Document:

<PAGE>
                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

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                              Brand Services, Inc.
                                     Issuer

                     12% Senior Subordinated Notes Due 2012

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

                                    INDENTURE

                          Dated as of October 16, 2002

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

               The Bank of New York Trust Company of Florida, N.A.
                                     Trustee

================================================================================

<PAGE>
                              CROSS-REFERENCE TABLE

<Table>
<Caption>
    TIA                                                       Indenture
  Section                                                      Section
  -------                                                     ---------
<S>                                                         <C>
   310(a)(1) ............................................     7.10
      (a)(2) ............................................     7.10
      (a)(3) ............................................     N.A.
      (a)(4) ............................................     N.A.
      (a)(5) ............................................     7.10
      (b) ...............................................     7.08; 7.10
      (c) ...............................................     N.A.
   311(a) ...............................................     7.11
      (b) ...............................................     7.11
      (c) ...............................................     N.A.
   312(a) ...............................................     2.05
      (b) ...............................................     13.03
      (c) ...............................................     13.03
   313(a) ...............................................     7.06
      (b)(1) ............................................     7.06
      (b)(2) ............................................     7.06
      (c) ...............................................     13.02
      (d) ...............................................     7.06
   314(a) ...............................................     4.02; 4.12;
                                                              13.02
      (b) ...............................................     N.A.
      (c)(1) ............................................     13.04
      (c)(2) ............................................     13.04
      (c)(3) ............................................     N.A.
      (d) ...............................................     N.A.
      (e) ...............................................     13.05
      (f) ...............................................     N.A.
   315(a) ...............................................     7.01
      (b) ...............................................     7.05; 13.02
      (c) ...............................................     7.01
      (d) ...............................................     7.01
      (e) ...............................................     6.11
   316(a)(last sentence) ................................     13.06
      (a)(1)(A) .........................................     6.05
      (a)(1)(B) .........................................     6.04
      (a)(2) ............................................     N.A.
      (b) ...............................................     6.07
   317(a)(1) ............................................     6.08
      (a)(2) ............................................     6.09
      (b) ...............................................     2.04
   318(a) ...............................................     13.01
</Table>

                           N.A. means Not Applicable.

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

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                      Page
                                                                                                      ----
<S>            <C>                                                                                    <C>
                                                ARTICLE 1

                                 Definitions and Incorporation by Reference

SECTION 1.01.  Definitions...............................................................................1

                                                ARTICLE 2

                                              The Securities

SECTION 2.01.  Form and Dating..........................................................................32
SECTION 2.02.  Execution and Authentication.............................................................32
SECTION 2.03.  Registrar and Paying Agent...............................................................33
SECTION 2.04.  Paying Agent To Hold Money in Trust......................................................33
SECTION 2.05.  Securityholder Lists.....................................................................34
SECTION 2.06.  Transfer and Exchange....................................................................34
SECTION 2.07.  Replacement Securities...................................................................34
SECTION 2.08.  Outstanding Securities...................................................................35
SECTION 2.09.  Temporary Securities.....................................................................35
SECTION 2.10.  Cancellation.............................................................................35
SECTION 2.11.  Defaulted Interest.......................................................................36
SECTION 2.12.  CUSIP Numbers............................................................................36
SECTION 2.13.  Issuance of Additional Securities........................................................36

                                                 ARTICLE 3

                                                Redemption

SECTION 3.01.  Notices to Trustee.......................................................................37
SECTION 3.02.  Selection of Securities To Be Redeemed...................................................37
SECTION 3.03.  Notice of Redemption.....................................................................38
SECTION 3.04.  Effect of Notice of Redemption...........................................................39
SECTION 3.05.  Deposit of Redemption Price..............................................................39
SECTION 3.06.  Securities Redeemed in Part..............................................................39
</Table>

<PAGE>
                                                                               2

<Table>
<S>            <C>                                                                                    <C>
                                                ARTICLE 4

                                                Covenants

SECTION 4.01.  Payment of Securities....................................................................39
SECTION 4.02.  SEC Reports..............................................................................40
SECTION 4.03.  Limitation on Indebtedness...............................................................40
SECTION 4.04.  Limitation on Restricted Payments........................................................45
SECTION 4.05.  Limitation on Restrictions on Distributions from Restricted Subsidiaries.................49
SECTION 4.06.  Limitation on Sales of Assets and Subsidiary Stock.......................................51
SECTION 4.07.  Limitation on Affiliate Transactions.....................................................55
SECTION 4.08.  Limitation on the Sale or Issuance of Capital Stock of Restricted Subsidiaries...........56
SECTION 4.09.  Change of Control........................................................................57
SECTION 4.10.  Limitation on Line of Business...........................................................58
SECTION 4.11.  Future Guarantors........................................................................59
SECTION 4.12.  Compliance Certificate...................................................................59
SECTION 4.13.  Further Instruments and Acts.............................................................59

                                                ARTICLE 5

                                            Successor Company

SECTION 5.01.  When Company May Merge or Transfer Assets................................................59

                                                ARTICLE 6

                                           Defaults and Remedies

SECTION 6.01.  Events of Default........................................................................62
SECTION 6.02.  Acceleration.............................................................................65
SECTION 6.03.  Other Remedies...........................................................................65
SECTION 6.04.  Waiver of Past Defaults..................................................................66
SECTION 6.05.  Control by Majority......................................................................66
SECTION 6.06.  Limitation on Suits......................................................................66
SECTION 6.07.  Rights of Holders to Receive Payment.....................................................67
SECTION 6.08.  Collection Suit by Trustee...............................................................67
SECTION 6.09.  Trustee May File Proofs of Claim.........................................................67
SECTION 6.10.  Priorities...............................................................................68
SECTION 6.11.  Undertaking for Costs....................................................................68
SECTION 6.12.  Waiver of Stay or Extension Laws.........................................................68
</Table>

<PAGE>
                                                                               3

<Table>
<S>            <C>                                                                                    <C>
                                                ARTICLE 7

                                                 Trustee
SECTION 7.01.  Duties of Trustee........................................................................69
SECTION 7.02.  Rights of Trustee........................................................................70
SECTION 7.03.  Individual Rights of Trustee.............................................................71
SECTION 7.04.  Trustee's Disclaimer.....................................................................71
SECTION 7.05.  Notice of Defaults.......................................................................71
SECTION 7.06.  Reports by Trustee to Holders............................................................72
SECTION 7.07.  Compensation and Indemnity...............................................................72
SECTION 7.08.  Replacement of Trustee...................................................................73
SECTION 7.09.  Successor Trustee by Merger..............................................................74
SECTION 7.10.  Eligibility; Disqualification............................................................74
SECTION 7.11.  Preferential Collection of Claims Against Company........................................75

                                                ARTICLE 8

                                      Discharge of Indenture; Defeasance

SECTION 8.01.  Discharge of Liability on Securities; Defeasance.........................................75
SECTION 8.02.  Conditions to Defeasance.................................................................76
SECTION 8.03.  Application of Trust Money...............................................................77
SECTION 8.04.  Repayment to Company.....................................................................78
SECTION 8.05.  Indemnity for Government Obligations.....................................................78
SECTION 8.06.  Reinstatement............................................................................78

                                                ARTICLE 9

                                                Amendments

SECTION 9.01.  Without Consent of Holders...............................................................79
SECTION 9.02.  With Consent of Holders..................................................................80
SECTION 9.03.  Compliance with Trust Indenture Act......................................................81
SECTION 9.04.  Revocation and Effect of Consents and Waivers............................................81
SECTION 9.05.  Notation on or Exchange of Securities....................................................81
SECTION 9.06.  Trustee To Sign Amendments...............................................................82
SECTION 9.07.  Payment for Consent......................................................................82
</Table>

<PAGE>
                                                                               4

<Table>
<S>            <C>                                                                                    <C>
                                                ARTICLE 10

                                              Subordination

SECTION 10.01.  Agreement To Subordinate................................................................82
SECTION 10.02.  Liquidation, Dissolution, Bankruptcy....................................................83
SECTION 10.03.  Default on Senior Indebtedness of the Company...........................................83
SECTION 10.04.  Acceleration of Payment of Securities...................................................85
SECTION 10.05.  When Distribution Must Be Paid Over.....................................................85
SECTION 10.06.  Subrogation.............................................................................85
SECTION 10.07.  Relative Rights.........................................................................85
SECTION 10.08.  Subordination May Not Be Impaired by Company............................................86
SECTION 10.09.  Rights of Trustee and Paying Agent......................................................86
SECTION 10.10.  Distribution or Notice to Representative................................................86
SECTION 10.11.  Article 10 Not To Prevent Events of Default or Limit Right To Accelerate................87
SECTION 10.12.  Trust Moneys Not Subordinated...........................................................87
SECTION 10.13.  Trustee Entitled To Rely................................................................87
SECTION 10.14.  Trustee To Effectuate Subordination.....................................................88
SECTION 10.15.  Trustee Not Fiduciary for Holders of Senior Indebtedness of the Company.................88
SECTION 10.16.  Reliance by Holders of Senior Indebtedness of the Company on Subordination Provisions...88

                                                ARTICLE 11

                                                Guaranties

SECTION 11.01.  Guaranties..............................................................................88
SECTION 11.02.  Limitation on Liability.................................................................91
SECTION 11.03.  Successors and Assigns..................................................................91
SECTION 11.04.  No Waiver...............................................................................92
SECTION 11.05.  Modification............................................................................92
SECTION 11.06.  Release of Subsidiary Guarantor.........................................................92
SECTION 11.07.  Contribution............................................................................93
</Table>

<PAGE>
                                                                               5

<Table>
<S>            <C>                                                                                    <C>
                                                 ARTICLE 12

                                        Subordination of Guaranties

SECTION 12.01.  Agreement To Subordinate................................................................93
SECTION 12.02.  Liquidation, Dissolution, Bankruptcy....................................................93
SECTION 12.03.  Default on Senior Indebtedness of Parent or Subsidiary Guarantor........................94
SECTION 12.04.  Demand for Payment......................................................................96
SECTION 12.05.  When Distribution Must Be Paid Over.....................................................96
SECTION 12.06.  Subrogation.............................................................................96
SECTION 12.07.  Relative Rights.........................................................................97
SECTION 12.08.  Subordination May Not Be Impaired by Company............................................97
SECTION 12.09.  Rights of Trustee and Paying Agent......................................................97
SECTION 12.10.  Distribution or Notice to Representative................................................98
SECTION 12.11.  Article 12 Not To Prevent Events of Default or Limit Right To Demand Payment............98
SECTION 12.12.  Trustee Entitled To Rely................................................................98
SECTION 12.13.  Trustee To Effectuate Subordination.....................................................99
SECTION 12.14.  Trustee Not Fiduciary for Holders of Senior Indebtedness of Parent or Subsidiary
                   Guarantor............................................................................99
SECTION 12.15.  Reliance by Holders of Senior Indebtedness of Parent or Subsidiary Guarantors on
                   Subordination Provisions.............................................................99

                                                 ARTICLE 13

                                               Miscellaneous

SECTION 13.01.  Trust Indenture Act Controls...........................................................100
SECTION 13.02.  Notices................................................................................100
SECTION 13.03.  Communication by Holders with Other Holders............................................101
SECTION 13.04.  Certificate and Opinion as to Conditions Precedent.....................................101
SECTION 13.05.  Statements Required in Certificate or Opinion..........................................101
SECTION 13.06.  When Securities Disregarded............................................................101
SECTION 13.07.  Rules by Trustee, Paying Agent and Registrar...........................................102
SECTION 13.08.  Legal Holidays.........................................................................102
SECTION 13.09.  Governing Law..........................................................................102
SECTION 13.10.  No Recourse Against Others.............................................................102
SECTION 13.11.  Successors.............................................................................102
SECTION 13.12.  Multiple Originals.....................................................................103
SECTION 13.13.  Table of Contents; Headings............................................................103
</Table>

<PAGE>
                                                                               6

Rule 144A/Regulation S/IAI Appendix

Exhibit 1 - Form of Initial Security

Exhibit A - Form of Exchange Security or Private Exchange
            Security

<PAGE>

                                    INDENTURE dated as of October 16, 2002,
                           among BRAND SERVICES, INC., a Delaware corporation
                           (the "Company"), the guarantors listed on the
                           signature pages hereto and The Bank of New York Trust
                           Company of Florida, N.A., a National Association (the
                           "Trustee").

                  Each party agrees as follows for the benefit of the other
parties and for the equal and ratable benefit of the Holders of the Company's
Initial Securities, Exchange Securities and Private Exchange Securities
(collectively, the "Securities") and Additional Securities:

                                    ARTICLE 1

                   Definitions and Incorporation by Reference

                  SECTION 1.01. Definitions.

                  "Additional Assets" means (1) any property, plant or equipment
used in a Related Business; (2) the Capital Stock of a Person that becomes a
Restricted Subsidiary as a result of the acquisition of such Capital Stock by
the Company or another Restricted Subsidiary; or (3) Capital Stock constituting
a minority interest in any Person that at such time is a Restricted Subsidiary;
provided, however, that any such Restricted Subsidiary described in clause (2)
or (3) above is primarily engaged in a Related Business.

                  "Additional Securities" means, subject to the Company's
compliance with Section 4.03, 12% Senior Subordinated Notes Due 2012 issued from
time to time after the Issue Date under the terms of this Indenture (other than
pursuant to Section 2.06, 2.07, 2.09 or 3.06 of this Indenture and other than
Exchange Securities or Private Exchange Securities issued pursuant to an
exchange offer for other Securities outstanding under this Indenture).

                  "Affiliate" of any specified Person means any other Person,
directly or indirectly, controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
"control" when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings

<PAGE>
                                                                               2

correlative to the foregoing. For purposes of Sections 4.04, 4.06 and 4.07 only,
"Affiliate" shall also mean any beneficial owner of Capital Stock representing
10% or more of the total voting power of the Voting Stock (on a fully diluted
basis) of Parent or the Company or of rights or warrants to purchase such
Capital Stock (whether or not currently exercisable) and any Person who would be
an Affiliate of any such beneficial owner pursuant to the first sentence hereof.

                  "Asset Disposition" means any sale, lease, transfer or other
disposition (or series of related sales, leases, transfers or dispositions) by
the Company or any Restricted Subsidiary, including any disposition by means of
a merger, consolidation or similar transaction (each referred to for the
purposes of this definition as a "disposition"), of:

                  (1) any shares of Capital Stock of a Restricted Subsidiary
         (other than directors' qualifying shares or shares required by
         applicable law to be held by a Person other than the Company or a
         Restricted Subsidiary),

                  (2) all or substantially all the assets of any division or
         line of business of the Company or any Restricted Subsidiary, or

                  (3) any other assets of the Company or any Restricted
         Subsidiary outside of the ordinary course of business of the Company or
         such Restricted Subsidiary

(other than, in the case of clauses (1), (2) and (3) above, (A) a disposition by
a Restricted Subsidiary to the Company or by the Company or a Restricted
Subsidiary to a Wholly Owned Subsidiary, (B) for purposes of Section 4.06 only,
(x) a disposition that constitutes a Restricted Payment permitted by Section
4.04 or a Permitted Investment and (y) a disposition of all or substantially all
the assets of the Company in accordance with Section 5.01, (C) sales or grants
of licenses to use the patents, trade secrets, know-how and other intellectual
property of the Company or its Restricted Subsidiaries to the extent such
license does not prohibit the Company or any Restricted Subsidiary from using
the intellectual property licensed or require the Company or any Restricted
Subsidiary to pay any fees for any such use; (D) the disposition of cash or
Temporary Cash Investments; (E) Investments and Restricted Payments permitted by
this Indenture; and (F) a disposition of assets with a fair market value of less
than $1,000,000).

<PAGE>
                                                                               3

                  "Attributable Debt" in respect of a Sale/Leaseback Transaction
means, as at the time of determination, the present value (discounted at the
interest rate borne by the Securities, compounded annually) of the total
obligations of the lessee for rental payments during the remaining term of the
lease included in such Sale/Leaseback Transaction (including any period for
which such lease has been extended); provided, however, that if such
Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of
Indebtedness represented thereby will be determined in accordance with the
definition of "Capital Lease Obligation".

                  "Average Life" means, as of the date of determination, with
respect to any Indebtedness, the quotient obtained by dividing (1) the sum of
the products of the numbers of years from the date of determination to the dates
of each successive scheduled principal payment of or redemption or similar
payment with respect to such Indebtedness multiplied by the amount of such
payment by (2) the sum of all such payments.

                  "Bank Indebtedness" means all Obligations pursuant to the
Credit Agreement.

                  "Board of Directors" with respect to a Person means the Board
of Directors of such Person or any committee thereof duly authorized to act on
behalf of such Board.

