Document:

Note Purchase Agreement

    

      

       

      Modine
        Manufacturing Company

       

      

       

      $75,000,000

       

      

       

      

       

      4.91%
        Senior Notes due September 29, 2015

       

      

       

      

       

      ______________

       

      Note
        Purchase Agreement

       

      

       

      _____________

       

      

       

      Dated
        as
        of September 29, 2005

       

      

      
        
          
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      Table
        of Contents

       

      (Not
        a
        part of the Agreement)

       

      Section Heading Page

      Section 1. Authorization
        of Notes 

      Section 2. Sale
        and
        Purchase of Notes 

      Section 2.1. Purchase
        and Sale of Notes 

      Section 2.2. Subsidiary
        Guaranties 

      Section 3. Closing 

      Section 4. Conditions
        to Closing 

      Section 4.1. Representations
        and Warranties 

      Section 4.2. Performance;
        No Default 

      Section 4.3. Compliance
        Certificates 

      Section 4.4. Opinions
        of Counsel 

      Section 4.5. Purchase
        Permitted by Applicable Law, Etc. 

      Section 4.6. Sale
        of
        Other Notes 

      Section 4.7. Payment
        of Special Counsel Fees. 

      Section 4.8. Private
        Placement Number 

      Section 4.9. Changes
        in Corporate Structure 

      Section 4.10. Funding
        Instructions 

      Section 4.11. Proceedings
        and Documents 

      Section 5. Representations
        and Warranties of the Company 

      Section 5.1. Organization;
        Power and Authority 

      Section 5.2. Authorization,
        Etc. 

      Section 5.3. Disclosure 

      Section 5.4. Organization
        and Ownership of Shares of Subsidiaries 

      Section 5.5. Financial
        Statements; Material Liabilities 

      Section 5.6. Compliance
        with Laws, Other Instruments, Etc. 

      Section 5.7. Governmental
        Authorizations, Etc. 

      Section 5.8. Litigation;
        Observance of Statutes and Orders 

      Section 5.9. Taxes 

      Section 5.10. Title
        to
        Property; Leases 

      Section 5.11. Licenses,
        Permits, Etc 

      Section 5.12. Compliance
        with ERISA 

      Section 5.13. 
        Private
        Offering by the Company 

      Section 5.14. Use
        of
        Proceeds; Margin Regulations 

      Section 5.15. Existing
        Debt 

      Section 5.16. Foreign
        Assets Control Regulations, Etc. 

      Section 5.17. Status
        under Certain Statutes 

      Section 5.18. Notes
        Rank Pari Passu 

      Section 5.19. Environmental
        Matters 

      Section 6. Representations
        of the Purchasers 

      Section 6.1. Purchase
        for Investment 

      Section 6.2. Accredited
        Investor 

      Section 6.3. Source
        of
        Funds 

      Section 7. Information
        as to the Company 

      Section 7.1. Financial
        and Business Information 

      Section 7.2. Officer’s
        Certificate 

      Section 7.3. Visitation 

      Section 8. Prepayment
        of the Notes 

      Section 8.1. Required
        Prepayments 

      Section 8.2. Optional
        Prepayments with Make-Whole Amount 

      Section 8.3. Allocation
        of Partial Prepayments 

      Section 8.4. Maturity;
        Surrender, Etc. 

      Section 8.5. Purchase
        of Notes 

      Section 8.6. Make-Whole
        Amount 

      Section 9. Affirmative
        Covenants 

      Section 9.1. Compliance
        with Law 

      Section 9.2. Insurance 

      Section 9.3. Maintenance
        of Properties 

      Section 9.4. Payment
        of Taxes 

      Section 9.5. Corporate
        Existence, Etc. 

      Section 9.6. Notes
        to
        Rank Pari Passu 

      Section 9.7. Books
        and
        Records 

      Section 9.8. Guaranty
        by Subsidiaries 

      Section 9.9. Additional
        Covenant 

      Section 10. Negative
        Covenants 

      Section 10.1. Limitations
        on Consolidated Total Debt 

      Section 10.2. Limitations
        on Subsidiary Debt 

      Section 10.3. Limitation
        on Liens 

      Section
        10.4. Sale
        of
        Assets 

      Section 10.5. Mergers,
        Consolidations and Sales of Assets 

      Section 10.6. Transactions
        with Affiliates 

      Section 10.7. Line
        of
        Business 

      Section 10.8. Terrorism
        Sanctions Regulations 

      Section 11. Events
        of
        Default 

      Section 12. Remedies
        on Default, Etc. 

      Section 12.1. Acceleration 

      Section 12.2. Other
        Remedies 

      Section 12.3. Rescission 

      Section 12.4. No
        Waivers or Election of Remedies, Expenses, Etc. 

      Section 13. Registration;
        Exchange; Substitution of Notes 

      Section 13.1. Registration
        of Notes 

      Section 13.2. Transfer
        and Exchange of Notes 

      Section 13.3. Replacement
        of Notes 

      Section 14. Payments
        on Notes 

      Section 14.1. Place
        of
        Payment 

      Section 14.2. Home
        Office Payment 

      Section 15. Expenses,
        Etc. 

      Section 15.1. Transaction
        Expenses 

      Section 15.2. Survival 

      Section 16. Survival
        of Representations and Warranties; Entire Agreement 

      Section 17. Amendment
        and Waiver 

      Section 17.1. Requirements 

      Section 17.2. Solicitation
        of Holders of Notes 

      Section 17.3. Binding
        Effect, Etc. 

      Section 17.4. Notes
        held by Company, Etc. 

      Section 18. Notices 

      Section 19. Reproduction
        of Documents 

      Section 20. Confidential
        Information 

      Section 21. Substitution
        of Purchaser 

      Section 22. Miscellaneous 

      Section 22.1. Successors
        and Assigns 

      Section 22.2. Payments
        Due on Non-Business Days 

      Section 22.3. Accounting
        Terms 

      Section 22.4. Severability 

      Section 22.5. Construction,
        Etc. 

      Section 22.6. Counterparts 

      Section 22.7. Governing
        Law 

      Section 22.8. Jurisdiction
        and Process; Waiver of Jury Trial 

      Signature 

      
        
          
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      Schedule A — Information
        Relating to Purchasers

      

      Schedule B — Defined
        Terms

      

      Schedule 5.3 — Disclosure
        Materials

      

      Schedule 5.4 — Subsidiaries
        of the Company and Ownership of Subsidiary Stock

      

      Schedule 5.5 — Financial
        Statements

      

      Schedule 5.15 — Existing
        Debt

      

      Schedule 10.2 — Investments

      

      
        	
                Exhibit 1

              	
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                Form
                  of 4.91% Senior Note due September 29,
                  2015

              

      

      

      
        	
                Exhibit
                  2.2(a)

              	
                —

              	
                Form
                  of Subsidiary Guaranty

              

      

      

      
        	
                Exhibit
                  2.2(b)

              	
                —

              	
                Form
                  of Intercreditor Agreement

              

      

      

      
        	
                Exhibit 4.4(a)

              	
                —

              	
                Form
                  of Opinion of Special Counsel for the
                  Company

              

      

      

      
        	
                Exhibit 4.4(b)

              	
                —

              	
                Form
                  of Opinion of Special Counsel for the
                  Purchasers

              

      

      

      

       

      

      
        
          
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      Modine
        Manufacturing Company

      1500
        DeKoven Avenue

      Racine,
        Wisconsin 53403-2552

       

      

       

      4.91% Senior
        Notes due September 29, 2015

       

      

       

      Dated
        as
        of September 29, 2005

       

      

      To
        Each
        of the Purchasers Listed in 

      Schedule
        A Hereto:

       

      Ladies
        and Gentlemen:

       

      Modine
        Manufacturing Company,
        a
        Wisconsin corporation (the “Company”),
        agrees
        with each of the purchasers whose names appear at the end hereof (each, a
        “Purchaser”
        and,
        collectively, the “Purchasers”)
        as
        follows:

       

      
        	
                Section 1.

              	
                Authorization
                  of Notes.

              

      

       

      The
        Company will authorize the issue and sale of $75,000,000 aggregate principal
        amount of its 4.91% Senior Notes due September 29, 2015 (the “Notes”,
        such
        term to include any such notes issued in substitution therefor pursuant to
        Section 13).
        The
        Notes shall be substantially in the form set out in Exhibit 1.
        Certain
        capitalized and other terms used in this Agreement are defined in Schedule B;
        and
        references to a “Schedule”
        or an
“Exhibit”
        are,
        unless otherwise specified, to a Schedule or an Exhibit attached to this
        Agreement.

       

      
        	
                Section 2.

              	
                Sale
                  and Purchase of Notes

              

      

       

      Section
        2.1.Purchase
        and Sale of Notes. Subject
        to the terms and conditions of this Agreement, the Company will issue and
        sell
        to each Purchaser and each Purchaser will purchase from the Company, at the
        Closing provided for in Section 3,
        Notes
        in the principal amount specified opposite such Purchaser’s name in Schedule A
        at the
        purchase price of 100% of the principal amount thereof. The Purchasers’
        obligations hereunder are several and not joint obligations and no Purchaser
        shall have any liability to any Person for the performance or non-performance
        of
        any obligation by any other Purchaser hereunder.

       

      Section
        2.2.Subsidiary
        Guaranties.
        (a) The payment by the Company of all amounts due with respect to
        the Notes
        and the performance by the Company of its obligations under this Agreement
        will
        be absolutely and unconditionally guaranteed by Modine Delaware LLC, a Delaware
        limited liability company, Modine Climate Systems Inc., a Kentucky corporation,
        Thermacore International, Inc., a Pennsylvania corporation, Thermacore, Inc.,
        a
        Pennsylvania corporation, Thermal Corp., a Delaware corporation, Modine,
        Inc.,
        (formerly Modine Acquisition Corporation), a Delaware corporation, Modine
        Jackson, Inc., a Delaware corporation, Airedale Inc., a Delaware corporation,
        and Airedale North America, Inc., a Pennsylvania corporation (together with
        any
        additional Subsidiary who delivers a guaranty pursuant to Section 9.8,
        the
“Subsidiary
        Guarantors”)
        pursuant to the guaranty agreement substantially in the form of Exhibit 2.2(a)
        attached
        hereto and made a part hereof (as the same may be amended, modified, extended
        or
        renewed, the “Subsidiary
        Guaranty”).

       

      (b)The
        enforcement of the rights and benefits in respect of the Subsidiary Guaranty
        and
        the allocation of proceeds thereof shall be subject to an intercreditor
        agreement substantially in the form of Exhibit 2.2(b)
        attached
        hereto and made a part hereof (as the same may be amended, modified, extended
        or
        renewed, the “Intercreditor
        Agreement”).

       

      (c)The
        holders of the Notes acknowledge and agree that such holders will discharge
        and
        release any Subsidiary Guarantor from the Subsidiary Guaranty to which it
        is a
        party pursuant to the written request of the Company, provided
        that
        (i) such Subsidiary Guarantor has been released and discharged as
        an
        obligor and guarantor under and in respect of all Debt of the Company and
        the
        Company so certifies to the holders of the Notes in a certificate which
        accompanies such request for release and discharge, such release is hereby
        conditioned upon the Company’s agreement that if, for any reason whatsoever,
        such Subsidiary Guarantor thereafter becomes an obligor or guarantor under
        and
        in respect of any Debt of the Company, then the Company shall contemporaneously
        provide written notice thereof to the holders of the Notes accompanied by
        an
        executed Subsidiary Guaranty of such Subsidiary Guarantor, and (ii) at
        the
        time of such release and discharge, the Company shall deliver a certificate
        of a
        Responsible Officer to the holders of the Notes to the effect that no Default
        or
        Event of Default exists.

       

      (d)The
        Company agrees that it will not, nor will it permit any Subsidiary or Affiliate
        to, directly or indirectly, pay or cause to be paid any consideration or
        remuneration, whether by way of supplemental or additional interest, fee
        or
        otherwise, to any creditor of the Company or of any Subsidiary Guarantor
        as
        consideration for or as an inducement to the entering into by any such creditor
        of any release or discharge of any Subsidiary Guarantor with respect to any
        liability of such Subsidiary Guarantor as an obligor or guarantor under or
        in
        respect of Debt of the Company, unless such consideration or remuneration
        is
        concurrently paid, on the same terms, ratably to the Noteholders of all of
        the
        Notes then outstanding.

       

      
        	
                Section 3.

              	
                Closing.

              

      

       

      The
        sale
        and purchase of the Notes to be purchased by each Purchaser shall occur at
        the
        offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois
        60603, at 10:00 a.m.
        Chicago
        time, at a closing (the “Closing”)
        on
        September 29, 2005 or on such other Business Day thereafter on or
        prior to
        September 30, 2005 as may be agreed upon by the Company and the Purchasers.
        At the Closing, the Company will deliver to each Purchaser the Notes to be
        purchased by such Purchaser in the form of a single Note (or such greater
        number
        of Notes in denominations of at least $100,000 as such Purchaser may request)
        dated the date of the Closing and registered in such Purchaser’s name (or in the
        name of its nominee), against delivery by such Purchaser to the Company or
        its
        order of immediately available funds in the amount of the purchase price
        therefor by wire transfer of immediately available funds for the account
        of the
        Company to account number 24114794 at Marshall & Ilsley Bank, Milwaukee,
        Wisconsin, ABA No. 075000051 (Bank Contact: James Miller (414) 765-7779).
        If at
        the Closing the Company shall fail to tender such Notes to any Purchaser
        as
        provided above in this Section 3,
        or any
        of the conditions specified in Section 4
        shall
        not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall,
        at its election, be relieved of all further obligations under this Agreement,
        without thereby waiving any rights such Purchaser may have by reason of such
        failure or such nonfulfillment.

       

      
        	
                Section 4.

              	
                Conditions
                  to Closing.

              

      

       

      Each
        Purchaser’s obligation to purchase and pay for the Notes to be sold to such
        Purchaser at the Closing is subject to the fulfillment to such Purchaser’s
        satisfaction, prior to or at the Closing, of the following
        conditions:

       

      Section 4.1.Representations
        and Warranties.
        (a) The representations and warranties of the Company in this Agreement
        shall be correct when made and at the time of the Closing.

       

      (b)The
        representations and warranties of each Subsidiary Guarantor in the Subsidiary
        Guaranty shall be correct when made and at the time of Closing.

       

      Section 4.2.Performance;
        No Default.
        (a) The Company shall have performed and complied with all agreements
        and
        conditions contained in this Agreement required to be performed or complied
        with
        by it prior to or at the Closing, and after giving effect to the issue and
        sale
        of the Notes (and the application of the proceeds thereof as contemplated
        by
Section 5.14),
        no
        Default or Event of Default shall have occurred and be continuing.

       

      (b)Each
        Subsidiary Guarantor shall have performed and complied with all agreements
        and
        conditions contained in the Subsidiary Guaranty required to be performed
        and
        complied with by it prior to or at the Closing, and after giving effect to
        the
        issue and sale of Notes (and the application of the proceeds thereof as
        contemplated by Section 5.14),
        no
        Default or Event of Default shall have occurred and be continuing.

       

      Section 4.3.Compliance
        Certificates.

       

      (a)Company
        Officer’s Certificate.
        The
        Company shall have delivered to such Purchaser an Officer’s Certificate, dated
        the date of the Closing, certifying that the conditions specified in
Sections 4.1(a),
        4.2(a)
        and
4.9
        have
        been fulfilled.

       

      (b)Subsidiary
        Guarantor Officer’s Certificate. Each
        Subsidiary Guarantor shall have delivered to such Purchaser a certificate
        of an
        authorized officer, dated the date of the Closing, certifying that the
        conditions set forth in Section
        4.1(b),
        4.2(b)
        and
4.9
        have
        been fulfilled.

       

      (c)Company
        Secretary’s Certificate.
        The
        Company shall have delivered to such Purchaser a certificate of its Secretary
        or
        Assistant Secretary, dated the date of Closing, certifying as to the resolutions
        attached thereto and other corporate proceedings relating to the authorization,
        execution and delivery of the Notes and this Agreement.

       

      (d)Subsidiary
        Guarantor Secretary’s Certificate.
        Each
        Subsidiary Guarantor shall have delivered to such Purchaser a certificate
        of its
        Secretary or Assistant Secretary, dated the date of Closing, certifying as
        to
        the resolutions attached thereto and other corporate proceedings relating
        to the
        authorization, execution and delivery of the Subsidiary Guaranty.

       

      Section 4.4.Opinions
        of Counsel.
        Such
        Purchaser shall have received opinions in form and substance satisfactory
        to
        such Purchaser, dated the date of the Closing (a) from Quarles & Brady
        LLP, counsel for the Company and the Subsidiary Guarantors, covering the
        matters
        set forth in Exhibit 4.4(a)
        and
        covering such other matters incident to the transactions contemplated hereby
        as
        such Purchaser or its counsel may reasonably request (and the Company hereby
        instructs its counsel to deliver such opinion to the Purchasers) and
        (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in
        connection with such transactions, substantially in the form set forth in
        Exhibit 4.4(b)
        and
        covering such other matters incident to such transactions as such Purchaser
        may
        reasonably request.

       

      Section 4.5.Purchase
        Permitted by Applicable Law, Etc.
        On the
        date of the Closing such Purchaser’s purchase of Notes shall (a) be
        permitted by the laws and regulations of each jurisdiction to which such
        Purchaser is subject, without recourse to provisions (such as
        section 1405(a)(8) of the New York Insurance Law) permitting limited
        investments by insurance companies without restriction as to the character
        of
        the particular investment, (b) not violate any applicable law or regulation
        (including, without limitation, Regulation T, U or X of the Board of Governors
        of the Federal Reserve System) and (c) not subject such Purchaser
        to any
        tax, penalty or liability under or pursuant to any applicable law or regulation,
        which law or regulation was not in effect on the date hereof. If requested
        by
        such Purchaser, such Purchaser shall have received an Officer’s Certificate
        certifying as to such matters of fact as such Purchaser may reasonably specify
        to enable such Purchaser to determine whether such purchase is so
        permitted.

       

      Section 4.6.Sale
        of Other Notes.
        Contemporaneously with the Closing, the Company shall sell to each other
        Purchaser, and each other Purchaser shall purchase, the Notes to be purchased
        by
        it at the Closing as specified in Schedule A.

       

      Section 4.7.Payment
        of Special Counsel Fees.. Without
        limiting the provisions of Section 15.1,
        the
        Company shall have paid on or before the Closing the fees, charges and
        disbursements of the Purchasers’ special counsel referred to in Section 4.4
        to the
        extent reflected in a statement of such counsel rendered to the Company at
        least
        one Business Day prior to the Closing.

       

      Section 4.8.Private
        Placement Number.
        A
        Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau
        (in cooperation with the Securities Valuation Office of the National Association
        of Insurance Commissioners) shall have been obtained for the Notes.

       

      Section 4.9.Changes
        in Corporate Structure.
        Neither
        the Company nor any Subsidiary Guarantor shall have changed its jurisdiction
        of
        incorporation or organization, as applicable, or been a party to any merger
        or
        consolidation or succeeded to all or any substantial part of the liabilities
        of
        any other entity, at any time following the date of the most recent financial
        statements referred to in Schedule 5.5.

       

      Section 4.10.Funding
        Instructions.
        At least
        three Business Days prior to the date of the Closing, each Purchaser shall
        have
        received written instructions signed by a Responsible Officer on letterhead
        of
        the Company confirming the information specified in Section 3
        including (i) the name and address of the transferee bank, (ii) such
        transferee bank’s ABA number and (iii) the account name and number into
        which the purchase price for the Notes is to be deposited.

       

      Section 4.11.Proceedings
        and Documents.
        All
        corporate and other proceedings in connection with the transactions contemplated
        by this Agreement and all documents and instruments incident to such
        transactions shall be reasonably satisfactory to such Purchaser and its special
        counsel, and such Purchaser and its special counsel shall have received all
        such
        counterpart originals or certified or other copies of such documents as such
        Purchaser or such special counsel may reasonably request.

       

      
        	
                Section 5.

              	
                Representations
                  and Warranties of the Company.

              

      

       

      The
        Company represents and warrants to each Purchaser that:

       

      Section 5.1.Organization;
        Power and Authority.
        The
        Company is a corporation duly organized, validly existing and in good standing
        or equivalent status under the laws of its jurisdiction of incorporation,
        and is
        duly qualified as a foreign corporation and is in good standing or equivalent
        status in each jurisdiction in which such qualification is required by law,
        other than those jurisdictions as to which the failure to be so qualified
        or in
        good standing would not, individually or in the aggregate, reasonably be
        expected to have a Material Adverse Effect. The Company has the corporate
        power
        and authority to own or hold under lease the properties it purports to own
        or
        hold under lease, to transact the business it transacts and proposes to
        transact, to execute and deliver this Agreement and the Notes and to perform
        the
        provisions hereof and thereof.

       

      Section 5.2.Authorization,
        Etc.
        This
        Agreement and the Notes have been duly authorized by all necessary corporate
        action on the part of the Company, and this Agreement constitutes, and upon
        execution and delivery thereof each Note will constitute, a legal, valid
        and
        binding obligation of the Company enforceable against the Company in accordance
        with its terms, except as such enforceability may be limited by
        (a) applicable bankruptcy, insolvency, reorganization, moratorium
        or other
        similar laws affecting the enforcement of creditors’ rights generally and
        (b) general principles of equity (regardless of whether such enforceability
        is considered in a proceeding in equity or at law).

