to
         employees of the Company and its Subsidiaries in the ordinary course of
         business and on terms consistent with practices in effect prior to the
         date of this Indenture, including travel, moving and other like
         advances;

                (11) loans or advances to vendors or contractors of the Company
         in the ordinary course of business and consistent with past practices;

                (12) Investments in Unrestricted Subsidiaries, partnerships or
         joint ventures involving the Company or its Restricted Subsidiaries, if
         the amount of such Investment (after taking into account the amount of
         all other Investments made pursuant to this clause (12), less any
         return of capital realized or any repayment of principal received on
         such Permitted Investments, or any release or other cancellation of any
         Guarantee constituting such Permitted Investment, which has not at such
         time been reinvested in Permitted Investments made pursuant to this
         clause (12)), does not exceed 2.5% of the Company's Consolidated
         Assets);

                (13) the acquisition by a Receivables Subsidiary in connection
         with a Qualified Receivables Transaction of Equity Interests of a trust
         or other Person established by such Receivables Subsidiary to effect
         such Qualified Receivables Transaction; and any other Investment by the
         Company or a Subsidiary of the Company in a Receivables Subsidiary or
         any Investment by a Receivables Subsidiary in any other Person in
         connection with a Qualified Receivables Transaction; and

                (14) Permitted Acquired Investments.

         "Permitted Liens" means:

<PAGE>

                                      -20-

                (1)  Liens to secure Senior Debt of the Company and any
         Guarantor or to secure Indebtedness of a Restricted Subsidiary that is
         not a Guarantor, including, without limitation, Indebtedness and other
         Obligations under Credit Facilities;

                (2)  Liens in favor of the Company or the Guarantors;

                (3)  Liens on property of a Person existing at the time such
         Person is merged with or into or consolidated with the Company or any
         Subsidiary of the Company; provided that such Liens were in existence
         prior to the contemplation of such merger or consolidation and do not
         extend to any assets other than those of the Person merged into or
         consolidated with the Company or the Subsidiary;

                (4)  Liens on property existing at the time of acquisition of
         the property by the Company or any Subsidiary of the Company, provided
         that such Liens were in existence prior to the contemplation of such
         acquisition;

                (5)  Liens to secure the performance of statutory obligations,
         surety or appeal bonds, performance bonds or other obligations of a
         like nature incurred in the ordinary course of business;

                (6)  Liens to secure Indebtedness (including Capital Lease
         Obligations) permitted by clause (4) of the second paragraph of Section
         4.09 hereof covering only the assets acquired with such Indebtedness;

                (7)  Liens existing on the date of this Indenture;

                (8)  Liens for taxes, assessments or governmental charges or
         claims that are not yet delinquent or that are being contested in good
         faith by appropriate proceedings promptly instituted and diligently
         concluded, provided that any reserve or other appropriate provision as
         is required in conformity with GAAP has been made therefor;

                (9)  Liens on assets of the Company or a Receivables Subsidiary
         incurred in connection with a Qualified Receivables Transaction;

                (10) Liens replacing any of the items set forth in clauses (1),
         (3), (4) and (7) above, provided, that (A) the principal amount of the
         Indebtedness secured by such Liens shall not be increased (except with
         respect to premiums or other payments paid in connection with a
         concurrent Refinancing of such Indebtedness and the expenses incurred
         in connection therewith), (B) the principal amount of the Indebtedness
         secured by such Liens, determined as of the date of incurrence, has a
         Weighted Average Life to Maturity at least equal to the remaining
         Weighted Average Life to Maturity of the Indebtedness being Refinanced
         or repaid, (C) the maturity of the Indebtedness secured by such Liens
         is not earlier than that of the Indebtedness to be Refinanced,

<PAGE>

                                      -21-

         (D) such Liens have the same or a lower ranking and priority as the
         Liens being replaced, and (E) such Liens shall be limited to the
         property or assets encumbered by the Lien so replaced;

                (11) Liens encumbering cash proceeds (or securities purchased
         therewith) from Indebtedness permitted to be incurred pursuant to
         Section 4.09 hereof which are set aside at the time of such incurrence
         in order to secure an escrow arrangement pursuant to which such cash
         proceeds (or securities purchased therewith) are contemplated to
         ultimately be released to the Company or a Restricted Subsidiary or
         returned to the lenders of such Indebtedness, provided, that such Liens
         are automatically released concurrently with the release of such cash
         proceeds (or securities purchased therewith) from such escrow
         arrangement;

                (12) Liens (including extensions, renewals and replacements
         thereof) upon property or assets created for the purpose of securing
         Indebtedness incurred to finance or Refinance the cost (including the
         cost of construction) of such property or assets, provided, that (A)
         the principal amount of the Indebtedness secured by such Lien does not
         exceed 100% of the cost of such property or assets, (B) such Lien does
         not extend to or cover any property or assets other than the property
         or assets being financed or Refinanced by such Indebtedness and any
         improvements thereon, and (C) the incurrence of such Indebtedness is
         permitted by Section 4.09 hereof;

                (13) Liens securing Indebtedness of Foreign Subsidiaries
         permitted to be incurred under Section 4.09 hereof;

                (14) Liens (other than Liens securing subordinated Indebtedness)
         which, when the Indebtedness relating to those Liens is added to all
         other then outstanding Indebtedness of the Company and its Restricted
         Subsidiaries secured by Liens and not listed in clauses (1) through
         (13) above or (15) through (26) below, does not exceed 5% of the
         Consolidated Assets of the Company;

                (15) Liens incurred or deposits made in the ordinary course of
         business in connection with workers' compensation, unemployment
         insurance and other types of social security or similar obligations,
         including any Lien securing letters of credit issued in the ordinary
         course of business consistent with past practice in connection
         therewith, 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);

                (16) judgment Liens not accompanied by an Event of Default of
         the type described in clause (6) under Section 6.01 hereof arising from
         such judgment;

<PAGE>

                                      -22-

                (17) easements, rights-of-way, zoning restrictions, minor
         defects or irregularities in title and other similar charges or
         encumbrances in respect of real property not interfering in any
         material respect with the ordinary conduct of business of the Company
         or any of its Restricted Subsidiaries;

                (18) any interest or title of a lessor under any lease, whether
         or not characterized as capital or operating; provided, that such Liens
         do not extend to any property or assets which is not leased property
         subject to such lease;

                (19) 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;

                (20) Liens securing reimbursement obligations with respect to
         letters of credit which encumber documents and other property relating
         to such letters of credit and products and proceeds thereof,

                (21) Liens encumbering deposits made to secure obligations
         arising from statutory, regulatory, contractual, or warranty
         requirements of the Company or any of the Restricted Subsidiaries,
         including rights of offset and set-off;

                (22) leases or subleases granted to others not interfering in
         any material respect with the business of the Company or the Restricted
         Subsidiaries;

                (23) Liens securing Hedging Obligations;

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

                (25) Liens encumbering initial deposits and margin deposits, and
         other Liens incurred in the ordinary course of business and that are
         within the general parameters customary in the industry; and

                (26) Liens arising from filing Uniform Commercial Code financing
         statements regarding leases.

         "Permitted Refinancing Indebtedness" means any Indebtedness of the
Company or any of its Restricted Subsidiaries issued in exchange for, or the net
proceeds of which are used to extend, refinance, renew, replace, defease or
refund other Indebtedness of the Company or any of its Restricted Subsidiaries
(other than intercompany Indebtedness); provided that:

                (1)  the principal amount (or accreted value, if applicable) of
         such Permitted Refinancing Indebtedness does not exceed the principal
         amount (or accreted value, if

<PAGE>

                                      -23-

         applicable) of the Indebtedness extended, refinanced, renewed,
         replaced, defeased or refunded (plus all accrued interest on the
         Indebtedness and the amount of all expenses and premiums incurred in
         connection therewith);

                (2)  such Permitted Refinancing Indebtedness has a final
         maturity date later than the final maturity date of, and has a
         Weighted Average Life to Maturity equal to or greater than the
         Weighted Average Life to Maturity of, the Indebtedness being extended,
         refinanced, renewed, replaced, defeased or refunded;

                (3)  if the Indebtedness being extended, refinanced, renewed,
         replaced, defeased or refunded is subordinated in right of payment to
         the Notes, such Permitted Refinancing Indebtedness has a final maturity
         date later than the final maturity date of, and is subordinated in
         right of payment to, the Notes on terms at least as favorable to the
         Holders of Notes as those contained in the documentation governing the
         Indebtedness being extended, refinanced, renewed, replaced, defeased or
         refunded; and

                (4)  such Indebtedness is incurred either by the Company, a
         Guarantor or by the Restricted Subsidiary who is the obligor on the
         Indebtedness being extended, refinanced, renewed, replaced, defeased or
         refunded.

         "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

         "Principals" means Heartland and any of its affiliates.

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

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

         "Qualified Receivables Transaction" means any transaction or series of
transactions entered into by the Company or any of its Subsidiaries pursuant to
which the Company or any of its Subsidiaries sells, conveys or otherwise
transfers to (i) a Receivables Subsidiary (in the case of a transfer by the
Company or any of its Subsidiaries) and (ii) any other Person (in the case of a
transfer by a Receivables Subsidiary), or grants a security interest in, any
accounts receivable (whether now existing or arising in the future) of the
Company or any of its Subsidiaries, and any assets related thereto including,
without limitation, all collateral securing such accounts receivable, all
contracts and all guarantees or other obligations in respect of such accounts
receivable, proceeds of such accounts receivable and other assets which are
customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions
involving accounts receivable.

<PAGE>

                                      -24-

         "Recapitalization Agreement" means that certain recapitalization
agreement dated August 1, 2000 between MascoTech, Inc. (now known as the
Company) and Riverside Company LLC, as amended.

         "Receivables" means receivables, chattel paper, instruments, documents
or intangibles evidencing or relating to the right to payment of money.
"Receivables" shall include the indebtedness and payment obligations of any
Person to the Company or a Subsidiary arising from a sale of merchandise or
services by the Company or such Subsidiary in the ordinary course of its
business, including any right to payment for goods sold or for services
rendered, and including the right to payment of any interest, finance charges,
returned check or late charges and other obligations of such Person with respect
thereto. Receivables shall also include (a) all of the Company's or such
Subsidiary's interest in the merchandise (including returned merchandise), if
any, relating to the sale which gave rise to such Receivable, (b) all other
security interests or Liens and property subject thereto from time to time
purporting to secure payment of such Receivable, whether pursuant to the
contract related to such Receivable or otherwise, together with all financing
statements signed by an Obligor describing any collateral securing such
Receivable, and (c) all guarantees, insurance, letters of credit and other
agreements or arrangements of whatever character from time to time supporting or
securing payment of such Receivable whether pursuant to the contract related to
such Receivable or otherwise.

         "Receivables Subsidiary" means a Subsidiary of the Company which
engages in no activities other than in connection with the financing of accounts
receivable and which is designated by the Board of Directors of the Company (as
provided below) as a Receivables Subsidiary (a) no portion of the Indebtedness
or any other Obligations (contingent or otherwise) of which (i) is guaranteed by
the Company or any Subsidiary of the Company (excluding guarantees of
Obligations (other than the principal of, and interest on, Indebtedness)
pursuant to representations, warranties, covenants and indemnities entered into
in the ordinary course of business in connection with a Qualified Receivables
Transaction), (ii) is recourse to or obligates the Company or any Subsidiary of
the Company in any way other than pursuant to representations, warranties,
covenants and indemnities entered into in the ordinary course of business in
connection with a Qualified Receivables Transaction or (iii) subjects any
property or asset of the Company or any Subsidiary of the Company (other than
accounts receivable and related assets as provided in the definition of
"Qualified Receivables Transaction"), directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to representations,
warranties, covenants, limited repurchase obligations and indemnities entered
into in the ordinary course of business in connection with a Qualified
Receivables Transaction, (b) with which neither the Company nor any Subsidiary
of the Company has any material contract, agreement, arrangement or
understanding other than on terms no less favorable to the Company or such
Subsidiary than those that might be obtained at the time from Persons who are
not Affiliates of the Company, other than fees payable in the ordinary course of
business in connection with servicing accounts receivable and (c) with which
neither the Company nor

<PAGE>

                                      -25-

any Subsidiary of the Company has any obligation to maintain or preserve such
Subsidiary's financial condition or cause such Subsidiary to achieve certain
levels of operating results. Any such designation by the Board of Directors of
the Company will be evidenced to the Trustee by filing with the Trustee a
certified copy of the resolution of the Board of Directors (which resolution
shall be conclusive) of the Company giving effect to such designation and an
Officers' Certificate certifying that such designation complied with the
foregoing conditions.

         "Reference Treasury Dealer" means Credit Suisse First Boston
Corporation and its successors; provided, however, that if Credit Suisse First
Boston Corporation shall cease to be a primary U.S. government securities dealer
in New York City (a "Primary Treasury Dealer"), the Company shall substitute
therefor another primary U.S. government securities dealer to be the Primary
Treasury Dealer.

         "Reference Treasury Dealer Quotations" means, with respect to any
redemption date, the average as determined by the Trustee, of the bid and asked
prices of the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by the Reference
Treasury Dealer at 5:00 p.m. on the third Business Day preceding such redemption
date.

         "Refinance" means, with respect to any Indebtedness, a renewal,
extension, refinancing, replacement, amendment, restatement or refunding of such
Indebtedness, and shall include any successive Refinancing of any of the
foregoing.

         "Remaining Scheduled Payments" means, with respect to each Note to be
redeemed, the sum of (a) the redemption price of such note on June 15, 2007 and
(b) the remaining scheduled payments of interest thereon that would be due on or
prior to June 15, 2007 (but after the related redemption date but for such
redemption); provided, however, that if such redemption date is not an interest
payment date on the Notes, the amount of the next succeeding scheduled interest
payment on the Notes to be redeemed will be reduced by the amount of interest
accrued on those Notes to such redemption date.

         "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of the date hereof, among the Company, the Guarantors and
the other parties named on the signature pages thereof, as such agreement may be
amended, modified or supplemented from time to time, and with respect to any
Additional Notes, one or more registration rights agreements among the Company,
the Guarantors and the other parties thereto, as such agreement(s) may be
amended, modified or supplemented from time to time, relating to rights given by
the Company to the purchasers of Additional Notes to register such Additional
Notes under the Securities Act.

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

<PAGE>

                                      -26-

         "Regulation S Global Note" means a Global Note bearing the Private
Placement Legend and deposited with or on behalf of the Depositary and
registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Notes initially
sold in reliance on Rule 903 of Regulation S.

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

         "Restricted Definitive Note" means a Definitive Note bearing the
Private Placement Legend.

         "Restricted Global Note" means a Global Note bearing the Private
Placement Legend.

         "Restricted Investment" means an Investment other than a Permitted
Investment.

         "Restricted Subsidiary" of a Person means any Subsidiary of the
referent Person that is not an Unrestricted Subsidiary.

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

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

         "Rule 903" means Rule 903 promulgated under the Securities Act.

         "Rule 904" means Rule 904 promulgated the Securities Act.

         "SEC" means the Securities and Exchange Commission.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Shareholder Agreement" means that certain shareholders agreement by
and among Heartland, Credit Suisse First Boston Equity Partners, L.P., Masco
Corporation, Richard Manoogian, their various affiliates and certain other
stockholders of the Company relating to their ownership in the Company.

         "Shelf Registration Statement" means the Shelf Registration Statement
as defined in the Registration Rights Agreement.

<PAGE>

                                      -27-

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

         "Stated Maturity" means, with respect to any installment of interest or
principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the original 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.

         "Stock Purchase Agreement" means that certain stock purchase agreement,
dated May 17, 2002, by and among the Company, TriMas and Heartland under which
Heartland and other investors will acquire a majority of the common stock of the
Company.

         "Subsidiary" means, with respect to any specified Person:

                (1)  any corporation, association or other business entity of
         which more than 50% of the total voting power of shares of Capital
         Stock entitled (without regard to the occurrence of any contingency) to
         vote in the election of directors, managers or trustees of the
         corporation, association or other business entity is at the time owned
         or controlled, directly or indirectly, by that 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 that Person
         or one or more Subsidiaries of that Person (or any combination
         thereof).

         "TIA" means the Trust Indenture Act of 1939 (15 U.S.C. ss.ss. 77aaa-
77bbbb) as in effect on the date on which this Indenture is qualified under the
TIA.

         "TriMas" means TriMas Corporation, a Delaware corporation.

         "TriMas Corporate Services Agreement" means that certain corporate
services agreement by and between the Company and TriMas pursuant to which the
Company and its subsidiaries will provide management information systems, legal,
tax, accounting, human resources and other support services to TriMas.

         "TriMas Shareholders Agreement" means that certain shareholders
agreement by and among TriMas, Heartland, Metaldyne Company LLC and other
investors party thereto relating to their ownership in TriMas.

<PAGE>

                                      -28-

         "Trustee" means the party named as such in the preamble to this
Indenture until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving
hereunder.

         "Unrestricted Global Note" means a permanent global Note substantially
in the form of Exhibit A attached hereto that bears the Global Note Legend and
that has the "Schedule of Exchanges of Interests in the Global Note" attached
thereto, and that is deposited with or on behalf of and registered in the name
of the Depositary, representing a series of Notes that do not bear the Private
Placement Legend.

         "Unrestricted Definitive Note" means one or more Definitive Notes that
do not bear and are not required to bear the Private Placement Legend.

         "Unrestricted Subsidiary" means any Subsidiary of the Company that is
designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a
Board Resolution, but only to the extent that such Subsidiary is not party to
any agreement, contract, arrangement or understanding with the Company or any
Restricted Subsidiary of the Company unless the terms of all such agreements,
contracts, arrangements or understandings are no less favorable to the Company
or such Restricted Subsidiary than those that might be obtained at the time from
Persons who are not Affiliates of the Company.

         Any designation of a Subsidiary of the Company as an Unrestricted
Subsidiary will be evidenced to the Trustee by filing with the Trustee a
certified copy of the Board Resolution giving effect to such designation and an
officers' certificate certifying that such designation complied with the
preceding conditions and was permitted by Section 4.07 hereof. If, at any time,
any Unrestricted Subsidiary would fail to meet the preceding requirements as an
Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted
Subsidiary for purposes of the indenture and any Indebtedness of such Subsidiary
will be deemed to be incurred by a Restricted Subsidiary of the Company as of
such date and, if such Indebtedness is not permitted to be incurred as of such
date under Section 4.09 hereof, the Company will be in default of such covenant.
The Board of Directors of the Company may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that such designation will be
deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the
Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such
designation will only be permitted if (1) such Indebtedness is permitted under
the Section 4.09 hereof, calculated on a pro forma basis as if such designation
had occurred at the beginning of the four-quarter reference period; and (2) no
Default or Event of Default would be in existence following such designation.

         "U.S. Person" means a U.S. Person as defined in Rule 902(o) under the
Securities Act.

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

<PAGE>

                                      -29-

         "Weighted Average Life to Maturity" means, when applied to any
Indebtedness at any date, 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 payments of principal, including payment at
         final maturity, in respect of the Indebtedness, 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 Subsidiary" of any specified Person means a Subsidiary of
such Person all of the outstanding Capital Stock or other ownership interests of
which (other than directors' qualifying shares) shall at the time be owned by
such Person or by one or more Wholly-Owned Subsidiaries of such Person or by
such Person and one or more Wholly-Owned Subsidiaries of such Person.

         Section 1.02  Other Definitions.

<TABLE>
<CAPTION>

                                                                                           Defined in
        Term                                                                               Section
        ----                                                                               ----------
         <S>                                                                               <C>
        "Affiliate Transaction"......................................................            4.11
        "Asset Sale Offer"...........................................................            3.09
        "Authentication Order".......................................................            2.02
        "Capital Spending"...........................................................            4.09
        "Change of Control Offer"....................................................            4.14
        "Change of Control Payment"..................................................            4.14
        "Change of Control Payment Date".............................................            4.14
        "Covenant Defeasance"........................................................            8.03
        "Designated Senior Debt".....................................................           10.02
        "DTC"........................................................................            2.03
        "Event of Default"...........................................................            6.01
        "Excess Proceeds"............................................................            4.10
        "incur"......................................................................            4.09
        "Legal Defeasance"...........................................................            8.02
        "Offer Amount"...............................................................            3.09
        "Offer Period"...............................................................            3.09
        "Paying Agent"...............................................................            2.03
        "Permitted Debt".............................................................            4.09
        "Permitted Junior Securities"................................................           10.02
        "Purchase Date"..............................................................            3.09
        "Registrar"..................................................................            2.03

<PAGE>

                                  -30-

                                                                                             Defined in
        Term                                                                                 Section
        ----                                                                                 ----------
        "Representative".............................................................           10.02
        "Restricted Payments"........................................................            4.07
        "Senior Debt"................................................................           10.02

</TABLE>

         Section 1.03  Incorporation by Reference of Trust Indenture Act.