                  "Brand Holdings" means Brand Holdings, LLC, a Delaware limited
liability company, and its successors.

                  "Business Day" means each day which is not a Legal Holiday.

                  "Capital Lease Obligation" means an obligation that is
required to be classified and accounted for as a capital lease for financial
reporting purposes in accordance with GAAP, and the amount of Indebtedness
represented by such obligation shall be the capitalized amount of such
obligation determined in accordance with GAAP; and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be terminated by the
lessee without payment of a penalty.

                  "Capital Stock" of any Person means any and all shares,
interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) equity of such Person,
including any

<PAGE>
                                                                               4

Preferred Stock, but excluding any debt securities convertible into such equity.

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

                  (1) prior to the earlier to occur of (A) the first public
         offering of common stock of Parent or (B) the first public offering of
         common stock of the Company, the Permitted Holders cease to be the
         "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the
         Exchange Act), directly or indirectly, of a majority in the aggregate
         of the total voting power of the Voting Stock of Parent or the Company,
         whether as a result of issuance of securities of Parent or the Company,
         any merger, consolidation, liquidation or dissolution of Parent or the
         Company, or any direct or indirect transfer of securities by Parent or
         otherwise (for purposes of this clause (1) and clause (2) below, the
         Permitted Holders shall be deemed to beneficially own any Voting Stock
         of a Person (the "specified Person") held by any other Person (the
         "parent entity") so long as the Permitted Holders beneficially own (as
         so defined), directly or indirectly, in the aggregate a majority of the
         voting power of the Voting Stock of the parent entity);

                  (2) after the earlier to occur of (A) the first public
         offering of common stock of Parent or (B) the first public offering of
         common stock of the Company, any "person" (as such term is used in
         Sections 13(d) and 14(d) of the Exchange Act), other than one or more
         Permitted Holders, is or becomes the beneficial owner (as defined in
         clause (1) above, except that for purposes of this clause (2) such
         person shall be deemed to have "beneficial ownership" of all shares
         that any such person has the right to acquire, whether such right is
         exercisable immediately or only after the passage of time), directly or
         indirectly, of more than 35% of the total voting power of the Voting
         Stock of the Company and the Permitted Holders beneficially own (as
         defined in clause (1) above), directly or indirectly, in the aggregate
         a lesser percentage of the total voting power of the Voting Stock of
         the Company than such other person and do not have the right or ability
         by voting power, contract or otherwise to elect or designate for
         election a majority of the Board of Directors of the Company (for the
         purposes of this clause (2), such other person shall be deemed to
         beneficially own any Voting Stock of a specified person held by a
         parent entity, if such other person is the

<PAGE>
                                                                               5

         beneficial owner (as defined in this clause (2)), directly or
         indirectly, of more than 35% of the voting power of the Voting Stock of
         such parent entity and the Permitted Holders beneficially own (as
         defined in clause (1) above), directly or indirectly, in the aggregate
         a lesser percentage of the voting power of the Voting Stock of such
         parent entity and do not have the right or ability by voting power,
         contract or otherwise to elect or designate for election a majority of
         the board of directors of such parent entity);

                  (3) individuals who on the Issue Date constituted the Board of
         Directors of the Company or the Parent Board (together with any new
         directors whose election by such Board of Directors of the Company or
         the Parent Board or whose nomination for election by the shareholders
         of the Company or Parent, as the case may be, was approved by a vote of
         a majority of the directors of the Company or of Parent, as the case
         may be, then still in office who were either directors on the Issue
         Date or whose election or nomination for election was previously so
         approved) cease for any reason to constitute a majority of the Board of
         Directors of the Company or the Parent Board then in office;

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

                  (5) the merger or consolidation of Parent or the Company with
         or into another Person or the merger of another Person with or into
         Parent or the Company, or the sale of all or substantially all the
         assets of Parent or the Company (determined on a consolidated basis) to
         another Person other than (i) a transaction in which the surviving or
         transferee Person is controlled by the Permitted Holders or (ii) a
         transaction following which (A) in the case of a merger or
         consolidation transaction, holders of securities that represented 100%
         of the Voting Stock of Parent or the Company immediately prior to such
         transaction (or other securities into which such securities are
         converted as part of such merger or consolidation transaction) own
         directly or indirectly at least a majority of the voting power of the
         Voting Stock of the surviving Person in such merger or consolidation
         transaction immediately after such transaction and in substantially the
         same proportion as before the transaction and (B) in the case of a sale
         of assets transaction, each transferee becomes an obligor in

<PAGE>
                                                                               6

         respect of the Securities and a Subsidiary of the transferor of such
         assets.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Company" means the party named as such in this Indenture
until a successor replaces it and, thereafter, means the successor and, for
purposes of any provision contained herein and required by the TIA, each other
obligor on the indenture securities.

                  "Consolidated Coverage Ratio" as of any date of determination
means the ratio of:

                  (x) the aggregate amount of EBITDA for the period of the most
         recent four consecutive fiscal quarters ending prior to the date of
         such determination for which financing statements are publicly
         available to

                  (y) Consolidated Interest Expense for such four fiscal
         quarters;

provided, however, that:

                  (1) if the Company or any Restricted Subsidiary has Incurred
         any Indebtedness since the beginning of such period that remains
         outstanding or if the transaction giving rise to the need to calculate
         the Consolidated Coverage Ratio is an Incurrence of Indebtedness, or
         both, EBITDA and Consolidated Interest Expense for such period shall be
         calculated after giving effect on a pro forma basis to such
         Indebtedness as if such Indebtedness had been Incurred on the first day
         of such period,

                   (2) if the Company or any Restricted Subsidiary has repaid,
         repurchased, defeased or otherwise discharged any Indebtedness since
         the beginning of such period or if any Indebtedness is to be repaid,
         repurchased, defeased or otherwise discharged (in each case other than
         Indebtedness Incurred under any revolving credit facility unless such
         Indebtedness has been permanently repaid and has not been replaced) on
         the date of the transaction giving rise to the need to calculate the
         Consolidated Coverage Ratio, EBITDA and Consolidated Interest Expense
         for such period shall be calculated on a pro forma basis as if such
         discharge had occurred on the first day of such period and as if the
         Company or such Restricted Subsidiary has not earned the interest
         income actually earned during such

<PAGE>
                                                                               7

         period in respect of cash or Temporary Cash Investments used to repay,
         repurchase, defease or otherwise discharge such Indebtedness,

                  (3) if since the beginning of such period the Company or any
         Restricted Subsidiary shall have made any Asset Disposition, EBITDA for
         such period shall be reduced by an amount equal to EBITDA (if positive)
         directly attributable to the assets which are the subject of such Asset
         Disposition for such period, or increased by an amount equal to EBITDA
         (if negative), directly attributable thereto for such period and
         Consolidated Interest Expense for such period shall be reduced by an
         amount equal to the Consolidated Interest Expense directly attributable
         to any Indebtedness of the Company or any Restricted Subsidiary repaid,
         repurchased, defeased or otherwise discharged with respect to the
         Company and its continuing Restricted Subsidiaries in connection with
         such Asset Disposition for such period (or, if the Capital Stock of any
         Restricted Subsidiary is sold, the Consolidated Interest Expense for
         such period directly attributable to the Indebtedness of such
         Restricted Subsidiary to the extent the Company and its continuing
         Restricted Subsidiaries are no longer liable for such Indebtedness
         after such sale),

                  (4) if since the beginning of such period the Company or any
         Restricted Subsidiary (by merger or otherwise) shall have made an
         Investment in any Restricted Subsidiary (or any person which becomes a
         Restricted Subsidiary) or an acquisition of assets, including any
         acquisition of assets occurring in connection with a transaction
         requiring a calculation to be made hereunder, which constitutes all or
         substantially all of an operating unit of a business, EBITDA and
         Consolidated Interest Expense for such period shall be calculated after
         giving pro forma effect thereto (including the Incurrence of any
         Indebtedness) as if such Investment or acquisition occurred on the
         first day of such period, and

                  (5) if since the beginning of such period any Person (that
         subsequently became a Restricted Subsidiary or was merged with or into
         the Company or any Restricted Subsidiary since the beginning of such
         period) shall have made any Asset Disposition, any Investment or
         acquisition of assets that would have required an adjustment pursuant
         to clause (3) or (4) above if made by the Company or a Restricted
         Subsidiary during such period, EBITDA and Consolidated Interest

<PAGE>
                                                                               8

         Expense for such period shall be calculated after giving pro forma
         effect thereto as if such Asset Disposition, Investment or acquisition
         occurred on the first day of such period.

For purposes of this definition, whenever pro forma effect is to be given to an
acquisition of assets, the amount of income or earnings relating thereto and the
amount of Consolidated Interest Expense associated with any Indebtedness
Incurred in connection therewith, the pro forma calculations shall be determined
in good faith by a responsible financial or accounting Officer of the Company.
Any such pro forma calculations may include operating expense reductions (net of
associated expenses) for such period resulting from the acquisition or other
Investment that is being given pro forma effect that would be permitted pursuant
to Rule 11-02 of Regulation S-X promulgated by the SEC. If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the
interest on such Indebtedness shall be calculated as if the rate in effect on
the date of determination had been the applicable rate for the entire period
(taking into account any Interest Rate Agreement applicable to such Indebtedness
if such Interest Rate Agreement has a remaining term in excess of 12 months).

                  "Consolidated Interest Expense" means, for any period, the
total interest expense of the Company and its consolidated Restricted
Subsidiaries, plus, to the extent not included in such interest expense, and to
the extent incurred by the Company or its Restricted Subsidiaries, without
duplication,

                  (1) interest expense attributable to capital leases and the
         interest expense attributable to leases constituting part of a
         Sale/Leaseback Transaction,

                  (2) amortization of debt discount and debt issuance cost,

                  (3) capitalized interest,

                  (4) non-cash interest expense,

                  (5) commissions, discounts and other fees and charges owed
         with respect to letters of credit and bankers' acceptance financing,

                  (6) net payments pursuant to Hedging Obligations,

                  (7) dividends accrued in respect of all Disqualified Stock of
         the Company and all Preferred

<PAGE>
                                                                               9

         Stock of any of the Subsidiaries of the Company, to the extent held by
         Persons other than the Company or a Wholly Owned Subsidiary (other than
         dividends payable solely in Capital Stock (other than Disqualified
         Stock of the Company); provided, however, that such dividends will be
         multiplied by a fraction the numerator of which is one and the
         denominator of which is one minus the effective combined tax rate of
         the issuer of such Preferred Stock (expressed as a decimal) for such
         period (as estimated by the Chief Financial Officer of the Company in
         good faith),

                  (8) interest incurred in connection with Investments in
         discontinued operations,

                  (9) interest accruing on any Indebtedness of any other Person
         to the extent such Indebtedness is Guaranteed by (or secured by the
         assets of) the Company or any Restricted Subsidiary, and

                  (10) the cash contributions to any employee stock ownership
         plan or similar trust to the extent such contributions are used by such
         plan or trust to pay interest or fees to any Person (other than the
         Company) in connection with Indebtedness Incurred by such plan or
         trust,

less, to the extent included in such total interest expense, the amortization
during such period of capitalized financing costs associated with the
Transactions.

                  "Consolidated Net Income" means, for any period, the net
income of the Company and its consolidated Subsidiaries; provided, however, that
there shall not be included in such Consolidated Net Income:

                  (1) any net income of any Person (other than the Company) if
         such Person is not a Restricted Subsidiary, except that

                           (A) subject to the exclusion contained in clause (4)
                  below, the Company's equity in the net income of any such
                  Person for such period shall be included in such Consolidated
                  Net Income up to the aggregate amount of cash actually
                  distributed by such Person during such period to the Company
                  or a Restricted Subsidiary as a dividend or other distribution
                  (subject, in the case of a dividend or other distribution paid
                  to a Restricted Subsidiary, to the limitations contained in
                  clause (3) below) and

<PAGE>
                                                                              10

                           (B) the Company's equity in a net loss of any such
                  Person for such period shall be included in determining such
                  Consolidated Net Income;

                  (2) any net income (or loss) of any Person acquired by the
         Company or a Subsidiary in a pooling of interests transaction for any
         period prior to the date of such acquisition;

                  (3) any net income of any Restricted Subsidiary if such
         Restricted Subsidiary is subject to restrictions, directly or
         indirectly, on the payment of dividends or the making of distributions
         by such Restricted Subsidiary, directly or indirectly, to the Company,
         except that

                           (A) subject to the exclusion contained in clause (4)
                  below, the Company's equity in the net income of any such
                  Restricted Subsidiary for such period shall be included in
                  such Consolidated Net Income up to the aggregate amount of
                  cash that, at the date of calculation of such Consolidated Net
                  Income, could have been distributed by such Restricted
                  Subsidiary during such period to the Company or another
                  Restricted Subsidiary as a dividend or other distribution
                  (subject, in the case of a dividend or other distribution paid
                  to another Restricted Subsidiary, to the limitation contained
                  in this clause); and

                           (B) the Company's equity in a net loss of any such
                  Restricted Subsidiary for such period shall be included in
                  determining such Consolidated Net Income;

                  (4) any gain or loss realized upon the sale or other
         disposition of any assets of the Company, its consolidated Subsidiaries
         or any other Person (including pursuant to any sale-and-leaseback
         arrangement) which is not sold or otherwise disposed of in the ordinary
         course of business and any gain or loss realized upon the sale or other
         disposition of any Capital Stock of any Person;

                  (5) extraordinary gains or losses;

                  (6) the cumulative effect of a change in accounting
         principles;

                  (7) any non-recurring fees, charges or other expenses
         (including bonus and retention payments and

<PAGE>
                                                                              11

         severance expenses) made or incurred in connection with the
         Transactions;

                  (8) amortization charges resulting from purchase accounting
         adjustments with respect to the Transactions and other transactions
         occurring prior to the Issue Date; and

                  (9) the amount of amortization or write-off of deferred
         financing costs and debt issuance costs during such period and any
         premium or penalty paid in connection with redeeming or retiring
         Indebtedness prior to the stated maturity thereof pursuant to the
         agreement governing such Indebtedness, in each case in connection with
         the Transactions.

Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall
be excluded from Consolidated Net Income any repurchases, repayments or
redemptions of Investments, proceeds realized on the sale of Investments or
return of capital to the Company or a Restricted Subsidiary to the extent such
repurchases, repayments, redemptions, proceeds or returns increase the amount of
Restricted Payments permitted under such section pursuant to Section
4.04(a)(3)(D).

                  "Credit Agreement" means the Credit Agreement, dated as of
October 16, 2002, by among the Company, certain of its Subsidiaries, the lenders
referred to therein, Credit Suisse First Boston, as Administrative Agent, and
JPMorgan Chase Bank, as Syndication Agent, together with the related documents
thereto (including the term loans and revolving loans thereunder, any guarantees
and security documents), as amended, extended, renewed, restated, supplemented
or otherwise modified (in whole or in part, and without limitation as to amount,
terms, conditions, covenants and other provisions) from time to time, and any
agreement (and related document) governing Indebtedness incurred to Refinance,
in whole or in part, the borrowings and commitments then outstanding or
permitted to be outstanding under such Credit Agreement or a successor Credit
Agreement, whether by the same or any other lender or group of lenders.

                  "Currency Agreement" means any foreign exchange contract,
currency swap agreement or other similar agreement with respect to currency
values.

                  "Default" means any event which is, or after notice or passage
of time or both would be, an Event of Default.

<PAGE>
                                                                              12

                  "Designated Senior Indebtedness" means, with respect to a
Person, (1) the Bank Indebtedness and (2) any other Senior Indebtedness of such
Person which, at the date of determination, has an aggregate principal amount
outstanding of, or under which, at the date of determination, the holders
thereof are committed to lend up to, at least $25.0 million and is specifically
designated by such Person in the instrument evidencing or governing such Senior
Indebtedness as "Designated Senior Indebtedness" for purposes of this Indenture.

                  "Disqualified Stock" means, with respect to any Person, any
Capital Stock which by its terms (or by the terms of any security into which it
is convertible or for which it is exchangeable at the option of the holder) or
upon the happening of any event:

                  (1) matures or is mandatorily redeemable (other than if
         redeemable only for Capital Stock of such Person which is not itself
         Disqualified Stock) pursuant to a sinking fund obligation or otherwise;

                  (2) is convertible or exchangeable at the option of the holder
         for Indebtedness or Disqualified Stock; or

                  (3) is mandatorily redeemable or must be purchased upon the
         occurrence of certain events or otherwise, in whole or in part,

in each case on or prior to the first anniversary of the Stated Maturity of the
Securities; provided, however, that any Capital Stock that would not constitute
Disqualified Stock but for provisions thereof giving holders thereof the right
to require such Person to purchase or redeem such Capital Stock upon the
occurrence of an "asset sale" or "change of control" occurring prior to the
first anniversary of the Stated Maturity of the Securities shall not constitute
Disqualified Stock if (1) the "asset sale" or "change of control" provisions
applicable to such Capital Stock are not more favorable to the holders of such
Capital Stock than the terms applicable to the Securities in Sections 4.06 and
4.09 of this Indenture and (2) any such requirement only becomes operative after
compliance with such terms applicable to the Securities, including the purchase
of any Securities tendered pursuant thereto.