       

      Section 5.3.Disclosure.
        The
        Company, through its agent, McDonald Investments Inc., has delivered to each
        Purchaser a copy of a Confidential Information Memorandum, dated August 2005
        (the “Memorandum”),
        relating to the transactions contemplated hereby. This Agreement, the Memorandum
        and the documents, certificates or other writings identified in Schedule 5.3,
        and the
        financial statements listed in Schedule 5.5
        (this
        Agreement, the Memorandum and such documents, certificates or other writings
        and
        such financial statements delivered to each Purchaser prior to August 30,
        2005 being referred to, collectively, as the “Disclosure
        Documents”),
        taken
        as a whole, do not contain any untrue statement of a material fact or omit
        to
        state any material fact necessary to make the statements therein not misleading
        in light of the circumstances under which they were made. Since March 31,
        2005, there has been no change in the financial condition, operations, business
        or properties of the Company or any Subsidiary except changes that individually
        or in the aggregate would not reasonably be expected to have a Material Adverse
        Effect.

       

      Section 5.4.Organization
        and Ownership of Shares of Subsidiaries.
        (a) Schedule 5.4
        is
        (except as noted therein) a complete and correct list of the Company’s
        Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the
        jurisdiction of its organization, and the percentage of shares of each class
        of
        its capital stock or similar equity interests outstanding owned by the Company
        and each other Subsidiary.

       

      (b)All
        of
        the outstanding shares of capital stock or similar equity interests of each
        Subsidiary shown in Schedule 5.4
        as being
        owned by the Company and its Subsidiaries have been validly issued, are fully
        paid and nonassessable (subject to Section 180.0622(2)(b) of the Wisconsin
        Business Corporation Law, as judicially interpreted, to the extent applicable)
        and are owned by the Company or another Subsidiary free and clear of any
        Lien
        (except as otherwise disclosed in Schedule 5.4).

       

      (c)Each
        Subsidiary identified in Schedule 5.4
        is a
        corporation or other legal entity duly organized, validly existing and in
        good
        standing under the laws of its jurisdiction of organization, and is duly
        qualified as a foreign corporation or other legal entity and is in good standing
        in each jurisdiction in which such qualification is required by law, other
        than
        those jurisdictions as to which the failure to be so qualified or in good
        standing would not, individually or in the aggregate, reasonably be expected
        to
        have a Material Adverse Effect. Each such Subsidiary has the corporate or
        other
        power and authority to own or hold under lease the properties it purports
        to own
        or hold under lease and to transact the business it transacts and proposes
        to
        transact.

       

      Section 5.5.Financial
        Statements; Material Liabilities.
        The
        Company has delivered to each Purchaser copies of the financial statements
        of
        the Company and its Subsidiaries listed on Schedule 5.5.
        All of
        said financial statements (including in each case the related schedules and
        notes) fairly present in all material respects the consolidated financial
        position of the Company and its Subsidiaries as of the respective dates
        specified in such financial statements and the consolidated results of their
        operations and cash flows for the respective periods so specified and have
        been
        prepared in accordance with GAAP consistently applied throughout the periods
        involved except as set forth in the notes thereto (subject, in the case of
        any
        interim financial statements, to normal year-end adjustments). The Company
        and
        its Subsidiaries do not have any Material liabilities that are not disclosed
        on
        such financial statements or otherwise disclosed in the Disclosure
        Documents.

       

      Section 5.6.Compliance
        with Laws, Other Instruments, Etc.
        The
        execution, delivery and performance by the Company of this Agreement and
        the
        Notes will not (a) contravene, result in any breach of, or constitute
        a
        default under, or result in the creation of any Lien in respect of any property
        of the Company or any Subsidiary under, any indenture, mortgage, deed of
        trust,
        loan, purchase or credit agreement, lease, corporate charter or by-laws,
        or any
        other Material agreement or instrument to which the Company or any Subsidiary
        is
        bound or by which the Company or any Subsidiary or any of their respective
        properties may be bound or affected, (b) conflict with or result in
        a
        breach of any of the terms, conditions or provisions of any order, judgment,
        decree, or ruling of any court, arbitrator or Governmental Authority applicable
        to the Company or any Subsidiary or (c) violate any provision of any
        statute or other rule or regulation of any Governmental Authority applicable
        to
        the Company or any Domestic Subsidiary or, to the knowledge of the Company,
        any
        Foreign Subsidiary.

       

      Section 5.7.Governmental
        Authorizations, Etc.
        No
        consent, approval or authorization of, or registration, filing or declaration
        with, any Governmental Authority is required in connection with the execution,
        delivery or performance by the Company of this Agreement or the Notes (other
        than a filing of a Form 8-K with the SEC disclosing the Company’s entry
        into this Agreement).

       

      Section 5.8.Litigation;
        Observance of Statutes and Orders.
        (a) There are no actions, suits, investigations or proceedings pending
        or,
        to the knowledge of the Company, threatened against or affecting the Company
        or
        any Subsidiary or any property of the Company or any Subsidiary in any court
        or
        before any arbitrator of any kind or before or by any Governmental Authority
        that, individually or in the aggregate, would reasonably be expected to have
        a
        Material Adverse Effect.

       

      (b)Neither
        the Company nor any Subsidiary is in default under any order, judgment, decree
        or ruling of any court, arbitrator or Governmental Authority or is in violation
        of any applicable law, ordinance, rule or regulation (including without
        limitation Environmental Laws or the USA Patriot Act) of any Governmental
        Authority, which default or violation, individually or in the aggregate,
        would
        reasonably be expected to have a Material Adverse Effect.

       

      Section 5.9.Taxes.
        The
        Company and its Subsidiaries have filed all income tax returns that are required
        to have been filed in any jurisdiction, and have paid all taxes shown to
        be due
        and payable on such returns and all other taxes and assessments payable by
        them,
        to the extent such taxes and assessments have become due and payable and
        before
        they have become delinquent, except for any taxes and assessments (a) the
        amount of which is not individually or in the aggregate Material or (b) the
        amount, applicability or validity of which is currently being contested in
        good
        faith by appropriate proceedings and with respect to which the Company or
        a
        Subsidiary, as the case may be, has established adequate reserves in accordance
        with GAAP. The Federal income tax liabilities of the Company and its
        Subsidiaries have been finally determined (whether by reason of completed
        audits
        or the statute of limitations having run) for all fiscal years up to and
        including the fiscal year ended March 31, 2001.

       

      Section 5.10.Title
        to Property; Leases.
        The
        Company and its Subsidiaries have good and sufficient title to their respective
        Material properties, including all such properties reflected in the most
        recent
        audited balance sheet referred to in Section 5.5
        or
        purported to have been acquired by the Company or any Subsidiary after said
        date
        (except as sold or otherwise disposed of in the ordinary course of business),
        in
        each case free and clear of Liens prohibited by this Agreement, except for
        those
        defects in title and Liens that, individually or in the aggregate, would
        not
        have a Material Adverse Effect. All Material leases are valid and subsisting
        and
        are in full force and effect in all material respects.

       

      Section 5.11.Licenses,
        Permits, Etc.
        (a) The Company and its Subsidiaries own or possess all licenses,
        permits,
        franchises, authorizations, patents, copyrights, proprietary software, service
        marks, trademarks and trade names, or rights thereto, that are Material,
        without
        known conflict with the rights of others, except for those conflicts that,
        individually or in the aggregate, would not have a Material Adverse
        Effect.

       

      (b)To
        the
        best knowledge of the Company, no product of the Company or any of its
        Subsidiaries infringes in any Material respect any license, permit, franchise,
        authorization, patent, copyright, proprietary software, service mark, trademark,
        trade name or other right owned by any other Person.

       

      (c)To
        the
        best knowledge of the Company, there is no Material violation by any Person
        of
        any right of the Company or any of its Subsidiaries with respect to any patent,
        copyright, proprietary software, service mark, trademark, trade name or other
        right owned or used by the Company or any of its Subsidiaries.

       

      Section 5.12.Compliance
        with ERISA.
        (a) The Company and each ERISA Affiliate have operated and administered
        each Plan in compliance with all applicable laws except for such instances
        of
        noncompliance as have not resulted in and could not reasonably be expected
        to
        result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate
        has incurred any liability pursuant to Title I or IV of ERISA or the penalty
        or
        excise tax provisions of the Code relating to employee benefit plans (as
        defined
        in Section 3 of ERISA), and no event, transaction or condition has
        occurred
        or exists that would reasonably be expected to result in the incurrence of
        any
        such liability by the Company or any ERISA Affiliate, or in the imposition
        of
        any Lien on any of the rights, properties or assets of the Company or any
        ERISA
        Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty
        or excise tax provisions or to Section 401(a)(29) or 412 of the Code
        or
        Section 4068 of ERISA, other than such liabilities or Liens as would
        not be
        individually or in the aggregate Material.

       

      (b)The
        present value of the aggregate benefit liabilities under each of the Plans
        (other than Multiemployer Plans), determined as of the end of such Plan’s most
        recently ended plan year on the basis of the actuarial assumptions specified
        for
        funding purposes in such Plan’s most recent actuarial valuation report, did not
        exceed the aggregate current value of the assets of such Plan allocable to
        such
        benefit liabilities by more than $571,000 in the case of any single Plan
        and by
        more than $2,735,000 in the aggregate for all Plans. The term “benefit
        liabilities” has the meaning specified in Section 4001 of ERISA and the
        terms “current value” and “present value” have the meaning specified in
        Section 3 of ERISA.

       

      (c)The
        Company and its ERISA Affiliates have not incurred withdrawal liabilities
        (and
        are not subject to contingent withdrawal liabilities) under Section 4201
        or
        4204 of ERISA in respect of Multiemployer Plans that individually or in the
        aggregate are Material.

       

      (d)The
        expected post-retirement benefit obligation (determined as of the last day
        of
        the Company’s most recently ended fiscal year in accordance with Financial
        Accounting Standards Board Statement No. 106, without regard to liabilities
        attributable to continuation coverage mandated by Section 4980B of
        the
        Code) of the Company and its Subsidiaries is not Material.

       

      (e)The
        execution and delivery of this Agreement and the issuance and sale of the
        Notes
        hereunder will not involve any transaction that is subject to the prohibitions
        of Section 406 of ERISA or in connection with which a tax could be
        imposed
        pursuant to Section 4975(c)(1)(A)-(D) of the Code. The representation
        by
        the Company in the first sentence of this Section 5.12(e)
        is made
        in reliance upon and subject to the accuracy of such Purchaser’s representation
        in Section 6.2
        as to
        the sources of the funds to be used to pay the purchase price of the Notes
        to be
        purchased by such Purchaser.

       

      Section 5.13.
        Private Offering by the Company.
        Neither
        the Company nor anyone acting on its behalf has offered the Notes, the
        Subsidiary Guaranty or any similar securities for sale to, or solicited any
        offer to buy any of the same from, or otherwise approached or negotiated
        in
        respect thereof with, any Person other than the Purchasers and not more than
        50
        other “accredited investors” (within the meaning of Rule 501(a) of
        Regulation D under the Securities Act) each of which has been offered the
        Notes
        and the Subsidiary Guaranty at a private sale for investment. Neither the
        Company nor anyone acting on its behalf has taken, or will take, any action
        that
        would subject the issuance or sale of the Notes or the issuance of the
        Subsidiary Guaranty to the registration requirements of Section 5
        of the
        Securities Act or to the registration requirements of any securities or blue
        sky
        laws of any applicable jurisdiction, to the extent, if any, that such laws
        are
        applicable.

       

      Section 5.14.Use
        of Proceeds; Margin Regulations.
        The
        Company will apply the proceeds of the sale of the Notes as set forth in
        [describe relevant section] of the Memorandum. No part of the proceeds from
        the
        sale of the Notes hereunder will be used, directly or indirectly, for the
        purpose of buying or carrying any margin stock within the meaning of
        Regulation U of the Board of Governors of the Federal Reserve System
        (12
        CFR 221), or for the purpose of buying or carrying or trading in any securities
        under such circumstances as to involve the Company in a violation of Regulation
        X of said Board (12 CFR 224) or to involve any broker or dealer in a violation
        of Regulation T of said Board (12 CFR 220). Margin stock does not constitute
        more than 2% of the value of the consolidated assets of the Company and its
        Subsidiaries and the Company does not have any present intention that margin
        stock will constitute more than 2% of the value of such assets. As used in
        this
        Section, the terms “margin stock” and “purpose of buying or carrying” shall have
        the meanings assigned to them in said Regulation U.

       

      Section 5.15.Existing
        Debt.
        (a) Schedule 5.15
        sets
        forth a complete and correct list of all outstanding Debt of the Company
        and its
        Subsidiaries as of July 26, 2005 (including a description of the obligors
        and obligees, principal amount outstanding and collateral therefor, if any,
        and
        Guaranty thereof, if any), since which date there has been no Material change
        in
        the amounts, interest rates, sinking funds, installment payments or maturities
        of the Debt of the Company or its Subsidiaries. Neither the Company nor any
        Subsidiary is in default and no waiver of default is currently in effect,
        in the
        payment of any principal or interest on any Debt of the Company or such
        Subsidiary and no event or condition exists with respect to any Debt of the
        Company or any Subsidiary that would permit (or that with notice or the lapse
        of
        time, or both, would permit) one or more Persons to cause such Debt to become
        due and payable before its stated maturity or before its regularly scheduled
        dates of payment.

       

      (b)Neither
        the Company nor any Subsidiary is a party to, or otherwise subject to any
        provision contained in, any instrument evidencing Debt of the Company or
        such
        Subsidiary, any agreement relating thereto or any other agreement (including,
        but not limited to, its charter or other organizational document) which limits
        the amount of, or otherwise imposes restrictions on the incurring of, Debt
        of
        the Company or any Subsidiary, except as specifically indicated in Schedule 5.15.

       

      Section 5.16.Foreign
        Assets Control Regulations, Etc.
        (a) Neither the sale of the Notes by the Company hereunder nor its
        use of
        the proceeds thereof will violate the Trading with the Enemy Act, as amended,
        or
        any of the foreign assets control regulations of the United States Treasury
        Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling
        legislation or executive order relating thereto. 

       

      (b)Neither
        the Company nor any Subsidiary is a Person described or designated in the
        Specially Designated Nationals and Blocked Persons List of the Office of
        Foreign
        Assets Control or in Section 1 of the Anti-Terrorism Order. The Company
        and
        its Subsidiaries are in compliance, in all Material respects, with the USA
        Patriot Act to the extent applicable. 

       

      (c)No
        part
        of the proceeds from the sale of the Notes hereunder will be used, directly
        or
        indirectly, for any payments to any governmental official or employee, political
        party, official of a political party, candidate for political office, or
        anyone
        else acting in an official capacity, in order to obtain, retain or direct
        business or obtain any improper advantage, in violation of the United States
        Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases
        that
        such Act applies to the Company. 

       

      Section 5.17.Status
        under Certain Statutes.
        Neither
        the Company nor any Subsidiary is subject to regulation under the Investment
        Company Act of 1940, as amended, the Public Utility Holding Company Act of
        1935,
        as amended, the ICC Termination Act of 1995, as amended, or the Federal Power
        Act, as amended.

       

      Section 5.18.Notes
        Rank Pari Passu.
        The
        obligations of the Company under this Agreement and the Notes rank at least
        pari
        passu
        in right
        of payment with all other unsecured Senior Debt (actual or contingent) of
        the
        Company, including, without limitation, all senior unsecured Debt of the
        Company
        described in Schedule 5.15
        hereto.

       

      Section 5.19.Environmental
        Matters.
        (a) Neither the Company nor any Subsidiary has knowledge of any claim
        or
        has received any notice of any claim, and no proceeding has been instituted
        raising any claim against the Company or any of its Subsidiaries or any of
        their
        respective real properties now or formerly owned, leased or operated by any
        of
        them or other assets, alleging any damage to the environment or violation
        of any
        Environmental Laws, except, in each case, such as could not reasonably be
        expected to result in a Material Adverse Effect. 

       

      (b)Neither
        the Company nor any Subsidiary has knowledge of any facts which would give
        rise
        to any claim, public or private, of violation of Environmental Laws or damage
        to
        the environment emanating from, occurring on or in any way related to real
        properties now or formerly owned, leased or operated by any of them or to
        other
        assets or their use, except, in each case, such as could not reasonably be
        expected to result in a Material Adverse Effect.

       

      (c)Neither
        the Company nor any Subsidiary has stored any Hazardous Materials on real
        properties now or formerly owned, leased or operated by any of them or has
        disposed of any Hazardous Materials in a manner contrary to any Environmental
        Laws in each case in any manner that could reasonably be expected to result
        in a
        Material Adverse Effect.

       

      (d)All
        buildings on all real properties now owned, leased or operated by the Company
        or
        any Subsidiary are in compliance with applicable Environmental Laws, except
        where failure to comply could not reasonably be expected to result in a Material
        Adverse Effect.

       

      
        	
                Section 6.

              	
                Representations
                  of the Purchasers.

              

      

       

      Section 6.1.Purchase
        for Investment.
        Each
        Purchaser severally represents that it is purchasing the Notes for its own
        account or for one or more separate accounts maintained by such Purchaser
        or for
        the account of one or more pension or trust funds and not with a view to
        the
        distribution thereof; provided
        that the
        disposition of such Purchaser’s or their property shall at all times be within
        such Purchaser’s or their control. Each Purchaser understands that the Notes
        have not been registered under the Securities Act and may be resold only
        if
        registered pursuant to the provisions of the Securities Act or if an exemption
        from registration is available, except under circumstances where neither
        such
        registration nor such an exemption is required by law, and that the Company
        is
        not required to register the Notes.

       

      Section 6.2.Accredited
        Investor.
        Each
        Purchaser represents that it is an “accredited investor” (as defined in Rule
        501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) acting
        for
        its own account (and not for the account of others) or as a fiduciary or
        agent
        for others (which others are also “accredited investors”).

       

      Section 6.3.Source
        of Funds.
        Each
        Purchaser severally represents that at least one of the following statements
        is
        an accurate representation as to each source of funds (a “Source”)
        to be
        used by such Purchaser to pay the purchase price of the Notes to be purchased
        by
        such Purchaser hereunder:

       

      (a)the
        Source is an “insurance company general account” (as the term is defined in the
        United States Department of Labor’s Prohibited Transaction Exemption
        (“PTE”)
        95-60)
        in respect of which the reserves and liabilities (as defined by the annual
        statement for life insurance companies approved by the National Association
        of
        Insurance Commissioners (the “NAIC
        Annual Statement”))
        for
        the general account contract(s) held by or on behalf of any employee benefit
        plan together with the amount of the reserves and liabilities for the general
        account contract(s) held by or on behalf of any other employee benefit plans
        maintained by the same employer (or affiliate thereof as defined in PTE 95-60)
        or by the same employee organization in the general account do not exceed
        ten
        percent (10%) of the total reserves and liabilities of the general account
        (exclusive of separate account liabilities) plus surplus as set forth in
        the
        NAIC Annual Statement filed with such Purchaser’s state of domicile;
        or

       

      (b)the
        Source is a separate account that is maintained solely in connection with
        such
        Purchaser’s fixed contractual obligations under which the amounts payable, or
        credited, to any employee benefit plan (or its related trust) that has any
        interest in such separate account (or to any participant or beneficiary of
        such
        plan (including any annuitant)) are not affected in any manner by the investment
        performance of the separate account; or 

       

      (c)the
        Source is either (i) an insurance company pooled separate account,
        within
        the meaning of PTE 90-1, or (ii) a bank collective investment fund,
        within
        the meaning of the PTE 91-38 and, except as have been disclosed by such
        Purchaser to the Company in writing pursuant to this clause (c), no
        employee benefit plan or group of plans maintained by the same employer or
        employee organization beneficially owns more than 10% of all assets allocated
        to
        such pooled separate account or collective investment fund; or

       

      (d)the
        Source constitutes assets of an “investment fund” (within the meaning of Part V
        of the QPAM Exemption) managed by a “qualified professional asset manager” or
“QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit
        plan’s assets that are included in such investment fund, when combined with the
        assets of all other employee benefit plans established or maintained by the
        same
        employer or by an affiliate (within the meaning of Section V(c)(1)
        of the
        QPAM Exemption) of such employer or by the same employee organization and
        managed by such QPAM, exceed 20% of the total client assets managed by such
        QPAM, the conditions of Part l(c) and (g) of the QPAM Exemption are satisfied,
        neither the QPAM nor a Person controlling or controlled by the QPAM (applying
        the definition of “control” in Section V(e) of the QPAM Exemption) owns a
        5% or more interest in the Company and (i) the identity of such QPAM
        and
        (ii) the names of all employee benefit plans whose assets are included
        in
        such investment fund have been disclosed to the Company in writing pursuant
        to
        this clause (d); or

       

      (e)the
        Source constitutes assets of a “plan(s)” (within the meaning of Section IV
        of PTE 96-23 (the “INHAM
        Exemption”))
        managed by an “in-house asset manager” or “INHAM” (within the meaning of
        Part IV of the INHAM exemption), the conditions of Part I(a), (g)
        and (h)
        of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling
        or controlled by the INHAM (applying the definition of “control” in
        Section IV(d) of the INHAM Exemption) owns a 5% or more interest in
        the
        Company and (i) the identity of such INHAM and (ii) the name(s) of the employee
        benefit plan(s) whose assets constitute the Source have been disclosed to
        the
        Company in writing pursuant to this clause (e); or

       

      (f)the
        Source is a governmental plan; or

       

      (g)the
        Source is one or more employee benefit plans, or a separate account or trust
        fund comprised of one or more employee benefit plans, each of which has been
        identified to the Company in writing pursuant to this clause (g);
        or

       

      (h)the
        Source does not include assets of any employee benefit plan, other than a
        plan
        exempt from the coverage of ERISA.