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

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

                "indenture securities" means the Notes;

                "indenture security Holder" means a Holder of a Note;

                "indenture to be qualified" means this Indenture;

                "indenture trustee" or "institutional trustee" means the
         Trustee; and

                "obligor" on the Notes and the Note Guarantees means the
         Company and the Guarantors, respectively, and any successor obligor
         upon the Notes and the Note Guarantees, respectively.

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

         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 in the plural
         include the singular;

<PAGE>

                                      -31-

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

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

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

                                   ARTICLE 2.

                                    THE NOTES

         Section 2.01  Form and Dating.

         (a)  General. The Notes and the Trustee's certificate of authentication
will be substantially in the form of Exhibit A hereto. The Notes may have
notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note will be dated the date of its authentication. The Notes shall
be in denominations of $1,000 and integral multiples thereof.

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

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

<PAGE>

                                      -32-

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

         Section 2.02  Execution and Authentication.

         One Officer must sign the Notes for the Company by manual or facsimile
signature.

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

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

         On the Issue Date, the Trustee shall, upon written order of the Company
signed by an Officer (an "Authentication Order"), authenticate the Initial Notes
for original issue up to $250,000,000 in aggregate principal amount and, upon
delivery of any Authentication Order at any time and from time to time
thereafter, the Trustee shall authenticate Additional Notes and Exchange Notes
for original issue in an aggregate principal amount specified in such
Authentication Order.

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

         Section 2.03  Registrar and Paying Agent.

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

<PAGE>

                                      -33-

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

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

         Section 2.04  Paying Agent to Hold Money in Trust.

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

         Section 2.05  Holder Lists.

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

         Section 2.06  Transfer and Exchange.

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

                (1)  the Company delivers to the Trustee notice from the
         Depositary that it is unwilling or unable to continue to act as
         Depositary or that it is no longer a clearing agency registered under
         the Exchange Act and, in either case, a successor Depositary is

<PAGE>

                                      -34-

         not appointed by the Company within 120 days after the date of such
         notice from the Depositary; or

                (2)  the Company in its sole discretion determines that the
         Global Notes (in whole but not in part) should be exchanged for
         Definitive Notes and delivers a written notice to such effect to the
         Trustee.

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

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

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

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

<PAGE>

                                      -35-

                     (A)  both:

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

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

                     (B)   both:

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

                          (ii)  instructions given by the Depositary to the
                     Registrar containing information regarding the Person in
                     whose name such Definitive Note shall be registered to
                     effect the transfer or exchange referred to in (1) above.
                     Upon consummation of an Exchange Offer by the Company in
                     accordance with Section 2.06(f) hereof, the requirements of
                     this Section 2.06(b)(2) shall be deemed to have been
                     satisfied upon receipt by the Registrar of the instructions
                     contained in the Letter of Transmittal delivered by the
                     Holder of such beneficial interests in the Restricted
                     Global Notes. Upon satisfaction of all of the requirements
                     for transfer or exchange of beneficial interests in Global
                     Notes contained in this Indenture and the Notes or
                     otherwise applicable under the Securities Act, the Trustee
                     shall adjust the principal amount of the relevant Global
                     Note(s) pursuant to Section 2.06(h) hereof.

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

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

<PAGE>

                                      -36-

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

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

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

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

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

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

                     (D)  the Registrar receives the following:

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

                          (ii)  if the holder of such beneficial interest in a
                     Restricted Global Note proposes to transfer such beneficial
                     interest to a Person who shall take delivery thereof in the
                     form of a beneficial interest in an Unre-

<PAGE>

                                      -37-

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

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

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

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

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

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

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

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

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

<PAGE>

                                      -38-

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

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

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

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

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

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

                     (A)  such exchange or transfer is effected pursuant to the
                Exchange Offer in accordance with the Registration Rights
                Agreement and the holder of such beneficial interest, in the
                case of an exchange, or the transferee, in the case of a
                transfer, certifies in the applicable Letter of Transmittal that
                it is not

<PAGE>

                                      -39-

                (i) a Broker-Dealer, (ii) a Person participating in the
                distribution of the Exchange Notes or (iii) a Person who is an
                affiliate (as defined in Rule 144) of the Company;

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

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

                     (D)  the Registrar receives the following:

                          (i)  if the holder of such beneficial interest in a
                     Restricted Global Note proposes to exchange such beneficial
                     interest for a Definitive Note that does not bear the
                     Private Placement Legend, a certificate from such holder in
                     the form of Exhibit C hereto, including the certifications
                     in item (1)(b) thereof; or

                          (ii)  if the holder of such beneficial interest in a
                     Restricted Global Note proposes to transfer such beneficial
                     interest to a Person who shall take delivery thereof in the
                     form of a Definitive Note that does not bear the Private
                     Placement Legend, a certificate from such holder in the
                     form of Exhibit B hereto, including the certifications in
                     item (4) thereof;

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

                (3)  Beneficial Interests in Unrestricted Global Notes to
         Unrestricted Definitive Notes. If any holder of a beneficial interest
         in an Unrestricted Global Note proposes to exchange such beneficial
         interest for a Definitive Note or to transfer such beneficial interest
         to a Person who takes delivery thereof in the form of a Definitive
         Note, then, upon satisfaction of the conditions set forth in Section
         2.06(b)(2) hereof, the Trustee will cause the aggregate principal
         amount of the applicable Global Note to be reduced accordingly pursuant
         to Section 2.06(h) hereof, and the Company will execute and the Trustee
         will authenticate and deliver to the Person designated in the
         instructions a Definitive Note in the appropriate principal amount. Any
         Definitive Note issued in exchange for a beneficial interest pursuant
         to this Section 2.06(c)(3) will be

<PAGE>

                                      -40-

         registered in such name or names and in such authorized denomination
         or denominations as the holder of such beneficial interest requests
         through instructions to the Registrar from or through the Depositary
         and the Participant or Indirect Participant. The Trustee will deliver
         such Definitive Notes to the Persons in whose names such Notes are so
         registered. Any Definitive Note issued in exchange for a beneficial
         interest pursuant to this Section 2.06(c)(3) will not bear the Private
         Placement Legend.

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

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

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

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

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

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

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

<PAGE>

                                      -41-

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

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

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

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

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

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

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

                     (D)  the Registrar receives the following:

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

<PAGE>

                                      -42-

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

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

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

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

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

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

<PAGE>

                                      -43-

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

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

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

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

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

                     (A)  such exchange or transfer is effected pursuant to the
                Exchange Offer in accordance with the Registration Rights
                Agreement and the Holder, in the case of an exchange, or the
                transferee, in the case of a transfer, certifies in the
                applicable Letter of Transmittal that it is not (i) a
                broker-dealer, (ii) a Person participating in the distribution
                of the Exchange Notes or (iii) a Person who is an affiliate (as
                defined in Rule 144) of the Company;

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

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

                     (D)  the Registrar receives the following:

                          (i)  if the Holder of such Restricted Definitive Notes
                     proposes to exchange such Notes for an Unrestricted
                     Definitive Note, a certificate

<PAGE>

                                      -44-

                     from such Holder in the form of Exhibit C hereto, including
                     the certifications in item (1)(d) thereof; or

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

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

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

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

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

                (2)  Unrestricted Definitive Notes in an aggregate principal
         amount equal to the principal amount of the Restricted Definitive Notes
         accepted for exchange in the Exchange Offer.

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

<PAGE>

                                      -45-

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

                (1)  Private Placement Legend.

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

                     "THIS NOTE (OR ITS PREDECESSOR) 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
                ISSUERS THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR
                OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON
                WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
                BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
                TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE
                THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
                RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN
                EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
                RULE 144 THEREUNDER (IF AVAILABLE), (IV) TO AN INSTITUTIONAL
                ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE
                REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (V) TO THE
                ISSUERS OR ANY OF THEIR SUBSIDIARIES 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 (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."

<PAGE>

                                      -46-

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

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

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

                     UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
                NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED
                EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
                DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
                OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
                SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
                SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
                AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
                WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE COMPANY OR ITS
                AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
                CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
                SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
                REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
                SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
                REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
                FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
                AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
                HEREIN."

<PAGE>

                                      -47-

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

         (i)    General Provisions Relating to Transfers and Exchanges.

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

                (2)  No service charge will be made to a Holder of a Global Note
         or to a Holder of a Definitive Note for any registration of transfer or
         exchange, but the Company may require payment of a sum sufficient to
         cover any transfer tax or similar governmental charge payable in
         connection therewith (other than any such transfer taxes or similar
         governmental charge payable upon exchange or transfer pursuant to
         Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof). The Registrar
         will not be required to register the transfer of or exchange any Note
         selected for redemption in whole or in part, except the unredeemed
         portion of any Note being redeemed in part.

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

                (4)  The Company will not be required:

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

<PAGE>

                                      -48-

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

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

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

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

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

         Section 2.07  Replacement Notes.

         If any mutilated Note is surrendered to the Trustee or the Company and
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company will issue and the Trustee, upon receipt of an
Authentication Order, will authenticate a replacement Note if the Trustee's
requirements are met. If required by the Trustee or the Company, an indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the
Trustee and the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Company may charge for its expenses in replacing a Note.

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

         Section 2.08  Outstanding Notes.

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

<PAGE>

                                      -49-

holds the Note; however, Notes held by the Company or a Subsidiary of the
Company shall not be deemed to be outstanding for purposes of Section 3.07(c)
hereof.

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

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

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

         Section 2.09  Treasury Notes.

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

         Section 2.10   Temporary Notes.

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

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

         Section 2.11   Cancellation.

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

<PAGE>

                                      -50-

         Section 2.12  Defaulted Interest.

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

         Section 2.13  CUSIP Numbers.

         The Company in issuing the Notes may use "CUSIP" numbers (if then
generally in use), and, if so, the Trustee shall use "CUSIP" numbers in notices
of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on
the Notes, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any
change in the "CUSIP" numbers.

                                   ARTICLE 3.

                            REDEMPTION AND PREPAYMENT

         Section 3.01  Notices to Trustee.

         If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at
least 45 days but not more than 60 days before a redemption date, an Officers'
Certificate setting forth:

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

                (2)  the redemption date;

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

<PAGE>

                                      -51-

                (4)  the redemption price.

         Section 3.02  Selection of Notes to Be Redeemed or Purchased.

         If less than all of the Notes are to be redeemed or purchased in an
offer to purchase at any time, the Trustee will select Notes for redemption or
purchase as follows:

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

                (2)  if the Notes are not listed on any national securities
         exchange, on a pro rata basis, by lot or by such method as the
         Trustee shall deem fair and appropriate.

         In the event of partial redemption or purchase by lot, the particular
Notes to be redeemed or purchased will be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption or
purchase date by the Trustee from the outstanding Notes not previously called
for redemption or purchase.

         The Trustee will promptly notify the Company in writing of the Notes
selected for redemption or purchase and, in the case of any Note selected for
partial redemption or purchase, the principal amount thereof to be redeemed or
purchased. Notes and portions of Notes selected will be in amounts of $1,000 or
whole multiples of $1,000; except that if all of the Notes of a Holder are to be
redeemed or purchased, the entire outstanding amount of Notes held by such
Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except
as provided in the preceding sentence, provisions of this Indenture that apply
to Notes called for redemption or purchase also apply to portions of Notes
called for redemption or purchase.

         Section 3.03  Notice of Redemption.

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

         The notice will identify the Notes to be redeemed (including the CUSIP
or ISIN number) and will state:

                (1)  the redemption date;

                (2)  the redemption price;

<PAGE>

                                      -52-

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

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

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

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

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

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

         At the Company's request, the Trustee will give the notice of
redemption in the Company's name and at its expense; provided, however, that the
Company has delivered to the Trustee, at least 45 days prior to the redemption
date, an Officers' Certificate requesting that the Trustee give such notice and
setting forth the information to be stated in such notice as provided in the
preceding paragraph.

         Section 3.04  Effect of Notice of Redemption.

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

         Section 3.05  Deposit of Redemption or Purchase Price.

         Prior to 10:00 a.m. (Eastern Standard Time) on the redemption or
purchase price date, the Company will deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption or purchase price of and
accrued interest and Liquidated Damages, if any, on all Notes to be redeemed or
purchased on that date. The Trustee or the Paying Agent will promptly return to
the Company any money deposited with the Trustee or the Paying Agent by the
Company in excess of the amounts necessary to pay the redemption or purchase
price of, and accrued interest and Liquidated Damages, if any, on, all Notes to
be redeemed or purchased.

<PAGE>

                                      -53-

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

         Section 3.06   Notes Redeemed or Purchased in Part.

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

         Section 3.07   Optional Redemption.

         (a)    The Notes will not be subject to any redemption at the option of
the Company except as set forth in the following paragraphs.

         (b)    The Notes may be redeemed, in whole part or in part, at any time
prior to June 15, 2007 at the option of the Company upon not less than 30 nor
more than 60 days prior notice mailed by first-class mail to each holder's
registered address, at a redemption price equal to, as determined by the
Reference Treasury Dealer, the sum of the present values of the Remaining
Schedule Payments discounted to the redemption date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate, plus accrued and unpaid interest and Liquidated Damages, if any,
to the applicable date of redemption.

         (c)    At any time prior to June 15, 2005, the Company may on any one
or more occasions redeem up to 35% of the aggregate principal amount of Notes
issued under this Indenture at a redemption price of 111% of the principal
amount thereof, plus accrued and unpaid interest and Liquidated Damages, if any,
to the redemption date, with the net cash proceeds of one or more Equity
Offerings; provided that:

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

<PAGE>

                                      -54-

                (2)  the redemption must occur within 120 days of the date of
         the closing of such Equity Offering.

         (d)    After June 15, 2007, the Company may redeem all or a part of the
Notes 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 and Liquidated Damages, if any, thereon, to the
applicable redemption date, if redeemed during the twelve-month period beginning
on June 15 of the years indicated below:

        Year                                                Percentage
        ----                                                ----------
        2007..........................................      105.500%
        2008..........................................      103.667%
        2009..........................................      101.833%
        2010 and thereafter...........................      100.000%

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

         Section 3.08   Mandatory Redemption.

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

         Section 3.09   Offer to Purchase by Application of Excess Proceeds.

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

         The Asset Sale Offer shall be made to all Holders and all holders of
other Indebtedness that is pari passu with the Notes containing provisions
similar to those set forth in this Indenture with respect to offers to purchase
or redeem with the proceeds of sales and assets. The Asset Sale Offer will
remain open for a period of at least 20 Business Days following its commencement
and not more than 30 Business Days, except to the extent that a longer period is
required by applicable law (the "Offer Period"). No later than three Business
Days after the termination of the Offer Period (the "Purchase Date"), the
Company will apply all Excess Proceeds (the "Offer Amount") to the purchase of
Notes and such other pari passu Indebtedness (on a pro rata basis, if
applicable) or, if less than the Offer Amount has been tendered, all Notes and
other Indebtedness tendered in response to the Asset Sale Offer. Payment for any
Notes so purchased will be made in the same manner as interest payments are
made.

         If the Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued and unpaid interest, and
Liquidated Damages, if any, will

<PAGE>

                                      -55-

be paid to the Person in whose name a Note is registered at the close of
business on such record date, and no additional interest will be payable to
Holders who tender Notes pursuant to the Asset Sale Offer.

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

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

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

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

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

                (5)  that Holders electing to have a Note purchased pursuant to
         an Asset Sale Offer may elect to have Notes purchased in integral
         multiples of $1,000 only;

                (6)  that Holders electing to have a Note purchased pursuant to
         any Asset Sale 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, or transfer by book-entry transfer, to the Company,
         a Depositary, if appointed by the Company, or a Paying Agent at the
         address specified in the notice at least three days before the Purchase
         Date;

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

                (8)  that, if the aggregate principal amount of Notes and other
         pari passu Indebtedness surrendered by Holders exceeds the Offer
         Amount, the Company will select the Notes and other pari passu
         Indebtedness to be purchased on a pro rata basis based on the principal
         amount of Notes and such other pari passu Indebtedness surren-

<PAGE>

                                      -56-

         dered (with such adjustments as may be deemed appropriate by the
         Company so that only Notes in denominations of $1,000, or integral
         multiples thereof, will be purchased); and

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

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

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

                                   ARTICLE 4.

                                    COVENANTS

         Section 4.01  Payment of Notes.

         The Company shall pay or cause to be paid the principal of, premium, if
any, and interest and Liquidated Damages, if any, on the Notes on the dates and
in the manner provided in the Notes. Principal, premium, if any, and interest
and Liquidated Damages, if any will be considered paid on the date due if the
Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
10:00 a.m. Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due. The Company shall pay all
Liquidated Damages, if any, in the same manner on the dates and in the amounts
set forth in the Registration Rights Agreement.

<PAGE>

                                      -57-

         The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Notes to the
extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Liquidated Damages (without regard to any applicable grace period) at the same
rate to the extent lawful.

         Section 4.02  Maintenance of Office or Agency.

         The Company shall maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The
Company shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company
fails to maintain any such required office or agency or fails to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee.

         The Company may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission will in any manner relieve the
Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Company shall give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.

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

         Section 4.03  Reports.

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

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

<PAGE>

                                      -58-

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

         In addition, following the consummation of the Exchange Offer
contemplated by the Registration Rights Agreement, whether or not required by
the SEC, the Company shall 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 such a filing) and make such information available to
securities analysts and prospective investors upon request. In addition, the
Company and the Guarantors have agreed that, for so long as any Notes remain
outstanding, they shall 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. The Company will
at all times comply with TIA ss. 314(a).

         Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers' Certificates).

         Section 4.04  Compliance Certificate.

         (a)    The Company and each Guarantor (to the extent that such
Guarantor is so required under the TIA) shall deliver to the Trustee, within 120
days after the end of each fiscal year, an Officers' Certificate, one of the
signers of which is the chief executive, chief principal or chief accounting
officer, stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge and what action the Company is taking or proposes
to take with respect thereto) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on
account of the principal of or interest, if any, on the Notes is prohibited or
if such event has occurred, a description of the event and what action the
Company is taking or proposes to take with respect thereto.

         (b)  So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section 4.03(a) above shall be accompanied by a
written statement of the Company's inde-

<PAGE>

                                      -59-

pendent public accountants (who shall be a firm of established national
reputation) that in making the examination necessary for certification of such
financial statements, nothing has come to their attention that would lead them
to believe that the Company has violated any provisions of Article 4 or Article
5 hereof or, if any such violation has occurred, specifying the nature and
period of existence thereof, it being understood that such accountants shall not
be liable directly or indirectly to any Person for any failure to obtain
knowledge of any such violation.

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

         Section 4.05  Taxes.

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

         Section 4.06  Stay, Extension and Usuary Laws.

         The Company and each of the Guarantors covenants (to the extent that it
may lawfully do so) that it shall not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Company and
each of the Guarantors (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been enacted.

         Section 4.07  Restricted Payments.

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

                (1)  declare or pay any dividend or make any other payment or
         distribution on account of the Company's Equity Interests (including,
         without limitation, any payment in connection with any merger or
         consolidation involving the Company or any of its Restricted
         Subsidiaries) or to the direct or indirect holders of the Company's
         Eq-

<PAGE>

                                      -60-

         uity Interests in their capacity as such (other than dividends or
         distributions payable in Equity Interests (other than Disqualified
         Stock) of the Company or to the Company or a Restricted Subsidiary of
         the Company);

                (2)  purchase, redeem or otherwise acquire or retire for value
         (including, without limitation, in connection with any merger or
         consolidation involving the Company) any Equity Interests of the
         Company;

                (3)  purchase, redeem, defease or otherwise acquire or retire
         for value any Indebtedness that is subordinated to the Notes or the
         Note Guarantees, except a purchase, redemption, defeasance or other
         acquisition or retirement for value in anticipation of satisfying a
         sinking fund obligation, principal installment or final maturity, in
         each case due within one year of the date of such acquisition or
         retirement; or

                (4)  make any Restricted Investment

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

                (1)  no Default or Event of Default has occurred and is
         continuing or would occur as a consequence of such Restricted Payment;
         and

                (2)  the Company would, after giving pro forma effect thereto as
         if such Restricted Payment had been made at the beginning of the
         applicable four-quarter period, have been permitted to incur at least
         $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
         Ratio test set forth in the first paragraph of Section 4.09 hereof; and

                (3)  such Restricted Payment, together with the aggregate amount
         of all other Restricted Payments made by the Company and its Restricted
         Subsidiaries after the date of this Indenture (excluding Restricted
         Payments permitted by clauses (2), (3), (4), (8), (9) and, to the
         extent reducing Consolidated Net Income, (10) of paragraph (b) below),
         is less than the sum, without duplication of:

                     (A)  50% of the Consolidated Net Income of the Company for
                the period (taken as one accounting period) from June 30, 2002
                to the end of the Company's most recently ended fiscal quarter
                for which internal financial statements are available at the
                time of such Restricted Payment (or, if such Consolidated Net
                Income for such period is a deficit, less 100% of such deficit),
                plus

                     (B)  100% of the aggregate net cash proceeds received by
                the Company since the date of this Indenture, including the fair
                market value of prop-

<PAGE>

                                      -61-

                erty other than cash (determined in good faith by the Board
                of Directors), as a contribution to its common equity
                capital or from the issue or sale of Equity Interests of the
                Company (other than Disqualified Stock) or from the issue or
                sale of convertible or exchangeable Disqualified Stock or
                convertible or exchangeable debt securities of the Company
                that have been converted into or exchanged for such Equity
                Interests (other than Equity Interests (or Disqualified
                Stock or convertible debt securities) sold to a Subsidiary
                of the Company), provided, that (1) any such net proceeds
                received, directly or indirectly, by the Company from an
                employee stock ownership plan financed by loans from the
                Company or a Subsidiary of the Company shall be included
                only to the extent such loans have been repaid with cash on
                or prior to the date of determination and (2) any net
                proceeds received in a form other than cash (other than on
                conversion or in exchange for a security issued for cash to
                the extent of the cash received) from a person that is an
                Affiliate of the Company prior to such receipt shall be
                excluded from this clause (3)(B); plus

                     (C)  the amount by which Indebtedness of the Company or any
                Restricted Subsidiary is reduced on the Company's balance sheet
                upon the conversion or exchange (other than by a Restricted
                Subsidiary) subsequent to the date of this Indenture of any
                Indebtedness of the Company or any Restricted Subsidiary into
                Capital Stock (other than Redeemable Stock) of the Company (less
                the amount of any cash or other property (other than such
                Capital Stock) distributed by the Company or any Restricted
                Subsidiary upon such conversion or exchange); plus

                     (D)  to the extent that any Restricted Investment that was
                made after the date of this Indenture is sold for cash or
                otherwise liquidated or repaid for cash, the lesser of (i) the
                cash return of capital with respect to such Restricted
                Investment (less the cost of disposition, if any) and (ii) the
                initial amount of such Restricted Investment; plus

                     (E)  to the extent that any Unrestricted Subsidiary of the
                Company is redesignated as a Restricted Subsidiary after the
                date of this Indenture, the lesser of (i) the fair market value
                of the Company's Investment in such Subsidiary as of the date of
                such redesignation or (ii) such fair market value as of the date
                on which such Subsidiary was originally designated as an
                Unrestricted Subsidiary.