The amount of any Disqualified Stock that does not have a fixed redemption,
repayment or repurchase price will be calculated in accordance with the terms of
such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or

<PAGE>
                                                                              13

repurchased on any date on which the amount of such Disqualified Stock is to be
determined pursuant to this Indenture; provided, however, that if such
Disqualified Stock could not be required to be redeemed, repaid or repurchased
at the time of such determination, the redemption, repayment or repurchase price
will be the book value of such Disqualified Stock as reflected in the most
recent financial statements of such Person.

                  "EBITDA" for any period means the sum of Consolidated Net
Income, plus the following to the extent deducted in calculating such
Consolidated Net Income:

                  (1) all income tax expense of the Company and its consolidated
         Restricted Subsidiaries,

                  (2) Consolidated Interest Expense,

                  (3) depreciation and amortization expense of the Company and
         its consolidated Restricted Subsidiaries (excluding amortization
         expense attributable to a prepaid operating activity item that was paid
         in cash in a prior period),

                  (4) all other non-cash charges of the Company and its
         consolidated Restricted Subsidiaries (excluding any such non-cash
         charge to the extent that it represents an accrual of or reserve for
         cash expenditures in any future period) less all non-cash items of
         income (other than accrual of revenue in the ordinary course of
         business) of the Company and its consolidated Restricted Subsidiaries,
         and

                  (5) restructuring costs and acquisition integration costs and
         fees, including cash severance payments made in connection with
         acquisitions,

in each case for such period. Notwithstanding the foregoing, the provision for
taxes based on the income or profits of, and the depreciation and amortization
and non-cash charges of, a Restricted Subsidiary shall be added to Consolidated
Net Income to compute EBITDA only to the extent (and in the same proportion,
including by reason of minority interests) that the net income of such
Restricted Subsidiary was included in calculating Consolidated Net Income and
only if a corresponding amount would be permitted at the date of determination
to be dividended to the Company by such Restricted Subsidiary without prior
approval (that has not been obtained), pursuant to the terms of its charter and
all agreements, instruments, judgments, decrees, orders,

<PAGE>
                                                                              14

statutes, rules and governmental regulations applicable to such Restricted
Subsidiary or its stockholders.

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

                  "Exchange Securities" means the debt securities of the Company
issued pursuant to this Indenture in exchange for, and in an aggregate principal
amount equal to, the Initial Securities, in compliance with the terms of the
Registration Rights Agreement.

                  "Fair Market Value" means, with respect to any asset or
property, the price which could be negotiated in an arm's-length, free market
transaction, for cash, between a willing seller and a willing and able buyer,
neither of whom is under undue pressure or compulsion to complete the
transaction. Fair Market Value will be determined in good faith by the Board of
Directors, whose determination will be conclusive and evidenced by a resolution
of the Board of Directors; provided, however, that for purposes of Section
4.04(a)(3)(B), if the Fair Market Value of the property or assets in question is
so determined to be in excess of $10.0 million, such determination must be
confirmed by an Independent Qualified Party.

                  "Foreign Subsidiary" means any Restricted Subsidiary of the
Company that is not organized under the laws of the United States or any State
thereof or the District of Columbia.

                  "GAAP" means generally accepted accounting principles in the
United States of America as in effect as of the Issue Date, including those set
forth in:

                  (1) the opinions and pronouncements of the Accounting
         Principles Board of the American Institute of Certified Public
         Accountants,

                  (2) statements and pronouncements of the Financial Accounting
         Standards Board,

                  (3) such other statements by such other entity as approved by
         a significant segment of the accounting profession, and

                  (4) the rules and regulations of the SEC governing the
         inclusion of financial statements (including pro forma financial
         statements) in periodic reports required to be filed pursuant to
         Section 13 of the Exchange Act, including opinions and pronouncements
         in

<PAGE>
                                                                              15

         staff accounting bulletins and similar written statements from the
         accounting staff of the SEC. All ratios and computations based on GAAP
         contained in this Indenture shall be computed in conformity with GAAP.

                  "Guarantee" means any obligation, contingent or otherwise, of
any Person directly or indirectly guaranteeing any Indebtedness of any Person
and any obligation, direct or indirect, contingent or otherwise, of such Person:

                  (1) to purchase or pay (or advance or supply funds for the
         purchase or payment of) such Indebtedness of such Person (whether
         arising by virtue of partnership arrangements, or by agreements to
         keep-well, to purchase assets, goods, securities or services, to
         take-or-pay or to maintain financial statement conditions or otherwise)
         or

                  (2) entered into for the purpose of assuring in any other
         manner the obligee of such Indebtedness of the payment thereof or to
         protect such obligee against loss in respect thereof (in whole or in
         part);

provided, however, that the term "Guarantee" shall not include endorsements for
collection or deposit in the ordinary course of business. The term "Guarantee"
used as a verb has a corresponding meaning. The term "Guarantor" shall mean any
Person Guaranteeing any obligation.

                  "Guaranty Agreement" means a supplemental indenture, in a form
satisfactory to the Trustee, pursuant to which a Subsidiary Guarantor guarantees
the Company's obligations with respect to the Securities on the terms provided
for in this Indenture.

                  "Hedging Obligations" of any Person means the obligations of
such Person pursuant to any Interest Rate Agreement or Currency Agreement.

                  "Holder" or "Securityholder" means the Person in whose name a
Security is registered on the Registrar's books.

                  "Incur" means issue, assume, Guarantee, incur or otherwise
become liable for; provided, however, that any Indebtedness or Capital Stock of
a Person existing at the time such Person becomes a Restricted Subsidiary
(whether by merger, consolidation, acquisition or otherwise) shall be deemed to
be Incurred by such Person at the time it becomes a Restricted Subsidiary. The
term "Incurrence" when used as

<PAGE>
                                                                              16

a noun shall have a correlative meaning. Solely for purposes of determining
compliance with Section 4.03:

                  (1) amortization of debt discount or the accretion of
         principal with respect to a non-interest bearing or other discount
         security,

                  (2) the payment of regularly scheduled interest in the form of
         additional Indebtedness of the same instrument or the payment of
         regularly scheduled dividends on Capital Stock in the form of
         additional Capital Stock of the same class and with the same terms, and

                  (3) the obligation to pay a premium in respect of Indebtedness
         arising in connection with the issuance of a notice of redemption or
         making of a mandatory offer to purchase such Indebtedness

will not be deemed to be the Incurrence of Indebtedness.

                  "Indebtedness" means, with respect to any Person on any date
of determination (without duplication):

                  (1) the principal in respect of (A) indebtedness of such
         Person for money borrowed and (B) indebtedness evidenced by notes,
         debentures, bonds or other similar instruments for the payment of which
         such Person is responsible or liable, including, in each case, any
         premium on such indebtedness to the extent such premium has become due
         and payable;

                  (2) all Capital Lease Obligations of such Person and all
         Attributable Debt in respect of Sale/Leaseback Transactions entered
         into by such Person;

                  (3) all obligations of such Person issued or assumed as the
         deferred purchase price of property, all conditional sale obligations
         of such Person and all obligations of such Person under any title
         retention agreement (but excluding trade accounts payable arising in
         the ordinary course of business);

                  (4) all obligations of such Person for the reimbursement of
         any obligor on any letter of credit, banker's acceptance or similar
         credit transaction (other than obligations with respect to letters of
         credit securing obligations (other than obligations described in
         clauses (1) through (3) above) entered into in the ordinary course of
         business of such Person to the extent such letters of credit are not
         drawn upon

<PAGE>
                                                                              17

         or, if and to the extent drawn upon, such drawing is reimbursed no
         later than the tenth Business Day following payment on the letter of
         credit);

                  (5) the principal component or liquidation preference of all
         obligations of such Person with respect to the redemption, repayment or
         other repurchase of any Disqualified Stock of such Person or, if such
         Person is a Restricted Subsidiary, any Preferred Stock (but excluding,
         in each case, any accrued dividends);

                  (6) all obligations of the type referred to in clauses (1)
         through (5) of other Persons and all dividends of other Persons for the
         payment of which, in either case, such Person is responsible or liable,
         directly or indirectly, as obligor, guarantor or otherwise, including
         by means of any Guarantee;

                  (7) all obligations of the type referred to in clauses (1)
         through (6) of other Persons secured by any Lien on any property or
         asset of such Person (whether or not such obligation is assumed by such
         Person), the amount of such obligation being deemed to be the lesser of
         the value of such property or assets and the amount of the obligation
         so secured; and

                  (8) to the extent not otherwise included in this definition,
         Hedging Obligations of such Person.

The amount of Indebtedness of any Person at any date shall be the outstanding
balance at such date of all unconditional obligations as described above and the
maximum liability, upon the occurrence of the contingency giving rise to the
obligation, of any contingent obligations at such date; provided, however, that
in the case of Indebtedness sold at a discount, the amount of such Indebtedness
at any time will be the accreted value thereof at such time.

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

                  "Independent Qualified Party" means an investment banking
firm, accounting firm or appraisal firm of national standing; provided, however,
that such firm is not an Affiliate of the Company.

                  "Interest Rate Agreement" means any interest rate swap
agreement, interest rate cap agreement or other financial agreement or
arrangement with respect to exposure to interest rates.

<PAGE>
                                                                              18

                  "Investment" in any Person means any direct or indirect
advance, loan (other than advances to customers in the ordinary course of
business that are recorded as accounts receivable on the balance sheet of the
lender) or other extensions of credit (including by way of Guarantee or similar
arrangement) or capital contribution to (by means of any transfer of cash or
other property to others or any payment for property or services for the account
or use of others), or any purchase or acquisition for value of Capital Stock,
Indebtedness or other similar instruments issued by such Person. Except as
otherwise provided for herein, the amount of an Investment shall be its fair
market value at the time the Investment is made and without giving effect to
subsequent changes in value.

                  For purposes of the definition of "Unrestricted Subsidiary",
the definition of "Restricted Payment" and Section 4.04:

                  (1) "Investment" shall include the portion (proportionate to
         the Company's equity interest in such Subsidiary) of the fair market
         value of the net assets of any Subsidiary of the Company at the time
         that such Subsidiary is designated an Unrestricted Subsidiary;
         provided, however, that upon a redesignation of such Subsidiary as a
         Restricted Subsidiary, the Company shall be deemed to continue to have
         a permanent "Investment" in an Unrestricted Subsidiary equal to an
         amount (if positive) equal to (x) the Company's "Investment" in such
         Subsidiary at the time of such redesignation less (y) the portion
         (proportionate to the Company's equity interest in such Subsidiary) of
         the fair market value of the net assets of such Subsidiary at the time
         of such redesignation; and

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

                  "Issue Date" means October 16, 2002.

                  "Lien" means any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any conditional sale or other
title retention agreement or lease in the nature thereof).

                  "Net Available Cash" from an Asset Disposition means cash
payments received therefrom (including any cash payments received by way of
deferred payment of principal

<PAGE>
                                                                              19

pursuant to a note or installment receivable or otherwise and proceeds from the
sale or other disposition of any securities received as consideration, but only
as and when received, but excluding any other consideration received in the form
of assumption by the acquiring Person of Indebtedness or other obligations
relating to such properties or assets or received in any other non-cash form),
in each case net of:

                  (1) all legal, title and recording tax expenses, commissions
         and other fees and expenses incurred, and all Federal, state,
         provincial, foreign and local taxes required to be accrued as a
         liability under GAAP, as a consequence of such Asset Disposition,

                  (2) all payments made on any Indebtedness which is secured by
         any assets subject to such Asset Disposition, in accordance with the
         terms of any Lien upon or other security agreement of any kind with
         respect to such assets, or which must by its terms, or in order to
         obtain a necessary consent to such Asset Disposition, or by applicable
         law, be repaid out of the proceeds from such Asset Disposition,

                  (3) all distributions and other payments required to be made
         to minority interest holders in Restricted Subsidiaries as a result of
         such Asset Disposition, and

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

                  "Net Cash Proceeds", with respect to any issuance or sale of
Capital Stock or Indebtedness, means the cash proceeds of such issuance or sale
net of attorneys' fees, accountants' fees, underwriters' or placement agents'
fees, discounts or commissions and brokerage, consultant and other fees actually
incurred in connection with such issuance or sale and net of taxes paid or
payable as a result thereof.

                  "Obligations" means, with respect to any Indebtedness, all
obligations for principal, premium, interest, penalties, fees, indemnifications,
reimbursements, and other amounts payable pursuant to the documentation
governing such Indebtedness.

<PAGE>
                                                                              20

                  "Officer" means the Chairman of the Board, the President, any
Vice President, the Treasurer or the Secretary of the Company.

                  "Officers' Certificate" means a certificate signed by two
Officers.

                  "Opinion of Counsel" means a written opinion from legal
counsel who is acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company or the Trustee.

                  "Parent" means DLJ Brand Holdings, Inc. (which will be renamed
Brand Intermediate Holdings, Inc.), a Delaware corporation, and its successors.

                  "Parent Board" means the Board of Directors of Parent or any
committee thereof duly authorized to act on behalf of such Board.

                  "Parent Guaranty" means the Guarantee by Parent of the
Company's obligations with respect to the Securities.

                  "Permitted Holders" means J.P. Morgan Partners, LLC, a
Delaware limited liability company, and any Persons controlled by it; JPMP
Global Investors, L.P., a Delaware limited partnership; JPMP Global Investors
(Cayman), L.P., a Cayman Islands Exempted Limited Partnership; JPMP Global
Investors (Cayman) II, L.P., a Cayman Islands Exempted Limited Partnership; JPMP
Global Investors A, L.P., a Delaware limited partnership; and J.P. Morgan
Partners (BHCA), L.P., a Delaware limited partnership.

                  "Permitted Investment" means an Investment by the Company or
any Restricted Subsidiary in:

                  (1) the Company, a Restricted Subsidiary or a Person that
         will, upon the making of such Investment, become a Restricted
         Subsidiary; provided, however, that the primary business of such
         Restricted Subsidiary is a Related Business;

                  (2) another Person if, as a result of such Investment, such
         other Person is merged or consolidated with or into, or transfers or
         conveys all or substantially all its assets to, the Company or a
         Restricted Subsidiary; provided, however, that such Person's primary
         business is a Related Business;

                  (3) cash and Temporary Cash Investments;

<PAGE>
                                                                              21

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

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

                  (6) loans or advances to employees made (a) in the ordinary
         course of business consistent with past practices of the Company or
         such Restricted Subsidiary or (b) to purchase Capital Stock of the
         Company or Parent in connection with the Transactions in an aggregate
         amount not in excess of $5.0 million;

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

                  (8) any Person to the extent such Investment represents the
         non-cash portion of the consideration received for an Asset Disposition
         as permitted pursuant to Section 4.06;

                  (9) any Person where such Investment was acquired by the
         Company or any of its Restricted Subsidiaries (a) in exchange for any
         other Investment or accounts receivable held by the Company or any such
         Restricted Subsidiary in connection with or as a result of a
         bankruptcy, workout, reorganization or recapitalization of the issuer
         of such other Investment or accounts receivable or (b) as a result of a
         foreclosure by the Company or any of its Restricted Subsidiaries with
         respect to any secured Investment or other transfer of title with
         respect to any secured Investment in default;

                  (10) any person to the extent such Investments consist of
         prepaid expenses, negotiable instruments held for collection and lease,
         utility and workers' compensation, performance and other similar
         deposits made in the ordinary course of business by the Company or any
         Restricted Subsidiary;

<PAGE>
                                                                              22

                  (11) any Person to the extent such Investments consist of
         Hedging Obligations and Currency Agreements otherwise permitted under
         Section 4.03;

                  (12) Persons to the extent such Investments are in existence
         on the Issue Date;

                  (13) Persons to the extent such Investments, when taken
         together with all other Investments made pursuant to this clause (13)
         outstanding on the date such Investment is made, do not exceed the
         greater of $20.0 million and 3.5% of the total consolidated assets of
         the Company and its Restricted Subsidiaries, as set forth on the
         Company's consolidated balance sheet for the most recently ended fiscal
         quarter for which financial statements are publicly available.

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

                  "Preferred Stock", as applied to the Capital Stock of any
Person, means Capital Stock of any class or classes (however designated) which
is preferred as to the payment of dividends or distributions, or as to the
distribution of assets upon any voluntary or involuntary liquidation or
dissolution of such Person, over shares of Capital Stock of any other class of
such Person.