       

      As
        used
        in this Section 6.3,
        the
        terms “employee benefit plan”, “governmental plan”, “party in interest” and
“separate account” shall have the respective meanings assigned to such terms in
        section 3 of ERISA.

       

      
        	
                Section 7.

              	
                Information
                  as to the Company.

              

      

       

      Section 7.1.Financial
        and Business Information.
        The
        Company shall deliver to each holder of Notes that is an Institutional
        Investor:

       

      (a)Quarterly
        Statements—
        within
        45 days (or such shorter period as is 15 days greater than the period applicable
        to the filing of the Company’s Quarterly Report on Form 10-Q (the
“Form 10-Q”)
        with
        the SEC regardless of whether the Company is subject to the filing requirements
        thereof) after the end of each quarterly fiscal period in each fiscal year
        of
        the Company (other than the last quarterly fiscal period of each such fiscal
        year), duplicate copies of:

       

      (i)a
        consolidated balance sheet of the Company and its Subsidiaries as at the
        end of
        such quarter, and

       

      (ii)consolidated
        statements of income, changes in shareholders’ equity and cash flows of the
        Company and its Subsidiaries for such quarter and (in the case of the second
        and
        third quarters) for the portion of the fiscal year ending with such
        quarter,

       

      setting
        forth in each case in comparative form the figures for the corresponding
        periods
        in the previous fiscal year, all in reasonable detail, prepared in accordance
        with GAAP applicable to quarterly financial statements generally, and certified
        by a Senior Financial Officer as fairly presenting, in all material respects,
        the financial position of the companies being reported on and their results
        of
        operations and cash flows, subject to changes resulting from year-end
        adjustments; provided
        that
        delivery within the time period specified above of copies of the Company’s Form
        10-Q prepared in compliance with the requirements therefor and filed with
        the
        SEC shall be deemed to satisfy the requirements of this Section 7.1(a);
        provided,
        further,
        that the
        Company shall be deemed to have made such delivery of such Form 10-Q
        if it
        shall have timely made such Form 10-Q available on “EDGAR” and on its home
        page on the worldwide web (at the date of this Agreement located at:
        http//www.modine.com) and shall have given each Purchaser prior notice of
        such
        availability on EDGAR and on its home page in connection with each delivery
        (such availability and notice thereof being referred to as “Electronic
        Delivery”);

       

      (b)Annual
        Statements—
        within
        90 days (or such shorter period as is 15 days greater than the period applicable
        to the filing of the Company’s Annual Report on Form 10-K (the “Form 10-K”)
        with
        the SEC regardless of whether the Company is subject to the filing requirements
        thereof) after the end of each fiscal year of the Company, duplicate copies
        of,

       

      (i)a
        consolidated balance sheet of the Company and its Subsidiaries, as at the
        end of
        such year, and

       

      (ii)consolidated
        statements of income, changes in shareholders’ equity and cash flows of the
        Company and its Subsidiaries, for such year,

       

      setting
        forth in each case in comparative form the figures for the previous fiscal
        year,
        all in reasonable detail, prepared in accordance with GAAP, and accompanied
        by
        an opinion thereon of independent public accountants of recognized national
        standing, which opinion shall state that such financial statements present
        fairly, in all material respects, the financial position of the companies
        being
        reported upon and their results of operations and cash flows and have been
        prepared in conformity with GAAP, and that the examination of such accountants
        in connection with such financial statements has been made in accordance
        with
        generally accepted auditing standards, and that such audit provides a reasonable
        basis for such opinion in the circumstances, provided
        that the
        delivery within the time period specified above of the Company’s Form 10-K for
        such fiscal year (together with the Company’s annual report to shareholders, if
        any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in
        accordance with the requirements therefor and filed with the SEC shall be
        deemed
        to satisfy the requirements of this Section 7.1(b);
        provided,
        further,
        that the
        Company shall be deemed to have made such delivery of such Form 10-K
        if it
        shall have timely made Electronic Delivery thereof;

       

      (c)SEC
        and Other Reports—
        promptly upon their becoming available, one copy of (i) each financial
        statement, report, notice or proxy statement sent by the Company or any
        Subsidiary to its principal lending banks as a whole (excluding information
        sent
        to such banks in the ordinary course of administration of a bank facility,
        such
        as information relating to pricing and borrowing availability or to its public
        securities holders generally) and (ii) each regular or periodic report,
        each registration statement that shall have become effective (without exhibits
        except as expressly requested by such holder), and each final prospectus
        and all
        amendments thereto filed by the Company or any Subsidiary with the SEC;
provided,
        further,
        that the
        Company shall be deemed to have made such delivery of such other reports
        if it
        shall have timely made Electronic Delivery thereof;

       

      (d)Notice
        of Default or Event of Default—
        promptly, and in any event within five days after a Responsible Officer becoming
        aware of the existence of any Default or Event of Default, a written notice
        specifying the nature and period of existence thereof and what action the
        Company is taking or proposes to take with respect thereto;

       

      (e)ERISA
        Matters—
        promptly, and in any event within five days after a Responsible Officer becoming
        aware of any of the following, a written notice setting forth the nature
        thereof
        and the action, if any, that the Company or an ERISA Affiliate proposes to
        take
        with respect thereto:

       

      (i)with
        respect to any Plan, any reportable event, as defined in Section 4043(c)
        of
        ERISA and the regulations thereunder, for which notice thereof has not been
        waived pursuant to such regulations as in effect on the date hereof;
        or

       

      (ii)the
        taking by the PBGC of steps to institute, or the threatening by the PBGC
        of the
        institution of, proceedings under Section 4042 of ERISA for the termination
        of, or the appointment of a trustee to administer, any Plan, or the receipt
        by
        the Company or any ERISA Affiliate of a notice from a Multiemployer Plan
        that
        such action has been taken by the PBGC with respect to such Multiemployer
        Plan;
        or

       

      (iii)any
        event, transaction or condition that could result in the incurrence of any
        liability by the Company or any ERISA Affiliate pursuant to Title I or IV
        of
        ERISA or the penalty or excise tax provisions of the Code relating to employee
        benefit plans, or in the imposition of any Lien on any of the rights, properties
        or assets of the Company or any ERISA Affiliate pursuant to Title I or IV
        of
        ERISA or such penalty or excise tax provisions, if such liability or Lien,
        taken
        together with any other such liabilities or Liens then existing, would
        reasonably be expected to have a Material Adverse Effect; and

       

      (f)Requested
        Information—
        with
        reasonable promptness, such other data and information relating to the business,
        operations, affairs, financial condition, assets or properties of the Company
        or
        any of its Subsidiaries (including, but without limitation, actual copies
        of the
        Company’s Form 10-Q and Form 10-K) or relating to the ability of the
        Company to perform its obligations hereunder and under the Notes as from
        time to
        time may be reasonably requested by any such holder of Notes.

       

      Section 7.2.Officer’s
        Certificate.
        Each
        set of financial statements delivered to a holder of Notes pursuant to
Section 7.1(a)
        or
Section 7.1(b)
        shall be
        accompanied by a certificate of a Senior Financial Officer setting forth
        (which,
        in the case of Electronic Delivery of such financial statements, shall be
        by
        separate concurrent delivery of such certificate to each holder of
        Notes):

       

      (a)Covenant
        Compliance—
        the
        information (including detailed calculations) required in order to establish
        whether the Company was in compliance with the requirements of Section 10.1
        through
Section 10.4,
        inclusive, during the quarterly or annual period covered by the statements
        then
        being furnished (including with respect to each such Section, where applicable,
        the calculations of the maximum or minimum amount, ratio or percentage, as
        the
        case may be, permissible under the terms of such Sections, and the calculation
        of the amount, ratio or percentage then in existence); and

       

      (b)Event
        of Default—
        a
        statement that such Senior Financial Officer has reviewed the relevant terms
        hereof and has made, or caused to be made, under his or her supervision,
        a
        review of the transactions and conditions of the Company and its Subsidiaries
        from the beginning of the quarterly or annual period covered by the statements
        then being furnished to the date of the certificate and that such review
        shall
        not have disclosed the existence during such period of any condition or event
        that constitutes a Default or an Event of Default or, if any such condition
        or
        event existed or exists (including, without limitation, any such event or
        condition resulting from the failure of the Company or any Subsidiary to
        comply
        with any Environmental Law), specifying the nature and period of existence
        thereof and what action the Company shall have taken or proposes to take
        with
        respect thereto.

       

      Section 7.3.Visitation.
        The
        Company shall permit the representatives of each holder of Notes that is
        an
        Institutional Investor:

       

      (a)No
        Default—
        if no
        Default or Event of Default then exists, at the expense of such holder and
        upon
        reasonable prior notice to the Company, to visit the principal executive
        office
        of the Company, to discuss the affairs, finances and accounts of the Company
        and
        its Subsidiaries with the Company’s officers, and, with the consent of the
        Company (which consent will not be unreasonably withheld), to visit the other
        offices and properties of the Company and each Subsidiary, all at such
        reasonable times and as often as may be reasonably requested in writing;
        and

       

      (b)Default—
        if a
        Default or Event of Default then exists, at the expense of the Company, to
        visit
        and inspect any of the offices or properties of the Company or any Subsidiary,
        to examine all their respective books of account, records, reports and other
        papers, to make copies and extracts therefrom, and to discuss their respective
        affairs, finances and accounts with their respective officers and independent
        public accountants (and by this provision the Company authorizes said
        accountants to discuss the affairs, finances and accounts of the Company
        and its
        Subsidiaries), all at such times and as often as may be requested.

       

      
        	
                Section 8.

              	
                Prepayment
                  of the Notes.

              

      

       

      Section 8.1.Required
        Prepayments.
        No
        regularly scheduled prepayment of the principal of the Notes is required
        prior
        to the final maturity date thereof.

       

      Section 8.2.Optional
        Prepayments with Make-Whole Amount.
        The
        Company may, at its option, upon notice as provided below, prepay at any
        time
        all, or from time to time any part of, the Notes, in an amount not less than
        10%
        of the aggregate principal amount of the Notes then outstanding in the case
        of a
        partial prepayment, at 100% of the principal amount so prepaid, together
        with
        interest accrued thereon to the date of such prepayment, and the Make-Whole
        Amount determined for the prepayment date with respect to such principal
        amount.
        The Company will give each holder of Notes written notice of each optional
        prepayment under this Section 8.2
        not less
        than 30 days and not more than 60 days prior to the date fixed for such
        prepayment. Each such notice shall specify such date (which shall be a Business
        Day), the aggregate principal amount of the Notes to be prepaid on such date,
        the principal amount of each Note held by such holder to be prepaid (determined
        in accordance with Section 8.3),
        and
        the interest to be paid on the prepayment date with respect to such principal
        amount being prepaid, and shall be accompanied by a certificate of a Senior
        Financial Officer as to the estimated Make-Whole Amount due in connection
        with
        such prepayment (calculated as if the date of such notice were the date of
        the
        prepayment), setting forth the details of such computation. Two Business
        Days
        prior to such prepayment, the Company shall deliver to each holder of Notes
        a
        certificate of a Senior Financial Officer specifying the calculation of such
        Make-Whole Amount as of the specified prepayment date.

       

      Section 8.3.Allocation
        of Partial Prepayments.
        In the
        case of each partial prepayment of the Notes pursuant to Section 8.2,
        the
        principal amount of the Notes to be prepaid shall be allocated among all
        of the
        Notes at the time outstanding in proportion, as nearly as practicable, to
        the
        respective unpaid principal amounts thereof not theretofore called for
        prepayment. 

       

      Section 8.4.Maturity;
        Surrender, Etc;.
        In the
        case of each prepayment of Notes pursuant to this Section 8,
        the
        principal amount of each Note to be prepaid shall mature and become due and
        payable on the date fixed for such prepayment (which shall be a Business
        Day),
        together with interest on such principal amount accrued to such date and
        the
        applicable Make-Whole Amount, if any. From and after such date, unless the
        Company shall fail to pay such principal amount when so due and payable,
        together with the interest and Make-Whole Amount, if any, as aforesaid, interest
        on such principal amount shall cease to accrue. Any Note paid or prepaid
        in full
        shall be surrendered to the Company and cancelled and shall not be reissued,
        and
        no Note shall be issued in lieu of any prepaid principal amount of any
        Note.

       

      Section 8.5.Purchase
        of Notes.
        The
        Company will not and will not permit any Affiliate to purchase, redeem, prepay
        or otherwise acquire, directly or indirectly, any of the outstanding Notes
        except (a) upon the payment or prepayment of the Notes in accordance
        with
        the terms of this Agreement and the Notes or (b) pursuant to an offer
        to
        purchase made by the Company or an Affiliate pro rata to the holders of all
        Notes at the time outstanding upon the same terms and conditions. Any such
        offer
        shall provide each holder with sufficient information to enable it to make
        an
        informed decision with respect to such offer, and shall remain open for at
        least
        15 Business Days. If the holders of more than 10% of the principal amount
        of the
        Notes then outstanding accept such offer, the Company shall promptly notify
        the
        remaining holders of such fact and the expiration date for the acceptance
        by
        holders of Notes of such offer shall be extended by the number of days necessary
        to give each such remaining holder at least 5 Business Days from its receipt
        of
        such notice to accept such offer. The Company will promptly cancel all Notes
        acquired by it or any Affiliate pursuant to any payment, prepayment or purchase
        of Notes pursuant to any provision of this Agreement and no Notes may be
        issued
        in substitution or exchange for any such Notes.

       

      Section 8.6.Make-Whole
        Amount.
        The
        term “Make-Whole
        Amount”
        means,
        with respect to any Note, an amount equal to the excess, if any, of the
        Discounted Value of the Remaining Scheduled Payments with respect to the
        Called
        Principal of such Note over the amount of such Called Principal; provided
        that the
        Make-Whole Amount may in no event be less than zero. For the purposes of
        determining the Make-Whole Amount, the following terms have the following
        meanings:

       

      “Called
        Principal”
        means,
        with respect to any Note, the principal of such Note that is to be prepaid
        pursuant to Section 8.2
        or has
        become or is declared to be immediately due and payable pursuant to Section 12.1,
        as the
        context requires.

       

      “Discounted
        Value”
        means,
        with respect to the Called Principal of any Note, the amount obtained by
        discounting all Remaining Scheduled Payments with respect to such Called
        Principal from their respective scheduled due dates to the Settlement Date
        with
        respect to such Called Principal, in accordance with accepted financial practice
        and at a discount factor (applied on the same periodic basis as that on which
        interest on the Notes is payable) equal to the Reinvestment Yield with respect
        to such Called Principal.

       

      “Reinvestment
        Yield”
        means,
        with respect to the Called Principal of any Note, 0.50% (50 basis points)
        over
        the yield to maturity implied by (i) the yields reported as of 10:00 a.m.
        (New
        York City time) on the second Business Day preceding the Settlement Date
        with
        respect to such Called Principal, on the display designated as “Page PX1” (or
        such other display as may replace Page PX1 on Bloomberg Financial Markets
        (“Bloomberg”) or, if Page PX1 (or its successor screen on Bloomberg) is
        unavailable, the Telerate Access Service screen which corresponds most closely
        to Page PX1 for the most recently issued actively traded U.S. Treasury
        securities having a maturity equal to the Remaining Average Life of such
        Called
        Principal as of such Settlement Date, or (ii) if such yields are not
        reported as of such time or the yields reported as of such time are not
        ascertainable (including by way of interpolation), the Treasury Constant
        Maturity Series Yields reported, for the latest day for which such yields
        have
        been so reported as of the second Business Day preceding the Settlement Date
        with respect to such Called Principal, in Federal Reserve Statistical Release
        H.15 (519) (or any comparable successor publication) for actively traded
        U.S.
        Treasury securities having a constant maturity equal to the Remaining Average
        Life of such Called Principal as of such Settlement Date. Such implied yield
        will be determined, if necessary, by (a) converting U.S. Treasury
        bill
        quotations to bond-equivalent yields in accordance with accepted financial
        practice and (b) interpolating linearly between (1) the actively
        traded U.S. Treasury security with the maturity closest to and greater than
        such
        Remaining Average Life and (2) the actively traded U.S. Treasury security
        with the maturity closest to and less than such Remaining Average Life. The
        Reinvestment Yield shall be rounded to the number of decimal places as appears
        in the interest rate of the applicable Note.

       

      “Remaining
        Average Life”
        means,
        with respect to any Called Principal, the number of years (calculated to
        the
        nearest one-twelfth year) obtained by dividing (a) such Called Principal
        into (b) the sum of the products obtained by multiplying (i) the
        principal component of each Remaining Scheduled Payment with respect to such
        Called Principal by (ii) the number of years (calculated to the nearest
        one-twelfth year) that will elapse between the Settlement Date with respect
        to
        such Called Principal and the scheduled due date of such Remaining Scheduled
        Payment.

       

      “Remaining
        Scheduled Payments”
        means,
        with respect to the Called Principal of any Note, all payments of such Called
        Principal and interest thereon that would be due after the Settlement Date
        with
        respect to such Called Principal if no payment of such Called Principal were
        made prior to its scheduled due date; provided
        that if
        such Settlement Date is not a date on which interest payments are due to
        be made
        under the terms of the Notes, then the amount of the next succeeding scheduled
        interest payment will be reduced by the amount of interest accrued to such
        Settlement Date and required to be paid on such Settlement Date pursuant
        to
Section 8.2
        or
        Section 12.1.

       

      “Settlement
        Date”
        means,
        with respect to the Called Principal of any Note, the date on which such
        Called
        Principal is to be prepaid pursuant to Section 8.2
        or has
        become or is declared to be immediately due and payable pursuant to Section 12.1,
        as the
        context requires.

       

      If
        the
        Required Holders of the Notes agree on a calculation of the Make-Whole Amount
        that differs from the calculation furnished by the Company, the calculation
        of
        the Required Holders shall be conclusively deemed correct absent manifest
        error.

       

      
        	
                Section 9.

              	
                Affirmative
                  Covenants.

              

      

       

      The
        Company covenants that so long as any of the Notes are outstanding:

       

      Section 9.1.Compliance
        with Law.
        Without
        limiting Section 10.8,
        the
        Company will, and will cause each of its Subsidiaries to, comply with all
        laws,
        ordinances or governmental rules or regulations to which each of them is
        subject, including, without limitation, ERISA, the USA Patriot Act and
        Environmental Laws, and will obtain and maintain in effect all licenses,
        certificates, permits, franchises and other governmental authorizations
        necessary to the ownership of their respective properties or to the conduct
        of
        their respective businesses, in each case to the extent necessary to ensure
        that
        non-compliance with such laws, ordinances or governmental rules or regulations
        or failures to obtain or maintain in effect such licenses, certificates,
        permits, franchises and other governmental authorizations would not reasonably
        be expected, individually or in the aggregate, to have a Material Adverse
        Effect.

       

      Section 9.2.Insurance.
        The
        Company will, and will cause each of its Subsidiaries to (either in the name
        of
        the Company or in such Subsidiary’s own name), maintain, with financially sound
        and reputable insurers, insurance with respect to their respective properties
        and businesses against such casualties and contingencies, of such types,
        on such
        terms and in such amounts (including deductibles, co-insurance and
        self-insurance, if adequate reserves are maintained with respect thereto)
        as is
        customary in the case of entities of established reputations engaged in the
        same
        or a similar business and similarly situated.

       

      Section 9.3.Maintenance
        of Properties.
        The
        Company will, and will cause each of its Subsidiaries to, maintain and keep,
        or
        cause to be maintained and kept, their respective properties in good repair,
        working order and condition (other than ordinary wear and tear), so that
        the
        business carried on in connection therewith may be properly conducted at
        all
        times; provided
        that
        this Section shall not prevent the Company or any Subsidiary from discontinuing
        the operation and the maintenance of any of its properties if such
        discontinuance is desirable in the conduct of its business and the Company
        has
        concluded that such discontinuance would not, individually or in the aggregate,
        have a Material Adverse Effect.

       

      Section 9.4.Payment
        of Taxes.
        The
        Company will, and will cause each of its Subsidiaries to, file all income
        or
        similar tax returns required to be filed in any jurisdiction and to pay and
        discharge all taxes shown to be due and payable on such returns and all other
        taxes, assessments, governmental charges, or levies payable by any of them,
        to
        the extent such taxes and assessments have become due and payable and before
        they have become delinquent; provided
        that
        neither the Company nor any Subsidiary need pay any such tax or assessment
        if
        (a) the amount, applicability or validity thereof is contested by
        the
        Company or such Subsidiary on a timely basis in good faith and in appropriate
        proceedings, and the Company or a Subsidiary has established adequate reserves
        therefor in accordance with GAAP on the books of the Company or such Subsidiary
        or (b) the nonpayment of all such taxes, assessments and claims in
        the
        aggregate would not reasonably be expected to have a Material Adverse
        Effect.

       

      Section 9.5.Corporate
        Existence, Etc.
        Subject
        to Section 10.5,
        the
        Company will at all times preserve and keep in full force and effect its
        corporate existence. Subject to Sections 10.4
        and
10.5,
        the
        Company will at all times preserve and keep in full force and effect the
        corporate existence of each of its Subsidiaries (unless merged into the Company
        or a Wholly-owned Subsidiary) and all rights and franchises of the Company
        and
        its Subsidiaries unless the termination of or failure to preserve and keep
        in
        full force and effect such corporate existence, right or franchise would
        not,
        individually or in the aggregate, have a Material Adverse Effect.