         (b)    So long as no Default has occurred and is continuing or would be
caused thereby (except as to clauses (1) through (4), (6), (9), (10), (11) and
(12) below), the provisions of Section 4.07(a) will not prohibit:

<PAGE>

                                      -62-

                (1)  the payment of any dividend within 60 days after the date
         of declaration of the dividend, if at the date of declaration the
         dividend payment would have complied with the provisions of this
         Indenture;

                (2)  the redemption, repurchase, retirement, defeasance or other
         acquisition of any subordinated Indebtedness of the Company or any
         Guarantor or of any Equity Interests of the Company in exchange for, or
         out of the net cash proceeds of the substantially concurrent sale
         (other than to a Restricted Subsidiary) of, Equity Interests (other
         than Disqualified Stock) of the Company or a substantially concurrent
         capital contribution to the Company; provided that the amount of any
         such net cash proceeds that are utilized for any such redemption,
         repurchase, retirement, defeasance or other acquisition shall be
         excluded from clause (3)(B) of the preceding paragraph;

                (3)  the defeasance, redemption, repurchase or other acquisition
         of subordinated Indebtedness of the Company or any Guarantor in
         exchange for, or with the net cash proceeds from, an incurrence of
         Permitted Refinancing Indebtedness or other Indebtedness incurred under
         Section 4.09(a) hereof;

                (4)  the defeasance, redemption, repurchase or other acquisition
         of subordinated Indebtedness from Net Proceeds to the extent not
         prohibited under Section 4.10 hereof, provided, that such purchase or
         redemption shall be excluded from the calculation of the amount
         available for Restricted Payments pursuant to the preceding paragraph;

                (5)  the defeasance, redemption, repurchase or other acquisition
         of subordinated Indebtedness or Disqualified Stock of the Company or
         any Guarantor following a Change of Control after the Company shall
         have complied with the provisions under Section 4.14 hereof, including
         payment of the applicable Change of Control Payment;

                (6)  the repurchase, redemption or other acquisition or
         retirement for value of any Equity Interests of the Company held by any
         member of the Company's (or any of its Subsidiaries') management
         pursuant to any management equity subscription agreement, stock option
         agreement or other equity incentive agreement or plan or held by any
         former owners of a business acquired by the Company or former employees
         of the Company or any of its Subsidiaries and, in either case, acquired
         in connection with a sale of a business to the Company; provided that
         the aggregate price paid for all such repurchased, redeemed, acquired
         or retired Equity Interests may not exceed $7.5 million in any
         twelve-month period plus any unutilized portion of such amount in any
         prior fiscal year;

                (7)  any Investment made by the exchange for, or out of the
         proceeds of, a capital contribution in respect of or the substantially
         concurrent sale of, Capital Stock (other than Disqualified Stock) of
         the Company to the extent the net cash proceeds

<PAGE>

                                      -63-

         thereof are received by the Company, provided, that the amount of such
         capital contribution or proceeds used to make such Investment shall be
         excluded from the calculation of the amount available for Restricted
         Payments pursuant to the preceding paragraph;

                (8)  other Restricted Payments in an aggregate amount not to
         exceed $30.0 million;

                (9)  payments required or contemplated by the terms of the
         Recapitalization Agreement and related documentation as in effect on
         the date of issuance of the Notes, including in respect of restricted
         stock awards of the Company;

                (10) the repurchase, redemption or other acquisition or
         retirement of Existing Preferred Stock; provided, that the aggregate
         amount of such payments under this clause (10) shall not exceed $15.0
         million since the date of this Indenture;

                (11) Restricted Investments in an aggregate amount not to exceed
         the net cash proceeds received by the Company and its Restricted
         Subsidiaries (calculated on an after-tax basis) from the sale of common
         stock of TriMas owned by the Company and its Restricted Subsidiaries
         after the date of this Indenture (after giving effect to the
         consummation of the transactions contemplated by the Stock Purchase
         Agreement); and

                (12) the payment of the Saturn Proceeds (as defined in the
         Recapitalization Agreement) under the Recapitalization Agreement.

         The amount of all Restricted Payments (other than cash) will be the
fair market value on the date of the Restricted Payment of the asset(s) or
securities proposed to be transferred or issued by the Company or such
Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.
The fair market value of any assets or securities that are required to be valued
by this Section 4.07 will be determined by the Board of Directors acting in good
faith whose resolution with respect thereto shall be conclusive. Any payments
hereunder shall be calculated net of amounts for which the Company or any
Restricted Subsidiary is reimbursed under the Stock Purchase Agreement.

         Section 4.08  Dividend and Other Payment Restrictions Affecting
Subsidiaries.

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

                (1)  pay dividends or make any other distributions on its
         Capital Stock to the Company or any of its Restricted Subsidiaries, or
         with respect to any other interest

<PAGE>

                                      -64-

         or participation in, or measured by, its profits, or pay any
         indebtedness owed to the Company or any of its Restricted
         Subsidiaries;

                (2)  make loans or advances to the Company or any of its
         Restricted Subsidiaries; or

                (3)  transfer any of its properties or assets to the Company or
         any of its Restricted Subsidiaries.

         (b)    However, the preceding restrictions in Section 4.08(a) will not
apply to encumbrances or restrictions existing under or by reason of:

                (1)  agreements governing Existing Indebtedness and Credit
         Facilities as in effect on the date of this Indenture and any
         amendments, modifications, restatements, renewals, increases,
         supplements, refundings, replacements or refinancings of those
         agreements, provided that the amendments, modifications, restatements,
         renewals, increases, supplements, refundings, replacements or
         refinancings are no more restrictive, taken as a whole, with respect to
         such dividend and other payment restrictions than those contained in
         those agreements on the date of this Indenture;

                (2)  this Indenture, the Notes and the Note Guarantees;

                (3)  applicable law;

                (4)  customary non-assignment provisions in leases entered into
         in the ordinary course of business and consistent with past practices;

                (5)  purchase money obligations for property acquired in the
         ordinary course of business that impose restrictions on the property of
         the nature described in clause (3) of Section 4.08(a);

                (6)  any agreement for the sale or other disposition of a
         Restricted Subsidiary that restricts distributions by that Restricted
         Subsidiary pending its sale or other disposition;

                (7)  Permitted Refinancing Indebtedness, provided that the
         restrictions contained in the agreements governing such Permitted
         Refinancing Indebtedness are no more restrictive, taken as a whole,
         than those contained in the agreements governing the Indebtedness being
         Refinanced;

                (8)  Liens securing Indebtedness otherwise permitted to be
         incurred under the provisions of Section 4.12 hereof that limit the
         right of the debtor to dispose of the assets subject to such Liens;

<PAGE>

                                      -65-

                (9)  provisions with respect to the disposition or distribution
         of assets or property in joint venture agreements, assets sale
         agreements, stock sale agreements and other similar agreements entered
         into in the ordinary course of business;

                (10) any agreement relating to any Indebtedness or Liens
         incurred by a Person (other than a Subsidiary of the Company that is a
         Subsidiary of the Company on the date of this Indenture or any
         Subsidiary carrying on any of the businesses of any such Subsidiary)
         prior to the date on which such Person became a Subsidiary of the
         Company and outstanding on such date and not incurred in anticipation
         of becoming a Subsidiary and not incurred to provide all or any portion
         of the funds utilized to consummate such acquisition, which encumbrance
         or restriction is not applicable to any Person, or the properties or
         assets of any Person, other than the Person so acquired;

                (11) any encumbrance or restriction with respect to a Foreign
         Subsidiary pursuant to an agreement relating to Indebtedness which is
         permitted under Section 4.09 hereof or Liens incurred by such Foreign
         Subsidiary;

                (12) Indebtedness or other contractual requirements of a
         Receivables Subsidiary in connection with a Qualified Receivables
         Transaction, provided that such restrictions apply only to such
         Receivables Subsidiary; and

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

         Section 4.09  Incurrence of Indebtedness and Issuance of Preferred
Stock.

         (a)    The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable,
contingently or otherwise, with respect to (collectively, "incur") any
Indebtedness (including Acquired Debt), and the Company will not issue any
Disqualified Stock and will not permit any Restricted Subsidiary that is not a
Guarantor to issue any shares of preferred stock; provided, however, that the
Company may incur Indebtedness (including Acquired Debt) or issue Disqualified
Stock, and the Restricted Subsidiaries may incur Indebtedness or Restricted
Subsidiaries that are not Guarantors may issue preferred stock, if the Fixed
Charge Coverage Ratio for the Company's most recently ended four full fiscal
quarters for which financial statements are available immediately preceding the
date on which such additional Indebtedness is incurred or such Disqualified
Stock or preferred stock is issued would have been at least 2.25 to 1.0,
determined on a pro forma basis (including a pro forma application of the net
proceeds therefrom), as if the additional Indebtedness had been incurred or the
preferred stock or Disqualified Stock had been issued, as the case may be, at
the beginning of such four-quarter period.

<PAGE>

                                      -66-

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

                (1)  (a) the incurrence by the Company and any Restricted
         Subsidiary of Indebtedness and letters of credit under the revolving
         facility component of the Credit Facilities in an aggregate principal
         amount at any one time outstanding under this clause (1)(a) (with
         letters of credit being deemed to have a principal amount equal to the
         maximum potential liability of the Company and its Subsidiaries
         thereunder) not to exceed $250.0 million; and

                     (b)  the incurrence by the Company and any Restricted
                Subsidiary of Indebtedness under the term loan components of the
                Credit Facilities in an aggregate principal amount at any one
                time outstanding under this clause (1)(b) not to exceed the
                amount outstanding on the date of issuance of the Notes, after
                giving effect to the actual use of proceeds from the issuance of
                the Notes, less the aggregate amount of all Net Proceeds of
                Asset Sales applied by the Company or any of the Restricted
                Subsidiaries to repay the principal of any term Indebtedness
                under a Credit Facility since the date of this Indenture; and

                     (c)  the incurrence of Indebtedness of the Company or any
                Restricted Subsidiary under one or more receivables financing
                facilities pursuant to which the Company or any Restricted
                Subsidiary pledges or otherwise borrows against its Receivables
                in an aggregate principal amount which, when taken together with
                all other Indebtedness Incurred pursuant to this clause (c) and
                then outstanding, does not exceed 85% of the consolidated book
                value of the Receivables of the Company and the Restricted
                Subsidiaries (to the extent such Receivables or any other
                Receivables of the Company or such Restricted Subsidiary, as the
                case may be, are not then being financed pursuant to a Qualified
                Receivables Transaction or as a basis for Indebtedness Incurred
                pursuant to clause (10) of this Section 4.09(b));

                (2)  the incurrence by the Company and the Restricted
         Subsidiaries of the Existing Indebtedness;

                (3)  the incurrence by the Company and the Guarantors of
         Indebtedness represented by the Notes and the related Note Guarantees
         to be issued on the date of this Indenture and the Exchange Notes and
         the related Note Guarantees to be issued pursuant to the Registration
         Rights Agreement;

                (4)  the incurrence by the Company or any of its Subsidiaries of
         Indebtedness represented by Capital Lease Obligations, mortgage
         financings or purchase money obligations, in each case, incurred for
         the purpose of financing all or any part of the purchase price or cost
         of construction or improvement of property, plant or equip-

<PAGE>

                                      -67-

         ment used in the business of the Company or such Restricted Subsidiary
         ("Capital Spending") and incurred no later than 270 days after the
         date of such acquisition or the date of completion of such
         construction or improvement, provided, that the principal amount of
         any Indebtedness incurred pursuant to this clause (4) (other than
         Permitted Refinancing Indebtedness) at any time during a single fiscal
         year shall not exceed 30% of the total Capital Spending of the Company
         and the Restricted Subsidiaries made during the period of the most
         recently completed four consecutive fiscal quarters prior to the date
         of such incurrence;

                (5)  the incurrence by the Company or any of its Restricted
         Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or
         the net proceeds of which are used to refund, refinance or replace
         Indebtedness (other than intercompany Indebtedness) that was permitted
         by this Indenture to be incurred under Section 4.09(a) or clauses (2),
         (3), (4), (5), (8), (9) or (15) of this Section 4.09(b);

                (6)  the incurrence by the Company or any of its Restricted
         Subsidiaries of intercompany Indebtedness between or among the Company
         and any of the Restricted Subsidiaries; provided, however, that:

                     (a)  if the Company or any Guarantor is the obligor on such
                Indebtedness, such Indebtedness must be (i) unsecured and (ii)
                if the obligee is neither the Company nor a Guarantor, expressly
                subordinated to the prior payment in full in cash of all
                Obligations with respect to the Notes (in the case of the
                Company) (or the Note Guarantee, in the case of a Guarantor);
                and

                     (b)  (i) any subsequent issuance or transfer of Equity
                Interests that results in any such Indebtedness being held by a
                Person other than the Company or a Restricted Subsidiary of the
                Company and (ii) any sale or other transfer of any such
                Indebtedness to a Person that is not either the Company or a
                Restricted Subsidiary of the Company will be deemed, in each
                case, to constitute an incurrence of such Indebtedness by the
                Company or such Restricted Subsidiary, as the case may be, that
                was not permitted by this clause (6);

                (7)  the incurrence by the Company or any of its Restricted
         Subsidiaries of Hedging Obligations that are incurred for the purpose
         of hedging (i) interest rate risk or the impact of interest rate
         fluctuations on the Company or any of the Restricted Subsidiaries and
         (ii) in the case of currency or commodity protection agreements,
         against currency exchange rate or commodity price fluctuations in the
         ordinary course of the Company and the Restricted Subsidiaries'
         respective businesses and, in the case of both (i) and (ii), not for
         purposes of speculation;

<PAGE>

                                      -68-

                (8)  the guarantee by the Company or any of the Guarantors of
         Indebtedness of the Company or a Restricted Subsidiary that was
         permitted to be incurred by another provision of this Section 4.09;

                (9)  the accrual of interest, the accretion or amortization of
         original issue discount, the payment of interest on any Indebtedness in
         the form of additional Indebtedness with the same terms, and the
         payment of dividends on Disqualified Stock in the form of additional
         shares of similar Disqualified Stock shall not be deemed to be an
         incurrence of Indebtedness or an issuance of Disqualified Stock for
         purposes of this Section 4.09; provided, in each such case, that the
         amount thereof is included in Fixed Charges of the Company as accrued;

                (10) Indebtedness of Foreign Subsidiaries incurred for working
         capital purposes if, at the time of incurrence of such Indebtedness,
         and after giving effect thereto, the aggregate principal amount of all
         Indebtedness of the Foreign Subsidiaries incurred pursuant to this
         clause (10) and then outstanding does not exceed the amount equal to
         the sum of (x) 80% the consolidated book value of the accounts
         receivable of the Foreign Subsidiaries and (y) 60% the consolidated
         book value of the inventories of the Foreign Subsidiaries;

                (11) Indebtedness incurred in respect of (a) workers'
         compensation claims, self-insurance obligations, bankers' acceptances,
         performance, surety and similar bonds and completion guarantees
         provided by the Company or a Restricted Subsidiary in the ordinary
         course of business, (b) in respect of performance bonds or similar
         obligations of the Company or any of the Restricted Subsidiaries for or
         in connection with pledges, deposits or payments made or given in the
         ordinary course of business and not for money borrowed in connection
         with or to secure statutory, regulatory or similar obligations,
         including obligations under health, safety or environmental
         obligations, and (c) arising from guarantees to suppliers, lessors,
         licensees, contractors, franchises or customers of obligations incurred
         in the ordinary course of business and not for money borrowed;

                (12) Indebtedness arising from agreements of the Company or a
         Restricted Subsidiary providing for indemnification, adjustment of
         purchase price or similar obligations, in each case, incurred or
         assumed in connection with the disposition of any business, assets or
         Capital Stock of a Restricted Subsidiary, provided, that the maximum
         aggregate liability in respect of all such Indebtedness shall at no
         time exceed the gross proceeds actually received by the Company and the
         Restricted Subsidiaries in connection with such disposition;

                (13) Indebtedness arising from the honoring by a bank or other
         financial institution of a check, draft or similar instrument (except
         in the case of daylight overdrafts) drawn against insufficient funds in
         the ordinary course of business, provided,

<PAGE>

                                      -69-

         however, that such Indebtedness is extinguished within five Business
         Days of incurrence;

                (14) the incurrence by a Receivables Subsidiary of Indebtedness
         in a Qualified Receivables Transaction that is without recourse to the
         Company or to any other Subsidiary of the Company or their assets
         (other than such Receivables Subsidiary and its assets and, as to the
         Company or any Subsidiary of the Company, other than pursuant to
         representations, warranties, covenants and indemnities customary for
         such transactions) and is not guaranteed by any such Person;

                (15) the issuance and sale of preferred stock (a) by a Foreign
         Subsidiary in lieu of the issuance of non-voting common stock if (i)
         the laws of the jurisdiction of incorporation of such Subsidiary
         precludes the issuance of non-voting common stock and (ii) the
         preferential rights afforded to the holders of such preferred stock are
         limited to those customarily provided for in such jurisdiction in
         respect of the issuance of non-voting stock, (b) by a Restricted
         Subsidiary which is a joint venture with a third party which is not an
         Affiliate of the Company or a Restricted Subsidiary, and (c) by a
         Restricted Subsidiary pursuant to obligations with respect to the
         issuance or sale of Preferred Stock which exist at the time such Person
         becomes a Restricted Subsidiary and which were not created in
         connection with or in contemplation of such Person becoming a
         Restricted Subsidiary; and

                (16) the incurrence by the Company or any of the Restricted
         Subsidiaries of additional Indebtedness in an aggregate principal
         amount (or accreted value, as applicable) at any time outstanding,
         including all Permitted Refinancing Indebtedness, incurred to refund,
         refinance or replace any Indebtedness incurred pursuant to this clause
         (16), not to exceed $35.0 million.

         For purposes of determining compliance with this Section 4.09, in the
event that an item of proposed Indebtedness meets the criteria of more than one
of the categories of Permitted Debt described in clauses (1) through (16) above,
or is entitled to be incurred pursuant to Section 4.09(a), the Company will be
permitted to classify such item of Indebtedness on the date of its incurrence,
or later reclassify all or a portion of such item of Indebtedness, in any manner
that complies with this Section 4.09. Indebtedness under Credit Facilities
outstanding on the date on which Notes are first issued and authenticated under
this Indenture will be deemed to have been incurred on such date in reliance on
the exception provided by clauses (1) and (2) of the definition of Permitted
Debt.

         For purposes of determining compliance with any U.S. dollar-denominated
restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be
calculated based on the relevant currency exchange rate in effect on the date
such Indebtedness was incurred, in the case of term Indebtedness, or first
committed, in the case of revolving credit Indebtedness; provided, that if such

<PAGE>

                                      -70-

Indebtedness is incurred to Refinance other Indebtedness denominated in a
foreign currency, and such Refinancing would cause the applicable U.S.
dollar-denominated restriction to be exceeded if calculated at the relevant
currency exchange rate in effect on the date of such Refinancing, such U.S.
dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such Refinancing Indebtedness does not exceed the
principal amount of such Indebtedness being Refinanced. Notwithstanding any
other provision of this covenant, the maximum amount of Indebtedness that the
Company may incur pursuant to this covenant shall not be deemed to be exceeded
solely as a result of fluctuations in the exchange rate of currencies. The
principal amount of any Indebtedness incurred to Refinance other Indebtedness,
if incurred in a different currency from the Indebtedness being Refinanced,
shall be calculated based on the currency exchange rate applicable to the
currencies in which such Refinancing Indebtedness is denominated that is in
effect on the date of such Refinancing.