                  "principal" of a Security means the principal of the Security
plus the premium, if any, payable on the Security which is due or overdue or is
to become due at the relevant time.

                  "Public Equity Offering" means an underwritten primary public
offering of common stock of the Company pursuant to an effective registration
statement under the Securities Act.

                  "Purchase Money Indebtedness" means Indebtedness of the
Company and its Restricted Subsidiaries incurred in the normal course of
business for the purpose of financing all or any part of the purchase price, or
the cost of installation or construction, of property or equipment.

                  "Rating Agency" means Standard & Poor's Ratings Group, Inc.
and Moody's Investors Service, Inc. or if Standard & Poor's Ratings Group, Inc.
or Moody's Investors

<PAGE>
                                                                              23

Service, Inc. or both shall not make a rating on the Securities publicly
available, a nationally recognized statistical rating agency or agencies, as the
case may be, selected by the Company (as certified by a resolution of the Board
of Directors of the Company) which shall be substituted for Standard & Poor's
Ratings Group, Inc. or Moody's Investors Service, Inc. or both, as the case may
be.

                  "Refinance" means, in respect of any Indebtedness, to
refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or
to issue other Indebtedness in exchange or replacement for, such Indebtedness.
"Refinanced" and "Refinancing" shall have correlative meanings.

                  "Refinancing Indebtedness" means Indebtedness that Refinances
any Indebtedness of the Company or any Restricted Subsidiary existing on the
Issue Date or Incurred in compliance with this Indenture, including Indebtedness
that Refinances Refinancing Indebtedness; provided, however, that:

                  (1) such Refinancing Indebtedness has a Stated Maturity no
         earlier than the Stated Maturity of the Indebtedness being Refinanced;

                  (2) such Refinancing Indebtedness has an Average Life at the
         time such Refinancing Indebtedness is Incurred that is equal to or
         greater than the Average Life of the Indebtedness being Refinanced;

                  (3) such Refinancing Indebtedness has an aggregate principal
         amount (or, if Incurred with original issue discount, an aggregate
         issue price) that is equal to or less than the aggregate principal
         amount (or, if Incurred with original issue discount, the aggregate
         accreted value) then outstanding or committed (plus fees and expenses,
         including any premium and defeasance costs) under the Indebtedness
         being Refinanced; and

                  (4) if the Indebtedness being Refinanced is subordinated in
         right of payment to the Securities, such Refinancing Indebtedness is
         subordinated in right of payment to the Securities at least to the same
         extent as the Indebtedness being Refinanced;

provided further, however, that Refinancing Indebtedness shall not include (A)
Indebtedness of a Subsidiary that Refinances Indebtedness of the Company or (B)
Indebtedness of the Company or a Restricted Subsidiary that Refinances
Indebtedness of an Unrestricted Subsidiary.

<PAGE>
                                                                              24

                  "Registration Rights Agreement" means the Registration Rights
Agreement, dated October 16, 2002, among the Company, Parent, the Subsidiary
Guarantors, Credit Suisse First Boston Corporation and J.P. Morgan Securities
Inc.

                  "Related Business" means any business in which the Company was
engaged on the Issue Date and any business related, ancillary or complementary
to any business of the Company in which the Company was engaged on the Issue
Date.

                  "Representative" means, with respect to a Person, any trustee,
agent or representative (if any) for an issue of Senior Indebtedness of such
Person.

                  "Restricted Payment" with respect to any Person means:

                  (1) the declaration or payment of any dividends or any other
         distributions of any sort in respect of its Capital Stock (including
         any payment in connection with any merger or consolidation involving
         such Person) or similar payment to the direct or indirect holders of
         its Capital Stock (other than dividends or distributions payable solely
         in its Capital Stock (other than Disqualified Stock) and dividends or
         distributions payable solely to the Company or a Restricted Subsidiary,
         and other than pro rata dividends or other distributions made by a
         Subsidiary that is not a Wholly Owned Subsidiary to minority
         stockholders (or owners of an equivalent interest in the case of a
         Subsidiary that is an entity other than a corporation)),

                  (2) the purchase, redemption or other acquisition or
         retirement for value of any Capital Stock of Parent or the Company held
         by any Person or of any Capital Stock of a Restricted Subsidiary held
         by any Person (other than the Company or a Restricted Subsidiary),
         including in connection with any merger or consolidation and including
         the exercise of any option to exchange any Capital Stock (other than
         into Capital Stock of the Company that is not Disqualified Stock),

                  (3) the purchase, repurchase, redemption, defeasance or other
         acquisition or retirement for value, prior to scheduled maturity,
         scheduled repayment or scheduled sinking fund payment of any
         Subordinated Obligations of such Person (other than the purchase,
         repurchase or other acquisition of Subordinated Obligations purchased
         in anticipation of satisfying a

<PAGE>
                                                                              25

         sinking fund obligation, principal installment or final maturity, in
         each case due within one year of the date of such purchase, repurchase
         or other acquisition), or

                  (4) the making of any Investment (other than a Permitted
         Investment) in any Person.

                  "Restricted Subsidiary" means any Subsidiary of the Company
that is not an Unrestricted Subsidiary.

                  "Sale/Leaseback Transaction" means an arrangement
relating to property owned by the Company or a Restricted Subsidiary on the
Issue Date or thereafter acquired by the Company or a Restricted Subsidiary
whereby the Company or a Restricted Subsidiary transfers such property to a
Person and the Company or a Restricted Subsidiary leases it from such Person.

                  "SEC" means the U.S. Securities and Exchange Commission.

                  "Secured Indebtedness" means any Indebtedness of the Company
secured by a Lien.

                  "Securities" means the Securities issued under this Indenture.

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

                  "Senior Indebtedness" means, with respect to a Person:

                  (1) Indebtedness of such Person, whether outstanding on the
         Issue Date or thereafter Incurred, and

                  (2) all other Obligations of such Person (including interest
         accruing on or after the filing of any petition in bankruptcy or for
         reorganization relating to such Person whether or not post-filing
         interest is allowed in such proceeding) in respect of Indebtedness
         described in clause (1) above

unless, in the case of clauses (1) and (2), in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is provided
that such Indebtedness or other obligations are subordinate or pari passu in
right of payment to the Securities, the Parent Guaranty or the Subsidiary
Guaranty of such Person, as the

<PAGE>
                                                                              26

case may be; provided, however, that Senior Indebtedness of such Person shall
not include:

                  (1) any obligation of such Person to the Company or any
         Subsidiary,

                  (2) any liability for Federal, state, local or other taxes
         owed or owing by such Person,

                  (3) any accounts payable or other liability to trade creditors
         arising in the ordinary course of business (including guarantees
         thereof or instruments evidencing such liabilities),

                  (4) any Indebtedness or other Obligation of such Person which
         is subordinate or junior in any respect to any other Indebtedness or
         other Obligation of such Person,

                  (5) that portion of any Indebtedness which at the time of
         Incurrence is Incurred in violation of this Indenture, and

                  (6) any obligations of such Person with respect to any Capital
         Stock.

                  "Senior Subordinated Indebtedness" means, with respect to a
Person, the Securities (in the case of the Company), the Parent Guaranty (in the
case of Parent), the Subsidiary Guaranty (in the case of a Subsidiary Guarantor)
and any other Indebtedness of such Person that specifically provides that such
Indebtedness is to rank pari passu with the Securities, the Parent Guaranty or
such Subsidiary Guaranty, as the case may be, in right of payment and is not
subordinated by its terms in right of payment to any Indebtedness or other
obligation of such Person which is not Senior Indebtedness of such Person.

                  "Significant Subsidiary" means any Restricted Subsidiary that
would be a "Significant Subsidiary" of the Company within the meaning of Rule
1-02 under Regulation S-X promulgated by the SEC.

                  "Stated Maturity" means, with respect to any security, the
date specified in such security as the fixed date on which the final payment of
principal of such security is due and payable, including pursuant to any
mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the
happening of any contingency

<PAGE>
                                                                              27

beyond the control of the issuer unless such contingency has occurred).

                  "Subordinated Obligation" means, with respect to a Person, any
Indebtedness of such Person (whether outstanding on the Issue Date or thereafter
Incurred) which is subordinate or junior in right of payment to the Securities
or a Subsidiary Guaranty of such Person, as the case may be, pursuant to a
written agreement to that effect.

                  "Subsidiary" means, in respect of any Person, any corporation,
association, partnership or other business entity of which more than 50% of the
total voting power of shares of Voting Stock is at the time owned or controlled,
directly or indirectly, by (1) such Person, (2) such Person and one or more
Subsidiaries of such Person or (3) one or more Subsidiaries of such Person.

                  "Subsidiary Guarantor" means each Subsidiary of the Company
that executes this Indenture as a guarantor on the Issue Date and each other
Subsidiary of the Company that thereafter guarantees the Securities pursuant to
the terms of this Indenture.

                  "Subsidiary Guaranty" means a Guarantee by a Subsidiary
Guarantor of the Company's obligations with respect to the Securities.

                  "Temporary Cash Investments" means any of the following:

                  (1) any investment in direct obligations of the United States
         of America or any agency thereof or obligations guaranteed by the
         United States of America or any agency thereof,

                  (2) investments in demand and time deposit accounts,
         certificates of deposit and money market deposits maturing within 180
         days of the date of acquisition thereof issued by a bank or trust
         company which is organized under the laws of the United States of
         America, any state thereof or any foreign country recognized by the
         United States of America, and which bank or trust company has capital,
         surplus and undivided profits aggregating in excess of $50.0 million
         (or the foreign currency equivalent thereof) and has outstanding debt
         that is rated "A" (or such similar equivalent rating) or higher by at
         least one nationally recognized statistical rating organization (as
         defined in Rule 436 under the Securities Act) or

<PAGE>
                                                                              28

         any money-market fund sponsored by a registered broker dealer or mutual
         fund distributor,

                  (3) repurchase obligations with a term of not more than 30
         days for underlying securities of the types described in clause (1)
         above entered into with a bank meeting the qualifications described in
         clause (2) above,

                  (4) investments in commercial paper, maturing not more than 90
         days after the date of acquisition, issued by a corporation (other than
         an Affiliate of the Company) organized and in existence under the laws
         of the United States of America or any foreign country recognized by
         the United States of America with a rating at the time as of which any
         investment therein is made of "P-1" (or higher) according to Moody's
         Investors Service, Inc. or "A-1" (or higher) according to Standard and
         Poor's Ratings Group, and

                  (5) investments in securities with maturities of six months or
         less from the date of acquisition issued or fully guaranteed by any
         state, commonwealth or territory of the United States of America, or by
         any political subdivision or taxing authority thereof, and rated at
         least "A" by Standard & Poor's Ratings Group or "A" by Moody's
         Investors Service, Inc.

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

                  "Transactions" means, collectively, the following transaction
to occur on or prior to the Issue Date: (a) the consummation of the merger of
Parent and Brand Acquisition Corp., a Delaware corporation, pursuant to the
Agreement and Plan of Merger, dated as of August 9, 2002, among Brand Holdings,
Brand Acquisition Corp., DLJ Brand Holdings, Inc. and the sellers named therein,
(b) the execution and delivery of the Credit Agreement and the initial
borrowings thereunder, (c) the closing of the Tender Offer for and the receipt
of the requisite consents in connection with the consent solicitation in respect
of the Company's $130 million aggregate principal amount of its existing 10 1/4%
Senior Notes Due 2008, (d) the equity contribution to Parent from affiliates of
J.P. Morgan Partners, LLC and other equity investors totaling approximately $220
million, (e) the repurchase of $14.5 million aggregate principal amount of the
Company's existing 7.03% Subordinated Note Due 2008, (f) the redemption of the
Company's $59.1 million aggregate liquidation preference of its existing 14.5%
Senior

<PAGE>
                                                                              29

Exchangeable Preferred Stock Due 2008, (g) the issuance by Parent of $35,000,000
aggregate principal amount of its 13% Senior Subordinated Pay-In-Kind Notes Due
2013 and (h) the issuance by Brand Holdings of warrants to purchase [516,796] of
its Class B Units.

                  "Trustee" means the party named as such in this Indenture
until a successor replaces it and, thereafter, means the successor.

                  "Trust Officer" means the Chairman of the Board, the President
or any other officer or assistant officer of the Trustee assigned by the Trustee
to administer its corporate trust matters.

                  "Uniform Commercial Code" means the New York Uniform
Commercial Code as in effect from time to time.

                  "Unrestricted Subsidiary" means:

                  (1) any Subsidiary of the Company that at the time of
         determination shall be designated an Unrestricted Subsidiary by the
         Board of Directors of the Company in the manner provided below; and

                  (2) any Subsidiary of an Unrestricted Subsidiary.

The Board of Directors of the Company may designate any Subsidiary of the
Company (including any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns
any Capital Stock or Indebtedness of, or owns or holds any Lien on any property
of, the Company or any other Subsidiary of the Company that is not a Subsidiary
of the Subsidiary to be so designated; provided, however, that either (A) the
Subsidiary to be so designated has total assets of $1,000 or less or (B) if such
Subsidiary has assets greater than $1,000, such designation would be permitted
under Section 4.04. The Board of Directors may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided, however, that immediately
after giving effect to such designation (A) the Company could Incur $1.00 of
additional Indebtedness under Section 4.03(a) and (B) no Default shall have
occurred and be continuing. Any such designation by the Board of Directors shall
be evidenced to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Board of Directors of the Company giving effect to such
designation and an Officers' Certificate certifying that such designation
complied with the foregoing provisions.

<PAGE>
                                                                              30

                  "U.S. Government Obligations" means direct obligations (or
certificates representing an ownership interest in such obligations) of the
United States of America (including any agency or instrumentality thereof) for
the payment of which the full faith and credit of the United States of America
is pledged and which are not callable at the issuer's option.

                  "Voting Stock" of a Person means all classes of Capital Stock
or other interests (including partnership interests) of such Person then
outstanding and normally entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof.

                  "Wholly Owned Subsidiary" means a Restricted Subsidiary all
the Capital Stock of which (other than directors' qualifying shares) is owned by
the Company or one or more Wholly Owned Subsidiaries.

                  SECTION 1.02. Other Definitions.

<Table>
<Caption>
                                                   Defined in
                     Term                           Section
                     ----                          ----------

<S>                                                <C>
         "Affiliate Transaction" ................    4.07
         "Bankruptcy Law" .......................    6.01
         "Blockage Notice" ......................    10.03
         "Change of Control Offer" ..............    4.09(b)
         "covenant defeasance option" ...........    8.01(b)
         "Custodian" ............................    6.01
         "Event of Default" .....................    6.01
         "Guarantied Obligations" ...............    11.01
         "Guaranty Blockage Notice" .............    12.03
         "Guaranty Payment Blockage Period" .....    12.03
         "legal defeasance option" ..............    8.01(b)
         "Legal Holiday" ........................    13.08
         "Offer" ................................    4.06(b)
         "Offer Amount" .........................    4.06(c)(2)
         "Offer Period" .........................    4.06(c)(2)
         "pay the Securities" ...................    10.03
         "pay the Parent Guaranty or Subsidiary
              Guaranty" .........................    12.03
         "Paying Agent" .........................    2.03
         "Payment Blockage Period" ..............    10.03
         "Purchase Date" ........................    4.06(c)(1)
         "Registrar".............................    2.03
         "Successor Company" ....................    5.01
</Table>

                  SECTION 1.03. Incorporation by Reference of Trust Indenture
Act. This Indenture is subject to the mandatory

<PAGE>
                                                                              31

provisions of the TIA which are incorporated by reference in and made a part of
this Indenture. The following TIA terms have the following meanings:

                  "Commission" means the SEC;

                  "indenture securities" means the Securities;

                  "indenture security holder" means a Securityholder;

                  "indenture to be qualified" means this Indenture;

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

                  "obligor" on the indenture securities means the Company and
any other obligor on the indenture securities.

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

                  SECTION 1.04. Rules of Construction. Unless the context
otherwise requires:

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

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

                  (3) "or" is not exclusive;

                  (4) "including" means including without limitation;

                  (5) words in the singular include the plural and words in the
         plural include the singular;

                  (6) unsecured Indebtedness shall not be deemed to be
         subordinate or junior to Secured Indebtedness merely by virtue of its
         nature as unsecured Indebtedness;

                  (7) Secured Indebtedness shall not be deemed to be subordinate
         or junior to any other Secured Indebtedness merely because it has a
         junior priority with respect to the same collateral;

                  (8) the principal amount of any noninterest bearing or other
         discount security at any date shall be

<PAGE>
                                                                              32

         the principal amount thereof that would be shown on a balance sheet of
         the issuer dated such date prepared in accordance with GAAP;

                  (9) the principal amount of any Preferred Stock shall be (i)
         the maximum liquidation value of such Preferred Stock or (ii) the
         maximum mandatory redemption or mandatory repurchase price with respect
         to such Preferred Stock, whichever is greater; and

                  (10) all references to the date the Securities were originally
         issued shall refer to the Issue Date.