       

      Section 9.6.Notes
        to Rank Pari Passu. The
        Notes
        and all other obligations under this Agreement of the Company are and at
        all
        times shall rank at least pari
        passu
        in right
        of payment with all other present and future unsecured Senior Debt (actual
        or
        contingent) of the Company which is not expressed to be subordinate or junior
        in
        rank to any other unsecured Debt of the Company.

       

      Section 9.7.Books
        and Records.
        The
        Company will, and will cause each of its Subsidiaries to, maintain proper
        books
        of record and account in conformity with GAAP and all applicable requirements
        of
        any Governmental Authority having legal or regulatory jurisdiction over the
        Company, or such Subsidiary, as the case may be.

       

      Section 9.8.Guaranty
        by Subsidiaries.
        The
        Company will cause each Subsidiary which delivers a Guaranty to any Person
        in
        respect of Debt of the Company outstanding under either the Credit Agreement
        or
        the Shelf Note Purchase Agreement to concurrently enter into a Subsidiary
        Guaranty, and within three Business Days thereafter will deliver to each
        of the
        holders of the Notes the following items:

       

      (a)an
        executed counterpart of such Subsidiary Guaranty or joinder agreement in
        respect
        of an existing Subsidiary Guaranty, as appropriate; and

       

      (b)such
        other documents, opinions and information as the Required Holders reasonably
        may
        require regarding such Subsidiary and the enforceability of such Subsidiary
        Guaranty.

       

      Section 9.9.Additional
        Covenant.
        If at
        any time after the date hereof, the Company or any Subsidiary shall agree
        to
        include in the Credit Agreement or any other credit facility pursuant to
        which
        the Company or a Subsidiary issues Debt for borrowed money (including any
        document, agreement or instrument entered in connection therewith, through
        amendment, modification, supplement, course of dealing, interpretation or
        otherwise) a financial covenant, event of default, or other provision that
        restricts the ability of the Company or any Subsidiary to sell assets or
        properties based on a cumulative measurement period of greater than twelve
        months, then this Agreement shall be amended to contain such additional asset
        sale covenant, event of default, or other provision, and the Company hereby
        agrees to so amend this Agreement and to execute and deliver all such documents
        requested by the Required Holders to reflect such amendment. Prior to the
        execution and delivery of such documents by the Company, this Agreement shall
        be
        deemed to contain each such more favorable covenant, event of default, or
        other
        provision for purposes of determining the rights and obligations
        hereunder.

       

      
        	
                Section 10.

              	
                Negative
                  Covenants.

              

      

       

      The
        Company covenants that so long as any of the Notes are outstanding:

       

      Section 10.1.Limitations
        on Consolidated Total Debt. (a) The
        Company will not permit as of the last day of each fiscal quarter the ratio
        of
        (i) Consolidated Total Debt as of such date to (ii) Consolidated
        EBITDA for the four consecutive fiscal quarters then most recently ended,
        to
        exceed 3.0 to 1.0.

       

      (b)The
        Company will not, and will not permit any Subsidiary to, create, incur or
        suffer
        to exist any Debt during any fiscal quarter if a Responsible Officer reasonably
        believes an Event of Default would exist as of the last day of such fiscal
        quarter under any of Section 10.1(a),
        Section 10.2
        and
Section 10.3(j).

       

      Section 10.2.Limitations
        on Subsidiary Debt. The
        Company will not at any time permit any Subsidiary (including, in the case
        of
        any Qualified Receivables Transaction, any Person to whom any accounts or
        notes
        receivable and rights related thereto have been sold, conveyed or transferred)
        to, directly or indirectly, create, incur, assume, guarantee, have outstanding,
        or otherwise become or remain directly or indirectly liable with respect
        to, any
        Debt other than:

       

      (a)Debt
        of a
        Subsidiary owed to the Company or a Wholly-Owned Subsidiary; 

       

      (b)Debt
        consisting of unsecured Guaranties of Subsidiaries issued in favor of
        (i) the lenders pursuant to the terms of the Credit Agreement and
        (ii) the holders of the Shelf Notes, provided
        that, in
        any such case, (x) each such Subsidiary delivers an executed counterpart
        of
        the Subsidiary Guaranty to the holders of the Notes pursuant to the requirements
        of Sections 2.2(a)
        and
9.8,
        as
        applicable, and (y) the lenders which are beneficiaries of such Guaranties
        are parties to the Intercreditor Agreement;

       

      (c)Receivables
        Transaction Attributable Indebtedness; and

       

      (d)Debt
        of a
        Subsidiary in addition to that otherwise permitted by the foregoing provisions
        of this Section 10.2,
        provided
        that the
        sum (without duplication) of (i) the total amount of all Debt incurred
        pursuant to this clause (d), plus
        (ii) Consolidated Total Debt of the Company secured by Liens permitted
        by
Section 10.3(j),
        would
        not in the aggregate at any time exceed the greater of (1) $100,000,000
        or
        (2) 20% of Consolidated Adjusted Net Worth.

       

      Section 10.3.Limitation
        on Liens.
        The
        Company will not, and will not permit any of its Subsidiaries to, directly
        or
        indirectly create, incur, assume or permit to exist (upon the happening of
        a
        contingency or otherwise) any Lien on or with respect to any property or
        asset
        (including, without limitation, any document or instrument in respect of
        goods
        or accounts receivable) of the Company or any such Subsidiary, whether now
        owned
        or held or hereafter acquired, or any income or profits therefrom or assign
        or
        otherwise convey any right to receive income or profits (unless it makes,
        or
        causes to be made, effective provision whereby the Notes will be equally
        and
        ratably secured with any and all other obligations thereby secured, such
        security to be pursuant to documentation reasonably satisfactory to the Required
        Holders and, in any such case, the Notes shall have the benefit, to the fullest
        extent that, and with such priority as, the holders of the Notes may be entitled
        under applicable law, of an equitable Lien on such property),
        except:

       

      (a)Liens
        for
        property taxes and assessments or governmental charges or levies and Liens
        securing claims or demands of mechanics and materialmen; provided
        that
        payment thereof is not at the time required by Section
        9.4;

       

      (b)Liens
        incidental to the conduct of business or the ownership of properties and
        assets
        (including Liens in connection with worker’s compensation, unemployment
        insurance and other like laws, warehousemen’s and attorneys’ liens and statutory
        landlords’ liens) and Liens to secure the performance of bids, tenders or trade
        contracts, or to secure statutory obligations, surety or appeal bonds or
        other
        Lien of like general nature, in any such case incurred in the ordinary course
        of
        business and not in connection with the borrowing of money; provided
        that
        (i) any such Lien secures only amounts not due and payable or the
        payment
        of which is being contested in good faith by appropriate actions or proceedings
        and (ii) any such Lien does not materially impair the business of
        the
        Company and its Subsidiaries taken as a whole or the value of the related
        property for the purposes of such business;

       

      (c)any
        attachment or judgment Lien, unless the judgment it secures shall not, within
        60
        days after the entry thereof, have been discharged or execution thereof stayed
        pending appeal, or shall not have been discharged within 60 days after the
        expiration of any such stay;

       

      (d)Liens
        existing as of the date of Closing and described on Schedule 5.15
        hereto;

       

      (e)survey
        exceptions or minor encumbrances, leases or subleases granted to others,
        easements or reservations, or rights of others for rights-of-way, utilities
        and
        other similar purposes, or zoning or other restrictions as to the use of
        real
        properties, (i) which are necessary for the conduct of the activities
        of
        the Company and its Subsidiaries or which customarily exist on properties
        of
        corporations engaged in similar activities and similarly situated and
        (ii) which do not in any event materially impair their use in the
        operation
        of the business of the Company and its Subsidiaries taken as a whole or the
        value of such properties;

       

      (f)Liens
        created or incurred after the date of the Closing given to secure the payment
        of
        the purchase price incurred in connection with the acquisition or purchase
        or
        the cost of construction of property or of assets useful and intended to
        be used
        in carrying on the business of the Company or a Subsidiary, including Liens
        existing on such property or assets at the time of acquisition thereof or
        at the
        time of completion of construction, as the case may be, whether or not such
        existing Liens were given to secure the payment of the acquisition or purchase
        price or cost of construction, as the case may be, of the property or assets
        to
        which they attach; provided
        that
        (i) the Lien shall attach solely to the property or assets acquired,
        purchased or constructed, (ii) such Lien shall have been created or
        incurred within 180 days of the date of acquisition or purchase or
        completion of construction, as the case may be, (iii) at the time
        of
        acquisition or purchase or of completion of construction of such property
        or
        assets, the aggregate amount remaining unpaid on all Debt secured by Liens
        on
        such property or assets, whether or not assumed by the Company or a Subsidiary,
        shall not exceed an amount equal to 100% of the lesser of the total purchase
        price or fair market value at the time of acquisition or purchase (as determined
        by a Responsible Officer of the Company) or the cost of construction on the
        date
        of completion thereof, (iv) Debt secured by any such Lien shall have
        been
        created or incurred within the applicable limitations provided in Sections 10.1
        and
        10.2,
        and (v)
        at the time of creation, issuance, assumption, guarantee or incurrence of
        the
        Debt secured by such Lien and after giving effect thereto and to the application
        of the proceeds thereof, no Event of Default would exist;

       

      (g)any
        Lien
        existing on property or assets of a corporation at the time such corporation
        is
        consolidated with or merged into the Company or a Subsidiary or becomes a
        Subsidiary, or any Lien existing on any property or assets acquired by the
        Company or any Subsidiary at the time such property or assets are so acquired
        (whether or not the Debt secured thereby shall have been assumed), provided
        that (i)
        each such Lien shall extend solely to the property or assets so acquired,
        (ii)
        any Debt secured by any such Lien shall have been created or incurred within
        the
        applicable limitations provided in Sections 10.1
        and
        10.2, and
        (iii)
        at the time of creation, issuance, assumption, guarantee or incurrence of
        the
        Debt secured by such Lien and after giving effect thereto and to the application
        of the proceeds thereof, no Event of Default would exist;

       

      (h)any
        extension, renewal or refunding of any Lien permitted by any of the preceding
        clauses (d), (f) or (g) of
        this
Section
        10.3
        in
        respect of the same property theretofore subject to such Lien in connection
        with
        the extension, renewal or refunding of the Debt secured thereby; provided
        that (i)
        such extension, renewal or refunding of Debt shall be without increase in
        the
        principal amount remaining unpaid as of the date of such extension, renewal
        or
        refunding, (ii) such Lien shall attach solely to the same such property,
        and
        (iii) at the time of such extension, renewal or refunding and after giving
        effect thereto, no Event of Default would exist; 

       

      (i)Liens
        incurred in connection with any transfer of an interest in accounts or notes
        receivable or related assets as part of a Qualified Receivables Transaction:
        and

       

      (j)Liens
        created or incurred after the date of the Closing given to secure Debt of
        the
        Company in addition to the Liens permitted by the preceding clauses (a) through
        (i) hereof; provided
        that
        (i) the aggregate amount of all Debt secured by such Liens shall not
        exceed
        the greater of (1) $100,000,000 or (2) 20% of Consolidated Adjusted Net Worth
        and, in all events, shall have been incurred within the applicable limitations
        provided in Sections 10.1
        and
        10.2
        and
        (ii) at the time of creation, issuance, assumption, guarantee or incurrence
        of the Debt secured by such Lien and after giving effect thereto and to the
        application of the proceeds thereof, no Event of Default would
        exist.

       

      Section
        10.4.Sale
        of Assets.
        The
        Company will not, and will not permit any Subsidiary to, sell, lease, transfer,
        abandon or otherwise dispose of assets including, without limitation, pursuant
        to any Sale and Leaseback Transaction (except assets sold in the ordinary
        course
        of business for fair market value and except as provided in Section 10.5(c));
        provided
        that the
        foregoing restrictions do not apply to:

       

      (a)the
        sale,
        lease, transfer or other disposition of assets of a Subsidiary to the Company
        or
        a Wholly-owned Subsidiary; or

       

      (b)the
        sale
        or transfer of interests in accounts, notes receivable and related assets
        as
        part of a Qualified Receivables Transaction, provided
        that
        (i) the sale is for fair value (as determined by a Responsible Officer
        of
        the Company) and is in the best interests of the Company and (ii) at
        the
        time of such sale or transfer and after giving effect thereto, no Default
        or
        Event of Default shall have occurred and be continuing; or

       

      (c)the
        sale
        of assets for cash or other property to a Person or Persons other than an
        Affiliate if all of the following conditions are met:

       

      (i)such
        assets (valued at net book value) do not, together with all other assets
        of the
        Company and its Subsidiaries previously disposed of during the most recently
        ended period of twelve consecutive calendar months (excluding, in all events,
        the Aftermarket Disposition and dispositions made in the ordinary course
        of
        business), exceed 15% of Consolidated Total Assets, determined as of the
        end of
        the immediately preceding fiscal year; and

       

      (ii)in
        the
        opinion of a Responsible Officer of the Company, the sale is for fair value
        and
        is in the best interests of the Company; and

       

      (iii)immediately
        before and immediately after the consummation of the transaction and after
        giving effect thereto, no Event of Default would exist;

       

      provided,
        however,
        that for
        purposes of the foregoing calculation, there shall not be included any assets
        the proceeds of which were or are applied within 12 months of the date of
        sale
        of such assets to either (A) the acquisition of assets useful and
        intended
        to be used in the operation of the business of the Company and its Subsidiaries
        as described in Section 10.7
        and
        having a fair market value (as determined by a Responsible Officer of the
        Company) at least equal to that of the assets so disposed of or (B) the
        prepayment at any applicable prepayment premium, on a pro rata
        basis,
        of Senior Debt of the Company. It is understood and agreed by the Company
        that
        any such proceeds paid and applied to the prepayment of the Notes as hereinabove
        provided shall be prepaid as and to the extent provided in Section 8.2
        (it
        being understood and agreed that with respect to the Notes, notwithstanding
        the
        terms and provisions of Section 8.2,
        an
        offer of prepayment pursuant to this Section 10.4
        of
        the
        Notes shall be at 100% of the principal amount thereof, together with interest
        accrued and unpaid thereon to the date of such prepayment, on a pro rata
        basis).

       

      Without
        limiting the foregoing, the Company agrees that:

       

      (x)the
        timing and manner of any offer of prepayment to the holders of the Notes
        shall
        be in the manner contemplated by Section 8.2;
        provided
        that any
        such prepayment of the Notes pursuant to this Section 10.4
        may
        be in
        an amount less than 10% of the aggregate principal amount of the Notes then
        outstanding and shall only be at 100% of the principal amount thereof, together
        with interest accrued and unpaid thereon to the date of such prepayment,
        and in
        no event with a Make-Whole Amount or other premium; 

       

      (y)any
        holder of the Notes may decline any offer of prepayment pursuant to the
        foregoing clause (B); and

       

      (z)if
        such
        offer is so accepted, the proceeds so offered towards the prepayment of the
        Notes and accepted shall be prepaid and applied in the manner provided in
        Section 8.2,
        excepting only that such prepayment shall be at 100% of the principal amount
        thereof, together with interest accrued and unpaid thereon to the date of
        such
        prepayment, without payment of Make-Whole Amount or other premium.

       

      To
        the
        extent that any holder of the Notes declines or is deemed to have declined
        such
        offer of prepayment, the Company may use the remaining amount of such prepayment
        so declined for general corporate purposes.

       

      Section 10.5.Mergers,
        Consolidations and Sales of Assets. The
        Company will not, and will not permit any Subsidiary to, consolidate with
        or be
        a party to a merger with any other Person, or sell, lease or otherwise dispose
        of all or substantially all of its assets; provided
        that:

       

      (a)any
        Subsidiary may merge or consolidate with or into the Company or any Wholly-owned
        Subsidiary so long as in (i) any merger or consolidation involving the Company,
        the Company shall be the surviving or continuing corporation and (ii) in
        any
        merger or consolidation involving a Wholly-owned Subsidiary (and not the
        Company), the Wholly-owned Subsidiary shall be the surviving or continuing
        corporation or limited liability company;

       

      (b)the
        Company may consolidate or merge with or into any other corporation if
        (i) the corporation or limited liability company which results from
        such
        consolidation or merger (the “surviving
        corporation”)
        is
        organized under the laws of any state of the United States or the District
        of
        Columbia, (ii) the due and punctual payment of the principal of and
        premium, if any, and interest on all of the Notes, according to their tenor,
        and
        the due and punctual performance and observation of all of the covenants
        in the
        Notes and this Agreement to be performed or observed by the Company are
        expressly assumed in writing by the surviving corporation and the surviving
        corporation shall furnish to the holders of the Notes an opinion of counsel
        satisfactory to the Required Holders to the effect that the instrument of
        assumption has been duly authorized, executed and delivered and constitutes
        the
        legal, valid and binding contract and agreement of the surviving corporation
        enforceable in accordance with its terms, except as enforcement of such terms
        may be limited by bankruptcy, insolvency, reorganization, moratorium and
        similar
        laws affecting the enforcement of creditors’ rights generally and by general
        equitable principles, (iii) each Subsidiary Guarantor confirms in
        writing
        its obligations under the Subsidiary Guaranty, and (iv) at the time
        of such
        consolidation or merger and immediately after giving effect thereto, no Default
        or Event of Default would exist;

       

      (c)the
        Company may sell or otherwise dispose of all or substantially all of its
        assets
        in a single transaction or series of transactions to any Person for
        consideration which represents the fair market value of such assets (as
        determined by a Responsible Officer of the Company) at the time of such sale
        or
        other disposition if (i) the acquiring Person is a corporation organized
        under the laws of any state of the United States or the District of Columbia,
        (ii) the due and punctual payment of the principal of and premium,
        if any,
        and interest on all the Notes, according to their tenor, and the due and
        punctual performance and observance of all of the covenants in the Notes
        and in
        this Agreement to be performed or observed by the Company are expressly assumed
        in writing by the acquiring corporation and the acquiring corporation shall
        furnish to the holders of the Notes an opinion of counsel satisfactory to
        the
        Required Holders to the effect that the instrument of assumption has been
        duly
        authorized, executed and delivered and constitutes the legal, valid and binding
        contract and agreement of such acquiring corporation enforceable in accordance
        with its terms, except as enforcement of such terms may be limited by
        bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
        the enforcement of creditors’ rights generally and by general equitable
        principles, (iii) each Subsidiary Guarantor confirms in writing its
        obligations under the Subsidiary Guaranty, and (iv) at the time of
        such
        sale or disposition and immediately after giving effect thereto, no Default
        or
        Event of Default would exist.

       

      Section 10.6.Transactions
        with Affiliates.
        The
        Company will not and will not permit any Subsidiary to enter into directly
        or
        indirectly any Material transaction or Material group of related transactions
        (including without limitation the purchase, lease, sale or exchange of
        properties of any kind or the rendering of any service) with any Affiliate
        (other than the Company or another Subsidiary), except (a) in the
        ordinary
        course and pursuant to the reasonable requirements of the Company’s or such
        Subsidiary’s business and upon fair and reasonable terms no less favorable to
        the Company or such Subsidiary than would be obtainable in a comparable
        arm’s-length transaction with a Person not an Affiliate; and
        (b) transactions between the Company or any Subsidiary, on the one
        hand,
        and any Subsidiary or other special purpose entity created to engage solely
        in a
        Qualified Receivables Transaction.

       

      Section 10.7.Line
        of Business.
        The
        Company will not and will not permit any Subsidiary to engage in any business
        if, as a result, the general nature of the business in which the Company
        and its
        Subsidiaries, taken as a whole, would then be engaged would be substantially
        changed from the general nature of the business in which the Company and
        its
        Subsidiaries, taken as a whole, are engaged on the date of this Agreement
        as
        described in the Memorandum.

       

      Section 10.8.Terrorism
        Sanctions Regulations.
        The
        Company will not and will not permit any Subsidiary to (a) become
        a Person
        described or designated in the Specially Designated Nationals and Blocked
        Persons List of the Office of Foreign Assets Control or in Section 1
        of the
        Anti-Terrorism Order or (b) knowingly engage in any dealings or
        transactions with any such Person in violation of applicable Laws.

       

      
        	
                Section 11.

              	
                Events
                  of Default.