         Section 4.10  Asset Sales.

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

                (1)  the Company (or the Restricted Subsidiary, as the case may
         be) receives consideration at the time of the Asset Sale at least equal
         to the fair market value of the assets or Equity Interests issued or
         sold or otherwise disposed of;

                (2)  the fair market value is determined by the Company's Board
         of Directors and evidenced by a resolution of the Board of Directors
         set forth in an Officers' Certificate delivered to the Trustee; and

                (3)  either (a) at least 75% of the consideration received in
         the Asset Sale by the Company or such Restricted Subsidiary is in the
         form of cash or (b) the aggregate non-cash consideration for all Asset
         Sales not meeting the criteria set forth in the preceding clause (a)
         does not exceed a fair market value in excess of $20.0 million. For
         purposes of this provision, each of the following shall be deemed to
         be cash:

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

                     (B)  any securities, notes or other obligations received by
                the Company or any such Restricted Subsidiary from such
                transferee to the extent

<PAGE>

                                      -71-

                within 60 days, subject to ordinary settlement periods, they are
                converted by the Company or such Restricted Subsidiary into
                cash.

         Within 365 days after the receipt of any Net Proceeds from an Asset
Sale, the Company may apply such Net Proceeds at its option:

                (1)  to permanently repay Indebtedness (other than Indebtedness
         that is by its terms subordinated to, or pari passu with, the Notes or
         any Note Guarantee) of the Company or any Restricted Subsidiary,
         including any Obligations under a Credit Facility and, if the
         Indebtedness repaid is revolving credit Indebtedness, to
         correspondingly reduce commitments with respect thereto or to reduce
         receivables advances and reduce commitments in respect of a Receivables
         Facility;

                (2)  to acquire assets of, or a majority of the Voting Stock of,
         any person owning assets used or usable in a business of the Company
         and the Restricted Subsidiary; or

                (3)  to make a capital expenditure.

         Pending the final application of any Net Proceeds, the Company may
temporarily reduce revolving credit borrowings or otherwise invest or use the
Net Proceeds in any manner that is not prohibited by this Indenture.

         Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the preceding paragraph (other than Net Proceeds from the sale of
the common stock of TriMas after the date of this Indenture) will constitute
"Excess Proceeds." When the aggregate amount of Excess Proceeds exceeds $25.0
million, within five days thereof, the Company will make an Asset Sale Offer to
all Holders of Notes and all holders of other Indebtedness that is pari passu
with the Notes containing provisions similar to those set forth in this
Indenture with respect to offers to purchase or redeem with the proceeds of
sales of assets in accordance with Section 3.09 hereof to purchase the maximum
principal amount of Notes and such other pari passu Indebtedness that may be
purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer
will be equal to 100% of principal amount plus accrued and unpaid interest and
Liquidated Damages, if any, to the date of purchase, and will be payable in
cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer,
the Company may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and
other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the
amount of Excess Proceeds, the Trustee shall select the Notes and such other
pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of
each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

         The Company shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regu-

<PAGE>

                                      -72-

lations are applicable in connection with each repurchase of Notes pursuant to
an Asset Sale Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of Sections 3.09 or 4.10 of this
Indenture, the Company shall comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under those
provisions of this Indenture by virtue of such conflict.

         Section 4.11   Transactions with Affiliates.

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

                (1)  the Affiliate Transaction is on terms that are not
         materially less favorable, taken as a whole, to the Company or the
         relevant Restricted Subsidiary than those that would have been obtained
         at the time in a comparable transaction by the Company or such
         Restricted Subsidiary with an unaffiliated Person; and

                (2)  the Company delivers to the Trustee:

                     (A)  except when the opinion referred to in the following
                clause (b) is delivered, with respect to any Affiliate
                Transaction or series of related Affiliate Transactions
                involving aggregate consideration in excess of $5.0 million, a
                resolution of the Board of Directors set forth in an Officers'
                Certificate certifying that such Affiliate Transaction complies
                with Section 4.11(a) and that such Affiliate Transaction has
                been approved by a majority of the disinterested members of the
                Board of Directors; and

                     (B)  with respect to any Affiliate Transaction or series of
                related Affiliate Transactions involving aggregate consideration
                in excess of $25.0 million, an opinion as to the fairness to the
                Company of such Affiliate Transaction from a financial point of
                view issued by an accounting, appraisal or investment banking
                firm of national standing.

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

                (1)  loans or advances to employees, indemnification agreements
         with and the payment of fees and indemnities to directors, officers and
         full-time employees of the Company and the Restricted Subsidiaries and
         employment, non-competition or confidentiality agreements entered into
         with any such person in the ordinary course of business;

<PAGE>

                                      -73-

                (2)  any issuance of securities, or other payments, awards or
         grants in cash, securities or otherwise pursuant to, or the funding of,
         employment, compensation or indemnification arrangements, stock options
         and stock ownership plans in the ordinary course of business to or with
         officers, directors or employees of the Company and the Restricted
         Subsidiaries, or approved by the Board of Directors;

                (3)  transactions between or among the Company and/or its
         Restricted Subsidiaries;

                (4)  transactions with a Person that is an Affiliate of the
         Company solely because the Company owns an Equity Interest in, or
         controls, such Person;

                (5)  transactions pursuant to agreements existing on the date of
         this Indenture, including, without limitation, the Stock Purchase
         Agreement, the Shareholders Agreement, the TriMas Shareholders
         Agreement and the TriMas Corporate Services Agreement, and, in each
         case, any amendment or supplement thereto that, taken in its entirety,
         is no less favorable to the Company than such agreement as in effect on
         the date of this Indenture;

                (6)  sales of Equity Interests (other than Disqualified Stock)
         of the Company to Affiliates of the Company or the receipt of capital
         contributions by the Company;

                (7)  payment of certain fees under the Advisory Agreement;

                (8)  transactions (in connection with a Qualified Receivables
         Transaction) between or among the Company and/or its Restricted
         Subsidiaries or transactions between a Receivables Subsidiary and any
         Person in which the Receivables Subsidiary has an Investment;

                (9)  any management, service, purchase, lease, supply or similar
         agreement entered into in the ordinary course of the Company's business
         between the Company or any Restricted Subsidiary and any Unrestricted
         Subsidiary or any Affiliate, so long as the Company determines in good
         faith (which determination shall be conclusive) that any such agreement
         is on terms no less favorable to the Company or such Restricted
         Subsidiary than those that could be obtained in a comparable
         arm's-length transaction with an entity that is not an Affiliate; and

                (10) Restricted Payments and Permitted Investments that are
         permitted by Section 4.07 hereof.

<PAGE>

                                      -74-

         Section 4.12  Liens.

         The Company shall not and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or otherwise
cause or suffer to exist or become effective any Lien of any kind securing
Indebtedness (other than Permitted Liens) upon any of their property or assets,
now owned or hereafter acquired to secure any Indebtedness without making, or
causing such Subsidiary to make, effective provision for securing the Notes or,
in respect of Liens on any Guarantor's property or assets, any Guarantee of such
Guarantor, (x) equally and ratably with such Indebtedness as to such property or
assets for so long as such Indebtedness will be so secured or (y) in the event
such Indebtedness is subordinated Indebtedness, prior to such Indebtedness as to
such property or assets for so long as such Indebtedness will be so secured.

         Section 4.13  Corporate Existence.

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

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

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

         Section 4.14  Offer to Repurchase Upon Change of Control.

         (a)    Upon the occurrence of a Change of Control, the Company shall
make an offer (a "Change of Control Offer") to each Holder to repurchase all or
any part (equal to $1,000 or an integral multiple of $1,000) of each Holder's
Notes at a purchase price equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest and Liquidated Damages on the Notes
repurchased, if any, to the date of purchase (the "Change of Control Payment").
Within 15 days following any Change of Control, the Company shall mail a notice
to each Holder describing the transaction or transactions that constitute the
Change of Control and stating:

<PAGE>

                                      -75-

                (1)  that the Change of Control Offer is being made pursuant to
         this Section 4.14 and that all Notes tendered will be accepted for
         payment;

                (2)  the purchase price and the purchase date, which shall be no
         later than 30 business days from the date such notice is mailed (the
         "Change of Control Payment Date");

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

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

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

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

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

         The Company shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change in Control. To the extent that
the provisions of any securities laws or regulations conflict with the
provisions of Sections 3.09 or 4.14 of this Indenture, the Company will comply
with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under Section 3.09 or this Section 4.14 by virtue
of such conflict.

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

<PAGE>

                                      -76-

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

                (2)  deposit with the Paying Agent an amount equal to the Change
         of Control Payment in respect of all Notes or portions of Notes
         properly tendered; and

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

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

         Prior to complying with any of the provisions of this Section 4.14, but
in any event within 90 days following a Change of Control, the Company will
either repay all outstanding Senior Debt or obtain the requisite consents, if
any, under all agreements governing outstanding Senior Debt to permit the
repurchase of notes required by this Section 4.14.

         (c)    Notwithstanding anything to the contrary in this Section 4.14,
the Company 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
Section 4.14 and Section 3.09 hereof and purchases all Notes validly tendered
and not withdrawn under the Change of Control Offer. Alternatively, the Company
may assign all or part of its obligations to purchase all Notes validly tendered
and not properly withdrawn under a Change of Control Offer to a third party. In
the event of such an assignment, the Company shall be released from its
obligations to purchase the Notes as to which the assignment relates subject to
the third party purchasing such Notes. A Change of Control Offer may be made in
advance of a Change of Control, and conditioned upon such Change of Control if a
definitive agreement is in place for the Change of Control at the time of making
of the Change of Control Offer. Notes repurchased by the Company pursuant to a
Change of Control Offer will have the status of Notes issued but not outstanding
or will be retired and canceled, at the option of the Company. Notes purchased
by a third party upon assignment will have the status of Note issued and
outstanding.

         Section 4.15  Anti-Layering.

         The Company shall not incur, create, issue, assume, guarantee or
otherwise become liable for any Indebtedness that is subordinate or junior in
right of payment to any Senior Debt

<PAGE>

                                      -77-

of the Company and senior in any respect in right of payment to the Notes. No
Guarantor shall incur, create, issue, assume, guarantee or otherwise become
liable for any Indebtedness that is subordinate or junior in right of payment to
the Senior Debt of such Guarantor and senior in any respect in right of payment
to such Guarantor's Note Guarantee. The foregoing shall not affect the Company's
4.5% subordinated debentures due 2003 outstanding on the date of this Indenture.

         Section 4.16  Additional Notes Guarantees.

         After the Issue Date, the Company shall cause each Restricted
Subsidiary, other than a Subsidiary which is a Subsidiary Guarantor, that
becomes a guarantor or other obligor with respect to the obligations of the
Company or a Domestic Restricted Subsidiary under the Credit Agreement to
execute and deliver to the trustee a Guarantee pursuant to which such Guarantor
shall unconditionally Guarantee, on a joint and several basis, the full and
prompt payment of the principal of, premium, if any, and interest on the Notes
on a senior subordinated basis.

         Section 4.17  Designation of Restricted and Unrestricted Subsidiaries.

         The Board of Directors may designate any Restricted Subsidiary to be an
Unrestricted Subsidiary if that designation would not cause a Default. If a
Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate
fair market value of all outstanding Investments owned by the Company and the
Restricted Subsidiaries in the Subsidiary properly designated will be deemed to
be an Investment made as of the time of the designation and will reduce the
amount available for Restricted Payments under the first paragraph of Section
4.07 hereof or Permitted Investments, as determined by the Company. That
designation will only be permitted if the Investment would be permitted at that
time and if the Restricted Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary. The Board of Directors may redesignate any Unrestricted
Subsidiary to be a Restricted Subsidiary if the redesignation would not cause a
Default.

                                   ARTICLE 5.

                                   SUCCESSORS

         Section 5.01  Merger, Consolidation, or Sale of Assets.

         The Company shall not, directly or indirectly: (1) consolidate or merge
with or into another Person (whether or not the Company is the surviving
corporation), or (2) sell, assign, transfer, convey or otherwise dispose of all
or substantially all of the properties or assets of the

<PAGE>

                                      -78-

Company and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person; unless:

                (1)  either:

                     (A)  the Company is the surviving corporation; or

                     (B)  the Person formed by or surviving any such
                consolidation or merger (if other than the Company) or to which
                such sale, assignment, transfer, conveyance or other disposition
                has been made is a corporation organized or existing under the
                laws of the United States, any state of the United States or the
                District of Columbia;

                (2)  the Person formed by or surviving any such consolidation or
         merger (if other than the Company) or the Person to which such sale,
         assignment, transfer, conveyance or other disposition shall have been
         made assumes all the obligations of the Company under the Notes, this
         Indenture and the Registration Rights Agreement pursuant to agreements
         reasonably satisfactory to the Trustee;

                (3)  immediately after such transaction, no Default or Event of
         Default exists; and

                (4)  the Company or the Person formed by or surviving any such
         consolidation or merger (if other than the Company), or to which such
         sale, assignment, transfer, conveyance or other disposition has been
         made will, on the date of such transaction after giving pro forma
         effect thereto and any related financing transactions as if the same
         had occurred at the beginning of the applicable four-quarter period, be
         permitted to incur at least $1.00 of additional Indebtedness pursuant
         to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a)
         hereof.

         In addition, the Company shall not, directly or indirectly, lease all
or substantially all of its properties or assets, in one or more related
transactions, to any other Person. This Section 5.01 will not apply to a sale,
assignment, transfer, conveyance or other disposition of assets between or among
the Company and any of the Guarantors.

         Notwithstanding anything in this Indenture, a Restricted Subsidiary may
consolidate with, merge into or convey, lease, sell, assign, transfer or
otherwise dispose of all or part of its properties and assets to the Company or
a Restricted Subsidiary; and the Company may merge with an Affiliate
incorporated solely for the purpose of reincorporating the Company in another
jurisdiction in the United States to realize tax or other benefits.

<PAGE>

                                      -79-

         Section 5.02  Successor Corporation Substituted.

         Upon any consolidation or merger, or any sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of the assets
of the Company in a transaction that is subject to, and that complies with the
provisions of, Section 5.01 hereof, the successor corporation formed by such
consolidation or into or with which the Company is merged or to which such sale,
assignment, transfer, lease, conveyance or other disposition is made shall
succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the "Company" shall refer instead to
the successor corporation and not to the Company), and may exercise every right
and power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; provided, however, that
the predecessor Company shall not be relieved from the obligation to pay the
principal of and interest on the Notes except in the case of a sale of all of
the Company's assets in a transaction that is subject to, and that complies with
the provisions of, Section 5.01 hereof.

                                   ARTICLE 6.

                              DEFAULTS AND REMEDIES

         Section 6.01  Events of Default.

         Each of the following is an "Event of Default":

                (1)  the Company defaults for 30 days in the payment when due of
         interest on, or Liquidated Damages with respect to, the Notes whether
         or not prohibited by the subordination provisions of this Indenture;

                (2)  the Company defaults in the payment when due (at maturity,
         upon redemption or otherwise) of the principal of, or premium, if any,
         on the Notes, whether or not prohibited by the subordination provisions
         of this Indenture;

                (3)  failure by the Company or any of its Subsidiaries to comply
         with the provisions of Section 4.14 or 5.01 hereof after written notice
         to the Company by the Trustee or the Holders of at least 25% in
         aggregate principal amount of the outstanding Notes;

                (4)  failure by the Company or any of its Subsidiaries to comply
         with any of the other agreements in this Indenture continued for 60
         days after written notice to the Company by the Trustee or the Holders
         of at least 25% in aggregate principal amount of the outstanding Notes;

<PAGE>

                                      -80-

                (5)  default under any mortgage, indenture or instrument under
         which there may be issued or by which there may be secured or evidenced
         any Indebtedness for money borrowed by the Company or any of its
         Subsidiaries (or the payment of which is guaranteed by the Company or
         any of its Subsidiaries), whether such Indebtedness or guarantee now
         exists, or is created after the date of this Indenture, if that
         default:

                     (A)  is caused by a failure to pay principal of such
                Indebtedness at the final maturity thereof (a "Payment
                Default"); or

                     (B)  results in the acceleration of such Indebtedness prior
                to its express maturity, and, in each case, the principal amount
                of any such Indebtedness, together with the principal amount of
                any other such Indebtedness under which there has been a Payment
                Default or the maturity of which has been so accelerated,
                aggregates $20.0 million or more;

                (6)  failure by the Company or any of its Restricted
         Subsidiaries to pay final judgments aggregating in excess of $20.0
         million (net of any insurance proceeds available to pay such
         judgment), which judgments are not paid, discharged or stayed for a
         period of 60 days;

                (7)  except as permitted by this Indenture, any Note Guarantee
         shall be held in any judicial proceeding to be unenforceable or invalid
         or shall cease for any reason to be in full force and effect or any
         Guarantor, or any Person acting on behalf of any Guarantor, shall deny
         or disaffirm its obligations under its Note Guarantee;

                (8)  the Company or any of its Significant Subsidiaries or any
         group of Subsidiaries that, taken as a whole, would constitute a
         Significant Subsidiary pursuant to or within the meaning of Bankruptcy
         Law:

                     (A)  commences a voluntary case,

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

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

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

                     (E)  generally is not paying its debts as they become due;
                or

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

<PAGE>

                                      -81-

                     (A)  is for relief against the Company or any of its
                Significant Subsidiaries or any group of Subsidiaries that,
                taken as a whole, would constitute a Significant Subsidiary in
                an involuntary case;

                     (B)  appoints a custodian of the Company or any of its
                Significant Subsidiaries or any group of Subsidiaries that,
                taken as a whole, would constitute a Significant Subsidiary or
                for all or substantially all of the property of the Company or
                any of its Significant Subsidiaries or any group of Subsidiaries
                that, taken as a whole, would constitute a Significant
                Subsidiary; or

                     (C)  orders the liquidation of the Company or any of its
                Significant Subsidiaries or any group of Subsidiaries that,
                taken as a whole, would constitute a Significant Subsidiary;

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

         Section 6.02  Acceleration.

         In the case of an Event of Default specified in clause (8) or (9) of
Section 6.01 hereof, with respect to the Company, all outstanding Notes will
become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee or the Holders of
at least 25% in principal amount of the then outstanding Notes may declare all
the Notes to be due and payable immediately by giving notice in writing to the
Company and the Trustee specifying the respective Event of Default (the
"Acceleration Notice") or if there are any amounts outstanding under the Credit
Agreement, it shall become immediately due and payable upon the first to occur
of an acceleration under the Credit Agreement or five business days after
receipt by us and the administrative agent under the Credit Agreement of such
Acceleration Notice (but only if such Event of Default is then continuing).

         Upon any such declaration, the Notes shall become due and payable
immediately. The Holders of a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may on behalf of all of the
Holders rescind an acceleration and its consequences if the rescission would not
conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest or premium that has become due solely
because of the acceleration) have been cured or waived.

         In the event of a declaration of acceleration of the Notes because an
Event of Default described in Section 6.01(5) has occurred and is continuing,
the declaration of acceleration of the Notes shall be automatically annulled if
the event of default or payment default triggering such Event of Default
pursuant to clause (5) shall be remedied or cured by the Company or a Restricted
Subsidiary or waived by the holders of the relevant Indebtedness within 60 days
after the declaration of acceleration with respect thereto and if (a) the
annulment of the accel-

<PAGE>

                                      -82-

eration of the Notes would not conflict with any judgment or decree of a court
of competent jurisdiction and (b) all existing Events of Default, except
nonpayment of principal, premium or interest on the Notes that became due solely
because of the acceleration of the Notes, have been cured or waived.

         Section 6.03  Other Remedies.

         If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium and Liquidated
Damages, if any, and 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 of a Note in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

         Section 6.04  Waiver of Past Defaults.

         Holders of not less than a majority in aggregate principal amount of
the then outstanding Notes by notice to the Trustee may on behalf of the Holders
of all of the Notes waive an existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium and Liquidated Damages, if any, or interest
on, the Notes (including in connection with an offer to purchase); provided,
however, that the Holders of a majority in aggregate principal amount of the
then outstanding Notes may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration. Upon
any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.

         Section 6.05  Control by Majority.

         Holders of a majority in principal amount of the then outstanding Notes
may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power
conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the
Trustee in personal liability.

<PAGE>

                                      -83-

         Section 6.06  Limitation on Suits.