                                    ARTICLE 2

                                 The Securities

                  SECTION 2.01. Form and Dating. Provisions relating to the
Initial Securities, the Private Exchange Securities and the Exchange Securities
are set forth in the Rule 144A/Regulation S/Regulation D Appendix attached
hereto (the "Appendix"), which is hereby incorporated in and expressly made part
of this Indenture. The Initial Securities and the Trustee's certificate of
authentication shall be substantially in the form of Exhibit 1 to the Appendix,
which is hereby incorporated in and expressly made a part of this Indenture. The
Exchange Securities, the Private Exchange Securities and the Trustee's
certificate of authentication shall be substantially in the form of Exhibit A,
which is hereby incorporated in and expressly made a part of this Indenture. The
Securities may have notations, legends or endorsements required by law, stock
exchange rule, agreements to which the Company is subject, if any, or usage
(provided that any such notation, legend or endorsement is in a form acceptable
to the Company). Each Security shall be dated the date of its authentication.
The terms of the Securities set forth in the Appendix and Exhibit A are part of
the terms of this Indenture.

                  SECTION 2.02. Execution and Authentication. Two Officers shall
sign the Securities for the Company by manual or facsimile signature.

                  If an Officer whose signature is on a Security no longer holds
that office at the time the Trustee authenticates the Security, the Security
shall be valid nevertheless.

<PAGE>
                                                                              33

                  A Security shall not be valid until an authorized signatory of
the Trustee manually signs the certificate of authentication on the Security.
The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.

                  The Trustee shall authenticate and deliver Securities as set
forth in the Appendix.

                  The Trustee may appoint an authenticating agent reasonably
acceptable to the Company to authenticate the Securities. Unless limited by the
terms of such appointment, an authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as any Registrar, Paying Agent or agent
for service of notices and demands.

                  SECTION 2.03. Registrar and Paying Agent. The Company shall
maintain an office or agency where Securities may be presented for registration
of transfer or for exchange (the "Registrar") and an office or agency where
Securities may be presented for payment (the "Paying Agent"). The Registrar
shall keep a register of the Securities and of their transfer and exchange. The
Company may have one or more co-registrars and one or more additional paying
agents. The term "Paying Agent" includes any additional paying agent.

                  The Company shall enter into an appropriate agency agreement
with any Registrar, Paying Agent or co-registrar not a party to this Indenture,
which shall incorporate the terms of the TIA. The agreement shall implement the
provisions of this Indenture that relate to such agent. The Company shall notify
the Trustee of the name and address of any such agent. If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be
entitled to appropriate compensation therefor pursuant to Section 7.07. The
Company or any Wholly Owned Subsidiary incorporated or organized within the
United States of America may act as Paying Agent, Registrar, co-registrar or
transfer agent.

                  The Company initially appoints the Trustee as Registrar and
Paying Agent in connection with the Securities.

                  SECTION 2.04. Paying Agent To Hold Money in Trust. On or prior
to each due date of the principal of and interest on any Security, the Company
shall deposit with the

<PAGE>
                                                                              34

Paying Agent a sum sufficient to pay such principal and interest when so
becoming due. The Company shall require each Paying Agent (other than the
Trustee) to agree in writing that the Paying Agent shall hold in trust for the
benefit of Securityholders or the Trustee all money held by the Paying Agent for
the payment of principal of or interest on the Securities and shall notify the
Trustee of any default by the Company in making any such payment. If the Company
or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as
Paying Agent and hold it as a separate trust fund. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed by the Paying Agent. Upon complying with this Section
2.04, the Paying Agent shall have no further liability for the money delivered
to the Trustee.

                  SECTION 2.05. Securityholder Lists. The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Securityholders. If the Trustee is not the
Registrar, the Company shall furnish to the Trustee, in writing at least five
Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Securityholders.

                  SECTION 2.06. Transfer and Exchange. The Securities shall be
issued in registered form and shall be transferable only upon the surrender of a
Security for registration of transfer. When a Security is presented to the
Registrar or a co-registrar with a request to register a transfer, the Registrar
shall register the transfer as requested if the requirements of this Indenture
and Section 8-401(1) of the Uniform Commercial Code are met. When Securities are
presented to the Registrar or a co-registrar with a request to exchange them for
an equal principal amount of Securities of other denominations, the Registrar
shall make the exchange as requested if the same requirements are met.

                  SECTION 2.07. Replacement Securities. If a mutilated Security
is surrendered to the Registrar or if the Holder of a Security claims that the
Security has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Security if the requirements of
Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies
any other reasonable requirements of the Trustee. If required by the Trustee or
the Company, such Holder shall furnish an indemnity bond

<PAGE>
                                                                              35

sufficient in the judgment of the Company and the Trustee to protect the
Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from
any loss which any of them may suffer if a Security is replaced. The Company and
the Trustee may charge the Holder for their expenses in replacing a Security.

                  Every replacement Security is an additional obligation of the
Company.

                  SECTION 2.08. Outstanding Securities. Securities outstanding
at any time are all Securities authenticated by the Trustee except for those
canceled by it, those delivered to it for cancellation and those described in
this Section 2.08 as not outstanding. A Security does not cease to be
outstanding because the Company or an Affiliate of the Company holds the
Security.

                  If a Security is replaced pursuant to Section 2.07, it ceases
to be outstanding unless the Trustee and the Company receive proof satisfactory
to them that the replaced Security is held by a bona fide purchaser.

                  If the Paying Agent segregates and holds in trust, in
accordance with this Indenture, on a redemption date or maturity date money
sufficient to pay all principal and interest payable on that date with respect
to the Securities (or portions thereof) to be redeemed or maturing, as the case
may be, and the Paying Agent is not prohibited from paying such money to the
Securityholders on that date pursuant to the terms of this Indenture, then on
and after that date such Securities (or portions thereof) cease to be
outstanding and interest on them ceases to accrue.

                  SECTION 2.09. Temporary Securities. Until definitive
Securities are ready for delivery, the Company may prepare and the Trustee shall
authenticate temporary Securities. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare and the Trustee shall authenticate definitive Securities
and deliver them in exchange for temporary Securities.

                  SECTION 2.10. Cancellation. The Company at any time may
deliver Securities to the Trustee for cancellation. The Registrar and the Paying
Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. The Trustee and no one else shall
cancel and destroy (subject to the record

<PAGE>
                                                                              36

retention requirements of the Exchange Act) all Securities surrendered for
registration of transfer, exchange, payment or cancellation and deliver a
certificate of such destruction to the Company unless the Company directs the
Trustee to deliver canceled Securities to the Company. The Company may not issue
new Securities to replace Securities it has redeemed, paid or delivered to the
Trustee for cancellation.

                  SECTION 2.11. Defaulted Interest. If the Company defaults in a
payment of interest on the Securities, the Company shall pay defaulted interest
(plus interest on such defaulted interest to the extent lawful) in any lawful
manner. The Company may pay the defaulted interest to the persons who are
Securityholders on a subsequent special record date. The Company shall fix or
cause to be fixed any such special record date and payment date to the
reasonable satisfaction of the Trustee and shall promptly mail to each
Securityholder a notice that states the special record date, the payment date
and the amount of defaulted interest to be paid.

                  SECTION 2.12. CUSIP Numbers. The Company in issuing the
Securities may use numbers assigned by the Committee on Uniform Securities
Identification Procedures ("CUSIP") and corresponding International Securities
Identification Numbers ("ISIN") (if then generally in use) and, if so, the
Trustee shall use CUSIP numbers in notices of redemption as a convenience to
Holders; provided, however, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company shall promptly notify the Trustee of any
change in the CUSIP or ISIN numbers.

                  SECTION 2.13. Issuance of Additional Securities. The Company
shall be entitled, subject to its compliance with Section 4.03, to issue
Additional Securities under this Indenture which shall have identical terms as
the Initial Securities issued on the Issue Date, other than with respect to the
date of issuance and issue price. The Initial Securities issued on the Issue
Date, any Additional Securities and all Exchange Securities or Private Exchange
Securities issued in exchange therefor shall be treated as a single class for
all purposes under this Indenture.

<PAGE>
                                                                              37

                  With respect to any Additional Securities, the Company shall
set forth in a resolution of the Board of Directors of the Company and an
Officers' Certificate, a copy of each which shall be delivered to the Trustee,
the following information:

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

                  (2) the issue price, the issue date and the CUSIP number of
         such Additional Securities; provided, however, that no Additional
         Securities may be issued unless such Additional Securities are fungible
         in all respects for U.S. Federal income tax purposes with the
         Securities then outstanding; and

                  (3) whether such Additional Securities shall be Transfer
         Restricted Securities and issued in the form of Initial Securities as
         set forth in the Appendix to this Indenture or shall be issued in the
         form of Exchange Securities as set forth in Exhibit A.

                                    ARTICLE 3

                                   Redemption

                  SECTION 3.01. Notices to Trustee. If the Company elects to
redeem Securities pursuant to paragraph 5 of the Securities, it shall notify the
Trustee in writing of the redemption date, the principal amount of Securities to
be redeemed and the paragraph of the Securities pursuant to which the redemption
will occur.

                  The Company shall give each notice to the Trustee provided for
in this Section 3.01 at least 60 days before the redemption date unless the
Trustee consents to a shorter period. Such notice shall be accompanied by an
Officers' Certificate and an Opinion of Counsel from the Company to the effect
that such redemption will comply with the conditions herein.

                  SECTION 3.02. Selection of Securities To Be Redeemed. If fewer
than all the Securities are to be redeemed, the Trustee shall select the
Securities to be redeemed pro rata or by lot or by a method that complies with
applicable legal and securities exchange requirements, if any, and that the
Trustee in its sole discretion shall deem to be fair and appropriate and in
accordance with

<PAGE>
                                                                              38

methods generally used at the time of selection by fiduciaries in similar
circumstances. The Trustee shall make the selection from outstanding Securities
not previously called for redemption. The Trustee may select for redemption
portions of the principal of Securities that have denominations larger than
$1,000. Securities and portions of them the Trustee selects shall be in
principal amounts of $1,000 or a whole multiple of $1,000. Provisions of this
Indenture that apply to Securities called for redemption also apply to portions
of Securities called for redemption. The Trustee shall notify the Company
promptly of the Securities or portions of Securities to be redeemed.

                  SECTION 3.03. Notice of Redemption. At least 30 days but not
more than 60 days before a date for redemption of Securities, the Company shall
mail a notice of redemption by first-class mail to each Holder of Securities to
be redeemed at such Holder's registered address.

                  The notice shall identify the Securities to be redeemed and
shall state:

                  (1) the redemption date;

                  (2) the redemption price;

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

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

                  (5) if fewer than all the outstanding Securities are to be
         redeemed, the identification and principal amounts of the particular
         Securities to be redeemed;

                  (6) that, unless the Company defaults in making such
         redemption payment or the Paying Agent is prohibited from making such
         payment pursuant to the terms of this Indenture, interest on Securities
         (or portion thereof) called for redemption ceases to accrue on and
         after the redemption date; and

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

                  At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at the Company's expense. In such event,
the Company shall provide

<PAGE>
                                                                              39

the Trustee with the information required by this Section 3.03.

                  SECTION 3.04. Effect of Notice of Redemption. Once notice of
redemption is mailed, Securities called for redemption become due and payable on
the redemption date and at the redemption price stated in the notice. Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption
price stated in the notice, plus accrued interest to the redemption date
(subject to the right of Holders of record on the relevant record date to
receive interest due on the related interest payment date). Failure to give
notice or any defect in the notice to any Holder shall not affect the validity
of the notice to any other Holder.

                  SECTION 3.05. Deposit of Redemption Price. Prior to the
redemption date, the Company shall deposit with the Paying Agent (or, if the
Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust)
money sufficient to pay the redemption price of and accrued interest on all
Securities to be redeemed on that date other than Securities or portions of
Securities called for redemption which have been delivered by the Company to the
Trustee for cancellation.

                  SECTION 3.06. Securities Redeemed in Part. Upon surrender of a
Security that is redeemed in part, the Company shall execute and the Trustee
shall authenticate for the Holder (at the Company's expense) a new Security
equal in principal amount to the unredeemed portion of the Security surrendered.

                                    ARTICLE 4

                                    Covenants

                  SECTION 4.01. Payment of Securities. The Company shall
promptly pay the principal of and interest on the Securities on the dates and in
the manner provided in the Securities and in this Indenture. Principal and
interest shall be considered paid on the date due if on such date the Trustee or
the Paying Agent holds in accordance with this Indenture money sufficient to pay
all principal and interest then due and the Trustee or the Paying Agent, as the
case may be, is not prohibited from paying such money to the Securityholders on
that date pursuant to the terms of this Indenture.

<PAGE>
                                                                              40

                  The Company shall pay interest on overdue principal at the
rate specified therefor in the Securities, and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful.

                  SECTION 4.02. SEC Reports.

                  (a) Notwithstanding that the Company may not be subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company
shall file with the SEC (to the extent the SEC will accept such filings) and
provide the Trustee and Securityholders with such annual reports and such
information, documents and other reports as are specified in Sections 13 and
15(d) of the Exchange Act and applicable to a U.S. corporation subject to such
Sections, such information, documents and other reports to be so filed and
provided at the times specified for the filing of such information, documents
and reports under such Sections; provided, however, that so long as Parent is a
Guarantor of the Securities and complies with the requirements of Rule 3-10 of
Regulation S-X promulgated by the SEC (or any successor provision), the reports,
information and other documents required to be filed and provided as described
hereunder may, at the Company's option, be filed by and be those of Parent
rather than the Company.

                  (b) At any time that any of the Company's Subsidiaries are
Unrestricted Subsidiaries, then the quarterly and annual financial information
required by Section 4.02(a) shall include a reasonably detailed presentation,
either on the face of the financial statements or in the footnotes thereto, and
in "Management's Discussion and Analysis of Financial Condition and Results of
Operations," of the financial condition and results of operations of the Company
and its Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the Company.

                  (c) The Company shall furnish to the Holder of the Securities
and to prospective investors, upon the requests of such Holders, any information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so
long any Securities are not freely transferable under the Securities Act.

         (d) The Company shall comply with the other provisions of TIA Section
314(a).

                  SECTION 4.03. Limitation on Indebtedness.

<PAGE>
                                                                              41

                  (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided,
however, that the Company and the Subsidiary Guarantors shall be entitled to
Incur Indebtedness if, on the date of such Incurrence and after giving effect
thereto on a pro forma basis, no Default has occurred and is continuing and the
Consolidated Coverage Ratio exceeds 2.0 to 1.