              

      

       

      An
        “Event
        of Default”
        shall
        exist if any of the following conditions or events shall occur and be
        continuing:

       

      (a)the
        Company defaults in the payment of any principal or Make-Whole Amount, if
        any,
        on any Note when the same becomes due and payable, whether at maturity or
        at a
        date fixed for prepayment or by declaration or otherwise; or

       

      (b)the
        Company defaults in the payment of any interest on any Note for more than
        five
        Business Days after the same becomes due and payable; or

       

      (c)the
        Company defaults in the performance of or compliance with any term contained
        in
Section 7.1(d)
        or
Sections 10.1
        through
10.4;
        or

       

      (d)the
        Company defaults in the performance of or compliance with any term contained
        herein (other than those referred to in Sections 11(a),
        (b) and (c))
        and
        such default is not remedied within 30 days after the earlier of (i) a
        Responsible Officer obtaining actual knowledge of such default and (ii) the
        Company receiving written notice of such default from any holder of a Note
        (any
        such written notice to be identified as a “notice of default” and to refer
        specifically to this Section 11(d));
        or

       

      (e)any
        representation or warranty made in writing by or on behalf of the Company
        or any
        Subsidiary Guarantor or by any officer of the Company or any Subsidiary
        Guarantor in this Agreement, in the Subsidiary Guaranty or in any writing
        furnished in connection with the transactions contemplated hereby proves
        to have
        been false or incorrect in any material respect on the date as of which made;
        or

       

      (f)(i) the
        Company or any Significant Subsidiary is in default (as principal or as
        guarantor or other surety) in the payment of any principal of or premium
        or
        make-whole amount or interest on any Debt that is outstanding in an aggregate
        principal amount of at least $20,000,000 beyond any period of grace provided
        with respect thereto, or (ii) the Company or any Significant Subsidiary
        is
        in default in the performance of or compliance with any term of any evidence
        of
        any Debt in an aggregate outstanding principal amount of at least $20,000,000
        or
        of any mortgage, indenture or other agreement relating thereto or any other
        condition exists, and as a consequence of such default or condition such
        Debt
        has become, or has been declared, due and payable before its stated maturity
        or
        before its regularly scheduled dates of payment; or 

       

      (g)the
        Company or any Significant Subsidiary (i) is generally not paying,
        or
        admits in writing its inability to pay, its debts as they become due,
        (ii) files, or consents by answer or otherwise to the filing against
        it of,
        a petition for relief or reorganization or arrangement or any other petition
        in
        bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency,
        reorganization, moratorium or other similar law of any jurisdiction,
        (iii) makes an assignment for the benefit of its creditors,
        (iv) consents to the appointment of a custodian, receiver, trustee
        or other
        officer with similar powers with respect to it or with respect to any
        substantial part of its property, (v) is adjudicated as insolvent
        or to be
        liquidated, or (vi) takes corporate action for the purpose of any
        of the
        foregoing; or

       

      (h)a
        court
        or Governmental Authority of competent jurisdiction enters an order appointing,
        without consent by the Company or any of its Significant Subsidiaries, a
        custodian, receiver, trustee or other officer with similar powers with respect
        to it or with respect to any substantial part of its property, or constituting
        an order for relief or approving a petition for relief or reorganization
        or any
        other petition in bankruptcy or for liquidation or to take advantage of any
        bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution,
        winding-up or liquidation of the Company or any of its Significant Subsidiaries,
        or any such petition shall be filed against the Company or any of its
        Significant Subsidiaries and such petition shall not be dismissed within
        60
        days; or

       

      (i)a
        final
        judgment or judgments for the payment of money aggregating in excess of
        $20,000,000 are rendered against one or more of the Company and its Subsidiaries
        and which judgments are not, within 60 days after entry thereof, bonded,
        discharged or stayed pending appeal, or are not discharged within 60 days
        after
        the expiration of such stay; or

       

      (j)if
        (i) any Plan shall fail to satisfy the minimum funding standards of
        ERISA
        or the Code for any plan year or part thereof or a waiver of such standards
        or
        extension of any amortization period is sought or granted under section 412
        of the Code, (ii) a notice of intent to terminate any Plan shall have
        been
        or is reasonably expected to be filed with the PBGC or the PBGC shall have
        instituted proceedings under ERISA Section 4042 to terminate or appoint
        a
        trustee to administer any Plan or the PBGC shall have notified the Company
        or
        any ERISA Affiliate that a Plan may become a subject of any such proceedings,
        (iii) the aggregate “amount of unfunded benefit liabilities” (within the
        meaning of Section 4001(a)(18) of ERISA) under all Plans, determined
        in
        accordance with Title IV of ERISA, shall exceed $10,000,000, (iv) the
        Company or any ERISA Affiliate shall have incurred or is reasonably expected
        to
        incur any liability pursuant to Title I or IV of ERISA or the penalty or
        excise
        tax provisions of the Code relating to employee benefit plans, (v) the
        Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or
        (vi) the Company or any Subsidiary establishes or amends any employee
        welfare benefit plan that provides post-employment welfare benefits in a
        manner
        that would increase the liability of the Company or any Subsidiary thereunder;
        and any such event or events described in clauses (i) through (vi) above,
        either
        individually or together with any other such event or events, would reasonably
        be expected to have a Material Adverse Effect; or

       

      (k)any
        Subsidiary Guaranty shall cease to be in full force and effect for any reason
        whatsoever, including, without limitation, a determination by any Governmental
        Authority that such Subsidiary Guaranty is invalid, void or unenforceable
        or any
        Subsidiary Guarantor which is a party to such Subsidiary Guaranty shall contest
        or deny in writing the validity or enforceability of any of its obligations
        under such Subsidiary Guaranty, but excluding any Subsidiary Guaranty which
        ceases to be in full force and effect in accordance with and by reason of
        the
        express provisions of Section 2.2(c).

       

      As
        used
        in Section 11(j),
        the
        terms “employee benefit plan” and “employee welfare benefit plan” shall have the
        respective meanings assigned to such terms in Section 3 of
        ERISA.

       

      
        	
                Section 12.

              	
                Remedies
                  on Default, Etc.

              

      

       

      Section 12.1.Acceleration.
        (a) If an Event of Default with respect to the Company described in
        Section 11(g)
        or
(h)
        (other
        than an Event of Default described in clause (i) of Section 11(g)
        or
        described in clause (vi) of Section 11(g)
        by
        virtue of the fact that such clause encompasses clause (i) of Section 11(g))
        has
        occurred, all the Notes then outstanding shall automatically become immediately
        due and payable.

       

      (b)If
        any
        other Event of Default has occurred and is continuing, any holder or holders
        of
        not less than 51% in principal amount of the Notes at the time outstanding
        may
        at any time at its or their option, by notice or notices to the Company,
        declare
        all the Notes then outstanding to be immediately due and payable.

       

      (c)If
        any
        Event of Default described in Section 11(a) or (b)
        has
        occurred and is continuing, any holder or holders of Notes at the time
        outstanding affected by such Event of Default may at any time, at its or
        their
        option, by notice or notices to the Company, declare all the Notes held by
        it or
        them to be immediately due and payable.

       

      Upon
        any
        Notes becoming due and payable under this Section 12.1,
        whether
        automatically or by declaration, such Notes will forthwith mature and the
        entire
        unpaid principal amount of such Notes, plus (i) all accrued and unpaid
        interest thereon (including, but not limited to, interest accrued thereon
        at the
        Default Rate) and (ii) the Make-Whole Amount determined in respect
        of such
        principal amount (to the full extent permitted by applicable law), shall
        all be
        immediately due and payable, in each and every case without presentment,
        demand,
        protest or further notice, all of which are hereby waived. The Company
        acknowledges, and the parties hereto agree, that each holder of a Note has
        the
        right to maintain its investment in the Notes free from repayment by the
        Company
        (except as herein specifically provided for), and that the provision for
        payment
        of a Make-Whole Amount by the Company in the event that the Notes are prepaid
        or
        are accelerated as a result of an Event of Default, is intended to provide
        compensation for the deprivation of such right under such
        circumstances.

       

      Section 12.2.Other
        Remedies.
        If any
        Default or Event of Default has occurred and is continuing, and irrespective
        of
        whether any Notes have become or have been declared immediately due and payable
        under Section 12.1,
        the
        holder of any Note at the time outstanding may proceed to protect and enforce
        the rights of such holder by an action at law, suit in equity or other
        appropriate proceeding, whether for the specific performance of any agreement
        contained herein or in any Note, or for an injunction against a violation
        of any
        of the terms hereof or thereof, or in aid of the exercise of any power granted
        hereby or thereby or by law or otherwise.

       

      Section 12.3.Rescission.
        At any
        time after any Notes have been declared due and payable pursuant to Section 12.1(b)
        or
        (c),
        the
        holders of not less than 51% in principal amount of the Notes then outstanding,
        by written notice to the Company, may rescind and annul any such declaration
        and
        its consequences if (a) the Company has paid all overdue interest
        on the
        Notes, all principal of and Make-Whole Amount, if any, on any Notes that
        are due
        and payable and are unpaid other than by reason of such declaration, and
        all
        interest on such overdue principal and Make-Whole Amount, if any, and (to
        the
        extent permitted by applicable law) any overdue interest in respect of the
        Notes, at the Default Rate, (b) neither the Company nor any other
        Person
        shall have paid any amounts which have become due solely by reason of such
        declaration, (c) all Events of Default and Defaults, other than non-payment
        of amounts that have become due solely by reason of such declaration, have
        been
        cured or have been waived pursuant to Section 17,
        and
        (d) no judgment or decree has been entered for the payment of any
        monies
        due pursuant hereto or to the Notes. No rescission and annulment under this
        Section 12.3
        will
        extend to or affect any subsequent Event of Default or Default or impair
        any
        right consequent thereon.

       

      Section 12.4.No
        Waivers or Election of Remedies, Expenses, Etc.
        No
        course of dealing and no delay on the part of any holder of any Note in
        exercising any right, power or remedy shall operate as a waiver thereof or
        otherwise prejudice such holder’s rights, powers or remedies. No right, power or
        remedy conferred by this Agreement or by any Note upon any holder thereof
        shall
        be exclusive of any other right, power or remedy referred to herein or therein
        or now or hereafter available at law, in equity, by statute or otherwise.
        Without limiting the obligations of the Company under Section 15,
        the
        Company will pay to the holder of each Note on demand such further amount
        as
        shall be sufficient to cover all costs and expenses of such holder incurred
        in
        any enforcement or collection under this Section 12,
        including, without limitation, reasonable attorneys’ fees, expenses and
        disbursements.

       

      
        	
                Section 13.

              	
                Registration;
                  Exchange; Substitution of Notes.

              

      

       

      Section 13.1.Registration
        of Notes.
        The
        Company shall keep at its principal executive office a register for the
        registration and registration of transfers of Notes. The name and address
        of
        each holder of one or more Notes, each transfer thereof and the name and
        address
        of each transferee of one or more Notes shall be registered in such register.
        Prior to due presentment for registration of transfer, the Person in whose
        name
        any Note shall be registered shall be deemed and treated as the owner and
        holder
        thereof for all purposes hereof, and the Company shall not be affected by
        any
        notice or knowledge to the contrary. The Company shall give to any holder
        of a
        Note that is an Institutional Investor promptly upon request therefor, a
        complete and correct copy of the names and addresses of all registered holders
        of Notes.

       

      Section 13.2.Transfer
        and Exchange of Notes.
        Upon
        surrender of any Note to the Company at the address and to the attention
        of the
        designated officer (all as specified in Section 18(iii))
        for
        registration of transfer or exchange (and in the case of a surrender for
        registration of transfer accompanied by a written instrument of transfer
        duly
        executed by the registered holder of such Note or such holder’s attorney duly
        authorized in writing and accompanied by the relevant name, address and other
        information for notices of each transferee of such Note or part thereof),
        within
        ten Business Days thereafter, the Company shall execute and deliver, at the
        Company’s expense (except as provided below), one or more new Notes (as
        requested by the holder thereof) in exchange therefor, in an aggregate principal
        amount equal to the unpaid principal amount of the surrendered Note. Each
        such
        new Note shall be payable to such Person as such holder may request and shall
        be
        substantially in the form of Exhibit
        1.
        Each
        such new Note shall be dated and bear interest from the date to which interest
        shall have been paid on the surrendered Note or dated the date of the
        surrendered Note if no interest shall have been paid thereon. The Company
        may
        require payment of a sum sufficient to cover any stamp tax or governmental
        charge imposed in respect of any such transfer of Notes. Notes shall not
        be
        transferred in denominations of less than $100,000; provided
        that if
        necessary to enable the registration of transfer by a holder of its entire
        holding of Notes, one Note may be in a denomination of less than $100,000.
        Any
        transferee, by its acceptance of a Note registered in its name (or the name
        of
        its nominee), shall be deemed to have made the representation set forth in
        Section 6.2.
        

       

      Section 13.3.Replacement
        of Notes.
        Upon
        receipt by the Company at the address and to the attention of the designated
        officer (all as specified in Section 18(iii))
        of
        evidence reasonably satisfactory to it of the ownership of and the loss,
        theft,
        destruction or mutilation of any Note (which evidence shall be, in the case
        of
        an Institutional Investor, notice from such Institutional Investor of such
        ownership and such loss, theft, destruction or mutilation), and

       

      (a)in
        the
        case of loss, theft or destruction, of indemnity reasonably satisfactory
        to it
        (provided
        that if
        the holder of such Note is, or is a nominee for, an original Purchaser or
        another holder of a Note with a minimum net worth of at least $50,000,000
        or a
        Qualified Institutional Buyer, such Person’s own unsecured agreement of
        indemnity shall be deemed to be satisfactory), or

       

      (b)in
        the
        case of mutilation, upon surrender and cancellation thereof,

       

      within
        ten Business Days thereafter, the Company at its own expense shall execute
        and
        deliver, in lieu thereof, a new Note, dated and bearing interest from the
        date
        to which interest shall have been paid on such lost, stolen, destroyed or
        mutilated Note or dated the date of such lost, stolen, destroyed or mutilated
        Note if no interest shall have been paid thereon.

       

      
        	
                Section 14.

              	
                Payments
                  on Notes.

              

      

       

      Section 14.1.Place
        of Payment.
        Subject
        to Section 14.2,
        payments of principal, Make-Whole Amount, if any, and interest becoming due
        and
        payable on the Notes shall be made at the principal office of the Company
        in
        Racine, Wisconsin. The Company may at any time, by notice to each holder
        of a
        Note, change the place of payment of the Notes so long as such place of payment
        shall be either the principal office of the Company in such jurisdiction
        or the
        principal office of a bank or trust company in such jurisdiction.

       

      Section 14.2.Home
        Office Payment.
        So long
        as any Purchaser or its nominee shall be the holder of any Note, and
        notwithstanding anything contained in Section 14.1
        or in
        such Note to the contrary, the Company will pay all sums becoming due on
        such
        Note for principal, Make-Whole Amount, if any, and interest by the method
        and at
        the address specified for such purpose below such Purchaser’s name in
Schedule A,
        or by
        such other method or at such other address as such Purchaser shall have from
        time to time specified to the Company in writing for such purpose, without
        the
        presentation or surrender of such Note or the making of any notation thereon,
        except that upon written request of the Company made concurrently with or
        reasonably promptly after payment or prepayment in full of any Note, such
        Purchaser shall surrender such Note for cancellation, reasonably promptly
        after
        any such request, to the Company at its principal executive office or at
        the
        place of payment most recently designated by the Company pursuant to
Section 14.1.
        The
        Company will make such payments in immediately available funds, no later
        than
        11:00 a.m. New York, New York time on the date due. If for any reason
        whatsoever the Company does not make any such payment by such 11:00 a.m.
        transmittal time, such payment shall be deemed to have been made on the next
        following Business Day and such payment shall bear interest at the Default
        Rate
        set forth in the Note. Prior to any sale or other disposition of any Note
        held
        by a Purchaser or its nominee, such Purchaser will, at its election, either
        endorse thereon the amount of principal paid thereon and the last date to
        which
        interest has been paid thereon or surrender such Note to the Company in exchange
        for a new Note or Notes pursuant to Section 13.2.
        The
        Company will afford the benefits of this Section 14.2
        to any
        Institutional Investor that is the direct or indirect transferee of any Note
        purchased by a Purchaser under this Agreement and that has made the same
        agreement relating to such Note as the Purchasers have made in this Section 14.2.
        

       

      
        	
                Section 15.

              	
                Expenses,
                  Etc.

              

      

       

      Section 15.1.Transaction
        Expenses.
        Whether
        or not the transactions contemplated hereby are consummated, the Company
        will
        pay all costs and expenses (including reasonable attorneys’ fees of a special
        counsel and, if reasonably required by the Required Holders, local or other
        counsel) incurred by the Purchasers and each other holder of a Note in
        connection with such transactions and in connection with any amendments,
        waivers
        or consents under or in respect of this Agreement, the Notes, the Subsidiary
        Guaranty or the Intercreditor Agreement (whether or not such amendment, waiver
        or consent becomes effective), including, without limitation: (a) the
        costs
        and expenses incurred in enforcing or defending (or determining whether or
        how
        to enforce or defend) any rights under this Agreement, the Notes, the Subsidiary
        Guaranty or the Intercreditor Agreement or in responding to any subpoena
        or
        other legal process or informal investigative demand issued in connection
        with
        this Agreement, the Notes, the Subsidiary Guaranty or the Intercreditor
        Agreement, or by reason of being a holder of any Note, (b) the costs
        and
        expenses, including financial advisors’ fees, incurred in connection with the
        insolvency or bankruptcy of the Company or any Subsidiary or in connection
        with
        any work-out or restructuring of the transactions contemplated hereby and
        by the
        Notes and the Subsidiary Guaranty, and (c) all costs and expenses
        of CT
        Corporation incurred pursuant to Section 22.8
        hereof.
        The Company will pay, and will save each Purchaser and each other holder
        of a
        Note harmless from, all claims in respect of any fees, costs or expenses,
        if
        any, of brokers and finders (other than those, if any, retained by a Purchaser
        or other holder in connection with its purchase of the Notes).

       

      Section 15.2.Survival.
        The
        obligations of the Company under this Section 15
        will
        survive the payment or transfer of any Note, the enforcement, amendment or
        waiver of any provision of this Agreement, the Notes, the Subsidiary Guaranty
        or
        the Intercreditor Agreement, and the termination of this Agreement.

       

      
        	
                Section 16.

              	
                Survival
                  of Representations and Warranties; Entire Agreement .

              

      

       

      All
        representations and warranties contained herein shall survive the execution
        and
        delivery of this Agreement, the Notes and the Subsidiary Guaranty, the purchase
        or transfer by any Purchaser of any Note or portion thereof or interest therein
        and the payment of any Note, and may be relied upon by any subsequent holder
        of
        a Note, regardless of any investigation made at any time by or on behalf
        of such
        Purchaser or any other holder of a Note. All statements contained in any
        certificate or other instrument delivered by or on behalf of the Company
        or any
        Subsidiary Guarantor pursuant to this Agreement or the Subsidiary Guaranty
        shall
        be deemed representations and warranties of the Company under this Agreement
        or
        the Subsidiary Guaranty, as the case may be. Subject to the preceding sentence,
        this Agreement, the Notes and the Subsidiary Guaranty embody the entire
        agreement and understanding among each Purchaser, the Company and the Subsidiary
        Guarantors and supersede all prior agreements and understandings relating
        to the
        subject matter hereof.

       

      
        	
                Section 17.

              	
                Amendment
                  and Waiver.

              

      

       

      Section 17.1.Requirements.
        This
        Agreement and the Notes may be amended, and the observance of any term hereof
        or
        of the Notes may be waived (either retroactively or prospectively), with
        (and
        only with) the written consent of the Company and the Required Holders, except
        that (a) no amendment or waiver of any of the provisions of Section 1,
        2, 3, 4, 5, 6
        or
21
        hereof,
        or any defined term (as it is used therein), will be effective as to any
        Purchaser unless consented to by such Purchaser in writing, and (b) no
        such
        amendment or waiver may, without the written consent of the holder of each
        Note
        at the time outstanding affected thereby, (i) subject to the provisions
        of
Section 12
        relating
        to acceleration or rescission, change the amount or time of any prepayment
        or
        payment of principal of, or reduce the rate or change the time of payment
        or
        method of computation of interest or of the Make-Whole Amount on, the Notes,
        (ii) change the percentage of the principal amount of the Notes the
        holders
        of which are required to consent to any such amendment or waiver, or
        (iii) amend any of Section 8,
        11(a), 11(b), 12, 17
        or
20.
        The
        Subsidiary Guaranty and the Intercreditor Agreement may be amended, and the
        observance of any term thereof may be waived, in accordance with the terms
        thereof.

       

      Section 17.2.Solicitation
        of Holders of Notes.

       

      (a)Solicitation.
        The
        Company will provide each holder of the Notes (irrespective of the amount
        of
        Notes then owned by it) with sufficient information, sufficiently far in
        advance
        of the date a decision is required, to enable such holder to make an informed
        and considered decision with respect to any proposed amendment, waiver or
        consent in respect of any of the provisions hereof, of the Notes or of the
        Subsidiary Guaranty. The Company will deliver executed or true and correct
        copies of each amendment, waiver or consent effected pursuant to the provisions
        of this Section 17
        to each
        holder of outstanding Notes promptly following the date on which it is executed
        and delivered by, or receives the consent or approval of, the requisite holders
        of Notes.

       

      (b)Payment.
        The
        Company will not directly or indirectly pay or cause to be paid any
        remuneration, whether by way of supplemental or additional interest, fee
        or
        otherwise, or grant any security or provide other credit support, to any
        holder
        of Notes as consideration for or as an inducement to the entering into by
        any
        holder of Notes of any waiver or amendment of any of the terms and provisions
        hereof, of the Notes, the Subsidiary Guaranty or the Intercreditor Agreement
        unless such remuneration is concurrently paid, or security is concurrently
        granted or other credit support concurrently provided, on the same terms,
        ratably to each holder of Notes then outstanding even if such holder did
        not
        consent to such waiver or amendment.

       

      Section 17.3.Binding
        Effect, Etc.
        Any
        amendment or waiver consented to as provided in this Section 17
        applies
        equally to all holders of Notes and is binding upon them and upon each future
        holder of any Note and upon the Company without regard to whether such Note
        has
        been marked to indicate such amendment or waiver. No such amendment or waiver
        will extend to or affect any obligation, covenant, agreement, Default or
        Event
        of Default not expressly amended or waived or impair any right consequent
        thereon. No course of dealing between the Company and the holder of any Note
        nor
        any delay in exercising any rights hereunder or under any Note shall operate
        as
        a waiver of any rights of any holder of such Note. As used herein, the term
        “this Agreement” and references thereto shall mean this Agreement as it may from
        time to time be amended or supplemented.

       

      Section 17.4.Notes
        held by Company, Etc.
        Solely
        for the purpose of determining whether the holders of the requisite percentage
        of the aggregate principal amount of Notes then outstanding approved or
        consented to any amendment, waiver or consent to be given under this Agreement,
        the Notes, the Subsidiary Guaranty or the Intercreditor Agreement, or have
        directed the taking of any action provided herein, in the Notes, the Subsidiary
        Guaranty or the Intercreditor Agreement to be taken upon the direction of
        the
        holders of a specified percentage of the aggregate principal amount of Notes
        then outstanding, Notes directly or indirectly owned by the Company or any
        of
        its Affiliates shall be deemed not to be outstanding.