         A Holder of a Note may pursue a remedy with respect to this Indenture
or the Notes only if:

                (1)  the Holder of a Note gives to the Trustee written notice of
         a continuing Event of Default;

                (2)  the Holders of at least 25% in principal amount of the then
         outstanding Notes make a written request to the Trustee to pursue the
         remedy;

                (3)  such Holder of a Note or Holders of Notes offer and, if
         requested, provide to the Trustee indemnity satisfactory to the Trustee
         against any loss, liability or expense;

                (4)  the Trustee does not comply with the request within 60 days
         after receipt of the request and the offer and, if requested, the
         provision of indemnity satisfactory to it; and

                (5)  during such 60-day period the Holders of a majority in
         principal amount of the then outstanding Notes do not give the Trustee
         a direction inconsistent with the request.

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

         Section 6.07  Rights of Holders of Notes to Receive Payment.

         Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium and Liquidated
Damages, if any, and interest on the Note, on or after the respective due dates
expressed in the Note (including in connection with an offer to purchase), or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

         Section 6.08  Collection Suit by Trustee.

         If an Event of Default specified in Section 6.01(1) or (2) occurs and
is continuing, the Trustee is authorized to recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount of
principal of, premium and Liquidated Damages, if any, and interest remaining
unpaid on the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

<PAGE>

                                      -84-

         Section 6.09  Trustee May File Proofs of Claim.

         The Trustee is authorized to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), its creditors or its property and shall
be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be
entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

         Section 6.10  Priorities.

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

                First: to the Trustee, its agents and attorneys for amounts due
         under Section 7.07 hereof, including payment of all compensation,
         expense and liabilities incurred, and all advances made, by the Trustee
         and the costs and expenses of collection;

                Second: to Holders of Notes for amounts due and unpaid on the
         Notes for principal, premium and Liquidated Damages, if any, and
         interest, ratably, without preference or priority of any kind,
         according to the amounts due and payable on the Notes for principal,
         premium and Liquidated Damages, if any and interest, respectively; and

                Third: to the Company or to such party as a court of competent
         jurisdiction shall direct.

<PAGE>

                                      -85-

         The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

         Section 6.11  Undertaking for Costs.

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

                                   ARTICLE 7.

                                     TRUSTEE

         Section 7.01  Duties of Trustee.

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

         (b)    Except during the continuance of an Event of Default:

                (1)  the duties of the Trustee will be determined solely by the
         express provisions of this Indenture and the Trustee need perform only
         those duties that are specifically set forth in this Indenture and no
         others, and no implied covenants or obligations shall be read into this
         Indenture against the Trustee; and

                (2)  in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture. However, the Trustee will examine the certificates and
         opinions to determine whether or not they conform to the requirements
         of this Indenture.

         (c)    The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

<PAGE>

                                      -86-

                (1)  this paragraph does not limit the effect of paragraph (b)
         of this Section 7.01;

                (2)  the Trustee will not be liable for any error of judgment
         made in good faith by a Responsible Officer, unless it is proved that
         the Trustee was negligent in ascertaining the pertinent facts; and

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

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

         (e)    No provision of this Indenture will require the Trustee to
expend or risk its own funds or incur any liability. The Trustee will be under
no obligation to exercise any of its rights and powers under this Indenture at
the request of any Holders, unless such Holder has offered to the Trustee
security and indemnity satisfactory to it against any loss, liability or
expense.

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

         Section 7.02  Rights of Trustee.

         (a)    The Trustee may conclusively rely upon any document believed by
it to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.

         (b)    Before the Trustee acts or refrains from acting, it may require
an Officers' Certificate or an Opinion of Counsel or both. The Trustee will not
be liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel. The Trustee may consult with
counsel of its selection and the written advice of such counsel or any Opinion
of Counsel will be full and complete authorization and protection from liability
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon.

         (c)    The Trustee may act through its attorneys and agents and will
not be responsible for the misconduct or negligence of any agent appointed with
due care.

<PAGE>

                                      -87-

         (d)    The Trustee will not be liable for any action it takes or omits
to take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture.

         (e)    Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company will be sufficient if
signed by an Officer of the Company.

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

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

         (h)    The rights, privileges, protections, immunities and benefits
given to the Trustee, including without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its
capacities hereunder, and each agent, custodian and other Person employed to act
hereunder.

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

         Section 7.03  Individual Rights of Trustee.

         The Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee or resign. Any Agent may do the same with like
rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

         Section 7.04  Trustee's Disclaimer.

         The Trustee will not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company's use of the proceeds from the Notes or any money
paid to the Company or upon the Company's

<PAGE>

                                      -88-

direction under any provision of this Indenture, it will not be responsible for
the use or application of any money received by any Paying Agent other than the
Trustee, and it will not be responsible for any statement or recital herein or
any statement in the Notes or any other document in connection with the sale of
the Notes or pursuant to this Indenture other than its certificate of
authentication.

         Section 7.05  Notice of Defaults.

         If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case
of a Default or Event of Default in payment of principal of, premium or
Liquidated Damages, if any, or interest on any Note, the Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of the Holders
of the Notes.

         Section 7.06  Reports by Trustee to Holders of the Notes.

         (a)    Within 60 days after each May 15 beginning with the May 15
following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee will mail to the Holders of the Notes a brief report
dated as of such reporting date that complies with TIA ss. 313(a) (but if no
event described in TIA ss. 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also
will comply with TIA ss. 313(b)(2). The Trustee will also transmit by mail all
reports as required by TIA ss. 313(c).

         (b)    A copy of each report at the time of its mailing to the Holders
of Notes will be mailed by the Trustee to the Company and filed by the Trustee
with the SEC and each stock exchange on which the Notes are listed in accordance
with TIA ss. 313(d). The Company will promptly notify the Trustee when the Notes
are listed on or delisted from any stock exchange.

         Section 7.07  Compensation and Indemnity.

         (a)    The Company will pay to the Trustee as shall be agreed in
writing between the Trustee and the Company from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The
Trustee's compensation will not be limited by any law on compensation of a
trustee of an express trust. The Company will reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services. Such expenses will
include the reasonable compensation, disbursements and expenses of the Trustee's
agents and counsel.

         (b)    The Company and the Guarantors will indemnify the Trustee and
any predecessor Trustee against any and all losses, liabilities, claims, damages
or expenses, including taxes (other than taxes based upon, measured by or
determined by the income of the Trustee),

<PAGE>

                                      -89-

incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, including the costs and
expenses of enforcing this Indenture against the Company and the Guarantors
(including this Section 7.07) and defending itself against any claim (whether
asserted by the Company, the Guarantors or any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such loss, liability or expense may
be attributable to its negligence or bad faith. The Trustee will notify the
Company promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Company will not relieve the Company or any of the
Guarantors of their obligations hereunder. The Company or such Guarantor will
defend the claim and the Trustee will cooperate in the defense. The Trustee may
have separate counsel and the Company will pay the reasonable fees and expenses
of such counsel. Neither the Company nor any Guarantor need pay for any
settlement made without its consent, which consent will not be unreasonably
withheld.

         (c)    The obligations of the Company and the Guarantors under this
Section 7.07 will survive the satisfaction and discharge of this Indenture and
the resignation or removal of the Trustee.

         (d)    To secure the Company's payment obligations in this Section
7.07, the Trustee will have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except that held in trust to pay principal and
interest on particular Notes. Such Lien will survive the satisfaction and
discharge of this Indenture.

         (e)    When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses
and the compensation for the services (including the fees and expenses of its
agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.

         (f)    The Trustee will comply with the provisions of TIA ss. 313(b)(2)
to the extent applicable.

         Section 7.08  Replacement of Trustee.

         (a)    A resignation or removal of the Trustee and appointment of a
successor Trustee will become effective only upon the successor Trustee's
acceptance of appointment as provided in this Section 7.08.

         (b)    The Trustee may resign in writing at any time and be discharged
from the trust hereby created by so notifying the Company. The Holders of a
majority in principal amount of the then outstanding Notes may remove the
Trustee by so notifying the Trustee and the Company in writing. The Company may
remove the Trustee if:

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

<PAGE>

                                      -90-

                (2)  the Trustee is adjudged a bankrupt or an insolvent or an
         order for relief is entered with respect to the Trustee under any
         Bankruptcy Law;

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

                (4)  the Trustee becomes incapable of acting.

         (c)    If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the
Holders of a majority in principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

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

         (e)    If the Trustee, after written request by any Holder who has been
a Holder for at least six months, fails to comply with Section 7.10, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

         (f)    A successor Trustee will deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee will mail a notice of its succession
to Holders. The retiring Trustee will promptly transfer all property held by it
as Trustee to the successor Trustee, provided all sums owing to the Trustee
hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section
7.08, the Company's obligations under Section 7.07 hereof will continue for the
benefit of the retiring Trustee.

         Section 7.09  Successor Trustee by Merger, etc.

         If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act will be the successor Trustee.

         Section 7.10  Eligibility; Disqualification.

<PAGE>

                                      -91-

         There will at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $50 million
as set forth in its most recent published annual report of condition.

         This Indenture will always have a Trustee who satisfies the
requirements of TIA ss. 310(a)(1), (2) and (5). The Trustee is subject to TIA
ss. 310(b).

         Section 7.11  Preferential Collection of Claims Against Company.

         The Trustee is subject to TIA ss. 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). A Trustee who has resigned or been
removed shall be subject to TIA ss. 311(a) to the extent indicated therein.

                                   ARTICLE 8.

                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

         Section 8.01  Option to Effect Legal Defeasance or Covenant Defeasance.

         The Company may, at the option of its Board of Directors evidenced by a
resolution set forth in an Officers' Certificate, at any time, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article 8.

         Section 8.02  Legal Defeasance and Discharge.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be deemed to have been discharged from their obligations with respect to all
outstanding Notes (including the Note Guarantees) on the date the conditions set
forth below are satisfied (hereinafter, "Legal Defeasance"). For this purpose,
Legal Defeasance means that the Company and the Guarantors will be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding
Notes (including the Note Guarantees), which will thereafter be deemed to be
"outstanding" only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have
satisfied all their other obligations under such Notes, the Note Guarantees and
this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the
following provisions which will survive until otherwise terminated or discharged
hereunder:

<PAGE>

                                      -92-

                (1)  the rights of Holders of outstanding Notes to receive
         payments in respect of the principal of, or interest or premium and
         Liquidated Damages, if any, on such Notes when such payments are due
         from the trust referred to in Section 8.04 hereof;

                (2)  the Company's obligations with respect to such Notes under
         Article 2 and Section 4.02 hereof;

                (3)  the rights, powers, trusts, duties and immunities of the
         Trustee hereunder and the Company's and the Guarantors' obligations in
         connection therewith; and

                (4)  this Article 8.

         Subject to compliance with this Article 8, the Company may exercise its
option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

         Section 8.03  Covenant Defeasance.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company and the Guarantors will, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be released
from each of their obligations under the covenants contained in Sections 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16 and 4.17 hereof and clause
(4) of Section 5.01 hereof with respect to the outstanding Notes on and after
the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, "Covenant Defeasance"), and the Notes will thereafter be deemed
not "outstanding" for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but will continue to be deemed "outstanding" for
all other purposes hereunder (it being understood that such Notes will not be
deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and Note
Guarantees, the Company and the Guarantors may omit to comply with and will have
no liability in respect of any term, condition or limitation set forth in any
such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such
omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such Notes and Note Guarantees will be unaffected thereby. In
addition, upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03 hereof, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5)
hereof will not constitute Events of Default.

<PAGE>

                                      -93-

         Section 8.04  Conditions to Legal or Covenant Defeasance.

         In order to exercise either Legal Defeasance or Covenant Defeasance
under either Section 8.02 or 8.03 hereof:

                (1)  the Company must irrevocably deposit with the Trustee, in
         trust, for the benefit of the Holders of the Notes, cash in United
         States dollars, non-callable Government Securities, or a combination
         thereof, in such amounts as will be sufficient, in the opinion of a
         nationally recognized firm of independent public accountants, to pay
         the principal of, premium and Liquidated Damages, if any, and interest
         on the outstanding Notes on the stated date for payment thereof or on
         the applicable redemption date, as the case may be, and the Company
         must specify whether the Notes are being defeased to maturity or to a
         particular redemption date;

                (2)  in the case of an election under Section 8.02 hereof, the
         Company has delivered to the Trustee an Opinion of Counsel in the
         United States reasonably acceptable to the Trustee confirming that:

                     (A)  the Company 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 federal income tax law,

                in either case to the effect that, and based thereon such
                Opinion of Counsel shall confirm that, the Holders of the
                outstanding Notes will not recognize income, gain or loss for
                federal income tax purposes as a result of such Legal
                Defeasance and will be subject to federal income tax on the
                same amounts, in the same manner and at the same times as
                would have been the case if such Legal Defeasance had not
                occurred;

                (3)  in the case of an election under Section 8.03 hereof, the
         Company must deliver to the Trustee an Opinion of Counsel in the United
         States reasonably acceptable to the Trustee confirming that the Holders
         of the outstanding Notes will not recognize income, gain or loss for
         federal income tax purposes as a result of such Covenant Defeasance and
         will be subject to federal income tax on the same amounts, in the same
         manner and at the same times as would have been the case if such
         Covenant Defeasance had not occurred;

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

<PAGE>

                                      -94-

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

                (6)  the Company must deliver to the Trustee an Officers'
         Certificate stating that the deposit was not made by the Company with
         the intent of preferring the Holders of Notes over the other creditors
         of the Company with the intent of defeating, hindering, delaying or
         defrauding any other creditors of the Company or others; and

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

         In the event that the Company exercises its legal defeasance option or
covenant defeasance option, each of the Guarantors will be released from all of
its obligations with respect to its guarantee. The Company may exercise its
legal defeasance option notwithstanding its prior exercise of the covenant
defeasance option.

         Section 8.05  Deposited Money and Government Securities to be Held in
Trust; Other Miscellaneous Provisions.

         Subject to Section 8.06 hereof, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the
"Trustee") pursuant to Section 8.04 hereof in respect of the outstanding Notes
will be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium and Liquidated Damages, if
any, and interest, but such money need not be segregated from other funds except
to the extent required by law.

         The Company will pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

         Notwithstanding anything in this Article 8 to the contrary, the Trustee
will deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided
in Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under

<PAGE>

                                      -95-

Section 8.04(1) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.

         Section 8.06  Repayment to Company.

         Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of, premium or
Liquidated Damages, if any, or interest on any Note and remaining unclaimed for
two years after such principal, premium or Liquidated Damages, if any, or
interest has become due and payable shall be paid to the Company on its request
or (if then held by the Company) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, will thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in the New York Times and The
Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which will not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

         Section 8.07  Reinstatement.

         If the Trustee or Paying Agent is unable to apply any United States
dollars or non-callable Government Securities in accordance with Section 8.02 or
8.03 hereof, as the case may be, by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's and the Guarantor's obligations under this
Indenture and the Notes and the Note Guarantees will be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 8.02 or 8.03 hereof, as the case may be; provided,
however, that, if the Company makes any payment of principal of, premium or
Liquidated Damages, if any, or interest on any Note following the reinstatement
of its obligations, the Company will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or
Paying Agent.

                                   ARTICLE 9.

                        AMENDMENT, SUPPLEMENT AND WAIVER

         Section 9.01  Without Consent of Holders of Notes.

<PAGE>

                                      -96-

         Notwithstanding Section 9.02 of this Indenture, the Company, the
Guarantors and the Trustee may amend or supplement this Indenture, the Note
Guarantees or the Notes without the consent of any Holder of a Note:

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

                (2)  to provide for uncertificated Notes in addition to or in
         place of certificated Notes or to alter the provisions of Article 2
         hereof (including the related definitions) in a manner that does not
         materially adversely affect any Holder;

                (3)  to provide for the assumption of the Company's or a
         Guarantor's obligations to the Holders of the Notes by a successor to
         the Company pursuant to Article 5 hereof;

                (4)  to make any change that would provide any additional rights
         or benefits to the Holders of the Notes or that does not adversely
         affect the legal rights hereunder of any Holder of the Note;

                (5)  to comply with requirements of the SEC in order to effect
         or maintain the qualification of this Indenture under the TIA;

                (6)  to provide for the issuance of Additional Notes in
         accordance with the limitations set forth in this Indenture as of the
         date hereof; or

                (7)  to allow any Guarantor to execute a supplemental indenture
         and/or a Note Guarantee with respect to the Notes.

         Upon the request of the Company accompanied by a resolution of its
Board of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon receipt by the Trustee of the documents described in Section
7.02 hereof, the Trustee will join with the Company and the Guarantors in the
execution of any amended or supplemental Indenture authorized or permitted by
the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee will not be
obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.

         Section 9.02  With Consent of Holders of Notes.

         Except as provided below in this Section 9.02, the Company and the
Trustee may amend or supplement this Indenture (including, without limitation,
Section 3.09, 4.10 and 4.14 hereof), the Note Guarantees and the Notes with the
consent of the Holders of at least a majority in principal amount of the Notes
(including, without limitation, Additional Notes, if any) then outstanding
voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the
Notes), and, sub-

<PAGE>

                                      -97-

ject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default
(other than a Default or Event of Default in the payment of the principal of,
premium or Liquidated Damages, if any, or interest on the Notes, except a
payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of this Indenture, the Note Guarantees or the
Notes may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding Notes voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes). Section 2.08 hereof shall determine which Notes are
considered to be "outstanding" for purposes of this Section 9.02.

         Upon the request of the Company accompanied by a resolution of its
Board of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon the filing with the Trustee of evidence satisfactory to the
Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Section 7.02 hereof, the Trustee will
join with the Company in the execution of such amended or supplemental Indenture
unless such amended or supplemental Indenture directly affects the Trustee's own
rights, duties or immunities under this Indenture or otherwise, in which case
the Trustee may in its discretion, but will not be obligated to, enter into such
amended or supplemental Indenture.

         It is not be necessary for the consent of the Holders of Notes under
this Section 9.02 to approve the particular form of any proposed amendment or
waiver, but it is sufficient if such consent approves the substance thereof.

         After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Company will mail to the Holders of Notes affected
thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to mail such notice, or any defect therein, will not,
however, in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the
Holders of a majority in aggregate principal amount of the Notes then
outstanding voting as a single class may waive compliance in a particular
instance by the Company with any provision of this Indenture or the Notes.
However, without the consent of each Holder affected, an amendment or waiver
under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder):

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

                (2)  reduce the principal of or change the fixed maturity of any
         Note or alter or waive any of the provisions with respect to the
         redemption of the Notes except as provided above with respect to
         Sections 3.09, 4.10 and 4.14 hereof;

<PAGE>

                                      -98-

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

                (4)  waive a Default or Event of Default in the payment of
         principal of or premium or Liquidated Damages, if any, or interest on
         the Notes (except a rescission of acceleration of the Notes by the
         Holders of at least a majority in aggregate principal amount of the
         then outstanding Notes and a waiver of the payment default that
         resulted from such acceleration);

                (5)  make any Note payable in money other than that stated in
         the Notes;

                (6)  make any change in the provisions of this Indenture
         relating to waivers of past Defaults or the rights of Holders of Notes
         to receive payments of principal of, or interest or premium or
         Liquidated Damages, if any, on the Notes;

                (7)  make any change in Section 6.04 or 6.07 hereof or in the
         foregoing amendment and waiver provisions;

                (8)  release any Guarantor from any of its obligations under its
         Note Guarantee or this Indenture, except in accordance with the terms
         of this Indenture; or

                (9)  waive a redemption payment with respect to any Note (other
         than a payment required by Sections 4.10 and 4.14).

         In addition, any amendment to, or waiver of, the provisions of this
Indenture relating to subordination that adversely affects the rights of the
Holders of the Notes will require the consent of the Holders of at least 75% in
aggregate principal amount of Notes then outstanding.

         Section 9.03  Compliance with Trust Indenture Act.

         Every amendment or supplement to this Indenture or the Notes will be
set forth in an amended or supplemental Indenture that complies with the TIA as
then in effect.

         Section 9.04  Revocation and Effect of Consents.

         Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same
debt as the consenting Holder's Note, even if notation of the consent is not
made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

<PAGE>

                                      -99-

         Section 9.05  Notation on or Exchange of Notes.

         The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

         Failure to make the appropriate notation or issue a new Note will not
affect the validity and effect of such amendment, supplement or waiver.

         Section 9.06  Trustee to Sign Amendment, etc.

         The Trustee will sign any amended or supplemental Indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amendment or supplemental Indenture until the Board of Directors
approves it. In executing any amended or supplemental Indenture, the Trustee
will be entitled to receive and (subject to Section 7.01 hereof) will be fully
protected in relying upon, in addition to the documents required by Section
12.04 hereof, an Officers' Certificate and an Opinion of Counsel stating that
the execution of such amended or supplemental indenture is authorized or
permitted by this Indenture.

                                   ARTICLE 10.

                                  SUBORDINATION

         Section 10.01 Agreement to Subordinate.

         The Company agrees, and each Holder by accepting a Note agrees, that
the Indebtedness evidenced by the Notes is subordinated in right of payment, to
the extent and in the manner provided in this Article 10, to the prior payment
in full of all Senior Debt (whether outstanding on the date hereof or hereafter
created, incurred, assumed or guaranteed), and that the subordination is for the
benefit of the holders of Senior Debt.