                  (b) Notwithstanding Section 4.03(a), the Company and the
Restricted Subsidiaries shall be entitled to Incur any or all of the following
Indebtedness:

                  (1) Indebtedness Incurred by the Company and its Subsidiary
         Guarantors pursuant to the Credit Agreement; provided, however, that,
         immediately after giving effect to any such Incurrence, the aggregate
         principal amount of all Indebtedness Incurred under this Section
         4.03(b)(1) and then outstanding does not exceed $240.0 million less the
         sum of all principal payments with respect to such Indebtedness
         pursuant to Section 4.06(a)(3)(A);

                  (2) Indebtedness of the Company owed to and held by any
         Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owed
         to and held by the Company or any Restricted Subsidiary; provided,
         however, that (A) any subsequent issuance or transfer of any Capital
         Stock or any other event that results in any such Restricted Subsidiary
         ceasing to be a Restricted Subsidiary or any subsequent transfer of
         such Indebtedness (except to the Company or a Restricted Subsidiary)
         shall be deemed, in each case, to constitute the Incurrence of such
         Indebtedness by the obligor thereon, (B) if the Company is the obligor
         on such Indebtedness, such Indebtedness is expressly subordinated to
         the prior payment in full in cash of all obligations with respect to
         the Securities and (C) if a Subsidiary Guarantor is the obligor on such
         Indebtedness and such Indebtedness is owed to and held by a Restricted
         Subsidiary that is not a Subsidiary Guarantor, such Indebtedness is
         expressly subordinated to the prior payment in full in cash of all
         obligations of such obligor with respect to its Subsidiary Guaranty;

                  (3) the Securities (other than any Additional Securities);

<PAGE>
                                                                              42

                  (4) Indebtedness outstanding on the Issue Date (other than
         Indebtedness described in clause (1), (2) or (3) of this Section
         4.03(b));

                  (5) Indebtedness of a Restricted Subsidiary Incurred and
         outstanding on or prior to the date on which such Subsidiary was
         acquired by the Company (other than Indebtedness Incurred in connection
         with, or to provide all or any portion of the funds or credit support
         utilized to consummate, the transaction or series of related
         transactions pursuant to which such Subsidiary became a Subsidiary or
         was acquired by the Company); provided, however, that on the date of
         such acquisition and after giving effect thereto on a pro forma basis,
         no Default has occurred and is continuing and the Consolidated Coverage
         Ratio exceeds 2.0 to 1;

                  (6) Refinancing Indebtedness in respect of Indebtedness
         Incurred pursuant to Section 4.03(a) or pursuant to clause (3), (4) or
         (5) of this Section 4.03(b) or this clause (6); provided, however, that
         to the extent such Refinancing Indebtedness directly or indirectly
         Refinances Indebtedness of a Subsidiary Incurred pursuant to clause
         (5), such Refinancing Indebtedness shall be Incurred only by such
         Subsidiary;

                  (7) Hedging Obligations consisting of Interest Rate Agreements
         directly related to Indebtedness permitted to be Incurred by the
         Company and its Restricted Subsidiaries pursuant to this Indenture;

                  (8) Capital Lease Obligations and Purchase Money Indebtedness
         which, when taken together with all other Capital Lease Obligations
         Incurred pursuant to this clause (8) outstanding on the date of such
         Incurrence (including Refinancings thereof that do not result in an
         increase in the aggregate principal amount of Indebtedness of such
         Person as of the date of such proposed Refinancing (plus the amount of
         any premium required to be paid under the terms of the instrument
         governing such Indebtedness and plus the amount of reasonable expenses
         incurred by the Company in connection with such Refinancing)), do not
         exceed $15.0 million;

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

<PAGE>
                                                                              43

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

                  (11) Indebtedness consisting of the Subsidiary Guaranty of a
         Subsidiary Guarantor and any Guarantee by a Subsidiary Guarantor of
         Indebtedness Incurred pursuant to Section 4.03(a) or pursuant to clause
         (1), (2), (3) or (4) of this Section 4.03 or pursuant to clause (6) to
         the extent the Refinancing Indebtedness Incurred thereunder directly or
         indirectly Refinances Indebtedness Incurred pursuant to Section 4.03(a)
         or pursuant to clause (3) or (4);

                  (12) Indebtedness Incurred for working capital purposes by
         Foreign Subsidiaries which, when taken together with all other
         Indebtedness Incurred pursuant to this clause (12), does not exceed
         $15.0 million;

                  (13) Indebtedness arising from agreements of the Company or a
         Restricted Subsidiary providing for indemnification, adjustment of
         purchase price or similar obligations, in each case, incurred in
         connection with the disposition of any business, assets or Subsidiary,
         other than Guarantees of Indebtedness Incurred by any Person acquiring
         all or any portion of such business, assets or Subsidiary; provided,
         however, that the maximum aggregate liability in respect of all such
         Indebtedness shall at no time exceed the gross proceeds actually
         received by the Company or the Restricted Subsidiary in connection with
         such disposition;

                  (14) Indebtedness under Currency Agreements entered into to
         hedge business transactions entered into in the ordinary course of
         business of the Company and the Restricted Subsidiaries that relate to
         Indebtedness of the Company and its Subsidiary Guarantors; provided,
         however, that in the case of Currency Agreements that relate to
         Indebtedness of the Company or its Subsidiary Guarantors, such Currency
         Agreements do not increase the Indebtedness of the Company and its
         Restricted Subsidiaries outstanding other than as a result of
         fluctuations in foreign currency exchange rates or by reason of fees,
         indemnities and compensation payable thereunder; and

<PAGE>
                                                                              44

                  (15) Indebtedness of the Company or of any of its Subsidiary
         Guarantors in an aggregate principal amount which, when taken together
         with all other Indebtedness of the Company and its Restricted
         Subsidiaries outstanding on the date of such Incurrence Incurred
         pursuant to this clause (15) (other than Indebtedness permitted by
         clauses (1) through (14) above or Section 4.03(a)) does not exceed
         $25.0 million.

                  (c) Notwithstanding the foregoing, neither the Company nor any
Subsidiary Guarantor shall Incur any Indebtedness pursuant to Section 4.03(b) if
the proceeds thereof are used, directly or indirectly, to Refinance any
Subordinated Obligations of the Company or any Subsidiary Guarantor unless such
Indebtedness shall be subordinated to the Securities or the applicable
Subsidiary Guaranty to at least the same extent as such Subordinated
Obligations.

                  (d) For purposes of determining compliance with this Section
4.03:

                  (1) any Indebtedness remaining outstanding under the Credit
         Agreement after the application of the net proceeds from the sale of
         the Securities shall be treated as Incurred on the Issue Date under
         Section 4.03(b)(1) above;

                  (2) in the event that an item of Indebtedness (or any portion
         thereof) meets the criteria of more than one of the types of
         Indebtedness described herein, the Company, in its sole discretion,
         shall classify such item of Indebtedness (or any portion thereof) at
         the time of Incurrence and shall only be required to include the amount
         and type of such Indebtedness in one of the above clauses;

                  (3) the Company shall be entitled at the time of Incurrence to
         divide and classify an item of Indebtedness in more than one of the
         types of Indebtedness described herein; and

                  (4) following the date of its Incurrence, any Indebtedness
         originally classified as Incurred pursuant to one of the clauses in
         Section 4.03(b) may later be reclassified by the Company such that it
         will be deemed as having been Incurred pursuant to Section 4.03(a) or
         another clause in Section 4.03(b) above, as applicable, to the extent
         that such reclassified Indebtedness could be Incurred pursuant to such
         new paragraph or clause at the time of such reclassification.

<PAGE>
                                                                              45

                  (e) Notwithstanding Section 4.03(a) or 4.03(b), neither the
Company nor any Guarantor shall Incur (1) any Indebtedness if such Indebtedness
is subordinate or junior in ranking in any respect to any Senior Indebtedness of
the Company or such Guarantor, as applicable, unless such Indebtedness is Senior
Subordinated Indebtedness or is expressly subordinated in right of payment to
Senior Subordinated Indebtedness of such Person or (2) any Secured Indebtedness
that is not Senior Indebtedness of such Person unless contemporaneously
therewith such Person makes effective provision to secure the Securities or the
Parent Guaranty or relevant Subsidiary Guaranty, as applicable, equally and
ratably with (or on a senior basis to, in the case of Indebtedness subordinated
in right of payment to the Securities or the Parent Guaranty or relevant
Subsidiary Guaranty, as applicable) such Secured Indebtedness for so long as
such Secured Indebtedness is secured by a Lien.

                  SECTION 4.04. Limitation on Restricted Payments.

                  (a) The Company shall not, and shall not permit any Restricted
Subsidiary, directly or indirectly, to make a Restricted Payment if at the time
the Company or such Restricted Subsidiary makes such Restricted Payment:

                  (1) a Default shall have occurred and be continuing (or would
         result therefrom);

                  (2) the Company is not entitled to Incur an additional $1.00
         of Indebtedness under Section 4.03(a); or

                  (3) the aggregate amount of such Restricted Payment and all
         other Restricted Payments since the Issue Date would exceed the sum of
         (without duplication):

                           (A) 50% of the Consolidated Net Income accrued during
                  the period (treated as one accounting period) from the
                  beginning of the fiscal quarter immediately following the
                  fiscal quarter during which the Issue Date occurs to the end
                  of the most recent fiscal quarter prior to the date of such
                  Restricted Payment for which financial statements have been
                  made publicly available (or, in case such Consolidated Net
                  Income shall be a deficit, minus 100% of such deficit); plus

                           (B) 100% of the aggregate Net Cash Proceeds and Fair
                  Market Value of property or assets (other

<PAGE>
                                                                              46

                  than Indebtedness and Capital Stock, except that Capital Stock
                  of a Person that is or becomes a Restricted Subsidiary shall
                  be valued in accordance with the Company's interest in the
                  Fair Market Value of such Person's property and assets,
                  exclusive of goodwill or any similar intangible asset)
                  received by the Company from the issuance or sale of its
                  Capital Stock (other than Disqualified Stock) subsequent to
                  the Issue Date (other than (i) an issuance or sale to a
                  Subsidiary of the Company, (ii) an issuance or sale to an
                  employee stock ownership plan or to a trust established by the
                  Company or any of its Subsidiaries for the benefit of their
                  employees with respect to amounts funded or Guaranteed by
                  Parent, the Company or any of their Subsidiaries and (iii) in
                  exchange for the proceeds of loans or advances made pursuant
                  to clause (6) under the definition of "Permitted Investment")
                  and 100% of any cash contribution received by the Company from
                  its shareholders subsequent to the Issue Date; plus

                           (C) the amount by which Indebtedness of the Company
                  is reduced on the Company's balance sheet upon the conversion
                  or exchange (other than by a Subsidiary of the Company)
                  subsequent to the Issue Date of any Indebtedness of the
                  Company convertible or exchangeable for Capital Stock (other
                  than Disqualified Stock) of the Company (less the amount of
                  any cash, or the fair value of any other property, distributed
                  by the Company upon such conversion or exchange); provided,
                  however, that the foregoing amount shall not exceed the Net
                  Cash Proceeds received by the Company or any Restricted
                  Subsidiary from the sale of such Indebtedness (excluding Net
                  Cash Proceeds from sales to a Subsidiary of the Company or to
                  an employee stock ownership plan or to a trust established by
                  the Company or any of its Subsidiaries for the benefit of
                  their employees with respect to amounts funded or Guaranteed
                  by Parent, the Company or any of their Subsidiaries); plus

                           (D) an amount equal to the sum of (x) the net
                  reduction in the Investments (other than Permitted
                  Investments) made by the Company or any Restricted Subsidiary
                  in any Person resulting from repurchases, repayments or
                  redemptions of such Investments by such Person, proceeds
                  realized on

<PAGE>
                                                                              47

                  the sale of such Investment and proceeds representing the
                  return of capital (excluding dividends and distributions), in
                  each case received by the Company or any Restricted
                  Subsidiary, and (y) to the extent such Person is an
                  Unrestricted Subsidiary, the portion (proportionate to the
                  Company's equity interest in such Subsidiary) of the fair
                  market value of the net assets of such Unrestricted Subsidiary
                  at the time such Unrestricted Subsidiary is designated a
                  Restricted Subsidiary; provided, however, that the foregoing
                  sum shall not exceed, in the case of any such Person or
                  Unrestricted Subsidiary, the amount of Investments (excluding
                  Permitted Investments) previously made (and treated as a
                  Restricted Payment) by the Company or any Restricted
                  Subsidiary in such Person or Unrestricted Subsidiary.

                  (b)  The provisions of Section 4.04(a) shall not prohibit:

                  (1) any Restricted Payment made out of the Net Cash Proceeds
         of the substantially concurrent sale of, or made by exchange for,
         Capital Stock of the Company (other than Disqualified Stock and other
         than Capital Stock issued or sold to a Subsidiary of the Company or an
         employee stock ownership plan or to a trust established by the Company
         or any of its Subsidiaries for the benefit of their employees with
         respect to amounts funded or Guaranteed by Parent, the Company or any
         of their Subsidiaries) or a substantially concurrent capital
         contribution received by the Company from its shareholders; provided,
         however, that (A) such Restricted Payment shall be excluded in the
         calculation of the amount of Restricted Payments and (B) the Net Cash
         Proceeds from such sale or such capital contribution (to the extent so
         used for such Restricted Payment) shall be excluded from the
         calculation of amounts under Section 4.04(a)(3)(B);

                  (2) any purchase, repurchase, redemption, defeasance or other
         acquisition or retirement for value of Subordinated Obligations of the
         Company or any Subsidiary Guarantor made by exchange for, or out of the
         proceeds of the substantially concurrent sale of, Subordinated
         Obligations of such Person which is permitted to be Incurred pursuant
         to Section 4.03; provided, however, that such purchase, repurchase,
         redemption, defeasance or other acquisition or

<PAGE>
                                                                              48

         retirement for value shall be excluded in the calculation of the amount
         of Restricted Payments;

                  (3) dividends paid within 60 days after the date of
         declaration thereof if at such date of declaration such dividend would
         have complied with this Section 4.04; provided, however, that at the
         time of payment of such dividend, no other Default shall have occurred
         and be continuing (or result therefrom); provided further, however,
         that such dividend shall be included in the calculation of the amount
         of Restricted Payments;

                  (4) so long as no Default has occurred and is continuing, the
         repurchase or other acquisition of, or payments to any parent of the
         Company to permit such parent to repurchase or otherwise acquire,
         shares of Capital Stock of a parent of the Company, the Company or any
         of its Subsidiaries from employees, former employees, directors or
         former directors of a parent of the Company, the Company or any of its
         Subsidiaries (or permitted transferees of such employees, former
         employees, directors or former directors), pursuant to the terms of the
         agreements (including employment agreements) or plans (or amendments
         thereto) approved by the Board of Directors of the Company under which
         such individuals purchase or sell or are granted the option to purchase
         or sell, shares of such Capital Stock; provided, however, that the
         aggregate amount of such repurchases and other acquisition shall not
         exceed $2.5 million in any fiscal year; provided further, however, that
         the aggregate amount of Restricted Payments permitted (but not made)
         pursuant to this Section 4.04(b)(4) in prior fiscal years may be
         carried forward to each succeeding fiscal year, with up to a maximum
         amount of $7.0 million over the term of the Securities; provided still
         further, however, that such repurchases and other acquisitions shall be
         included in the calculation of the amount of Restricted Payments;

                  (5) dividends to Parent to be used by Parent solely to pay its
         fees required to maintain its corporate existence and to pay for
         general corporate and overhead expenses (including overhead expenses of
         Brand Holdings and salaries and other compensation of the employees)
         incurred by Parent in the ordinary course of its business; provided,
         however, that such dividends shall not exceed $0.5 million in any
         calendar year; provided further, however, that such dividends shall be
         excluded in the calculation of the amount of Restricted Payments;

<PAGE>
                                                                              49

                  (6) dividends to Parent to the extent used by Parent solely to
         pay to applicable tax authorities in cash tax obligations incurred by
         Parent in the ordinary course of business; provided, however, that such
         calculations shall be excluded in the calculation of the amount of
         Restricted Payments;

                  (7) payments of dividends on Disqualified Stock issued in
         accordance with Section 4.03; provided, however, that such dividends
         shall be excluded in the calculation of the amount of Restricted
         Payments;

                  (8) Restricted Payments made with Net Available Cash from
         Asset Dispositions remaining after application thereof as required by
         Section 4.06; provided, however, that such Restricted Payments shall be
         included in the calculation of the amount of Restricted Payments;

                  (9) repurchases of Capital Stock deemed to occur upon exercise
         of stock options if such Capital Stock represents a portion of the
         exercise price of such options; provided, however, that such Restricted
         Payments shall be excluded in the calculation of the amount of
         Restricted Payments;

                  (10) payments and distributions made to consummate the
         Transactions; provided, however, that such Restricted Payments shall be
         excluded in the calculation of the amount of Restricted Payments; and

                  (11) Restricted Payments in an amount which, when taken
         together with all Restricted Payments made pursuant to this Section
         4.04(b)(11), does not exceed $10.0 million; provided, however, that (A)
         at the time of each such Restricted Payment, no Default shall have
         occurred and be continuing (or result therefrom) and (B) such dividends
         shall be included in the calculation of the amount of Restricted
         Payments.

                  SECTION 4.05. Limitation on Restrictions on Distributions from
Restricted Subsidiaries. The Company shall not, and shall not permit any
Restricted Subsidiary to, create or otherwise cause or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to (a) pay dividends or make any other distributions on
its Capital Stock or pay any Indebtedness or other obligations owed to the
Company,

<PAGE>
                                                                              50

(b) make any loans or advances to the Company or (c) transfer any of its
property or assets to the Company, except:

                  (1) with respect to clauses (a), (b) and (c),

                           (A) any encumbrance or restriction pursuant to an
                  agreement (including the Credit Agreement as in effect on the
                  Issue Date) in effect at or entered into on the Issue Date;

                           (B) any encumbrance or restriction with respect to a
                  Restricted Subsidiary pursuant to an agreement existing on or
                  prior to the date on which such Restricted Subsidiary was
                  acquired by the Company (other than Indebtedness Incurred as
                  consideration in, or to provide all or any portion of the
                  funds or credit support utilized to consummate, the
                  transaction or series of related transactions pursuant to
                  which such Restricted Subsidiary became a Restricted
                  Subsidiary or was acquired by the Company) and outstanding on
                  such date;

                           (C) any encumbrance or restriction pursuant to an
                  agreement effecting a Refinancing of Indebtedness Incurred
                  pursuant to an agreement referred to in Section 4.05(1)(A) or
                  4.05(1)(B) or this Section 4.05(1)(C) or contained in any
                  amendment to an agreement referred to in Section 4.05(1)(A) or
                  4.05(1)(B) or this Section 4.05(1)(C); provided, however, that
                  the encumbrances and restrictions with respect to such
                  Restricted Subsidiary contained in any such refinancing
                  agreement or amendment are no less favorable to the
                  Securityholders than encumbrances and restrictions with
                  respect to such Restricted Subsidiary contained in such
                  predecessor agreements;

                           (D) any such encumbrance or restriction with respect
                  to a Restricted Subsidiary imposed pursuant to an agreement
                  entered into for the sale or disposition of all or
                  substantially all the Capital Stock or assets of such
                  Restricted Subsidiary pending the closing of such sale or
                  disposition; and

                           (E) any encumbrance or restriction pursuant to
                  applicable law; and

<PAGE>
                                                                              51

         (2) with respect to clause (c) only,

                  (A) any encumbrance or restriction consisting of customary
         nonassignment provisions in leases governing leasehold interests to the
         extent such provisions restrict the transfer of the lease or the
         property leased thereunder; and

                  (B) any encumbrance or restriction contained in security
         agreements or mortgages securing Indebtedness of a Restricted
         Subsidiary to the extent such encumbrance or restriction restricts the
         transfer of the property subject to such security agreements or
         mortgages.