       

      
        	
                Section 18.

              	
                Notices.

              

      

       

      All
        notices and communications provided for hereunder shall be in writing and
        sent
        (a) by telefacsimile if the sender on the same day sends a confirming
        copy
        of such notice by a recognized overnight delivery service (charges prepaid),
        or
        (b) by registered or certified mail with return receipt requested
        (postage
        prepaid), or (c) by a recognized overnight delivery service (with
        charges
        prepaid). Any such notice must be sent:

       

      (i)if
        to any
        Purchaser or its nominee, to such Purchaser or nominee at the address specified
        for such communications in Schedule A,
        or at
        such other address as such Purchaser or nominee shall have specified to the
        Company in writing,

       

      (ii)if
        to any
        other holder of any Note, to such holder at such address as such other holder
        shall have specified to the Company in writing, or

       

      (iii)if
        to the
        Company, to the Company at its address set forth at the beginning hereof
        to the
        attention of the Chief Financial Officer, with a copy at the same address
        to the
        attention of the Company’s General Counsel, or at such other address as the
        Company shall have specified to the holder of each Note in writing.

       

      Notices
        under this Section 18
        will be
        deemed given only when actually received.

       

      
        	
                Section 19.

              	
                Reproduction
                  of Documents.

              

      

       

      This
        Agreement and the Subsidiary Guaranty and all documents relating thereto,
        including, without limitation, (a) consents, waivers and modifications
        that
        may hereafter be executed, (b) documents received by any Purchaser
        at the
        Closing (except the Notes themselves), and (c) financial statements,
        certificates and other information previously or hereafter furnished to any
        Purchaser, may be reproduced by such Purchaser by any photographic, photostatic,
        electronic, digital or other similar process and such Purchaser may destroy
        any
        original document so reproduced. The Company agrees and stipulates that,
        to the
        extent permitted by applicable law, any such reproduction shall be admissible
        in
        evidence as the original itself in any judicial or administrative proceeding
        (whether or not the original is in existence and whether or not such
        reproduction was made by such Purchaser in the regular course of business)
        and
        any enlargement, facsimile or further reproduction of such reproduction shall
        likewise be admissible in evidence. This Section 19
        shall
        not prohibit the Company or any other holder of Notes from contesting any
        such
        reproduction to the same extent that it could contest the original, or from
        introducing evidence to demonstrate the inaccuracy of any such
        reproduction.

       

      
        	
                Section 20.

              	
                Confidential
                  Information.

              

      

       

      For
        the
        purposes of this Section 20,
        “Confidential
        Information”
        means
        information delivered to any Purchaser by or on behalf of the Company or
        any
        Subsidiary in connection with the transactions contemplated by or otherwise
        pursuant to this Agreement that is proprietary in nature and that was clearly
        marked or labeled or otherwise adequately identified when received by such
        Purchaser as being confidential information of the Company or such Subsidiary;
        provided
        that
        such term does not include information that (a) was publicly known
        or
        otherwise known to such Purchaser prior to the time of such disclosure,
        (b) subsequently becomes publicly known through no act or omission
        by such
        Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise
        becomes known to such Purchaser other than through disclosure by the Company
        or
        any Subsidiary or (d) constitutes financial statements delivered to
        such
        Purchaser under Section 7.1
        that are
        otherwise publicly available. Each Purchaser will maintain the confidentiality
        of such Confidential Information in accordance with procedures adopted by
        such
        Purchaser in good faith to protect confidential information of third parties
        delivered to such Purchaser; provided
        that
        such Purchaser may deliver or disclose Confidential Information to (i) its
        directors, trustees, officers, employees, agents, attorneys and affiliates
        (to
        the extent such disclosure reasonably relates to the administration of the
        investment represented by its Notes), (ii) its financial advisors
        and other
        professional advisors who agree to hold confidential the Confidential
        Information substantially in accordance with the terms of this Section 20,
        (iii) any other holder of any Note, (iv) any Institutional
        Investor to
        which it sells or offers to sell such Note or any part thereof or any
        participation therein (if such Person has agreed in writing prior to its
        receipt
        of such Confidential Information to be bound by the provisions of this
Section 20),
        (v) any Person from which it offers to purchase any security of the
        Company
        (if such Person has agreed in writing prior to its receipt of such Confidential
        Information to be bound by the provisions of this Section 20),
        (vi) any federal or state regulatory authority having jurisdiction
        over
        such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar
        organization, or any nationally recognized rating agency that requires access
        to
        information about such Purchaser’s investment portfolio, or (viii) any
        other Person to which such delivery or disclosure may be necessary or
        appropriate (w) to effect compliance with any law, rule, regulation
        or
        order applicable to such Purchaser, (x) in response to any subpoena
        or
        other legal process, (y) in connection with any litigation to which
        such
        Purchaser is a party or (z) if an Event of Default has occurred and
        is
        continuing, to the extent such Purchaser may reasonably determine such delivery
        and disclosure to be necessary or appropriate in the enforcement or for the
        protection of the rights and remedies under such Purchaser’s Notes and this
        Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed
        to
        have agreed to be bound by and to be entitled to the benefits of this
Section 20
        as
        though it were a party to this Agreement. On reasonable request by the Company
        in connection with the delivery to any holder of a Note of information required
        to be delivered to such holder under this Agreement or requested by such
        holder
        (other than a holder that is a party to this Agreement or its nominee), such
        holder will enter into an agreement with the Company embodying the provisions
        of
        this Section 20.

       

      
        	
                Section 21.

              	
                Substitution
                  of Purchaser.

              

      

       

      Each
        Purchaser shall have the right to substitute any one of its Affiliates as
        the
        purchaser of the Notes that it has agreed to purchase hereunder, by written
        notice to the Company, which notice shall be signed by both such Purchaser
        and
        such Affiliate, shall contain such Affiliate’s agreement to be bound by this
        Agreement and shall contain a confirmation by such Affiliate of the accuracy
        with respect to it of the representations set forth in Section 6.
        Upon
        receipt of such notice, any reference to such Purchaser in this Agreement
        (other
        than in this Section 21)
        shall
        be deemed to refer to such Affiliate in lieu of such original Purchaser.
        In the
        event that such Affiliate is so substituted as a Purchaser hereunder and
        such
        Affiliate thereafter transfers to such original Purchaser all of the Notes
        then
        held by such Affiliate, upon receipt by the Company of notice of such transfer,
        any reference to such Affiliate as a “Purchaser” in this Agreement (other than
        in this Section 21)
        shall
        no longer be deemed to refer to such Affiliate, but shall refer to such original
        Purchaser, and such original Purchaser shall again have all the rights of
        an
        original holder of the Notes under this Agreement.

       

      
        	
                Section 22.

              	
                Miscellaneous.

              

      

       

      Section 22.1.Successors
        and Assigns.
        All
        covenants and other agreements contained in this Agreement by or on behalf
        of
        any of the parties hereto bind and inure to the benefit of their respective
        successors and assigns (including, without limitation, any subsequent holder
        of
        a Note) whether so expressed or not.

       

      Section 22.2.Payments
        Due on Non-Business Days.
        Anything in this Agreement or the Notes to the contrary notwithstanding (but
        without limiting the requirement in Section 8.4
        that the
        notice of any optional prepayment specify a Business Day as the date fixed
        for
        such prepayment), any payment of principal of or Make-Whole Amount or interest
        on any Note that is due on a date other than a Business Day shall be made
        on the
        next succeeding Business Day without including the additional days elapsed
        in
        the computation of the interest payable on such next succeeding Business
        Day;
provided
        that if
        the maturity date of any Note is a date other than a Business Day, the payment
        otherwise due on such maturity date shall be made on the next succeeding
        Business Day and shall include the additional days elapsed in the computation
        of
        interest payable on such next succeeding Business Day.

       

      Section 22.3.Accounting
        Terms.
        All
        accounting terms used herein which are not expressly defined in this Agreement
        have the meanings respectively given to them in accordance with GAAP. Except
        as
        otherwise specifically provided herein, (i) all computations made pursuant
        to
        this Agreement shall be made in accordance with GAAP and (ii) all
        financial
        statements shall be prepared in accordance with GAAP.

       

      Section 22.4.Severability.
        Any
        provision of this Agreement that is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any
        jurisdiction shall (to the full extent permitted by law) not invalidate or
        render unenforceable such provision in any other jurisdiction.

       

      Section 22.5.Construction,
        Etc.
        Each
        covenant contained herein shall be construed (absent express provision to
        the
        contrary) as being independent of each other covenant contained herein, so
        that
        compliance with any one covenant shall not (absent such an express contrary
        provision) be deemed to excuse compliance with any other covenant. Where
        any
        provision herein refers to action to be taken by any Person, or which such
        Person is prohibited from taking, such provision shall be applicable whether
        such action is taken directly or indirectly by such Person.

       

      For
        the
        avoidance of doubt, all Schedules and Exhibits attached to this Agreement
        shall
        be deemed to be a part hereof.

       

      Section 22.6.Counterparts.
        This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        an original but all of which together shall constitute one instrument. Each
        counterpart may consist of a number of copies hereof, each signed by less
        than
        all, but together signed by all, of the parties hereto.

       

      Section 22.7.Governing
        Law.
        This Agreement shall be construed and enforced in accordance with, and the
        rights of the parties shall be governed by, the law of the State of
        Illinois,
        excluding
        choice-of-law principles of the law of such State that would permit the
        application of the laws of a jurisdiction other than such
        State.

       

      Section 22.8.Jurisdiction
        and Process; Waiver of Jury Trial. (a)
        The
        Company irrevocably submits to the non-exclusive jurisdiction of any Illinois
        State or federal court sitting in Chicago, Illinois, over any suit, action
        or
        proceeding arising out of or relating to this Agreement or the Notes. To
        the
        fullest extent permitted by applicable law, the Company irrevocably waives
        and
        agrees not to assert, by way of motion, as a defense or otherwise, any claim
        that it is not subject to the jurisdiction of any such court, any objection
        that
        it may now or hereafter have to the laying of the venue of any such suit,
        action
        or proceeding brought in any such court and any claim that any such suit,
        action
        or proceeding brought in any such court has been brought in an inconvenient
        forum.

       

      (b)The
        Company consents to process being served by or on behalf of any holder of
        a Note
        in any suit, action or proceeding of the nature referred to in Section 22.8(a)
        by
        delivering a copy thereof in the manner for delivery of notices specified
        in
Section 18,
        to CT
        Corporation, with an office on the date hereof at 208 South LaSalle Street,
        Chicago, Illinois 60604, as its agent for the purpose of accepting service
        of
        any process within the State of Illinois. The Company agrees that such service
        upon receipt (i) shall be deemed in every respect effective service of process
        upon it in any such suit, action or proceeding and (ii) shall, to the fullest
        extent permitted by applicable law, be taken and held to be valid personal
        service upon and personal delivery to it. Notices hereunder shall be
        conclusively presumed received as evidenced by a delivery receipt furnished
        by
        the United States Postal Service or any reputable commercial delivery service.
        The Company shall pay all costs and expenses of CT Corporation in connection
        herewith.

       

      (c)Nothing
        in this Section 22.8
        shall
        affect the right of any holder of a Note to serve process in any manner
        permitted by law, or limit any right that the holders of any of the Notes
        may
        have to bring proceedings against the Company in the courts of any appropriate
        jurisdiction or to enforce in any lawful manner a judgment obtained in one
        jurisdiction in any other jurisdiction.

       

      (d)The
        parties hereto hereby waive trial by jury in any action brought on or with
        respect to this Agreement, the Notes or any other document executed in
        connection herewith or therewith.

       

      *     *     *     *     *

      
        
          
            --

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      If
        you
        are in agreement with the foregoing, please sign the form of agreement on
        a
        counterpart of this Agreement and return it to the Company, whereupon this
        Agreement shall become a binding agreement between you and the
        Company.

       

      Very
        truly yours,

      

      Modine
        Manufacturing Company

      

      

      

      By
        

      Name:

      Title:

      

      This
        Agreement is hereby accepted and agreed to as of the date thereof.

      

      [Variation]

      

      

      

      
        	 	
                By
                  

              	 

      

      Name:

      Title:

       

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      Information
        Relating to Purchasers

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                American
                  Family Life Insurance Company

                6000
                  American Parkway

                Madison,
                  Wisconsin 53783-0001

                Attention:
                  Investment Division-Private Placements

              	
                 

                U.S. $6,000,000

                 

              

      

       

      Payments

       

      All
        payments on or in respect of the Notes to be by bank wire transfer of Federal
        or
        other immediately available funds (identifying each payment as “Modine
        Manufacturing Co.,
        4.91%
        Senior Notes due 2015, PPN 607828 B@ 8,
        principal or interest”) to:

      

      US
        Bank,
        N.A.

      Trust
        Services

      60
        Livingston Ave., St. Paul, MN 55107-2292

      ABA
        #091000022

      Beneficial
        Account #180183083765

      FFC
        to
        American Family Trust Account #000018012500 for AFLIC-Traditional

      Portfolio

      Credit
        for CUSIP # 607828 B@ 8

       

      Notices

       

      All
        notices and communications, including notices with respect to payments and
        written confirmation of each such payment as well as quarterly and annual
        financial statements, to be addressed as first provided above. Audit
        confirmations should be sent to “Attn: Treasury Department” at the same
        address.

       

      Name
        of
        Nominee in which Notes are to be issued: BAND & Co.

       

      Taxpayer
        I.D. Number: 39-6040365

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                American
                  Family Life Insurance Company

                6000
                  American Parkway

                Madison,
                  Wisconsin 53783-0001

                Attention:
                  Investment Division-Private Placements

              	
                 

                U.S. $3,000,000

              

      

       

      Payments

       

      All
        payments on or in respect of the Notes to be by bank wire transfer of Federal
        or
        other immediately available funds (identifying each payment as “Modine
        Manufacturing Co.,
        4.91%
        Senior Notes due 2015, PPN 607828 B@ 8,
        principal or interest”) to:

      

      US
        Bank,
        N.A.

      Trust
        Services

      60
        Livingston Ave., St. Paul, MN 55107-2292

      ABA
        #091000022

      Beneficial
        Account #180183083765

      FFC
        to
        American Family Trust Account #000018012510 for AFLIC-Universal
        Life

      Portfolio

      Credit
        for CUSIP # 607828 B@ 8

       

      Notices

       

      All
        notices and communications, including notices with respect to payments and
        written confirmation of each such payment as well as quarterly and annual
        financial statements, to be addressed as first provided above. Audit
        confirmations should be sent to “Attn: Treasury Department” at the same
        address.

       

      Name
        of
        Nominee in which Notes are to be issued: BAND & Co.

       

      Taxpayer
        I.D. Number: 39-6040365

      

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                Country
                  Life Insurance Company

                1705
                  N Towanda Avenue 

                Bloomington,
                  Illinois 61702

                Attention:
                  Investments

                Telephone:
                  (309) 821-6260

                Fax:
                  (309) 821-6301

              	
                 

                U.S. $6,000,000

              

      

       

      Payments

       

      All
        payments on or in respect of the Notes to be by bank wire transfer of Federal
        or
        other immediately available funds to:

      

      Northern
        Trust Chgo/Trust

      ABA
        Number 071000152

      Wire
        Account Number 5186041000

      For
        Further Credit to: 26-02712

      Account
        Name:  Country
        Life Insurance Company

      Representing
        P & I on (list security) [BANK]

      

      Accompanying
        Information: Modine Manufacturing Co., 4.91% Senior Note,
        PPN 607828 B@ 8, due date and application (as among
        principal,
        premium and interest) of the payment being made.

       

      Notices

       

      All
        notices and communications to be addressed as first provided above, except
        notices with respect to payments and written confirmation of each such payment,
        to be addressed: 

      

      Country
        Life Insurance Company

      Attention:
        Investment Accounting 

      1705
        N
        Towanda Avenue

      Bloomington,
        Illinois 61702

      Telephone:
        (309) 821-6348

      Fax:
        (309) 821-2800

       

      Name
        of
        Nominee in which Notes are to be issued: None

      

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                Modern
                  Woodmen of America

                1701
                  First Avenue

                Rock
                  Island, Illinois 61201

                Attention:
                  Investment Department

                Fax:
                  (309) 793-5688

                Investment.Department@Modern-Woodmen.org

              	
                 

                U.S. $12,000,000

              

      

       

      Payments

       

      All
        payments on account of Notes held by such purchaser shall be made by wire
        transfer of immediately available funds for credit to:

      

      The
        Northern Trust Company

      50
        South
        LaSalle Street

      Chicago,
        IL 60675

      ABA
        No.
        071-000-152

      Account
        Name: Modern Woodmen of America

      Account
        Number 84352

      

      Each
        such
        wire transfer shall set forth the name of the Company, the full title (including
        the applicable coupon rate and final maturity date) of the Notes, a reference
        to
        PPN #: 607828 B@ 8 and the due date and application
        (as
        among principal, premium and interest) of the payment being made.

      

       

      Notices

       

      All
        notices and communications to be addressed as first provided above, except
        notices with respect to payments and written confirmation of each such payment,
        to be addressed Attention: Investment Accounting Department, fax no. (309)
        793-5688

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 36-1493430

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                MTL
                  Insurance Company

                c/o
                  Prudential Private Placement Investors, L.P.

                Gateway
                  Center 3, 18th
                  Floor

                100
                  Mulberry Street

                Newark,
                  NJ 07102-4077

                Attention:
                  Albert Trank, Managing Director

                Telephone:
                  (973) 802-8608

                Facsimile:
                  (973) 367-3234

              	
                 

                U.S. $3,150,000

              

      

       

      Payments

       

      All
        payments on account of Notes held by such purchaser shall be made by wire
        transfer of immediately available funds for credit to:

      

      Northern
        Chgo/Trust

      ABA
        #
        071000152

      Credit
        Wire Account # 5186061000

      FFC:
        26-32065/MTL Insurance Company - Prudential 

       

      Each
        such
        wire transfer shall set forth the name of the Company, a reference to “4.91%
        Senior Notes due 2015, PPN 607828 B@ 8”
        and the due date and application (as among principal, interest and Make-Whole
        Amount) of the payment being made. 

       

      Notices

       

      All
        notices and communications (other than notices with respect to payments and
        written confirmation of each such payment) to be addressed as first provided
        above.

       

      All
        other
        communications and notices with respect to payment and written confirmation
        of
        each such payment to be addressed to:

       

      MTL
        Insurance Company

      1200
        Jorie Blvd.

      Oak
        Brook, IL 60522-9060

      Attention:
        Margaret Culkeen

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 36-1516780

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                The
                  Prudential Life Insurance Company Ltd.

                c/o
                  Prudential Capital Group

                Gateway
                  Center 3, 18th Floor

                100
                  Mulberry Street

                Newark,
                  NJ 07102

                Attention:
                  Albert Trank, Managing Director

                Tel:
                  (973) 802-8608

                Fax:
                  (973) 367-3234

                E-mail:
                  albert.trank@prudential.com

              	
                 

                U.S. $8,500,000

              

      

       

      Payments

       

      All
        principal, interest and Make-Whole Amount payments on account of Notes held
        by
        such purchaser shall be made by wire transfer of immediately available funds
        for
        credit to:

      

      JPMorgan
        Chase Bank

      New
        York,
        NY

      ABA
        No.:
        021-000-021

      Account
        No.: 304243809

      Account
        Name: The Prudential Life Insurance Company, Ltd.

       

      Each
        such
        wire transfer shall set forth the name of the Company, a reference to “4.91%
        Senior Notes due 2015, Security No. INV07211, PPN 607828 B@ 8”
        and the due date and application (as among principal, interest and Make-Whole
        Amount) of the payment being made. 

       

      All
        payments, other than principal, interest or Make-Whole Amount, on account
        of
        Notes held by such purchaser shall be made by wire transfer of immediately
        available funds for credit to: 

      

      JPMorgan
        Chase Bank

      New
        York,
        NY

      ABA
        No.
        021-000-021

      Account
        No. 304199036

      Account
        Name: Prudential International Insurance Service Co.

      

      Each
        such
        wire transfer shall set forth the name of the Company, a reference to "4.91%
        Senior Notes due 2015, Security No. INV07211, PPN 607828 B@ 8"
        and the
        due date and application (e.g., type of fee) of the payment being
        made.

       

      Notices

       

      All
        notices and communications (other than for notices related to payments) to
        be
        addressed as first provided above.

       

      Address
        for Notices related to payments: 

      

      Prudential
        Capital Group

      2-13-10,
        Nagatacho

      Chiyoda-ku,
        Tokyo 100-0014, Japan

      Telephone:
        81-3-5501-5190

      Facsimile:
        81-03-5501-5037

      email:
        osamu.egi@prudential.com

      Attention:
        Osamu Egi, Team Leader of Financial Reporting Team

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 00544574

       

      

       

      

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                Prudential
                  Retirement Insurance and 

                Annuity
                  Company 

                Prudential
                  Private Placement Investors, L.P.