         Section 10.02 Certain Definitions.

         "Designated Senior Debt" means:

                (1)  any Indebtedness outstanding under the Credit Facilities
         and all Hedging Obligations with respect thereto; and

                (2)  after payment in full of all Obligations under the Credit
         Facilities, any other Senior Debt permitted under this Indenture the
         principal amount of which is

<PAGE>

                                     -100-

         $25.0 million or more and that has been designated by the Company as
         "Designated Senior Debt."

         "Permitted Junior Securities" means:

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

                (2)  debt securities that are subordinated to all Senior Debt
         and 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 under
         this Indenture.

         "Representative" means the indenture trustee or other trustee, agent or
representative for any Senior Debt.

         "Senior Debt" means:

                (1)  all Indebtedness of the Company or any Guarantor
         outstanding under Credit Facilities and all Hedging Obligations with
         respect thereto;

                (2)  any other Indebtedness of the Company or any Guarantor
         permitted to be incurred under the terms of this Indenture, unless the
         instrument under which such Indebtedness is incurred expressly provides
         that it is on a parity with or subordinated in right of payment to the
         Notes or any Note Guarantee, and

                (3)  all Obligations with respect to the items listed in the
         preceding clauses (1) and (2).

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

                (1)  any liability for federal, state, local or other taxes owed
         or owing by the Company;

                (2)  any intercompany Indebtedness of the Company or any of its
         Subsidiaries to the Company or any of its Affiliates;

                (3)  any trade payables; or

                (4)  the portion of any Indebtedness that is incurred in
         violation of this Indenture; provided that such Indebtedness shall be
         deemed not to have been incurred in violation of this Indenture for
         purposes of this clause (4) if such Indebtedness consists of
         Indebtedness under any Credit Facility and holders of such Indebtedness
         or their Representative (i) had no actual knowledge at the time of the
         incurrence that the incur-

<PAGE>

                                     -101-

         rence of such Indebtedness violated this Indenture and (ii) shall have
         received an officers' certificate to the effect that the incurrence of
         such Indebtedness does not violate the provisions of this Indenture.

         Section 10.03 Liquidation; Dissolution; Bankruptcy.

         Upon any distribution to creditors of the Company in a liquidation or
dissolution of the Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or its property, in
an assignment for the benefit of creditors or any marshaling of the Company's
assets and liabilities:

                (1)  holders of Senior Debt will be entitled to receive payment
         in full of all Obligations due in respect of such Senior Debt
         (including interest after the commencement of any bankruptcy proceeding
         at the rate specified in the applicable Senior Debt) before the Holders
         of Notes will be entitled to receive any payment with respect to the
         Notes (except that Holders of Notes may receive and retain Permitted
         Junior Securities and payments made from any defeasance trust created
         pursuant to Section 8.01 hereof); and

                (2)  until all Obligations with respect to Senior Debt (as
         provided in clause (1) above) are paid in full, any distribution to
         which Holders would be entitled but for this Article 10 will be made to
         holders of Senior Debt (except that Holders of Notes may receive and
         retain Permitted Junior Securities and payments made from any
         defeasance trust created pursuant to Section 8.01 hereof), as their
         interests may appear.

         Section 10.04 Default on Designated Senior Debt.

         (a)    The Company may not make any payment or distribution to the
Trustee or any Holder in respect of Obligations with respect to the Notes and
may not acquire from the Trustee or any Holder any Notes for cash or property
(other than Permitted Junior Securities and payments made from any defeasance
trust created pursuant to Section 8.01 hereof) until all principal and other
Obligations with respect to the Senior Debt have been paid in full if:

                (1)  payment default on Designated Senior Debt occurs and is
         continuing beyond any applicable grace period in the agreement,
         indenture or other document governing such Designated Senior Debt; or

                (2)  any other default occurs and is continuing on any series of
         Designated Senior Debt that permits holders of that series of
         Designated Senior Debt to accelerate its maturity and the Trustee
         receives a notice of such default (a "Payment Blockage Notice") from
         the Company of the holders of any Designated Senior Debt. If the
         Trustee receives any such Payment Blockage Notice, no subsequent
         Payment Blockage Notice will be effective for purposes of this Section
         unless and until (A) at least 360 days

<PAGE>

                                     -102-

         have elapsed since the effectiveness of the immediately prior Payment
         Blockage Notice and (B) all scheduled payments of principal, premium
         and Liquidated Damages, if any, and interest on the Notes that have
         come due have been paid in full in cash.

         No nonpayment default that existed or was continuing on the date of
delivery of any Payment Blockage Notice to the Trustee may be, or may be made,
the basis for a subsequent Payment Blockage Notice unless such default has have
been waived for a period of not less than 90 days.

         (b)    The Company may and will resume payments on and distributions in
respect of the Notes and may acquire them upon the earlier of:

                (1)  in the case of a payment default, upon the date upon which
         such default is cured or waived, or

                (2)  in the case of a nonpayment default, upon the earlier of
         the date on which such nonpayment default is cured or waived or 179
         days after the date on which the applicable Payment Blockage Notice is
         received, unless the maturity of any Designated Senior Debt has been
         accelerated,

if this Article 10 otherwise permits the payment, distribution or acquisition at
the time of such payment or acquisition.

         Section 10.05 Acceleration of Notes.

         If payment of the Notes is accelerated because of an Event of Default,
the Company will promptly notify holders of Senior Debt of the acceleration.

         Section 10.06 When Distribution Must Be Paid Over.

         In the event that the Trustee or any Holder receives any payment of any
Obligations with respect to the Notes (other than Permitted Junior Securities
and payments made from any defeasance trust created pursuant to Section 8.01
hereof) at a time when the Trustee or such Holder, as applicable, has actual
knowledge that such payment is prohibited by Section 10.04 hereof, such payment
will be held by the Trustee or such Holder, in trust for the benefit of, and
will be paid forthwith over and delivered, upon written request, to, the holders
of Senior Debt as their interests may appear or their Representative under the
agreement, indenture or other document (if any) pursuant to which Senior Debt
may have been issued, as their respective interests may appear, for application
to the payment of all Obligations with respect to Senior Debt remaining unpaid
to the extent necessary to pay such Obligations in full in accordance with their
terms, after giving effect to any concurrent payment or distribution to or for
the holders of Senior Debt.

<PAGE>

                                     -103-

         With respect to the holders of Senior Debt, the Trustee undertakes to
perform only those obligations on the part of the Trustee as are specifically
set forth in this Article 10, and no implied covenants or obligations with
respect to the holders of Senior Debt will be read into this Indenture against
the Trustee. The Trustee will not be deemed to owe any fiduciary duty to the
holders of Senior Debt, and will not be liable to any such holders if the
Trustee pays over or distributes to or on behalf of Holders or the Company or
any other Person money or assets to which any holders of Senior Debt are then
entitled by virtue of this Article 10, except if such payment is made as a
result of the willful misconduct or gross negligence of the Trustee.

         Section 10.07 Notice by Company.

         The Company will promptly notify the Trustee and the Paying Agent of
any facts known to the Company that would cause a payment of any Obligations
with respect to the Notes to violate this Article 10, but failure to give such
notice will not affect the subordination of the Notes to the Senior Debt as
provided in this Article 10.

         Section 10.08 Subrogation.

         After all Senior Debt is paid in full and until the Notes are paid in
full, Holders of Notes will be subrogated (equally and ratably with all other
Indebtedness pari passu with the Notes) to the rights of holders of Senior Debt
to receive distributions applicable to Senior Debt to the extent that
distributions otherwise payable to the Holders of Notes have been applied to the
payment of Senior Debt. A distribution made under this Article 10 to holders of
Senior Debt that otherwise would have been made to Holders of Notes is not, as
between the Company and Holders, a payment by the Company on the Notes.

         Section 10.09 Relative Rights.

         This Article 10 defines the relative rights of Holders of Notes and
holders of Senior Debt. Nothing in this Indenture will:

                (1)  impair, as between the Company and Holders of Notes, the
         obligation of the Company, which is absolute and unconditional, to pay
         principal of, premium and interest and Liquidated Damages, if any, on
         the Notes in accordance with their terms;

                (2)  affect the relative rights of Holders of Notes and
         creditors of the Company other than their rights in relation to
         holders of Senior Debt; or

                (3)  prevent the Trustee or any Holder of Notes from exercising
         its available remedies upon a Default or Event of Default, subject to
         the rights of holders and own-

<PAGE>

                                     -104-

         ers of Senior Debt to receive distributions and payments otherwise
         payable to Holders of Notes.

         If the Company fails because of this Article 10 to pay principal of,
premium or interest or Liquidated Damages, if any, on a Note on the due date,
the failure is still a Default or Event of Default.

         Section 10.10 Subordination May Not Be Impaired by Company.

         No right of any holder of Senior Debt to enforce the subordination of
the Indebtedness evidenced by the Notes may be impaired by any act or failure to
act by the Company or any Holder or by the failure of the Company or any Holder
to comply with this Indenture.

         Section 10.11 Distribution or Notice to Representative.

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

         Upon any payment or distribution of assets of the Company referred to
in this Article 10, the Trustee and the Holders of Notes will be entitled to
rely upon any order or decree made by any court of competent jurisdiction or
upon any certificate of such Representative or of the liquidating trustee or
agent or other Person making any distribution to the Trustee or to the Holders
of Notes for the purpose of ascertaining the Persons entitled to participate in
such distribution, the holders of the Senior Debt and other Indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article 10.

         Section 10.12 Rights of Trustee and Paying Agent.

         Notwithstanding the provisions of this Article 10 or any other
provision of this Indenture, the Trustee will not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment or
distribution by the Trustee, and the Trustee and the Paying Agent may continue
to make payments on the Notes, unless the Trustee has received at its Corporate
Trust Office at least five Business Days prior to the date of such payment
written notice of facts that would cause the payment of any Obligations with
respect to the Notes to violate this Article 10. Only the Company or a
Representative may give the notice. Nothing in this Article 10 will impair the
claims of, or payments to, the Trustee under or pursuant to Section 7.07 hereof.

         The Trustee in its individual or any other capacity may hold Senior
Debt with the same rights it would have if it were not Trustee. Any Agent may do
the same with like rights.

<PAGE>

                                     -105-

         Section 10.13 Authorization to Effect Subordination.

         Each Holder of Notes, by the Holder's acceptance thereof, authorizes
and directs the Trustee on such Holder's behalf to take such action as may be
necessary or appropriate to effectuate the subordination as provided in this
Article 10, and appoints the Trustee to act as such Holder's attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of
claim or proof of debt in the form required in any proceeding referred to in
Section 6.09 hereof at least 30 days before the expiration of the time to file
such claim, the Representatives are hereby authorized to file an appropriate
claim for and on behalf of the Holders of the Notes.

         Section 10.14 Amendments.

         The provisions of this Article 10 may not be amended or modified
without the written consent of the holders of all Senior Debt.

                                   ARTICLE 11.

                                 NOTE GUARANTEE

         Section 11.01 Guarantees.

         (a)    Subject to this Article 11, each of the Guarantors hereby,
jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture,
the Notes or the obligations of the Company hereunder or thereunder, that:

                (1)  the principal of, premium and Liquidated Damages, if any,
         and interest on the Notes will be promptly paid in full when due,
         whether at maturity, by acceleration, redemption or otherwise, and
         interest on the overdue principal of and interest on the Notes, if any,
         if lawful, and all other obligations of the Company to the Holders or
         the Trustee hereunder or thereunder will be promptly paid in full or
         performed, all in accordance with the terms hereof and thereof; and

                (2)  in case of any extension of time of payment or renewal of
         any Notes or any of such other obligations, that same will be promptly
         paid in full when due or performed in accordance with the terms of the
         extension or renewal, whether at stated maturity, by acceleration or
         otherwise.

         Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the

<PAGE>

                                     -106-

same immediately. Each Guarantor agrees that this is a guarantee of payment and
not a guarantee of collection.

         (b)    The Guarantors hereby agree that their obligations hereunder are
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action
to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever
and covenant that this Note Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture.

         (c)    If any Holder or the Trustee is required by any court or
otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or
the Guarantors, any amount paid by either to the Trustee or such Holder, this
Note Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.

         (d)    Each Guarantor agrees that it will not be entitled to any right
of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.
Each Guarantor further agrees that, as between the Guarantors, on the one hand,
and the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof
for the purposes of this Note Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of
such obligations as provided in Article 6 hereof, such obligations (whether or
not due and payable) will forthwith become due and payable by the Guarantors for
the purpose of this Note Guarantee. The Guarantors will have the right to seek
contribution from any non-paying Guarantor so long as the exercise of such right
does not impair the rights of the Holders under the Note Guarantee.

         Section 11.02 Subordination of Note Guarantee.

         The Obligations of each Guarantor under its Note Guarantee pursuant to
this Article 11 will be junior and subordinated to the Senior Debt of such
Guarantor on the same basis as the Notes are junior and subordinated to Senior
Debt of the Company. For the purposes of the foregoing sentence, the Trustee and
the Holders will 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 Section 10.01 hereof.

<PAGE>

                                     -107-

         Section 11.03 Limitation on Guarantor Liability.

         Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes
of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to any
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of such
Guarantor will be limited to the maximum amount that will, after giving effect
to such maximum amount and all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 11, result in the obligations of such Guarantor
under its Note Guarantee not constituting a fraudulent transfer or conveyance.

         Section 11.04 Execution and Delivery of Note Guarantee.

         To 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 attached as Exhibit E hereto will be endorsed by an Officer of such
Guarantor on each Note authenticated and delivered by the Trustee and that this
Indenture will be executed on behalf of such Guarantor by one of its Officers.

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

         If an Officer whose signature is on this Indenture or on the Note
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid
nevertheless.

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

         In the event that the Company creates or acquires any Domestic
Subsidiary after the date of this Indenture that are guarantors or borrowers in
respect of the Credit Agreement, if required by Section 4.16 hereof, the Company
will cause such Domestic Subsidiary to comply with the provisions of Section
4.16 hereof and this Article 11, to the extent applicable.

         Section 11.05 Guarantors May Consolidate, etc., on Certain Terms.

<PAGE>

                                     -108-

         Except as otherwise provided in Section 11.06, no Guarantor may sell or
otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving
Person) another Person, other than the Company or another Guarantor, unless:

                (1)  immediately after giving effect to such transaction, no
         Default or Event of Default exists; and

                (2)  either:

                     (a)  subject to Section 11.06 hereof, the Person acquiring
                the property in any such sale or disposition or the Person
                formed by or surviving any such consolidation or merger
                unconditionally assumes all the obligations of that Guarantor,
                pursuant to a supplemental indenture in form and substance
                reasonably satisfactory to the Trustee, under the Notes, this
                Indenture and the Note Guarantee on the terms set forth herein
                or therein; and

                     (b)  the Net Proceeds of such sale or other disposition are
                applied in accordance with the applicable provisions of this
                Indenture, including without limitation, Section 4.10 hereof.

         In case of any such consolidation, merger, sale or conveyance and upon
the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note
Guarantee endorsed upon the Notes and the due and punctual performance of all of
the covenants and conditions of this Indenture to be performed by the Guarantor,
such successor Person will succeed to and be substituted for the Guarantor with
the same effect as if it had been named herein as a Guarantor. Such successor
Person thereupon may cause to be signed any or all of the Note Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Note
Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in
accordance with the terms of this Indenture as though all of such Note
Guarantees had been issued at the date of the execution hereof.

         Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses (a) and (b) above, nothing contained in this Indenture or in any of the
Notes will prevent any consolidation or merger of a Guarantor with or into the
Company or another Guarantor, or will prevent any sale or conveyance of the
property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor.

<PAGE>

                                     -109-

         Section 11.06 Releases Following Sale of Assets.

         In the event of any sale or other disposition of all or substantially
all of the assets of any Guarantor, by way of merger, consolidation or
otherwise, or a sale or other disposition of all to the Capital Stock of any
Guarantor, in each case to a Person that is not (either before or after giving
effect to such transactions) a Restricted Subsidiary of the Company, then such
Guarantor (in the event of a sale or other disposition, by way of merger,
consolidation or otherwise, of all of the capital stock of such Guarantor) or
the corporation acquiring the property (in the event of a sale or other
disposition of all or substantially all of the assets of such Guarantor) will be
released and relieved of any obligations under its Note Guarantee; provided that
the Net Proceeds of such sale or other disposition are applied in accordance
with the applicable provisions of this Indenture, including without limitation
Section 4.10 hereof. Upon delivery by the Company to the Trustee of an Officers'
Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made by the Company in accordance with the provisions of this
Indenture, including without limitation Section 4.10 hereof, the Trustee will
execute any documents reasonably required in order to evidence the release of
any Guarantor from its obligations under its Note Guarantee.

         Any Guarantor not released from its obligations under its Note
Guarantee will remain liable for the full amount of principal of and interest on
the Notes and for the other obligations of any Guarantor under this Indenture as
provided in this Article 11.

                                   ARTICLE 12.

                           SATISFACTION AND DISCHARGE

         Section 12.01 Satisfaction and Discharge.

         This Indenture will be discharged and will cease to be of further
effect as to all Notes issued hereunder, when:

                (1)  either:

                     (a)  all Notes that have been authenticated (except lost,
                stolen or destroyed Notes that have been replaced or paid and
                Notes for whose payment money has theretofore been deposited in
                trust and thereafter repaid to the Company) have been delivered
                to the Trustee for cancellation; or

                     (b)  all Notes that have not been delivered to the Trustee
                for cancellation have become due and payable by reason of the
                making of a notice of redemption or otherwise or will become due
                and payable within one year and the Company or any Guarantor has
                irrevocably deposited or caused to be deposited

<PAGE>

                                     -110-

                with the Trustee as trust funds in trust solely for the benefit
                of the Holders, cash in U.S. dollars, non-callable Government
                Securities, or a combination thereof, in such amounts as will be
                sufficient without consideration of any reinvestment of
                interest, to pay and discharge the entire indebtedness on
                the Notes not delivered to the Trustee for cancellation for
                principal, premium and Liquidated Damages, if any, and
                accrued interest to the date of maturity or redemption;

                (2)  no Default or Event of Default has occurred and is
         continuing on the date of such deposit or will occur as a result of
         such deposit and such deposit will not result in a breach or violation
         of, or constitute a default under, any other instrument to which the
         Company or any Guarantor is a party or by which the Company or any
         Guarantor is bound;

                (3)  the Company or any Guarantor has paid or caused to be paid
         all sums payable by it under this Indenture; and

                (4)  the Company has delivered irrevocable instructions to the
         Trustee under this Indenture to apply the deposited money toward the
         payment of the Notes at maturity or the redemption date, as the case
         may be.

In addition, the Company must deliver an Officers' Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

         Notwithstanding the satisfaction and discharge of this Indenture, if
money has been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section, the provisions of Section 12.02 and Section 8.06 will
survive. In addition, nothing in this Section 12.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

         Section 12.02 Application of Trust Money.

         Subject to the provisions of Section 8.06, all money deposited with the
Trustee pursuant to Section 12.01 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

         If the Trustee or Paying Agent is unable to apply any money or
Government Securities in accordance with Section 12.01 by reason of any legal
proceeding or by reason of any order

<PAGE>

                                     -111-

or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the Company's and any Guarantor's
obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 12.01; provided that if
the Company has made any payment of principal of, premium, if any, or interest
on any Notes because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Securities held by the Trustee or Paying Agent.

                                   ARTICLE 13.

                                  MISCELLANEOUS

         Section 13.01 Trust Indenture Act Controls.

         If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by TIA ss. 318(c), the imposed duties will control.

         Section 13.02 Notices.

         Any notice or communication by the Company, any Guarantor or the
Trustee to the others is duly given if in writing and delivered in Person or
mailed by first class mail (registered or certified, return receipt requested),
telex, telecopier or overnight air courier guaranteeing next day delivery, to
the others' address:

         If to the Company and/or any Guarantor:

         Metaldyne Corporation
         47603 Halyard Drive
         Plymouth, Michigan  48170
         Telecopier No.: (734) 207-6627
         Attention: Chief Financial Officer

         With a copy to:

         Cahill Gordon & Reindel
         80 Pine Street, 17th Floor
         New York, New York  10005
         Telecopier No.: (212) 269-5420
         Attention: Jonathan Schaffzin, Esq.

         If to the Trustee:

<PAGE>

                                     -112-

         The Bank of New York
         101 Barclay Street
         New York, New York  10286
         Telecopier No.: (212) 896-7299
         Attention: Corporate Trust Administration

         The Company, any Guarantor or the Trustee, by notice to the others may
designate additional or different addresses for subsequent notices or
communications.

         All notices and communications (other than those sent to Holders) will
be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged,
if telecopied; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

         Any notice or communication to a Holder will be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Registrar. Any notice or communication will also be so mailed to any
Person described in TIA ss. 313(c), to the extent required by the TIA. Failure
to mail a notice or communication to a Holder or any defect in it will not
affect its sufficiency with respect to other Holders.

         If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.