                  SECTION 4.06. Limitation on Sales of Assets and Subsidiary
Stock.

                  (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, consummate any Asset Disposition unless
(1) the Company or such Restricted Subsidiary receives consideration at the time
of such Asset Disposition at least equal to the fair market value (including as
to the value of all non-cash consideration), as determined in good faith by the
Board of Directors of the Company, of the shares and assets subject to such
Asset Disposition; (2) at least 75% of the consideration thereof received by the
Company or such Restricted Subsidiary is in the form of cash or cash
equivalents; and (3) an amount equal to 100% of the Net Available Cash from such
Asset Disposition is applied by the Company (or such Restricted Subsidiary, as
the case may be) (A) first, to the extent the Company elects (or is required by
the terms of any Indebtedness), to prepay, repay, redeem or purchase Senior
Indebtedness of the Company or Indebtedness (other than any Preferred Stock or
Disqualified Stock) of a Wholly Owned Subsidiary (in each case other than
Indebtedness owed to the Company or an Affiliate of the Company) within one year
from the later of the date of such Asset Disposition or the receipt of such Net
Available Cash; (B) second, to the extent of the balance of such Net Available
Cash after application in accordance with clause (A), to the extent the Company
elects, to acquire Additional Assets within one year from the later of the date
of such Asset Disposition or the receipt of such Net Available Cash; and (C)
third, to the extent of the balance of such Net Available Cash after application
in accordance with clauses (A) and (B), to make an offer to the holders of the
Securities (and to holders of other Senior Subordinated

<PAGE>
                                                                              52

Indebtedness of the Company designated by the Company) to purchase Securities
(and such other Senior Subordinated Indebtedness of the Company) pursuant to and
subject to the conditions of Section 4.06(b); provided, however, that in
connection with any prepayment, repayment or purchase of Indebtedness pursuant
to clause (A) or (C) above, the Company or such Restricted Subsidiary shall
permanently retire such Indebtedness and shall cause the related loan commitment
(if any) to be permanently reduced in an amount equal to the principal amount so
prepaid, repaid or purchased. Notwithstanding the foregoing provisions of this
Section 4.06, the Company and the Restricted Subsidiaries shall not be required
to apply any Net Available Cash in accordance with this Section 4.06(a) except
to the extent that the aggregate Net Available Cash from all Asset Dispositions
which is not applied in accordance with this Section 4.06(a) exceeds $5.0
million. Pending application of Net Available Cash pursuant to this Section
4.06(a), such Net Available Cash shall be invested in Temporary Cash Investments
or applied to temporarily reduce revolving credit indebtedness.

                  For the purposes of this Section 4.06(a), the following are
deemed to be cash or cash equivalents: (1) the assumption of Indebtedness of the
Company (other than obligations in respect of Disqualified Stock of the Company)
or any Restricted Subsidiary (other than obligations in respect of Disqualified
Stock and Preferred Stock of a Subsidiary Guarantor) and the release of the
Company or such Restricted Subsidiary from all liability on such Indebtedness in
connection with such Asset Disposition and (2) securities received by the
Company or any Restricted Subsidiary from the transferee that are promptly
converted by the Company or such Restricted Subsidiary into cash, to the extent
of the cash received in that conversion.

                  (b) In the event of an Asset Disposition that requires the
purchase of Securities (and other Senior Subordinated Indebtedness) pursuant to
Section 4.06(a)(3)(C), the Company shall purchase Securities tendered pursuant
to an offer by the Company for the Securities (and such other Senior
Subordinated Indebtedness) (the "Offer") at a purchase price of 100% of their
principal amount (or, in the event such other Senior Subordinated Indebtedness
of the Company was issued with significant original issue discount, 100% of the
accreted value thereof) without premium, plus accrued but unpaid interest (or,
in respect of such other Senior Subordinated Indebtedness of the Company, such
lesser price, if any, as may be provided for by the terms of such Senior
Subordinated Indebtedness) in accordance with the procedures (including
prorating in the event of oversubscription) set forth in Section 4.06(c). If the
aggregate purchase price of Securities (and any other

<PAGE>
                                                                              53

Senior Subordinated Indebtedness) tendered pursuant to the Offer exceeds the Net
Available Cash allotted to their purchase, the Company shall select the
Securities and other Senior Subordinated Indebtedness to be purchased on a pro
rata basis but in round denominations, which in the case of the Securities will
be denominations of $1,000 principal amount or multiples thereof. The Company
shall not be required to make an offer to purchase Securities (and other Senior
Subordinated Indebtedness of the Company) pursuant to this Section 4.06 if the
Net Available Cash available therefor is less than $5.0 million (which lesser
amount shall be carried forward for purposes of determining whether such an
Offer is required with respect to the Net Available Cash from any subsequent
Asset Disposition). Upon completion of such an offer to purchase, Net Available
Cash shall be deemed to be reduced by the aggregate amount of such offer.

                  (c)(1) Promptly, and in any event within 10 days after the
Company becomes obligated to make an Offer, the Company shall deliver to the
Trustee and send, by first-class mail to each Holder, a written notice stating
that the Holder may elect to have his Securities purchased by the Company either
in whole or in part (subject to prorating as described in Section 4.06(b) in the
event the Offer is oversubscribed) in integral multiples of $1,000 of principal
amount, at the applicable purchase price. The notice shall specify a purchase
date not less than 30 days nor more than 60 days after the date of such notice
(the "Purchase Date") and shall contain such information concerning the business
of the Company which the Company in good faith believes will enable such Holders
to make an informed decision (which at a minimum will include (A) the most
recently filed Annual Report on Form 10-K (including audited consolidated
financial statements) of the Company, the most recent subsequently filed
Quarterly Report on Form 10-Q and any Current Report on Form 8-K of the Company
filed subsequent to such Quarterly Report, other than Current Reports describing
Asset Dispositions otherwise described in the offering materials (or
corresponding successor reports), (B) a description of material developments in
the Company's business subsequent to the date of the latest of such Reports, and
(C) if material, appropriate pro forma financial information) and all
instructions and materials necessary to tender Securities pursuant to the Offer,
together with the information contained in clause (3).

                  (2) Not later than the date upon which written notice of an
Offer is delivered to the Trustee as provided below, the Company shall deliver
to the Trustee an Officers' Certificate as to (A) the amount of the Offer (the
"Offer

<PAGE>
                                                                              54

Amount"), including information as to any other Senior Subordinated Indebtedness
included in the Offer, (B) the allocation of the Net Available Cash from the
Asset Dispositions pursuant to which such Offer is being made and (C) the
compliance of such allocation with the provisions of Section 4.06(a) and (b). On
such date, the Company shall also irrevocably deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust) in Temporary Cash Investments, maturing on the last day prior
to the Purchase Date or on the Purchase Date if funds are immediately available
by open of business, an amount equal to the Offer Amount to be held for payment
in accordance with the provisions of this Section 4.06. If the Offer includes
other Senior Subordinated Indebtedness, the deposit described in the preceding
sentence may be made with any other paying agent pursuant to arrangements
satisfactory to the Trustee. Upon the expiration of the period for which the
Offer remains open (the "Offer Period"), the Company shall deliver to the
Trustee for cancellation the Securities or portions thereof which have been
properly tendered to and are to be accepted by the Company. The Trustee shall,
on the Purchase Date, mail or deliver payment (or cause the delivery of payment)
to each tendering Holder in the amount of the purchase price. In the event that
the aggregate purchase price of the Securities delivered by the Company to the
Trustee is less than the Offer Amount applicable to the Securities, the Trustee
shall deliver the excess to the Company immediately after the expiration of the
Offer Period for application in accordance with this Section 4.06.

                  (3) Holders electing to have a Security purchased shall be
required to surrender the Security, with an appropriate form duly completed, to
the Company at the address specified in the notice at least three Business Days
prior to the Purchase Date. Holders shall be entitled to withdraw their election
if the Trustee or the Company receives not later than one Business Day prior to
the Purchase Date, a telex, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of the Security which was delivered for
purchase by the Holder and a statement that such Holder is withdrawing his
election to have such Security purchased. Holders whose Securities are purchased
only in part shall be issued new Securities equal in principal amount to the
unpurchased portion of the Securities surrendered.

                  (4) At the time the Company delivers Securities to the Trustee
which are to be accepted for purchase, the Company shall also deliver an
Officers' Certificate stating that such Securities are to be accepted by the
Company

<PAGE>
                                                                              55

pursuant to and in accordance with the terms of this Section 4.06. A Security
shall be deemed to have been accepted for purchase at the time the Trustee,
directly or through an agent, mails or delivers payment therefor to the
surrendering Holder.

                  (d) The Company shall comply, to the extent applicable, with
the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the repurchase of Securities pursuant to
this Section 4.06. To the extent that the provisions of any securities laws or
regulations conflict with provisions of this Section 4.06, the Company shall
comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under this Section 4.06 by virtue of its
compliance with such securities laws or regulations.

                  SECTION 4.07. Limitation on Affiliate Transactions.

                  (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, enter into or permit to exist any transaction (including the
purchase, sale, lease or exchange of any property, employee compensation
arrangements or the rendering of any service) with, or for the benefit of, any
Affiliate of the Company (an "Affiliate Transaction") unless (1) the terms of
the Affiliate Transaction are no less favorable to the Company or such
Restricted Subsidiary than those that could be obtained at the time of the
Affiliate Transaction in arm's-length dealings with a Person who is not an
Affiliate; (2) if such Affiliate Transaction involves an amount in excess of
$3.0 million, the terms of the Affiliate Transaction are set forth in writing
and a majority of the non-employee directors of the Company disinterested with
respect to such Affiliate Transaction have determined in good faith that the
criteria set forth in clause (1) are satisfied and have approved the relevant
Affiliate Transaction as evidenced by a resolution of the Board of Directors;
and (3) if such Affiliate Transaction involves an amount in excess of $10.0
million, the Board of Directors of the Company shall also have received a
written opinion from an Independent Qualified Party to the effect that such
Affiliate Transaction is fair, from a financial standpoint, to the Company and
its Restricted Subsidiaries or is not less favorable to the Company and its
Restricted Subsidiaries than could reasonably be expected to be obtained at the
time in an arm's-length transaction with a Person who was not an Affiliate.

<PAGE>
                                                                              56

                  (b) The provisions of Section 4.07(a) shall not prohibit (1)
any Investment (other than a Permitted Investment) or other Restricted Payment,
in each case permitted to be made pursuant to Section 4.04; (2) any issuance of
securities, or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employment arrangements, stock options and stock
ownership plans approved by the Board of Directors of the Company, (3) loans or
advances to employees in the ordinary course of business in accordance with the
past practices of the Company or its Restricted Subsidiaries, but in any event
not to exceed $3.0 million in the aggregate outstanding at any one time; (4) the
payment of reasonable fees to directors of the Company and its Restricted
Subsidiaries who are not employees of the Company or its Restricted
Subsidiaries; (5) any transaction with a Restricted Subsidiary or joint venture
or similar entity which would constitute an Affiliate Transaction solely because
the Company or a Restricted Subsidiary owns an equity interest in or otherwise
controls such Restricted Subsidiary, joint venture or similar entity; and (6)
the issuance or sale of any Capital Stock (other than Disqualified Stock) of the
Company to Affiliates of the Company.

                  SECTION 4.08. Limitation on the Sale or Issuance of Capital
Stock of Restricted Subsidiaries.

                  The Company (1) shall not, and shall not permit any Restricted
Subsidiary to, sell, lease, transfer or otherwise dispose of any Capital Stock
of any Restricted Subsidiary to any Person (other than to the Company or a
Wholly Owned Subsidiary), and (2) shall not permit any Restricted Subsidiary to
issue any of its Capital Stock (other than, if necessary, shares of its Capital
Stock constituting directors' or other legally required qualifying shares) to
any Person (other than the Company or a Wholly Owned Subsidiary), unless (A)
immediately after giving effect to such issuance, sale or other disposition,
neither the Company nor any of its Subsidiaries own any Capital Stock of such
Restricted Subsidiary or (B) immediately after giving effect to such issuance,
sale or other disposition, such Restricted Subsidiary would no longer constitute
a Restricted Subsidiary and any Investment in such Person remaining after giving
effect thereto is treated as a new Investment by the Company and such Investment
would be permitted to be made under Section 4.04 if made on the date of such
issuance, sale or other disposition. Notwithstanding the foregoing, the issuance
or sale of shares of Capital Stock of any Restricted Subsidiary of the Company
will not violate the provisions of the immediately preceding sentence if such
shares are issued or sold in

<PAGE>
                                                                              57

connection with (x) the formation or capitalization of a Restricted Subsidiary
or (y) a single transaction or a series of substantially contemporaneous
transactions whereby such Restricted Subsidiary becomes a Restricted Subsidiary
of the Company by reason of the acquisition of securities or assets from another
Person.

                  SECTION 4.09. Change of Control.

                  (a) Upon the occurrence of a Change of Control, each Holder
shall have the right to require that the Company repurchase such Holder's
Securities at a purchase price in cash equal to 101% of the principal amount
thereof on the date of purchase plus accrued and unpaid interest, if any, to the
date of purchase (subject to the right of holders of record on the relevant
record date to receive interest due on the relevant interest payment date), in
accordance with the terms contemplated in Section 4.09(b). In the event that at
the time of such Change of Control the terms of the Senior Indebtedness of the
Company (including the Credit Agreement) restrict or prohibit the purchase of
Securities pursuant to this Section 4.09, then prior to the mailing of the
notice to Holders provided for in Section 4.09(b) below but in any event within
30 days following any Change of Control, the Company shall (1) repay in full all
such Senior Indebtedness or (2) obtain the requisite consents under the
agreements governing such Senior Indebtedness to permit the repurchase of the
Securities as provided for in Section 4.09(b).

                  (b) Within 30 days following any Change of Control, the
Company shall mail a notice to each Holder with a copy to the Trustee (the
"Change of Control Offer") stating:

                  (1) that a Change of Control has occurred and that such Holder
         has the right to require the Company to purchase such Holder's
         Securities at a purchase price in cash equal to 101% of the principal
         amount thereof on the date of purchase, plus accrued and unpaid
         interest, if any, to the date of purchase (subject to the right of
         Holders of record on the relevant record date to receive interest on
         the relevant interest payment date);

                  (2) the circumstances and relevant facts regarding such Change
         of Control (including information with respect to pro forma historical
         income, cash flow and capitalization, in each case after giving effect
         to such Change of Control);

<PAGE>
                                                                              58

                  (3) the purchase date (which shall be no earlier than 30 days
         nor later than 60 days from the date such notice is mailed); and

                  (4) the instructions determined by the Company, consistent
         with this Section 4.09, that a Holder must follow in order to have its
         Securities purchased.

                  (c) Holders electing to have a Security purchased will be
required to surrender the Security, with an appropriate form duly completed, to
the Company at the address specified in the notice at least three Business Days
prior to the purchase date. Holders will be entitled to withdraw their election
if the Trustee or the Company receives not later than one Business Day prior to
the purchase date, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Security which was
delivered for purchase by the Holder and a statement that such Holder is
withdrawing his election to have such Security purchased.

                  (d) On the purchase date, all Securities purchased by the
Company under this Section 4.09 shall be delivered by the Company to the Trustee
for cancellation, and the Company shall pay the purchase price plus accrued and
unpaid interest, if any, to the Holders entitled thereto.

                  (e) Notwithstanding the foregoing provisions of this Section
4.09, the Company shall not be required to make a Change of Control Offer upon a
Change of Control if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth
in Section 4.09(b) and purchases all Securities validly tendered and not
withdrawn under such Change of Control Offer.