                Gateway
                  Center 3, 18th
                  Floor

                100
                  Mulberry Street

                Newark,
                  NJ 07102

                Attention:
                  Albert Trank, Managing Director

                Telephone:
                  (973) 802-8608

                Facsimile:
                  (973) 367-3234

              	
                 

                U.S. $6,850,000

              

      

       

      Payments

       

      All
        payments on account of Notes held by such purchaser shall be made by wire
        transfer of immediately available funds for credit to:

      

      JP
        Morgan
        Chase 

      ABA
        No.
        021000021

      Account
        No. P86351 (please do not include spaces)

       

      Each
        such
        wire transfer shall set forth the name of the Company, a reference to “4.91%
        Senior Notes due 2015, PPN 607828 B@ 8”
        and the
        due date and application (as among, principal, interest and Make-Whole Amount)
        of the payment being made.

       

      Notices

       

      All
        notices and communications (other than notices with respect to payments and
        written confirmation of each such payment) to be addressed as first provided
        above.

       

      All
        other
        communications and notices with respect to payment and written confirmation
        of
        each such payment to be addressed to:

      

      Prudential
        Private Placement Investors, L.P.

      c/o
        Prudential Investment Management, Inc.

      Private
        Placement Trade Management

      PRIAC
        Administration 

      Gateway
        Center Four, 7th
        Floor

      100
        Mulberry Street

      Newark,
        NJ 07102

      Telephone:
        (973) 802-8107

      Facsimile:
        (800) 224-2278

      

      

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 06-1050034

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                Prudential
                  Retirement Insurance and 

                Annuity
                  Company 

                c/o
                  Prudential Capital Group

                Two
                  Prudential Plaza, Suite 5600

                180
                  N. Stetson Avenue

                Chicago,
                  IL 60601

                Attention:
                  Managing Director

              	
                 

                U.S. $1,500,000

              

      

       

      Payments

       

      All
        payments on account of Notes held by such purchaser shall be made by wire
        transfer of immediately available funds for credit to:

      

      JP
        Morgan
        Chase Bank

      New
        York,
        NY

      ABA
        No.
        021000021

      Account
        No. P86338 (please do not include spaces)

       

      Each
        such
        wire transfer shall set forth the name of the Company, a reference to “4.91%
        Senior Notes due 2015, Security No. INV07211, PPN 607828 B@ 8”
        and the
        due date and application (as among, principal, interest and Make-Whole Amount)
        of the payment being made.

       

      Notices

       

      All
        notices and communications (other than notices with respect to payments and
        written confirmation of each such payment) to be addressed as first provided
        above.

       

      All
        other
        communications and notices with respect to payments and written confirmation
        of
        each such payment to be addressed to:

       

      Prudential
        Retirement Insurance and Annuity Company

      c/o
        Prudential Investment Management, Inc.

      Private
        Placement Trade Management

      PRIAC
        Administration 

      Gateway
        Center Four, 7th
        Floor

      100
        Mulberry Street

      Newark,
        NJ 07102

      Telephone:
        (973) 802-8107

      Facsimile:
        (800) 224-2278

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 06-1050034

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                Standard
                  Insurance Company

                19225
                  NW Tanasbourne Drive 

                Hillsboro,
                  OR 97124

                Attention:
                  Kim Ceserani

                Tel:
                  (503) 321-8434

                Fax:
                  (503) 478-5890

              	
                 

                U.S. $3,000,000

              

      

       

      Payments

       

      All
        payments on or in respect of the Notes to be by bank wire transfer of Federal
        or
        other immediately available funds (identifying each payment as “Modine
        Manufacturing Company Senior Notes due 2015, PPN # 607828 B@ 8,
        principal, premium or interest”) to:

      

      Bank
        of
        New York 

      ABA
        Number: 021000018 

      BBK
        = IOC
        363

      Account
        Name:  Standard
        Insurance Company

      Account
        Number: 343087

      Representing
        P & I on (list PPN & description of payment) 

       

      Notices:

       

      All
        notices of payments on or in respect of the Notes and written confirmation
        of
        each such payment to: 

       

      Bank
        of
        New York (BNY) Western Trust Company

      Attention:
        Janine Barker

      Two
        Union
        Square, Suite 520

      601
        Union
        Street

      Seattle,
        WA 98101-2321

      Tel:
        (206) 224-3122

      Fax:
        (206) 224-3138

       

      Duplicate
        payment notices, compliance information, financials and all other correspondence
        to be addressed as first provided above.

       

      Name
        of
        Nominee in which Notes are to be issued: HARE & Co. 

      

      Taxpayer
        I.D. Number: 93-0242990

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                State
                  Farm Life and Accident Assurance 

                Company

                One
                  State Farm Plaza

                Bloomington,
                  Illinois 61710

                Attention:
                  Investment Department E-8

              	
                 

                U.S. $1,000,000

              

      

       

      Payments

       

      All
        payments on or in respect of the Notes to be by bank wire transfer of Federal
        or
        other immediately available funds to:

      

      JPMorganChase

      ABA
        #021000021

      Attention:
        SSG Private Income Processing

      A/C
        #900
        9 000200

      

      for
        further credit to: State Farm Life and Accident Assurance Company 

      Custody
        Account #G06895

      Ref:
        PPN#
607828 B@ 8
        Rate:
        4.91% Maturity Date: due September 2015

       

      Notices

       

      All
        notices and communications to be addressed as first provided above, except
        notices with respect to payment, and written confirmation of each such payment,
        to be addressed Attention: Investment Accounting Department D-3.

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 37-0805091

       

      

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                State
                  Farm Life Insurance Company

                One
                  State Farm Plaza

                Bloomington,
                  Illinois 61710

                Attention:
                  Investment Department E-8

              	
                 

                U.S. $14,000,000

              

      

       

      Payments

       

      All
        payments on or in respect of the Notes to be by bank wire transfer of Federal
        or
        other immediately available funds to:

      

      JPMorganChase

      ABA
        #021000021

      Attention:
        SSG Private Income Processing

      A/C
        #900
        9 000200

      

      for
        further credit to: State Farm Life Insurance Company 

      Custody
        Account #G06893

      Ref:
        PPN#
607828 B@ 8
        Rate:
        4.91% Maturity Date: due September 2015

       

      Notices

       

      All
        notices and communications to be addressed as first provided above, except
        notices with respect to payment, and written confirmation of each such payment,
        to be addressed Attention: Investment Accounting Department D-3.

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 37-0533090

       

      

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                State
                  of Wisconsin Investment Board

                121
                  East Wilson Street

                Madison,
                  Wisconsin 53702

                Attention:
                  Portfolio Manager, Private Markets 

                Group
                  - Wisconsin Private Debt Portfolio

              	
                 

                U.S. $5,000,000

              

      

       

      Payments

       

      All
        payments are to be made on or before 11:00 a.m. local time on each payment
        date
        in immediately available funds to:

      

      ABA
        #011-00-1234 Mellon/Boston Safe Deposit

      For
        credit to the State of Wisconsin Investment Board

      Account
        #064300

       

      With
        notice of payment, including a message as to the source (identifying the
        security by name and CUSIP number) and application of funds, copy of notice
        of
        payment to:

      

      Linda
        Nelson

      Accounting
        Supervisor

      State
        of
        Wisconsin Investment Board

      121
        East
        Wilson Street

      P.O.
        Box
        7842

      Madison,
        Wisconsin 53707-7842

      Phone:
        (608) 267-7463

      Fax:
        (608) 266-2436

       

      Address
        for notices other than confirmation of payment is:

      

      Postal
        Address

      State
        of
        Wisconsin Investment Board

      121
        East
        Wilson Street

      P.O.
        Box
        7842

      Madison,
        Wisconsin 53707-7842

      Attention:
        Portfolio
        Manager, Private Markets Group-Wisconsin Private Debt Portfolio

      

      

      Street
        Address

      State
        of
        Wisconsin Investment Board

      121
        East
        Wilson Street

      Madison,
        Wisconsin 53703

      Attention:
        Portfolio
        Manager, Private Markets Group-Wisconsin Private Debt Portfolio

      

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 39-6006423

      
        
          
            A-

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      
        	
                 

                Name
                  and Address of Purchaser

              	
                Principal
                  Amount of

                Notes
                  to Be Purchased

              
	
                Woodmen
                  of the World Life Insurance

                Society

                1700
                  Farnam Street

                Omaha,
                  Nebraska 68102

                Attention:
                  Securities Department

                Telecopier
                  Number: (402) 342-5136

              	
                 

                U.S. $5,000,000

              

      

       

      Payments

       

      All
        payments on or in respect of the Notes to be by bank wire transfer of Federal
        or
        other immediately available funds (identifying each payment as “Modine
        Manufacturing Co.,
        4.91%
        Senior Notes due 2015, PPN 607828 B@ 8,
        principal or interest”) to:

      

      U.S.
        Bank, N.A.

      ABA
        #104000029

      1700
        Farnam Street

      Omaha,
        Nebraska 68102

      

      for
        credit to: Woodmen of the World Life Insurance Society 

      Account
        Number 1-487-477-7-0730

       

      Notices

       

      All
        notices and communications, including notices with respect to payments and
        written confirmation of each such payment, to be addressed as first provided
        above.

       

      Name
        of
        Nominee in which Notes are to be issued: None

       

      Taxpayer
        I.D. Number: 47-0339250

       

      

       

      

      
        
          
            Schedule
              A

            (to
              Note
              Purchase Agreement)

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      Defined
        Terms

       

      As
        used
        herein, the following terms have the respective meanings set forth below
        or set
        forth in the Section hereof following such term:

       

      “Affiliate”
        means,
        at any time, and with respect to any Person, any other Person that at such
        time
        directly or indirectly through one or more intermediaries Controls, or is
        Controlled by, or is under common Control with, such first Person, and with
        respect to the Company, shall include any Person beneficially owning or holding,
        directly or indirectly, 10% or more of any class of voting or equity interests
        of the Company or any Subsidiary or any corporation of which the Company
        and its
        Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly,
        10% or more of any class of voting or equity interests. As used in this
        definition, “Control”
        means
        the possession, directly or indirectly, of the power to direct or cause the
        direction of the management and policies of a Person, whether through the
        ownership of voting securities, by contract or otherwise. Unless the context
        otherwise clearly requires, any reference to an “Affiliate”
        is a
        reference to an Affiliate of the Company.

       

      “Aftermarket
        Disposition”
        means
        the spin off by the Company of its aftermarket business, which occurred on
        July 22, 2005, all
        as
        more fully described in the Company’s Form 8-K filed with the SEC on July 28,
        2005.

       

      “Anti-Terrorism
        Order” means
        Executive Order No. 13,224 of September 24, 2001, Blocking
        Property
        and Prohibiting Transactions with Persons Who Commit, Threaten to Commit
        or
        Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended.

       

      “Business
        Day”
        means
        (a) for the purposes of Section 8.6
        only,
        any day other than a Saturday, a Sunday or a day on which commercial banks
        in
        New York City are required or authorized to be closed, and (b) for
        the
        purposes of any other provision of this Agreement, any day other than a
        Saturday, a Sunday or a day on which commercial banks in Chicago, Illinois
        or
        New York, New York are required or authorized to be closed.

       

      “Capital
        Lease”means,
        at
        any time, a lease with respect to which the lessee is required concurrently
        to
        recognize the acquisition of an asset and the incurrence of a liability in
        accordance with GAAP.

       

      “Closing”
        is
        defined in Section 3.

       

      “Code”
        means
        the Internal Revenue Code of 1986, as amended from time to time, and the
        rules
        and regulations promulgated thereunder from time to time.

       

      “Company”
        means
        Modine Manufacturing Company, a Wisconsin corporation or any successor that
        becomes such in the manner prescribed in Section 10.5.

       

      “Confidential
        Information”
        is
        defined in Section 20.

       

      “Consolidated
        Adjusted Net Worth”
        means,
        as of the date of any determination thereof Consolidated Net Worth, minus
        all
        Investments of the Company and its Subsidiaries other than Permitted
        Investments.

       

      “Consolidated
        EBITDA”
        means,
        for the Company and its Subsidiaries for any period, an amount equal to the
        sum
        of (a) Consolidated Net Income for such period plus
        (b) to the extent deducted in determining Consolidated Net Income
        for such
        period, (i) Consolidated Interest Expense, (ii) income tax
        expense
        determined on a consolidated basis in accordance with GAAP,
        (iii) depreciation and amortization determined on a consolidated basis
        in
        accordance with GAAP, and (iv) extraordinary non-cash charges, determined
        on a consolidated basis in accordance with GAAP, in each case for such period;
        provided,
        however, that
        the
        Consolidated Net Income, Consolidated Interest Expense, income tax expense,
        depreciation, amortization and extraordinary non-cash charges of any Person
        acquired during such period that accrue prior to the date such Person becomes
        a
        Subsidiary or is merged into or consolidated with or otherwise acquired by
        the
        Company or any Subsidiary, shall be included in Consolidated EBITDA, on a
        pro
        forma
        basis as
        if such acquisition had been consummated on the first day of such
        period.

       

      “Consolidated
        Interest Expense”
        means,
        for the Company and its Subsidiaries for any period determined on a consolidated
        basis in accordance with GAAP, the sum of (a) total interest expense,
        including without limitation the interest component of any payments in respect
        of Capital Leases capitalized or expensed during such period (whether or
        not
        actually paid during such period) plus
        (b) the net amount payable (or minus the net amount receivable) under
        Swap
        Contracts during such period (whether or not actually paid or received during
        such period).

       

      “Consolidated
        Net Income”
        means,
        for the Company and its Subsidiaries for any period, the net income (or loss)
        of
        the Company and its Subsidiaries for such period determined on a consolidated
        basis in accordance with GAAP, but excluding therefrom (to the extent otherwise
        included therein) (a) any extraordinary gains or losses, (b) any
        gains
        attributable to write-ups of assets, and (c) any equity interest of
        the
        Company or any Subsidiary of the Company in the unremitted earnings or losses
        of
        any Person that is not a Subsidiary, and (d) any income (or loss)
        of any
        Person accrued prior to the date it becomes a Subsidiary or is merged into
        or
        consolidated with or otherwise acquired by the Company or any
        Subsidiary.

       

      “Consolidated
        Net Worth”
        means,
        as of the date of any determination thereof the amount of the capital stock
        accounts (net of treasury stock, at cost) plus
        (or
minus
        in the
        case of a deficit) the surplus in retained earnings of the Company and its
        Subsidiaries as determined in accordance with GAAP.

       

      “Consolidated
        Total Assets”
        means as
        of the date of any determination thereof, total assets of the Company and
        its
        Subsidiaries determined on a consolidated basis in accordance with
        GAAP.

       

      “Consolidated
        Total Debt”means,
        at
        any time, all Debt of the Company and its Subsidiaries that would be reflected
        on a consolidated balance sheet of the Company prepared in accordance with
        GAAP
        at such time, including Receivables Transaction Attributed Indebtedness of
        any
        Subsidiary or other Person to whom interests in accounts, notes receivable
        and
        rights related thereto have been sold, conveyed or otherwise transferred
        by the
        Company or any Subsidiary in connection with a Qualified Receivables
        Transaction, whether or not such Subsidiary or other Person is consolidated
        with
        the Company under GAAP.

       

      “Credit
        Agreement”
        means
        that certain Amended and Restated Credit Agreement dated as of October 27,
        2004, among the Company, Bank One, NA, as Agent, and the other Lenders party
        thereto, as amended, modified, supplemented, restated, refinanced or replaced
        from time to time.

       

      “Debt”
        with
        respect to any Person means, at any time, without duplication,

       

      (a)its
        liabilities for borrowed money and its redemption obligations in respect
        of
        mandatorily redeemable Preferred Stock;

       

      (b)its
        liabilities for the deferred purchase price of property acquired by such
        Person
        (excluding accounts payable arising in the ordinary course of business but
        including all liabilities created or arising under any conditional sale or
        other
        title retention agreement with respect to any such property);

       

      (c)(i) all
        liabilities appearing on its balance sheet in accordance with GAAP in respect
        of
        Capital Leases and (ii) all liabilities which would appear on its
        balance
        sheet in accordance with GAAP in respect of Synthetic Leases assuming such
        Synthetic Leases were accounted for as Capital Leases;

       

      (d)all
        liabilities for borrowed money secured by any Lien with respect to any property
        owned by such Person (whether or not it has assumed or otherwise become liable
        for such liabilities);

       

      (e)all
        its
        liabilities in respect of letters of credit or instruments serving a similar
        function issued or accepted for its account by banks and other financial
        institutions (whether or not representing obligations for borrowed
        money);

       

      (f)the
        aggregate Swap Termination Value of all Swap Contracts of such Person;
        and

       

      (g)Receivables
        Transaction Attributed Indebtedness of such Person; and

       

      (h)any
        Guaranty of such Person with respect to liabilities of a type described in
        any
        of clauses (a) through (g) hereof.

       

      “Default”
        means an
        event or condition the occurrence or existence of which would, with the lapse
        of
        time or the giving of notice or both, become an Event of Default.

       

      “Default
        Rate”
        means
        that rate of interest that is the greater of (i) 2.0% per annum above
        the
        rate of interest stated in clause (a) of the first paragraph of the Notes
        or
        (ii) 2.0% over the rate of interest publicly announced by Bank One,
        NA in
        Chicago, Illinois as its “base” or “prime” rate.

       

      “Disclosure
        Documents” is
        defined in Section
        5.3.

       

      “Domestic
        Subsidiary”
        means
        each Subsidiary of the Company that is organized under the laws of the United
        States of America or any state, territory or possession thereof.

       

      “Electronic
        Delivery”
        is
        defined in Section 7.1(a).

       

      “Environmental
        Laws”
        means
        any and all Federal, state, local, and foreign statutes, laws, regulations,
        ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
        franchises, licenses, agreements or governmental restrictions relating to
        pollution and the protection of the environment or the release of any materials
        into the environment, including but not limited to those related to Hazardous
        Materials.

       

      “ERISA”
        means
        the Employee Retirement Income Security Act of 1974, as amended from time
        to
        time, and the rules and regulations promulgated thereunder from time to time
        in
        effect.

       

      “ERISA
        Affiliate”
        means
        any trade or business (whether or not incorporated) that is treated as a
        single
        employer together with the Company under Section 414 of the
        Code.

       

      “Event
        of Default”
        is
        defined in Section 11.

       

      “Exchange
        Act”
        means
        the Securities Exchange Act of 1934, as amended from time to time, and the
        rules
        and regulations promulgated thereunder from time to time in effect.

       

      “Foreign
        Subsidiary”
        means
        each Subsidiary that is not a Domestic Subsidiary.

       

      “Form
        10-K”
        is
        defined in Section 7.1(b).

       

      “Form
        10-Q”
        is
        defined in Section 7.1(a).

       

      “GAAP”
        means
        generally accepted accounting principles as in effect from time to time in
        the
        United States of America.

       

      “Governmental
        Authority”
        means

       

      (a)the
        government of

       

      (i)the
        United States of America or any State or other political subdivision thereof,
        or

       

      (ii)any
        other
        jurisdiction in which the Company or any Subsidiary conducts all or any part
        of
        its business, or which asserts jurisdiction over any properties of the Company
        or any Subsidiary, or

       

      (b)any
        entity exercising executive, legislative, judicial, regulatory or administrative
        functions of, or pertaining to, any such government.

       

      “Guaranty”
        means,
        with respect to any Person, any obligation (except the endorsement in the
        ordinary course of business of negotiable instruments for deposit or collection)
        of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend
        or other obligation of any other Person in any manner, whether directly or
        indirectly, including (without limitation) obligations incurred through an
        agreement, contingent or otherwise, by such Person:

       

      (a)to
        purchase such indebtedness or obligation or any property constituting security
        therefor;

       

      (b)to
        advance or supply funds (i) for the purchase or payment of such
        indebtedness or obligation, or (ii) to maintain any working capital
        or
        other balance sheet condition or any income statement condition of any other
        Person or otherwise to advance or make available funds for the purchase or
        payment of such indebtedness or obligation;

       

      (c)to
        lease
        properties or to purchase properties or services primarily for the purpose
        of
        assuring the owner of such indebtedness or obligation of the ability of any
        other Person to make payment of the indebtedness or obligation; or

       

      (d)otherwise
        to assure the owner of such indebtedness or obligation against loss in respect
        thereof.

       

      In
        any
        computation of the indebtedness or other liabilities of the obligor under
        any
        Guaranty, the indebtedness or other obligations that are the subject of such
        Guaranty shall be assumed to be direct obligations of such obligor.

       

      “Hazardous
        Material”
        means
        any and all pollutants, toxic or hazardous wastes or any other substances,
        including all substances listed in or regulated in any Environmental law
        that
        might pose a hazard to health and safety, the removal of which may be required
        or the generation, manufacture, refining, production, processing, treatment,
        storage, handling, transportation, transfer, use, disposal, release, discharge,
        spillage, seepage, or filtration of which is or shall be restricted, regulated,
        prohibited or penalized by any applicable law including, but not limited
        to,
        asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls,
        petroleum, petroleum products, lead based paint, radon gas or similar
        restricted, prohibited or penalized substances.

       

      “holder”
        means,
        with respect to any Note, the Person in whose name such Note is registered
        in
        the register maintained by the Company pursuant to Section 13.1.

       

      “Institutional
        Investor”
        means
        (a) any Purchaser of a Note, (b) any holder of a Note holding
        (together with one or more of its affiliates) more than 5% of the aggregate
        principal amount of the Notes then outstanding, (c) any bank, trust
        company, savings and loan association or other financial institution, any
        pension plan, any investment company, any insurance company, any broker or
        dealer, or any other similar financial institution or entity, regardless
        of
        legal form, and (d) any Related Fund of any holder of any
        Note.

       

      “Intercreditor
        Agreement”
        is
        defined in Section 2.2(b).