         If the Company mails a notice or communication to Holders, it will mail
a copy to the Trustee and each Agent at the same time.

         Section 13.03 Communication by Holders of Notes with Other Holders of
Notes.

         Holders may communicate pursuant to TIA ss. 312(b) with other Holders
with respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA ss.
312(c).

         Section 13.04 Certificate and Opinion as to Conditions Precedent.

         Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

                (1)  an Officers' Certificate in form and substance reasonably
         satisfactory to the Trustee (which must include the statements set
         forth in Section 13.05 hereof) stating that, in the opinion of the
         signers, all conditions precedent and covenants, if any, provided for
         in this Indenture relating to the proposed action have been satisfied;
         and

<PAGE>

                                     -113-

                (2)  an Opinion of Counsel in form and substance reasonably
         satisfactory to the Trustee (which must include the statements set
         forth in Section 13.05 hereof) stating that, in the opinion of such
         counsel, all such conditions precedent and covenants have been
         satisfied.

         Section 13.05 Statements Required in Certificate or Opinion.

         Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA ss. 314(a)(4)) must comply with the provisions of TIA ss. 314(e)
and must include:

                (1)  a statement that the Person making such certificate or
         opinion has read such covenant or condition;

                (2)  a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                (3)  a statement that, in the opinion of such Person, he or she
         has made such examination or investigation as is necessary to enable
         him or her to express an informed opinion as to whether or not such
         covenant or condition has been satisfied; and

                (4)  a statement as to whether or not, in the opinion of such
         Person, such condition or covenant has been satisfied.

         Section 13.06 Rules by Trustee and Agents.

         The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

         Section 13.07 No Personal Liability of Directors, Officers, Employees
and Stockholders.

         No past, present or future director, officer, employee, incorporator or
stockholder of the Company or any Guarantor, as such, will have any liability
for any obligations of the Company or the Guarantors under the Notes, this
Indenture the Note Guarantees or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes. The waiver may not be effective
to waive liabilities under the federal securities laws.

<PAGE>

                                     -114-

         Section 13.08 Governing Law.

         THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

         Section 13.09 No Adverse Interpretation of Other Agreements.

         This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

         Section 13.10 Successors.

         All agreements of the Company in this Indenture and the Notes will bind
its successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its
successors, except as otherwise provided in Section 11.06.

         Section 13.11 Severability.

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

         Section 13.12 Counterpart Originals.

         The parties may sign any number of copies of this Indenture. Each
signed copy will be an original, but all of them together represent the same
agreement.

         Section 13.13 Table of Contents, Headings, etc.

         The Table of Contents, Cross-Reference Table and Headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no
way modify or restrict any of the terms or provisions hereof.

                         [Signatures on following page]

<PAGE>

                                     -115-

                                   SIGNATURES

Dated as of June 20, 2002

                                        METALDYNE CORPORATION

                                        By:  /s/ R. JEFFREY POLLOCK
                                             -----------------------------------
                                             Name:  R. Jeffrey Pollock
                                             Title: Secretary

                                        EACH OF THE GUARANTORS LISTED ON
                                         SCHEDULE I HERETO:

                                        By:  /s/ R. JEFFREY POLLOCK
                                             -----------------------------------
                                             Name:  R. Jeffrey Pollock
                                             Title: Secretary

                                        THE BANK OF NEW YORK, as Trustee

                                        By: /s/ MARY LAGUMINA
                                            ------------------------------------
                                            Name:  Mary LaGumina
                                            Title: Vice President

<PAGE>

                                   SCHEDULE I

                             SCHEDULE OF GUARANTORS

         The following schedule list each Guarantor under the Indenture as of
the date of the Indenture:

                              ER Acquisition Corp.
                              GMTI Holding Company
                         Halyard Aviation Services, Inc.
                             MASG Disposition, Inc.
                        MASX Energy Services Group, Inc.
                       Metaldyne Accura Tool & Mold, Inc.
                              Metaldyne Company LLC
                    Metaldyne DuPage Die Casting Corporation
                             Metaldyne Europe, Inc.
                        Metaldyne European Holdings Inc.
                  Metaldyne Lester Precision Die Casting, Inc.
                      Metaldyne Light Metals Company, Inc.
                 Metaldyne Machining and Assembly Company, Inc.
                  Metaldyne Precision Forming-Fort Wayne, Inc.
                            Metaldyne Services, Inc.
                 Metaldyne Sintered Components of Indiana, Inc.
                       Metaldyne Sintered Components, Inc.
                        Metaldyne Tubular Products, Inc.
                           Metaldyne U.S. Holding Co.
                         Precision Headed Products, Inc.
                               Punchcraft Company
                            Stahl International, Inc.
                               W.C. McCurdy & Co.
                             Windfall Products, Inc.
                        Windfall Specialty Powders, Inc.
                                   WIPCO, Inc.

                                      I-1

<PAGE>

                                                                       EXHIBIT A

                                 [Face of Note]

--------------------------------------------------------------------------------

                                                         CUSIP/CINS
                                                                   -------------

          11% [Series A] [Series B] Senior Subordinated Notes due 2012

No.                                                               $
   -------                                                         -------------
                              METALDYNE CORPORATION

promises to pay to CEDE & CO.
                   ----------
or registered assigns,

the principal sum of
                     -----------------------------------------------------------
Dollars on June 15, 2012.

Interest Payment Dates:  June 15 and December 15

Record Dates:  June 1 and December 1

Dated:  June 20, 2002

                                      METALDYNE CORPORATION

                                      By:
                                           -------------------------------------
                                           Name:
                                           Title:

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

THE BANK OF NEW YORK,
   as Trustee

By:
     ------------------------------------
           Authorized Signatory

--------------------------------------------------------------------------------

                                      A-1

<PAGE>

                                 [Back of Note]
          11% [Series A] [Series B] Senior Subordinated Notes due 2012

[Insert the Global Note Legend, if applicable pursuant to the provisions of the
 Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions
of the Indenture]

         Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated.

                (1)  INTEREST. Metaldyne Corporation, a Delaware corporation
         (the "Company"), promises to pay interest on the principal amount of
         this Note at 11% per annum from June 20, 2002 until maturity and shall
         pay the Liquidated Damages, if any, payable pursuant to Section 2(d)
         of the Registration Rights Agreement referred to below. The Company
         will pay interest and Liquidated Damages, if any, semi-annually in
         arrears on June 15 and December 15 of each year, or if any such day is
         not a Business Day, on the next succeeding Business Day (each, an
         "Interest Payment Date"). Interest on the Notes will accrue from the
         most recent date to which interest has been paid or, if no interest
         has been paid, from the date of issuance; provided that if there is no
         existing Default in the payment of interest, and if this Note is
         authenticated between a record date referred to on the face hereof and
         the next succeeding Interest Payment Date, interest shall accrue from
         such next succeeding Interest Payment Date; provided, further, that
         the first Interest Payment Date shall be December 15, 2002. The
         Company will 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 at a rate that is 1% per annum in
         excess of the rate then in effect; it will pay interest (including
         post-petition interest in any proceeding under any Bankruptcy Law) on
         overdue installments of interest and Liquidated Damages, if any,
         (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.

                (2)  METHOD OF PAYMENT. The Company will pay interest on the
         Notes (except defaulted interest) and Liquidated Damages, if any, to
         the Persons who are registered Holders of Notes at the close of
         business on the June 1 or December 1 next preceding the Interest
         Payment Date, even if such Notes are canceled after such record date
         and on or before such Interest Payment Date, except as provided in
         Section 2.12 of the Indenture with respect to defaulted interest. The
         Notes will be payable as to principal, premium and Liquidated Damages,
         if any, and interest at the office or agency of the Company maintained
         for such purpose within or without the City and State of New York, or,
         at the option of the Company, payment of interest and Liquidated
         Damages, if any, may be made by check mailed to the Holders at their
         addresses

                                      A-2

<PAGE>

         set forth in the register of Holders; provided that payment by wire
         transfer of immediately available funds will be required with respect
         to principal of and interest, premium and Liquidated Damages, if any,
         on, all Global Notes and all other Notes the Holders of which will
         have provided wire transfer instructions to the Company or the Paying
         Agent. Such payment will be in such coin or currency of the United
         States of America as at the time of payment is legal tender for
         payment of public and private debts.

                (3)  PAYING AGENT AND REGISTRAR. Initially, The Bank of New
         York, the Trustee under the Indenture, will act as Paying Agent and
         Registrar. The Company may change any Paying Agent or Registrar without
         notice to any Holder. The Company or any of its Subsidiaries may act in
         any such capacity.

                (4)  INDENTURE. The Company issued the Notes under an Indenture
         dated as of June 20, 2002 (the "Indenture") among the Company, the
         Guarantors and the Trustee. The terms of the Notes include those stated
         in the Indenture and those made part of the Indenture by reference to
         the Trust Indenture Act of 1939, as amended (15 U.S. Code ss.ss.
         77aaa-77bbbb). The Notes are subject to all such terms, and Holders are
         referred to the Indenture and such Act for a statement of such terms.
         To the extent any provision of this Note conflicts with the express
         provisions of the Indenture, the provisions of the Indenture shall
         govern and be controlling. The Initial Notes are unsecured obligations
         of the Company limited to $250,000,000 in aggregate principal amount,
         plus amounts, if any, issued to pay Liquidated Damages on outstanding
         Notes as set forth in Paragraph 2 hereof. In addition, the Company
         shall be entitled, subject to its compliance with Section 4.09 of the
         Indenture, to issue Additional Notes.

                (5)  Optional Redemption.

                     (a)  Except as set forth in subparagraph (b) of this
                Paragraph 5, the Company will not have the option to redeem the
                Notes prior to June 15, 2007. Thereafter, the Company will have
                the option to redeem the Notes, 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 and Liquidated Damages,
                if any, thereon to the applicable redemption date, if redeemed
                during the twelve-month period beginning on June 15 of the years
                indicated below:

        Year                                                 Percentage
        ----                                                 ----------
        2007...........................................      105.500%
        2008...........................................      103.667%
        2009...........................................      101.833%
        2010 and thereafter............................      100.000%

                                      A-3
<PAGE>

                     (b)  Notwithstanding the provisions of subparagraph (a) of
                this Paragraph 5, at any time prior to June 15, 2005, the
                Company may on one or more occasions redeem up to 35% of the
                aggregate principal amount of Notes issued under the Indenture
                at a redemption price equal to 111% of the aggregate principal
                amount, plus accrued and unpaid interest and Liquidated Damages,
                if any to the redemption date, with the net cash proceeds of one
                or more Equity Offerings; provided that (1) at least 65% in
                aggregate principal amount of the Notes issued under the
                Indenture remains outstanding immediately after the occurrence
                of such redemption and that such redemption (excluding Notes
                held by the Company and its Subsidiaries); and (2) the
                redemption occurs within 120 days of the date of the closing of
                such Equity Offering.

                (6)  Mandatory Redemption.

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

                (7)  Repurchase at Option of Holder.

                     (a)  If there is a Change of Control, the Company will be
                required to make an offer (a "Change of Control Offer") to
                repurchase all or any part (equal to $1,000 or an integral
                multiple thereof) of each Holder's Notes at a purchase price
                equal to 101% of the aggregate principal amount thereof plus
                accrued and unpaid interest and Liquidated Damages thereon, if
                any, to the date of purchase (the "Change of Control Payment").
                Within 15 days following any Change of Control, the Company will
                mail a notice to each Holder setting forth the procedures
                governing the Change of Control Offer as required by the
                Indenture.

                     (b)  If the Company or a Subsidiary consummates any Asset
                Sales, within five days of each date on which the aggregate
                amount of Excess Proceeds exceeds $25.0 million, the Company
                will commence an offer to all Holders of Notes and all holders
                of other Indebtedness that is pari passu with the Notes
                containing provisions similar to those set forth in the
                Indenture with respect to offers to purchase or redeem with the
                proceeds of sales of assets (an "Asset Sale Offer") pursuant to
                Section 3.09 of the Indenture to purchase the maximum principal
                amount of Notes (including any Additional Notes) and other pari
                passu Indebtedness that may be purchased out of the Excess
                Proceeds at an offer price in cash in an amount equal to 100% of
                the principal amount thereof plus accrued and unpaid interest
                and Liquidated Damages thereon, if any, to the date fixed for
                the closing of such offer, in accordance with the procedures set
                forth in the Indenture. To the extent that the aggregate

                                      A-4
<PAGE>

                amount of Notes (including any Additional Notes) and other
                pari passu Indebtedness tendered pursuant to an Asset Sale
                Offer is less than the Excess Proceeds, the Company (or such
                Subsidiary) may use such deficiency for any purpose not
                otherwise prohibited by the Indenture. If the aggregate
                principal amount of Notes and other pari passu Indebtedness
                surrendered by holders thereof exceeds the amount of Excess
                Proceeds, the Trustee shall select the Notes and other pari
                passu Indebtedness to be purchased on a pro rata basis.
                Holders of Notes that are the subject of an offer to
                purchase will receive an Asset Sale Offer from the Company
                prior to any related purchase date and may elect to have
                such Notes purchased by completing the form entitled "Option
                of Holder to Elect Purchase" on the reverse of the Notes.

                (8)  NOTICE OF REDEMPTION. Notice of redemption will be mailed
         at least 30 days but not more than 60 days before the redemption date
         to each Holder whose Notes are to be redeemed at its registered
         address. Notes in denominations larger than $1,000 may be redeemed in
         part but only in whole multiples of $1,000, unless all of the Notes
         held by a Holder are to be redeemed. On and after the redemption date
         interest ceases to accrue on Notes or portions thereof called for
         redemption.

                (9)  DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
         registered form without coupons in denominations of $1,000 and integral
         multiples of $1,000. The transfer of Notes may be registered and Notes
         may be exchanged as provided in the Indenture. The Registrar and the
         Trustee may require a Holder, among other things, to furnish
         appropriate endorsements and transfer documents and the Company may
         require a Holder to pay any taxes and fees required by law or permitted
         by the Indenture. The Company need not exchange or register the
         transfer of any Note or portion of a Note selected for redemption,
         except for the unredeemed portion of any Note being redeemed in part.
         Also, the Company need not exchange or register the transfer of any
         Notes for a period of 15 days before a selection of Notes to be
         redeemed or during the period between a record date and the
         corresponding Interest Payment Date.

                (10) PERSONS DEEMED OWNERS. The registered Holder of a Note
         may be treated as its owner for all purposes.

                (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
         exceptions, the Indenture, the Note Guarantees or the Notes may be
         amended or supplemented with the consent of the Holders of at least a
         majority in principal amount of the then outstanding Notes and
         Additional Notes, if any, voting as a single class, and any existing
         default or compliance with any provision of the Indenture, the Note
         Guarantees or the Notes may be waived with the consent of the Holders
         of a majority in principal amount of the then outstanding Notes and
         Additional Notes, if any, voting as a single class. Without the consent
         of any Holder of a Note, the Indenture, the Note

                                      A-5
<PAGE>

         Guarantees or the Notes may be amended or supplemented to cure any
         ambiguity, defect or inconsistency, to provide for uncertificated
         Notes in addition to or in place of certificated Notes, to provide for
         the assumption of the Company's or any Guarantor's obligations to
         Holders of the Notes in case of a merger or consolidation, to make any
         change that would provide any additional rights or benefits to the
         Holders of the Notes or that does not adversely affect the legal
         rights under the Indenture of any such Holder, to comply with the
         requirements of the SEC in order to effect or maintain the
         qualification of the Indenture under the Trust Indenture Act, to
         provide for the Issuance of Additional Notes in accordance with the
         limitations set forth in the Indenture, or to allow any Guarantor to
         execute a supplemental indenture to the Indenture and/or a Note
         Guarantee with respect to the Notes.

                (12) DEFAULTS AND REMEDIES.  Events of Default and Remedies
         include those as set forth in Article 6 of the Indenture.

                (13) SUBORDINATION. Payment of principal, interest and premium
         and Liquidated Damages, if any, on the Notes is subordinated to the
         prior payment of Senior Debt on the terms provided in the Indenture.

                (14) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its
         individual or any other capacity, may make loans to, accept deposits
         from, and perform services for the Company or its Affiliates, and may
         otherwise deal with the Company or its Affiliates, as if it were not
         the Trustee.

                (15) NO RECOURSE AGAINST OTHERS. A director, officer,
         employee, incorporator or stockholder, of the Company or any of the
         Guarantors, as such, will not have any liability for any obligations of
         the Company or such Guarantor under the Notes, the Note Guarantees or
         the Indenture or for any claim based on, in respect of, or by reason
         of, such obligations or their creation. Each Holder by accepting a Note
         waives and releases all such liability. The waiver and release are part
         of the consideration for the issuance of the Notes.

                (16) AUTHENTICATION. This Note will not be valid until
         authenticated by the manual signature of the Trustee or an
         authenticating agent.

                (17) ABBREVIATIONS. Customary abbreviations may be used in the
         name of a Holder or an assignee, such as: TEN COM (= tenants in
         common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants
         with right of survivorship and not as tenants in common), CUST (=
         Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

                (18) ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES
         AND RESTRICTED DEFINITIVE NOTES. In addition to the rights pro-

                                      A-6
<PAGE>

         vided to Holders of Notes under the Indenture, Holders of Restricted
         Global Notes and Restricted Definitive Notes will have all the rights
         set forth in the A/B Exchange Registration Rights Agreement dated as
         of June 20, 2002, among the Company, the Guarantors and the other
         parties named on the signature pages thereof or, in the case of
         Additional Notes, Holders of Restricted Global Notes and Restricted
         Definitive Notes will have the rights set forth in one or more
         registration rights agreements, if any, among the Company, the
         Guarantors and the other parties thereto, relating to rights given by
         the Company and the Guarantors to the purchasers of any Additional
         Notes (collectively, the "Registration Rights Agreement").

                (19) CUSIP NUMBERS. Pursuant to a recommendation promulgated
         by the Committee on Uniform Security Identification Procedures, the
         Company has caused CUSIP numbers to be printed on the Notes and the
         Trustee may use CUSIP numbers in notices of redemption as a convenience
         to Holders. No representation is made as to the accuracy of such
         numbers either as printed on the Notes or as contained in any notice of
         redemption and reliance may be placed only on the other identification
         numbers placed thereon.

                (20) GOVERNING LAW. The internal law of the State of New York
         will govern and be used to construe the Notes without giving effect to
         applicable principles of conflicts of law to the extent that the
         application of the laws of another jurisdiction would be required
         thereby.

         The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to:

         Metaldyne Corporation
         47603 Halyard Drive
         Plymouth, Michigan  48170
         Attention:  Chief Financial Officer

                                      A-7
<PAGE>

                                                                       EXHIBIT A

                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:
                                              ----------------------------------
                                                (Insert assignee's legal name)

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. no.)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
               (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Company.  The agent may substitute
another to act for him.

Date:
     ------------------
                               Your Signature:
                                              ----------------------------------
                                              (Sign exactly as your name appears
                                               on the face of this Note)

Signature Guarantee*:
                     ------------------------

* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

                                       A-1

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note purchased by the Company
pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box
below:

                o  Section 4.10      o  Section 4.14

         If you want to elect to have only part of the Note purchased by the
Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the
amount you elect to have purchased:

                                                     $
                                                      -------------

Date:
     --------------------
                                 Your Signature:
                                               ---------------------------------
                                              (Sign exactly as your name appears
                                               on the face of this Note)

                                 Tax Identification No.:
                                                        ------------------------

Signature Guarantee*:
                     ----------------------------

* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

                                       A-2

<PAGE>

             SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

         The following exchanges of a part of this Global Note for an interest
in another Global Note or for a Definitive Note, or exchanges of a part of
another Global Note or Definitive Note for an interest in this Global Note, have
been made:

<TABLE>
<CAPTION>

                                                                           Principal Amount
                           Amount of decrease    Amount of increase in    of this Global Note        Signature of
                           in Principal Amount      Principal Amount        following such        authorized officer
                                   of                      of                  decrease              of Trustee or
Date of Exchange            this Global Note        this Global Note         (or increase)            Custodian
----------------            ----------------        ----------------         -------------            ---------
<S>                         <C>                   <C>                      <C>                    <C>

</TABLE>

* This schedule should be included only if the Note is issued in global form.

                                      A-3

<PAGE>

                                                                       EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Metaldyne Corporation
47603 Halyard Drive
Plymouth, Michigan  48170

The Bank of New York
101 Barclay Street
New York, New York  10286

                   Re: 11% Senior Subordinated Notes due 2012
                       --------------------------------------

         Reference is hereby made to the Indenture, dated as of June 20, 2002
(the "Indenture"), among Metaldyne Corporation, as issuer (the "Company"), the
Guarantors named on the signature pages thereto and The Bank of New York, as
trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

         ___________________, (the "Transferor") owns and proposes to transfer
the Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of $___________ in such Note[s] or interests (the "Transfer"),
to ________________________ (the "Transferee"), as further specified in Annex A
hereto. In connection with the Transfer, the Transferor hereby certifies that:

                             [CHECK ALL THAT APPLY]

         1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer
is being effected pursuant to and in accordance with Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive
Note is being transferred to a Person that the Transferor reasonably believed
and believes is purchasing the beneficial interest or Definitive Note for its
own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a
"qualified institutional buyer" within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and the Securities Act.

                                      B-1

<PAGE>

         2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S.
The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a Person in the
United States and (x) at the time the buy order was originated, the Transferee
was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act and (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act. Upon consummation of the proposed transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will be subject to the restrictions on Transfer enumerated in the Private
Placement Legend printed on the Regulation S Global Note, and/or the Definitive
Note and in the Indenture and the Securities Act.

         3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE IAI GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The
Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and
any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

                (a)  [ ]  such Transfer is being effected pursuant to and in
         accordance with Rule 144 under the Securities Act;

                                       or

                (b)  [ ]  such Transfer is being effected to the Company or a
         subsidiary thereof;

                                       or

                (c)  [ ] such Transfer is being effected pursuant to an
         effective registration statement under the Securities Act and in
         compliance with the prospectus delivery requirements of the Securities
         Act;

                                       or

                                      B-2

<PAGE>

                (d)  [ ]  such Transfer is being effected to an Institutional
         Accredited Investor and pursuant to an exemption from the registration
         requirements of the Securities Act other than Rule 144A, Rule 144 or
         Rule 904, and the Transferor hereby further certifies that it has not
         engaged in any general solicitation within the meaning of Regulation D
         under the Securities Act and the Transfer complies with the transfer
         restrictions applicable to beneficial interests in a Restricted Global
         Note or Restricted Definitive Notes and the requirements of the
         exemption claimed, which certification is supported by (1) a
         certificate executed by the Transferee in the form of Exhibit D to the
         Indenture and (2) if such Transfer is in respect of a principal amount
         of Notes at the time of transfer of less than $250,000, an Opinion of
         Counsel provided by the Transferor or the Transferee (a copy of which
         the Transferor has attached to this certification), to the effect that
         such Transfer is in compliance with the Securities Act. Upon
         consummation of the proposed transfer in accordance with the terms of
         the Indenture, the transferred beneficial interest or Definitive Note
         will be subject to the restrictions on transfer enumerated in the
         Private Placement Legend printed on the IAI Global Note and/or the
         Definitive Notes and in the Indenture and the Securities Act.

         4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

         (a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

         (b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer
is being effected pursuant to and in accordance with Rule 903 or Rule 904 under
the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

         (c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The
Transfer is being effected pursuant to and in compliance with an exemption from
the registration require-

                                      B-3

<PAGE>

ments of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in
compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii)
the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will not be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                                --------------------------------
                                                [Insert Name of Transferor]

                                                By:
                                                   -----------------------------
                                                   Name:
                                                   Title:

Dated:
       --------------------------------

                                      B-4

<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

                1.   The Transferor owns and proposes to transfer the following:

                                   [CHECK ONE OF (a) OR (b)]

                                        (a) [ ]  a beneficial interest in the:

                         (i)   [ ]  144A Global Note (CUSIP _________), or

                         (ii)  [ ]  Regulation S Global Note (CUSIP _________),
                                    or

                         (iii) [ ]  IAI Global Note (CUSIP _________); or

                     (b) [ ] a Restricted Definitive Note.

                2.   After the Transfer the Transferee will hold:

                                       [CHECK ONE]

                     (a) [ ] a beneficial interest in the:

                         (i)   [ ]  144A Global Note (CUSIP _________), or

                         (ii)  [ ]  Regulation S Global Note (CUSIP _________),
                                    or

                         (iii) [ ]  IAI Global Note (CUSIP _________); or

                         (iv)  [ ]  Unrestricted Global Note (CUSIP _________);
                                    or

                     (b) [ ] a Restricted Definitive Note; or

                     (c) [ ] an Unrestricted Definitive Note,

                     in accordance with the terms of the Indenture.

                                      B-5

<PAGE>

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Metaldyne Corporation
47603 Halyard Drive
Plymouth, Michigan 48170

The Bank of New York
101 Barclay Street
New York, New York 10286

                   Re: 11% Senior Subordinated Notes due 2012
                       --------------------------------------

                               (CUSIP ____________)

         Reference is hereby made to the Indenture, dated as of June 20, 2002
(the "Indenture"), among Metaldyne Corporation, as issuer (the "Company"), the
Guarantors named on the signature pages thereto and The Bank of New York, as
trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

         __________________________ (the "Owner"), owns and proposes to exchange
the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $____________ in such Note[s] or interests (the "Exchange"). In
connection with the Exchange, the Owner hereby certifies that:

         1.      EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE.

         (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection
with the Exchange of the Owner's beneficial interest in a Restricted Global Note
for a beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner's own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the Securities Act of 1933, as
amended (the "Securities Act"), (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in
an Unrestricted Global Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

                                      C-1

<PAGE>

         (b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of
the Owner's beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner's own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

         (c) [ ]CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an
Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

         (d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

         2.  EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN
RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN RESTRICTED GLOBAL NOTES.

         (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of
the Owner's beneficial interest in a Restricted Global Note for a Restricted
Definitive Note with an equal principal amount, the Owner hereby certifies that
the Restricted Definitive Note is being acquired for the Owner's own account
without transfer. Upon consummation of the proposed Exchange in

                                      C-2

<PAGE>

accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Definitive Note and in
the Indenture and the Securities Act.

         (b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange
of the Owner's Restricted Definitive Note for a beneficial interest in the
[CHECK ONE] 144A Global Note, Regulation S Global Note, IAI Global Note with an
equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

                                             -----------------------------------
                                             [Insert Name of Transferor]

                                             By:
                                                  ------------------------------
                                                  Name:
                                                  Title:

Dated:
        -------------------------------

                                      C-3

<PAGE>

                                                                       EXHIBIT D

                            FORM OF CERTIFICATE FROM
                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Metaldyne Corporation
47603 Halyard Drive
Plymouth, Michigan 48170

The Bank of New York
101 Barclay Street
New York, New York 10286

                   Re: 11% Senior Subordinated Notes due 2012
                       ---------------------------------------

         Reference is hereby made to the Indenture, dated as of June 20, 2002
(the "Indenture"), among Metaldyne Corporation, as issuer (the "Company"), the
guarantors named on the signature pages thereto and The Bank of New York, as
trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

         In connection with our proposed purchase of $____________ aggregate
principal amount of:

         (a) [ ]  a beneficial interest in a Global Note, or

         (b) [ ]  a Definitive Note,

         we confirm that:

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

         2.    We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes and any interest therein
may not be offered or sold except as permitted in the following sentence. We
agree, on our own behalf and on behalf of any accounts for which we are acting
as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Company or any subsidiary thereof, (B) in
accordance with Rule 144A under the Securities Act to a "qualified institutional
buyer" (as defined therein), (C) to an institutional "accredited investor" (as
defined below) that, prior to

                                      D-1

<PAGE>

such transfer, furnishes (or has furnished on its behalf by a U.S.
broker-dealer) to you and to the Company a signed letter substantially in the
form of this letter and , if such transfer is in respect of a principal amount
of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel
in form reasonably acceptable to the Company to the effect that such transfer is
in compliance with the Securities Act, (D) outside the United States in
accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant
to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any Person purchasing the Definitive Note or beneficial interest
in a Global Note from us in a transaction meeting the requirements of clauses
(A) through (E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

         3.    We understand that, on any proposed resale of the Notes or
beneficial interest therein, we will be required to furnish to you and the
Company such certifications, legal opinions and other information as you and the
Company may reasonably require to confirm that the proposed sale complies with
the foregoing restrictions. We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

         4.    We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we and
any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

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

         You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby.

                                      ------------------------------------------
                                      [Insert Name of Accredited Investor]

                                      By:
                                           -------------------------------------
                                           Name:
                                           Title:

Dated:
       ---------------------------

                                      D-2

<PAGE>

                                                                       EXHIBIT E

                         FORM OF NOTATION OF GUARANTEE

         For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture dated as of June 20, 2002 (the "Indenture") among
Metaldyne Corporation (the "Company"), the Guarantors listed on Schedule I
thereto and The Bank of New York, as trustee (the "Trustee"), (a) the due and
punctual payment of the principal of, premium and Liquidated Damages, if any,
and interest on the Notes (as defined in the Indenture), whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest
on overdue principal of and interest on the Notes, if any, if lawful, and the
due and punctual performance of all other obligations of the Company to the
Holders or the Trustee all in accordance with the terms of the Indenture and (b)
in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. The obligations of the Guarantors
to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and
the Indenture are expressly set forth in Article 11 of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Note
Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall
be bound by such provisions, (b) authorizes and directs the Trustee, on behalf
of such Holder, to take such action as may be necessary or appropriate to
effectuate the subordination as provided in the Indenture and (c) appoints the
Trustee attorney-in-fact of such Holder for such purpose; provided, however,
that the Indebtedness evidenced by this Note Guarantee shall cease to be so
subordinated and subject in right of payment upon any defeasance of this Note in
accordance with the provisions of the Indenture.

                               EACH OF THE GUARANTORS LISTED ON SCHEDULE
                               I HERETO:

                               By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                      E-1

<PAGE>

                                                                       EXHIBIT E

                                   SCHEDULE I

                              ER Acquisition Corp.
                              GMTI Holding Company
                         Halyard Aviation Services, Inc.
                             MASG Disposition, Inc.
                        MASX Energy Services Group, Inc.
                       Metaldyne Accura Tool & Mold, Inc.
                              Metaldyne Company LLC
                    Metaldyne DuPage Die Casting Corporation
                             Metaldyne Europe, Inc.
                        Metaldyne European Holdings Inc.
                  Metaldyne Lester Precision Die Casting, Inc.
                      Metaldyne Light Metals Company, Inc.
                 Metaldyne Machining and Assembly Company, Inc.
                  Metaldyne Precision Forming-Fort Wayne, Inc.
                            Metaldyne Services, Inc.
                 Metaldyne Sintered Components of Indiana, Inc.
                       Metaldyne Sintered Components, Inc.
                        Metaldyne Tubular Products, Inc.
                           Metaldyne U.S. Holding Co.
                         Precision Headed Products, Inc.
                               Punchcraft Company
                            Stahl International, Inc.
                               W.C. McCurdy & Co.
                             Windfall Products, Inc.
                        Windfall Specialty Powders, Inc.
                                   WIPCO, Inc.

                                      E-2

<PAGE>

                                                                       EXHIBIT F

                         [FORM OF SUPPLEMENTAL INDENTURE
                    TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

         SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
________________, 200__, among __________________ (the "Guaranteeing
Subsidiary"), a subsidiary of Metaldyne Corporation (or its permitted
successor), a Delaware corporation (the "Company"), the Company, the other
Guarantors (as defined in the Indenture referred to herein) and The Bank of New
York, as trustee under the Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

         WHEREAS, the Company has heretofore executed and delivered to the
Trustee an Indenture (the "Indenture"), dated as of June 20, 2002 providing for
the issuance of an aggregate principal amount of up to $250,000,000 of 11%
Senior Subordinated Notes due 2012 (the "Notes");

         WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Company's Obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "Note Guarantee"); and

         WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

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

         1.     CAPITALIZED TERMS.  Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

         2.     AGREEMENT TO GUARANTEE.  The Guaranteeing Subsidiary hereby
agrees as follows:

                (a)  Along with all Guarantors named in the Indenture, to
         jointly and severally Guarantee to each Holder of a Note authenticated
         and delivered by the Trustee and

                                      F-1

<PAGE>

         to the Trustee and its successors and assigns, the Notes or the
         obligations of the Company hereunder or thereunder, that:

                     (i)  the principal of, and premium and Liquidated Damages,
                if any, and interest on the Notes will be promptly paid in full
                when due, whether at maturity, by acceleration, redemption or
                otherwise, and interest on the overdue principal of and interest
                on the Notes, if any, if lawful, and all other obligations of
                the Company to the Holders or the Trustee hereunder or
                thereunder will be promptly paid in full or performed, all in
                accordance with the terms hereof and thereof; and

                     (ii)  in case of any extension of time of payment or
                renewal of any Notes or any of such other obligations, that
                same will be promptly paid in full when due or performed in
                accordance with the terms of the extension or renewal,
                whether at stated maturity, by acceleration or otherwise.
                Failing payment when due of any amount so guaranteed or any
                performance so guaranteed for whatever reason, the
                Guarantors shall be jointly and severally obligated to pay
                the same immediately.

                (b)  The obligations hereunder shall be unconditional,
         irrespective of the validity, regularity or enforceability of the Notes
         or the Indenture, the absence of any action to enforce the same, any
         waiver or consent by any Holder of the Notes with respect to any
         provisions hereof or thereof, the recovery of any judgment against the
         Company, any action to enforce the same or any other circumstance which
         might otherwise constitute a legal or equitable discharge or defense of
         a Guarantor.

                (c)  The following is hereby waived: diligence, presentment,
         demand of payment, filing of claims with a court in the event of
         insolvency or bankruptcy of the Company, any right to require a
         proceeding first against the Company, protest, notice and all demands
         whatsoever.

                (d)  This Note Guarantee shall not be discharged except by
         complete performance of the obligations contained in the Notes and the
         Indenture, and the Guaranteeing Subsidiary accepts all obligations of a
         Guarantor under the Indenture.

                (e)  If any Holder or the Trustee is required by any court or
         otherwise to return to the Company, the Guarantors, or any custodian,
         trustee, liquidator or other similar official acting in relation to
         either the Company or the Guarantors, any amount paid by either to the
         Trustee or such Holder, this Note Guarantee, to the extent theretofore
         discharged, shall be reinstated in full force and effect.

                                      F-2

<PAGE>

                (f)  The Guaranteeing Subsidiary shall not be entitled to any
         right of subrogation in relation to the Holders in respect of any
         obligations guaranteed hereby until payment in full of all obligations
         guaranteed hereby.

                (g)  As between the Guarantors, on the one hand, and the Holders
         and the Trustee, on the other hand, (x) the maturity of the obligations
         guaranteed hereby may be accelerated as provided in Article 6 of the
         Indenture 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 (y) in the event of
         any declaration of acceleration of such obligations as provided in
         Article 6 of the Indenture, such obligations (whether or not due and
         payable) shall forthwith become due and payable by the Guarantors for
         the purpose of this Note Guarantee.

                (h)  The Guarantors shall have the right to seek contribution
         from any non-paying Guarantor so long as the exercise of such right
         does not impair the rights of the Holders under the Note Guarantee.

                (i)  Pursuant to Section 10.02 of the Indenture, after giving
         effect to any maximum amount and all other contingent and fixed
         liabilities that are relevant under any applicable Bankruptcy or
         fraudulent conveyance laws, and after giving effect to any collections
         from, rights to receive contribution from or payments made by or on
         behalf of any other Guarantor in respect of the obligations of such
         other Guarantor under Article 10 of the Indenture, this new Note
         Guarantee shall be limited to the maximum amount permissible such that
         the obligations of such Guarantor under this Note Guarantee will not
         constitute a fraudulent transfer or conveyance.

         3.     EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees that
the Note Guarantees shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Note Guarantee.

         4.     GUARANTEEING SUBSIDIARY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.

                (a)  The Guaranteeing Subsidiary may not sell or otherwise
         dispose of all substantially all of its assets to, or consolidate with
         or merge with or into (whether or not such Guarantor is the surviving
         Person) another Person, other than the Company or another Guarantor
         unless:

                     (i)  immediately after giving effect to such transaction,
                no Default or Event of Default exists; and

                     (ii)  either (A) subject to Sections 11.05 and 11.06 of the
                Indenture, the Person acquiring the property in any such sale or
                disposition or the Person formed by or surviving any such
                consolidation or merger unconditionally as-

                                      F-3

<PAGE>

                sumes all the obligations of that Guarantor, pursuant to a
                supplemental indenture in form and substance reasonably
                satisfactory to the Trustee, under the Notes, the Indenture and
                the Note Guarantee on the terms set forth herein or therein; or
                (B) the Net Proceeds of such sale or other disposition are
                applied in accordance with the applicable provisions of the
                Indenture, including without limitation, Section 4.10 thereof.

                (b)  In case of any such consolidation, merger, sale or
         conveyance and upon the assumption by the successor Person, by
         supplemental indenture, executed and delivered to the Trustee and
         satisfactory in form to the Trustee, of the Note Guarantee endorsed
         upon the Notes and the due and punctual performance of all of the
         covenants and conditions of the Indenture to be performed by the
         Guarantor, such successor Person shall succeed to and be substituted
         for the Guarantor with the same effect as if it had been named herein
         as a Guarantor. Such successor Person thereupon may cause to be signed
         any or all of the Note Guarantees to be endorsed upon all of the Notes
         issuable under the Indenture which theretofore shall not have been
         signed by the Company and delivered to the Trustee. All the Note
         Guarantees so issued shall in all respects have the same legal rank and
         benefit under the Indenture as the Note Guarantees theretofore and
         thereafter issued in accordance with the terms of the Indenture as
         though all of such Note Guarantees had been issued at the date of the
         execution hereof.

                (c)  Except as set forth in Articles 4 and 5 and Section 11.06
         of the Indenture, and notwithstanding clauses (a) and (b) above,
         nothing contained in the Indenture or in any of the Notes shall
         prevent any consolidation or merger of a Guarantor with or into the
         Company 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 Company or another Guarantor.

         5.     RELEASES.

                (a)  In the event of any sale or other disposition of all or
         substantially all of the assets of any Guarantor, by way of merger,
         consolidation or otherwise, or a sale or other disposition of all of
         the capital stock of any Guarantor, in each case to a Person that is
         not (either before or after giving effect to such transaction) a
         Restricted Subsidiary of the Company, then such Guarantor (in the event
         of a sale or other disposition, by way of merger, consolidation or
         otherwise, of all of the capital stock of such Guarantor) or the
         corporation acquiring the property (in the event of a sale or other
         disposition of all or substantially all of the assets of such
         Guarantor) will be released and relieved of any obligations under its
         Note Guarantee; provided that the Net Proceeds of such sale or other
         disposition are applied in accordance with the applicable provisions of
         the Indenture, including without limitation Section 4.10 of the
         Indenture. Upon delivery by the Company to the Trustee of an Officers'
         Certificate and an Opinion of Counsel to the effect that such sale or
         other disposition was made by the Company in accor-

                                      F-4

<PAGE>

         dance with the provisions of the Indenture, including without
         limitation Section 4.10 of the Indenture, the Trustee shall execute
         any documents reasonably required in order to evidence the release of
         any Guarantor from its obligations under its Note Guarantee.

                (b)  Any Guarantor not released from its obligations under its
         Note Guarantee shall remain liable for the full amount of principal of
         and interest on the Notes and for the other obligations of any
         Guarantor under the Indenture as provided in Article 11 of the
         Indenture.

         6.     NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Company
or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the
Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of the
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. Such waiver may
not be effective to waive liabilities under the federal securities laws and it
is the view of the SEC that such a waiver is against public policy.

         7.     NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

         8.     COUNTERPARTS. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

         9.     EFFECT OF HEADINGS.  The Section headings herein are for
convenience only and shall not affect the construction hereof.

         10.    THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiary and the Company.

                                      F-5

<PAGE>

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

Dated:            , 20
      ------------    -----

                                         [GUARANTEEING SUBSIDIARY]

                                         By:
                                              ---------------------------------
                                              Name:
                                              Title:

                                         Metaldyne Corporation

                                         By:
                                              ---------------------------------
                                              Name:
                                              Title:

                                         EXISTING GUARANTORS LISTED ON
                                         SCHEDULE I HERETO:

                                         By:
                                              ---------------------------------
                                              Name:
                                              Title:

                                         THE BANK OF NEW YORK,
                                         as Trustee

                                         By:
                                              ---------------------------------
                                              Authorized Signatory

                                      F-6

<PAGE>

                                                                       EXHIBIT F

                                   SCHEDULE I
                              ER Acquisition Corp.
                              GMTI Holding Company
                         Halyard Aviation Services, Inc.
                             MASG Disposition, Inc.
                        MASX Energy Services Group, Inc.
                       Metaldyne Accura Tool & Mold, Inc.
                              Metaldyne Company LLC
                    Metaldyne DuPage Die Casting Corporation
                             Metaldyne Europe, Inc.
                        Metaldyne European Holdings Inc.
                  Metaldyne Lester Precision Die Casting, Inc.
                      Metaldyne Light Metals Company, Inc.
                 Metaldyne Machining and Assembly Company, Inc.
                  Metaldyne Precision Forming-Fort Wayne, Inc.
                            Metaldyne Services, Inc.
                 Metaldyne Sintered Components of Indiana, Inc.
                       Metaldyne Sintered Components, Inc.
                        Metaldyne Tubular Products, Inc.
                           Metaldyne U.S. Holding Co.
                         Precision Headed Products, Inc.
                               Punchcraft Company
                            Stahl International, Inc.
                               W.C. McCurdy & Co.
                             Windfall Products, Inc.
                        Windfall Specialty Powders, Inc.
                                   WIPCO, Inc.

                                      F-7

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