       

      “Investments”
        means
        all investments, in cash or by delivery of property, made directly or indirectly
        in any property or assets or in any Person, whether by acquisition of shares
        of
        capital stock, Debt or other obligations or Securities or by loan, advance,
        capital contribution or otherwise; provided
        that
“Investments”
        shall
        not mean or include routine investments in property to be used or consumed
        in
        the ordinary course of business. Investments shall be valued at the original
        cost thereof, without allowance for any subsequent write-off or appreciation
        or
        depreciation therein, but less any amount repaid or recovered in cash on
        account
        of capital or principal.

       

      “Lien”
        means,
        with respect to any Person, any mortgage, lien, pledge, charge, security
        interest or other encumbrance, or any interest or title of any vendor, lessor,
        lender or other secured party to or of such Person under any conditional
        sale or
        other title retention agreement or Capital Lease, upon or with respect to
        any
        property or asset of such Person (including in the case of stock, stockholder
        agreements, voting trust agreements and all similar arrangements).

       

      “Make-Whole
        Amount”
        is
        defined in Section 8.6.

       

      “Material”
        means
        material in relation to the business, operations, affairs, financial condition,
        assets or properties of the Company and its Subsidiaries taken as a
        whole.

       

      “Material
        Adverse Effect”
        means a
        material adverse effect on (a) the business, operations, affairs,
        financial
        condition, assets, or properties of the Company and its Subsidiaries taken
        as a
        whole, or (b) the ability of the Company to perform its obligations
        under
        this Agreement and the Notes, or (c) the validity or enforceability
        of this
        Agreement, the Notes or the Subsidiary Guaranty.

       

      “Memorandum”
        is
        defined in Section 5.3.

       

      “Multiemployer
        Plan”
        means
        any Plan that is a “multiemployer plan” (as such term is defined in
        section 4001(a)(3) of ERISA).

       

      “NAIC”
        means
        the National Association of Insurance Commissioners or any successor
        thereto.

       

      “Notes”
        is
        defined in Section 1.

       

      “Officer’s
        Certificate”
        means a
        certificate of a Senior Financial Officer or of any other officer of the
        Company
        whose responsibilities extend to the subject matter of such
        certificate.

       

      “PBGC”
        means
        the Pension Benefit Guaranty Corporation referred to and defined in ERISA
        or any
        successor thereto.

       

      “Permitted
        Investments”
        means,
        for the Company and its Subsidiaries on a consolidated basis, the following
        Investments:

       

      (a)Investments
        existing as of the date of the Closing and described on Schedule
        10.2 hereto;

       

      (b)Investments
        by the Company and its Subsidiaries in and to Subsidiaries, including any
        Investment in a corporation which, after giving effect to such Investment,
        will
        become a Subsidiary;

       

      (c)Investments
        in property or assets to be used in the ordinary course of the business of
        the
        Company and its Subsidiaries as described in Section 10.7
        of this
        Agreement; 

       

      (d)Investments
        in direct obligations of the United States of America or any agency or
        instrumentality of the United States of America, the payment or guarantee
        of
        which constitutes a full faith and credit obligation of the United States
        of
        America, in either case, maturing within twelve months from the date of
        acquisition thereof;

       

      (e)demand
        deposit accounts maintained in the ordinary course of business with a depository
        institution described in clause (i) of this definition ;

       

      (f)Investments
        in (i) preferred stocks rated “A3”
        or
        better by Moody’s Investors Service, Inc. (“Moody’s”)
        or
“A-”
        or
        better by Standard & Poor’s Ratings Group (“S&P”),
        (ii) adjustable rate preferred stock funds rated “A3”
        or
        better by Moody’s or “A-”
        or
        better by S&P, and (iii) municipal notes with credit support provided
        by, and putable (within a period not to exceed one year from the date of
        acquisition) to, financial institutions rated “A”
        or
        better by Moody’s, S&P or Fitch Ratings (“Fitch”);

       

      (g)Investments
        in tax exempt variable rate demand notes rated “AA”
        or
        better by Moody’s or S&P, provided
        that
        such notes permit the Company to require the issuer to repurchase such notes
        after a period of not more than one year from the date of acquisition
        thereof;

       

      (h)with
        respect to Investments of a Foreign Subsidiary only, Investments in direct
        obligations of the national government of the jurisdiction in which such
        Foreign
        Subsidiary is organized and primarily and located, maturing within twelve
        months
        from the date of acquisition thereof;

       

      (i)Investments
        in certificates of deposit and time deposits maturing within 270 days from
        the
        date of issuance thereof, either (1) issued by a bank or trust company
        organized under the laws of the United States or any State thereof, Canada
        or
        any Province thereof, Japan, Great Britain, Germany, France, Italy, Switzerland,
        the Netherlands, Austria, Hungary or South Korea, having capital, surplus
        and
        undivided profits aggregating at least $100,000,000 (or the equivalent under
        local currency); provided
        that at
        the time of acquisition thereof by the Company or a Subsidiary, the senior
        unsecured long-term debt of such bank or trust company or of the holding
        company
        of such bank or trust company is rated “A-1”
        or
        better by S&P, or “P-1”
        or
        better by Moody’s, or (2) issued by any bank or trust company organized
        under the laws of the United States or any state thereof to the extent that
        such
        Investments are fully insured by the Federal Depository Insurance
        Corporation;

       

      (j)Investments
        in repurchase agreements with respect to any Security described in
        clause (d) of this definition entered into with a depository institution
        or
        trust company acting as principal described in clause (i) of this
        definition if such repurchase agreements are by their terms to be performed
        by
        the repurchase obligor and such repurchase agreements are deposited with
        a bank
        or trust company of the type described in clause (i) of this
        definition;

       

      (k)Investments
        in commercial paper of corporations organized under the laws of the United
        States or any state thereof maturing in 270 days or less from the
        date of
        issuance which, at the time of acquisition by the Company or any Subsidiary,
        is
        accorded a rating of “A-1”
        or
        better by S&P or “P-2”
        or
        better by Moody’s; and

       

      (l)Investments
        of the Company not described in the foregoing clauses (a) through (k),
provided
        that the
        aggregate amount of all such Investments shall not at any time exceed the
        greater of (i) $40,000,000 or (ii) 10% of Consolidated Net Worth at
        such
        measurement date.

       

      “Person”
        means an
        individual, partnership, corporation, limited liability company, association,
        trust, unincorporated organization, business entity or Governmental
        Authority.

       

      “Plan”
        means an
“employee benefit plan” (as defined in section 3(3) of ERISA) subject to
        Title I of ERISA that is or, within the preceding five years, has
        been
        established or maintained, or to which contributions are or, within the
        preceding five years, have been made or required to be made, by the Company
        or
        any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate
        may have any liability.

       

      “Preferred
        Stock”
        means
        any class of capital stock of a Person that is preferred over any other class
        of
        capital stock (or similar equity interests) of such Person as to the payment
        of
        dividends or the payment of any amount upon liquidation or dissolution of
        such
        Person.

       

      “property”
        or
“properties”
        means,
        unless otherwise specifically limited, real or personal property of any kind,
        tangible or intangible, choate or inchoate.

       

      “Purchaser”
        is
        defined in the first paragraph of this Agreement.

       

      “QPAM
        Exemption”
        means
        Prohibited Transaction Class Exemption 84-14 issued by the United States
        Department of Labor.

       

      “Qualified
        Institutional Buyer”
        means
        any Person who is a “qualified institutional buyer” within the meaning of such
        term as set forth in Rule 144A(a)(1) under the Securities Act.

       

      “Qualified
        Receivables Transaction”
        means
        any transaction or series of transactions that may be entered into by the
        Company or any Subsidiary pursuant to which the Company or any Subsidiary
        may
        sell, convey or otherwise transfer to a newly-formed Subsidiary or other
        special-purpose entity, or any other Person, any accounts or notes receivable
        and rights related thereto on a limited recourse basis, provided
        that
        (a) in the opinion of a Responsible Officer of the Company, such sale,
        conveyance or transfer is for fair value and in the best interests of the
        Company and its Subsidiaries, (b) such sale, conveyance or transfer
        qualifies as a sale under GAAP and (c) the Receivables Transaction
        Attributed Indebtedness incurred in such transaction or series of transactions
        and outstanding at any time thereafter does not at any time exceed 15% of
        Consolidated Total Asset at the time of any determination.

       

      “Receivables
        Transaction Attributed Indebtedness”
        means
        the aggregate amount of obligations outstanding under the legal documentation
        entered into as part of any Qualified Receivables Transaction on any date
        of
        determination that would be characterized as principal if such qualified
        Receivables Transaction were structured as a secured lending transaction
        rather
        than as a purchase.

       

      “Related
        Fund”
        means,
        with respect to any holder of any Note, any fund or entity that (i) invests
        in Securities or bank loans, and (ii) is advised or managed by such
        holder,
        the same investment advisor as such holder or by an affiliate of such holder
        or
        such investment advisor.

       

      “Required
        Holders”
        means,
        at any time, the holders of at least 51% in principal amount of the Notes
        at the
        time outstanding (exclusive of Notes then owned by the Company or any of
        its
        Affiliates).

       

      “Responsible
        Officer”
        means
        any Senior Financial Officer and any other officer of the Company with
        responsibility for the administration of the relevant portion of this
        Agreement.

       

      “Sale
        and Leaseback Transaction”
        means
        any arrangement whereby the Company or any Subsidiary shall sell, transfer
        or
        otherwise dispose of any property owned by the Company or any Subsidiary
        to any
        Person other than the Company or a Subsidiary and thereupon the Company or
        any
        Subsidiary shall lease or intend to lease, as lessee, the same property or
        any
        part thereof.

       

      “SEC”
        shall
        mean the Securities and Exchange Commission of the United States, or any
        successor thereto.

       

      “Securities”or
        Security”
        shall
        have the same meaning as in Section 2(1) of the Securities
        Act.

       

      “Securities
        Act”
        means
        the Securities Act of 1933, as amended from time to time, and the rules and
        regulations promulgated thereunder from time to time in effect.

       

      “Senior
        Debt”
        means
        all Debt of the Company which is not expressed to be subordinate or junior
        in
        rank to any other Debt of the Company.

       

      “Senior
        Financial Officer”
        means
        the chief financial officer, treasurer or controller of the
        Company.

       

      “Shelf
        Note Purchase Agreement”
        means
        the Note Purchase and Private Shelf Agreement dated as of September 29,
        2000 between the Company and the purchasers named therein, as amended to
        date,
        and as it may be further amended, modified, supplemented, restated, refinanced
        or replaced from time to time.

       

      “Shelf
        Notes”
        means
        the senior promissory notes of the Company issued from time to time pursuant
        to
        the Shelf Note Purchase Agreement, severally, as such notes may be amended,
        modified, supplemented, restated, refinanced or replaced from time to
        time.

       

      “Significant
        Subsidiary”
        means at
        any time any Subsidiary that would at such time constitute a “significant
        subsidiary” (as such term is defined in Regulation S-X of the Securities and
        Exchange Commission as in effect on the date of Closing) of the
        Company.

       

      “Subsidiary”
        means,
        as to any Person, any other Person in which such first Person or one or more
        of
        its Subsidiaries or such first Person and one or more of its Subsidiaries
        owns
        sufficient equity or voting interests to enable it or them (as a group)
        ordinarily, in the absence of contingencies, to elect a majority of the
        directors (or Persons performing similar functions) of such second Person,
        and
        any partnership or joint venture if more than a 50% interest in the profits
        or
        capital thereof is owned by such first Person or one or more of its Subsidiaries
        or such first Person and one or more of its Subsidiaries (unless such
        partnership can and does ordinarily take major business actions without the
        prior approval of such Person or one or more of its Subsidiaries). Unless
        the
        context otherwise clearly requires, any reference to a “Subsidiary”
        is a
        reference to a Subsidiary of the Company.

       

      “Subsidiary
        Guarantor”
        is
        defined in Section
        2.2(a) and
        shall
        include any Subsidiary which is required to become a Subsidiary Guarantor
        pursuant to the requirements of Section 9.8.

       

      “Subsidiary
        Guaranty”
        is
        defined in Section 2.2(a)
        and
        shall include any Subsidiary Guaranty delivered pursuant to Section 9.8.

       

      “Subsidiary
        Stock”
        means,
        with respect to any Person, the stock or other equity interests (or any options
        or warrants to purchase stock or other equity interests or other Securities
        exchangeable for or convertible into stock or other equity interests) of
        any
        subsidiary of such Person.

       

      “SVO”means
        the
        Securities Valuation Office of the NAIC or any successor to such
        Office.

       

      “Swap
        Contract”
        means
        (a) any and all interest rate swap transactions, basis swap transactions,
        basis swaps, credit derivative transactions, forward rate transactions,
        commodity swaps, commodity options, forward commodity contracts, equity or
        equity index swaps or options, bond or bond price or bond index swaps or
        options
        or forward foreign exchange transactions, cap transactions, floor transactions,
        currency options, spot contracts or any other similar transactions or any
        of the
        foregoing (including, but without limitation, any options to enter into any
        of
        the foregoing), and (b) any and all transactions of any kind, and
        the
        related confirmations, which are subject to the terms and conditions of,
        or
        governed by, any form of master agreement published by the International
        Swaps
        and Derivatives Association, Inc., any International Foreign Exchange Master
        Agreement.

       

      “Swap
        Termination Value”
        means,
        in respect of any one or more Swap Contracts, after taking into account the
        effect of any legally enforceable netting agreement relating to such Swap
        Contracts, (a) for any date on or after the date such Swap Contracts
        have
        been closed out and termination value(s) determined in accordance therewith,
        such termination value(s), and (b) for any date prior to the date
        referenced in clause (a), the amounts(s) determined as the mark-to-market
        values(s) for such Swap Contracts, as determined based upon one or more
        mid-market or other readily available quotations provided by any recognized
        dealer in such Swap Contracts.

       

      “Synthetic
        Lease”
        means,
        at any time, any lease (including leases that may be terminated by the lessee
        at
        any time) of any property (a) that is accounted for as an operating
        lease
        under GAAP and (b) in respect of which the lessee retains or obtains
        ownership of the property so leased for U.S. federal income tax purposes,
        other
        than any such lease under which such Person is the lessor.

       

      “USA
        Patriot Act”
        means
        United States Public Law 107-56, Uniting and Strengthening America by Providing
        Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot
        Act)
        Act of
        2001, as amended from time to time, and the rules and regulations promulgated
        thereunder from time to time in effect.

       

      “Wholly-owned
        Subsidiary”
        means,
        at any time, any Subsidiary one hundred percent (100%) of all of the equity
        interests (except directors’ qualifying shares) and voting interests of which
        are owned by any one or more of the Company and the Company’s other Wholly-owned
        Subsidiaries at such time.

       

      

      
        
          
            Schedule
              B

            (to
              Note
              Purchase Agreement)

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      [Form
        of Note]

       

      This
        Note
        has not been registered under the Securities Act of 1933, as amended, and,
        unless so registered, may not be transferred, sold or otherwise disposed
        of
        except pursuant to an exemption from registration under said Act or if said
        Act
        does not apply.

       

      Modine
        Manufacturing Company

       

      4.91%
        Senior Note due September 29, 2015

       

      No.
        [_________] [Date]

       

      $[____________] PPN
        607828 B@8

       

      For
        Value
        Received,
        the
        undersigned, Modine Manufacturing Company (herein called the “Company”),
        a
        corporation organized and existing under the laws of the State of Wisconsin,
        hereby promises to pay to [________________], or registered assigns, the
        principal sum of [________________] Dollars
        (or so
        much thereof as shall not have been prepaid) on September 29, 2015,
        with
        interest (computed on the basis of a 360-day year of twelve 30-day months)
        on
        the unpaid balance hereof at the rate of (a) 4.91% per annum from
        the date
        hereof, payable semiannually, on the twenty-ninth day of March and September
        in
        each year, commencing with the March 29 or September 29 next
        succeeding the date hereof, until the principal hereof shall have become
        due and
        payable, and (b) to the extent permitted by law, on any overdue payment
        of
        interest and, during the continuance of an Event of Default, on such unpaid
        balance and on any overdue payment of any Make-Whole Amount, at a rate per
        annum
        from time to time equal to the greater of (i) 6.91% or (ii) 2.0%
        over
        the rate of interest publicly announced by JPMorgan
        Chase Bank, N.A. from time to time in Chicago, Illinois as
        its
“base” or “prime” rate payable semiannually as aforesaid (or, at the option of
        the registered holder hereof, on demand).

       

      Payments
        of principal of, interest on and any Make-Whole Amount with respect to this
        Note
        are to be made in lawful money of the United States of America at the principal
        office of the Company in Racine, Wisconsin, or at such other place as the
        Company shall have designated by written notice to the holder of this Note
        as
        provided in the Note Purchase Agreement referred to below.

       

      This
        Note
        is one of a series of Senior Notes (herein called the “Notes”)
        issued
        pursuant to the Note Purchase Agreement, dated as of September 29,
        2005 (as
        from time to time amended, the “Note
        Purchase Agreement”),
        between the Company and the respective Purchasers named therein and is entitled
        to the benefits thereof. Each holder of this Note will be deemed, by its
        acceptance hereof, to have (i) agreed to the confidentiality provisions
        set
        forth in Section 20
        of the
        Note Purchase Agreement and (ii) made the representation set forth
        in
Section 6.3
        of the
        Note Purchase Agreement. Unless otherwise indicated, capitalized terms used
        in
        this Note shall have the respective meanings ascribed to such terms in the
        Note
        Purchase Agreement.

       

      This
        Note
        is a registered Note and, as provided in the Note Purchase Agreement, upon
        surrender of this Note for registration of transfer, duly endorsed, or
        accompanied by a written instrument of transfer duly executed, by the registered
        holder hereof or such holder’s attorney duly authorized in writing, a new Note
        for a like principal amount will be issued to, and registered in the name
        of,
        the transferee. Prior to due presentment for registration of transfer, the
        Company may treat the person in whose name this Note is registered as the
        owner
        hereof for the purpose of receiving payment and for all other purposes, and
        the
        Company will not be affected by any notice to the contrary.

       

      This
        Note
        is subject to optional prepayment, in whole or from time to time in part,
        at the
        times and on the terms specified in the Note Purchase Agreement, but not
        otherwise. 

       

      If
        an
        Event of Default occurs and is continuing, the principal of this Note may
        be
        declared or otherwise become due and payable in the manner, at the price
        (including any applicable Make-Whole Amount) and with the effect provided
        in the
        Note Purchase Agreement.

       

      This
        Note shall be construed and enforced in accordance with, and the rights of
        the
        parties shall be governed by, the law of the State of Illinois, excluding
        choice-of-law principles of the law of such State that would require application
        of the laws of a jurisdiction other than such State.

      Modine
        Manufacturing Company

      

      

      

      By:
        /s/
        Bradley C. Richardson

      Name:
        Bradley C. Richardson

      Title:
        VP, Finance and Chief Financial Officerexv10w01

 

Exhibit 10.01

Option Grant Notification

	 
	To: [FIRST_NAME] [LAST_NAME]

	[EMAIL_ADDRESS]

	Employee ID: [ID]

	Subject: Option Grant

 

Congratulations! We are pleased to inform you that the Board of Directors has granted to you a
Non-Qualified Stock Option Number [NUM] for [SHARES_GRANTED] shares of KLA-Tencor Corporation
common stock at $[insert price on date of grant] per share pursuant to the terms of the 2004 Equity Incentive Plan.
The date of grant of the option is [insert grant date].

Shares under this option become exercisable based upon your continuous full-time service as
follows: [insert vesting schedule, as determined at date of grant] The option will be fully
vested [insert complete vest date] from [insert grant date] subject to your continued full-time
service.

The vesting under this option for current or future continuous part-time service follows the
schedule above and is pro rated based on your regular approved schedule of record, as follows:

	 	 	 	 	 	 	 
	< 4 hours

	 	= 10%
	 	21-24 hours
	 	= 60%
	5-8 hours

	 	= 20%
	 	25-28 hours
	 	= 70%
	9-12 hours

	 	= 30%
	 	29-32 hours
	 	= 80%
	13-16 hours

	 	= 40%
	 	33-36 hours
	 	= 90%
	17-20 hours

	 	= 50%
	 	> 36 hours
	 	= 100%

Should you go on a leave of absence, your vesting will cease on the 1st day of your leave (unless
otherwise required by law or as determined in writing by the Plan Administrator, in its sole
discretion) and will recommence upon your return to work. Vesting will also cease on your
termination of employment for any reason, including pursuant to a reduction-in-force.

The option will expire on [insert date determined by the Plan Administrator]. Any unvested options
due to either part-time status or leave of absence and/or vested options not exercised on or prior
to the expiration date shall expire. Vested options may be exercised up to 3 months after
terminating employment with KLA-Tencor. After that date, all options will be cancelled.

The grant of an Option and the issuance of Shares upon exercise of the Option are subject to
compliance with all of the applicable requirements of all laws or regulations with respect to such
options. Neither the grant of this Option nor the vesting schedule alter the terms of your
employment, which remain at-will and subject to termination by KLA-Tencor or you at any time, with
or without cause or notice.

For the other terms and conditions relating to your stock option, please see the 2004 Equity
Incentive Plan on the Employee Stock Services Web-site. Both of these can be accessed through the
KLA-Tencor Intranet site: http://ktwebdev.kla-tencor.com/treasury/kla_web/sop_features.html

Questions should be directed to Employee Stock Services Hotline, x57150 or via e-mail at
401k.stock@kla-tencor.com.

THIS MEMO IS YOUR OFFICIAL NOTIFICATION OF THIS STOCK GRANT. NO ADDITIONAL DOCUMENTATION WILL BE
SENT TO YOU CONCERNING THIS GRANT.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]