                  (f) The Company shall comply, to the extent applicable, with
the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the repurchase of Securities pursuant to
this Section 4.09. To the extent that the provisions of any securities laws or
regulations conflict with provisions of this Section 4.09, the Company shall
comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under this Section 4.09 by virtue of its
compliance with such securities laws or regulations.

                  SECTION 4.10. Limitation on Line of Business.

<PAGE>
                                                                              59

                  (a) The Company shall not, and shall not permit any Restricted
Subsidiary, to engage in any business other than a Related Business.

                  (b) Parent shall not engage in any business other than the
ownership of the equity of Brand Services, Inc. and the issuance of its own
securities.

                  SECTION 4.11. Future Guarantors. The Company shall cause each
domestic Restricted Subsidiary that Incurs any Indebtedness to, and each Foreign
Subsidiary that enters into a Guarantee of any Senior Indebtedness (other than a
Foreign Subsidiary that Guarantees Senior Indebtedness Incurred by any Foreign
Subsidiary) to, in each case at the same time, execute and deliver to the
Trustee a Guaranty Agreement pursuant to which such Restricted Subsidiary will
Guarantee payment of the Securities on the same terms and conditions as those
set forth in Article 11 of this Indenture.

                  SECTION 4.12. Compliance Certificate. The Company shall
deliver to the Trustee within 120 days after the end of each fiscal year of the
Company an Officers' Certificate stating that in the course of the performance
by the signers of their duties as Officers of the Company they would normally
have knowledge of any Default and whether or not the signers know of any Default
that occurred during such period. If they do, the certificate shall describe the
Default, its status and what action the Company is taking or proposes to take
with respect thereto. The Company also shall comply with TIA Section 314(a)(4).

                  SECTION 4.13. Further Instruments and Acts. Upon request of
the Trustee, the Company shall execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

                                    ARTICLE 5

                                Successor Company

                  SECTION 5.01. When Company May Merge or Transfer Assets.

                  (a) The Company shall not consolidate with or merge with or
into, or convey, transfer or lease, in one transaction or a series of
transactions, directly or

<PAGE>
                                                                              60

indirectly, all or substantially all its assets to, any Person, unless:

                  (1) the resulting, surviving or transferee Person (the
         "Successor Company") shall be a Person organized and existing under the
         laws of the United States of America, any State thereof or the District
         of Columbia and the Successor Company (if not the Company) shall
         expressly assume, by an indenture supplemental hereto, executed and
         delivered to the Trustee, in form satisfactory to the Trustee, all the
         obligations of the Company under the Securities and this Indenture;

                  (2) forma effect to such transaction (and treating any
         Indebtedness which becomes an obligation of the Successor Company or
         any Subsidiary as a result of such transaction as having been Incurred
         by such Successor Company or such Subsidiary at the time of such
         transaction), no Default shall have occurred and be continuing;

                  (3) immediately after giving pro forma effect to such
         transaction, the Successor Company would be able to Incur an additional
         $1.00 of Indebtedness pursuant to Section 4.03(a); and

                  (4) the Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel, each stating that such
         consolidation, merger or transfer and such supplemental indenture (if
         any) comply with this Indenture;

provided, however, that clause (3) will not be applicable to (A) a Restricted
Subsidiary consolidating with, merging into or transferring all or part of its
properties and assets to the Company or (B) the Company merging with an
Affiliate of the Company solely for the purpose and with the sole effect of
reincorporating the Company in another jurisdiction.

                  For purposes of this Section 5.01(a), the sale, lease,
conveyance, assignment, transfer or other disposition of all or substantially
all of the properties and assets of one or more Subsidiaries of the Company,
which properties and assets, if held by the Company instead of such
Subsidiaries, would constitute all or substantially all of the properties and
assets of the Company on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the
Company.

<PAGE>
                                                                              61

                  The Successor Company shall be the successor to the Company
and shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture, and the predecessor Company, except
in the case of a lease, shall be released from the obligation to pay the
principal of and interest on the Securities.

                  (b) The Company shall not permit any Subsidiary Guarantor to
consolidate with or merge with or into, or convey, transfer or lease, in one
transaction or a series of transactions, all or substantially all of its assets
to any Person unless:

                  (1) except in the case of a Subsidiary Guarantor that has been
         disposed of in its entirety to another Person (other than to the
         Company or an Affiliate of the Company), whether through a merger,
         consolidation or sale of Capital Stock or assets, if in connection
         therewith the Company provides an Officers' Certificate to the Trustee
         to the effect that the Company will comply with its obligations under
         Section 4.06 in respect of such disposition, the resulting, surviving
         or transferee Person (if not such Subsidiary) shall be a Person
         organized and existing under the laws of the jurisdiction under which
         such Subsidiary was organized or under the laws of the United States of
         America, or any State thereof or the District of Columbia, and such
         Person shall expressly assume, by a Guaranty Agreement, in a form
         satisfactory to the Trustee, all the obligations of such Subsidiary, if
         any, under its Subsidiary Guaranty;

                  (2) immediately after giving effect to such transaction or
         transactions on a pro forma basis (and treating any Indebtedness which
         becomes an obligation of the resulting, surviving or transferee Person
         as a result of such transaction as having been issued by such Person at
         the time of such transaction), no Default shall have occurred and be
         continuing; and

                  (3) the Company delivers to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that such
         consolidation, merger or transfer and such Guaranty Agreement, if any,
         complies with this Indenture.

<PAGE>
                                                                              62

                  (c) Parent shall not consolidate with or merge with or into,
or convey, transfer or lease, in one transaction or a series of transactions,
directly or indirectly, all or substantially all its assets to, any Person,
unless:

                  (1) the resulting, surviving or transferee Person (the
         "Successor Parent") shall be a Person organized and existing under the
         laws of the United States of America, any State thereof or the District
         of Columbia and the Successor Parent (if not Parent) shall expressly
         assume, by a supplemental indenture, executed and delivered to the
         Trustee, in form satisfactory to the Trustee, all the obligations of
         Parent under the Parent Guaranty on the terms provided for in this
         Indenture;

                  (2) immediately after giving pro forma effect to such
         transaction (and treating any Indebtedness which becomes an obligation
         of the Successor Parent as a result of such transaction as having been
         issued by such Successor Parent at the time of such transaction), no
         Default shall have occurred and be continuing; and

                  (3) the Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel, each stating that such
         consolidation, merger or transfer and such supplemental indenture (if
         any) comply with this Indenture.

                                    ARTICLE 6

                              Defaults and Remedies

                  SECTION 6.01. Events of Default. An "Event of Default" occurs
if:

                  (1) the Company defaults in any payment of interest when the
         same becomes due and payable, whether or not such payment shall be
         prohibited by Article 10, and such default continues for a period of 30
         days;

                  (2) the Company (i) defaults in the payment of the principal
         of any Security when the same becomes due and payable at its Stated
         Maturity, upon optional redemption, upon declaration of acceleration or
         otherwise, whether or not such payment shall be prohibited by Article
         10, or (ii) fails to purchase Securities when required pursuant to this
         Indenture or

<PAGE>
                                                                              63

         the Securities, whether or not such purchase shall be prohibited by
         Article 10;

                  (3) the Company, Parent or any Subsidiary Guarantor fails to
         comply with Section 5.01;

                  (4) the Company, Parent or any Restricted Subsidiary fails to
         comply with Section 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09,
         4.10 or 4.11 (other than a failure to purchase Securities when required
         under Section 4.06 or 4.09) and such failure continues for 30 days
         after the notice specified below;

                  (5) the Company or any Restricted Subsidiary fails to comply
         with any of its agreements in the Securities or this Indenture (other
         than those referred to in clause (1), (2), (3) or (4) above) and such
         failure continues for 60 days after the notice specified below;

                  (6) Indebtedness of the Company, Parent, any Subsidiary
         Guarantor or any Significant Subsidiary is not paid within any
         applicable grace period after final maturity or is accelerated by the
         holders thereof because of a default and the total amount of such
         Indebtedness unpaid or accelerated exceeds $12.0 million, or its
         foreign currency equivalent at the time;

                  (7) the Company, Parent, a Subsidiary Guarantor or any
         Significant Subsidiary pursuant to or within the meaning of any
         Bankruptcy Law:

                           (A) commences a voluntary case;

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

                           (C) consents to the appointment of a Custodian of it
                  or for any substantial part of its property; or

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

         or takes any comparable action under any foreign laws relating to
         insolvency;

<PAGE>
                                                                              64

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

                           (A) is for relief against the Company, Parent, a
                  Subsidiary Guarantor or any Significant Subsidiary in an
                  involuntary case;

                           (B) appoints a Custodian of the Company, Parent, a
                  Subsidiary Guarantor or any Significant Subsidiary or for any
                  substantial part of its property; or

                           (C) orders the winding up or liquidation of the
                  Company, Parent, a Subsidiary Guarantor or any Significant
                  Subsidiary;

         or any similar relief is granted under any foreign laws and the order
         or decree remains unstayed and in effect for 60 days;

                  (9) any judgment or decree for the payment of money in excess
         of $12.0 million or its foreign currency equivalent at the time is
         entered against the Company, Parent, a Subsidiary Guarantor or any
         Significant Subsidiary, remains outstanding for a period of 30 days
         following the entry of such judgment or decree and is not discharged,
         waived or the execution thereof stayed; or

                  (10) the Parent Guaranty or any Subsidiary Guaranty ceases to
         be in full force and effect (other than in accordance with the terms of
         the Parent Guaranty or such Subsidiary Guaranty) or Parent or any
         Subsidiary Guarantor denies or disaffirms its obligations under the
         Parent Guaranty or its Subsidiary Guaranty, as the case may be.

                  The foregoing will constitute Events of Default whatever the
reason for any such Event of Default and whether it is voluntary or involuntary
or is effected by operation of law or pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or
governmental body.

                  The term "Bankruptcy Law" means Title 11, United States Code,
or any similar Federal or state law for the relief of debtors. The term
"Custodian" means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law.

<PAGE>
                                                                              65

                  A Default under clauses (4) or (5) is not an Event of Default
until the Trustee or the holders of at least 25% in principal amount of the
outstanding Securities notify the Company of the Default and the Company does
not cure such Default within the time specified after receipt of such notice.
Such notice must specify the Default, demand that it be remedied and state that
such notice is a "Notice of Default".

                  The Company shall deliver to the Trustee, within 30 days after
the occurrence thereof, written notice in the form of an Officers' Certificate
of any Event of Default under clause (6),(9) or (10) and any event which with
the giving of notice or the lapse of time would become an Event of Default under
clause (4) or (5), its status and what action the Company is taking or proposes
to take with respect thereto.

                  SECTION 6.02. Acceleration. If an Event of Default (other than
an Event of Default specified in Section 6.01(7) or (8) with respect to the
Company) occurs and is continuing, the Trustee by notice to the Company, or the
Holders of at least 25% in principal amount of the Securities by notice to the
Company and the Trustee, may declare the principal of and accrued but unpaid
interest on all the Securities to be due and payable. Upon such a declaration,
such principal and interest shall be due and payable immediately. If an Event of
Default specified in Section 6.01(7) or (8) with respect to the Company occurs,
the principal of and interest on all the Securities shall ipso facto become and
be immediately due and payable without any declaration or other act on the part
of the Trustee or any Securityholders. The Holders of a majority in principal
amount of the Securities by notice to the Trustee may rescind an acceleration
and its consequences if the rescission would not conflict with any judgment or
decree and if all existing Events of Default have been cured or waived except
nonpayment of principal or interest that has become due solely because of
acceleration. No such rescission shall affect any subsequent Default or impair
any right consequent thereto.

                  SECTION 6.03. Other Remedies. If an Event of Default occurs
and is continuing, the Trustee may pursue any available remedy to collect the
payment of principal of or interest on the Securities or to enforce the
performance of any provision of the Securities or this Indenture.

                  The Trustee may maintain a proceeding even if it does not
possess any of the Securities or does not produce any of them in the proceeding.
A delay or omission by the

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                                                                              66

Trustee or any Securityholder in exercising any right or remedy accruing upon an
Event of Default shall not impair the right or remedy or constitute a waiver of
or acquiescence in the Event of Default. No remedy is exclusive of any other
remedy. All available remedies are cumulative.

                  SECTION 6.04. Waiver of Past Defaults. The Holders of a
majority in principal amount of the Securities by notice to the Trustee may
waive an existing Default and its consequences except (i) a Default in the
payment of the principal of or interest on a Security, (ii) a Default arising
from the failure to redeem or purchase any Security when required pursuant to
this Indenture or (iii) a Default in respect of a provision that under Section
9.02 cannot be amended without the consent of each Securityholder affected. When
a Default is waived, it is deemed cured, but no such waiver shall extend to any
subsequent or other Default or impair any consequent right.

                  SECTION 6.05. Control by Majority. The Holders of a majority
in principal amount of the Securities may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee. However, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture or,
subject to Section 7.01, that the Trustee determines is unduly prejudicial to
the rights of other Securityholders or would involve the Trustee in personal
liability; provided, however, that the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction. Prior to
taking any action hereunder, the Trustee shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses caused
by taking or not taking such action.

                  SECTION 6.06. Limitation on Suits. Except to enforce the right
to receive payment of principal, premium (if any) or interest when due, no
Securityholder may pursue any remedy with respect to this Indenture or the
Securities unless:

                  (1) the Holder gives to the Trustee written notice stating
         that an Event of Default is continuing;

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

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                                                                              67

                  (3) such Holder or Holders offer to the Trustee reasonable
         security or indemnity against any loss, liability or expense;

                  (4) the Trustee does not comply with the request within 60
         days after receipt of the request and the offer of security or
         indemnity; and

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

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

                  SECTION 6.07. Rights of Holders to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder
to receive payment of principal of and interest on the Securities held by such
Holder, on or after the respective due dates expressed in the Securities, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

                  SECTION 6.08. Collection Suit by Trustee. If an Event of
Default specified in Section 6.01(1) or (2) occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount then due and owing (together with
interest on any unpaid interest to the extent lawful) and the amounts provided
for in Section 7.07.

                  SECTION 6.09. Trustee May File Proofs of Claim. The Trustee
may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee and the Securityholders
allowed in any judicial proceedings relative to the Company, its creditors or
its property and, unless prohibited by law or applicable regulations, may vote
on behalf of the Holders in any election of a trustee in bankruptcy or other
Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section
7.07.

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                                                                              68

                  SECTION 6.10. Priorities. If the Trustee collects any money or
property pursuant to this Article 6, it shall pay out the money or property in
the following order:

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

                  SECOND: to holders of Senior Indebtedness of the Company and,
         if such money or property has been collected from Parent or a
         Subsidiary Guarantor, to holders of Senior Indebtedness of Parent or
         such Subsidiary Guarantor, as applicable, in each case to the extent
         required by Article 10 and 12;

                  THIRD: to Securityholders for amounts due and unpaid on the
         Securities for principal and interest, ratably, without preference or
         priority of any kind, according to the amounts due and payable on the
         Securities for principal and interest, respectively; and

                  FOURTH: to the Company.

                  The Trustee may fix a record date and payment date for any
payment to Securityholders pursuant to this Section 6.10. At least 15 days
before such record date, the Company shall mail to each Securityholder and the
Trustee a notice that states the record date, the payment date and amount to be
paid.

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

                  SECTION 6.12. Waiver of Stay or Extension Laws. The Company
(to the extent it may lawfully do so) shall not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, which may affect the covenants or the

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                                                                              69

performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and shall not hinder, delay or impede the execution of any power herein
granted to the Trustee, but shall suffer and permit the execution of every such
power as though no such law had been enacted.

                                    ARTICLE 7

                                     Trustee

                  SECTION 7.01. Duties of Trustee.

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

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

                  (1) the Trustee undertakes to perform such duties and only
         such duties as are specifically set forth in this Indenture and no
         implied covenants or obligations shall be read into this Indenture
         against the Trustee; and

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

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

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

                  (2) the Trustee shall not be liable for any error of judgment
         made in good faith by a Trust Officer

<PAGE>
                                                                              70

         unless it is proved that the Trustee was negligent in ascertaining the
         pertinent facts; and

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

                  (d) Every provision of this Indenture that in any way relates
to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01.

                  (e) The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company.

                  (f) Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law.

                  (g) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

                  (h) Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 7.01 and to the provisions of the TIA.

                  SECTION 7.02. Rights of Trustee.

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

                  (b) Before the Trustee acts or refrains from acting, it may
require an Officers' Certificate or an Opinion of Counsel. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
the Officers' Certificate or Opinion of Counsel.

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

<PAGE>
                                                                              71

                  (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, however, that, without limiting the effect of
Section 7.01(b), the Trustee's conduct does not constitute wilful misconduct or
negligence.

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

                  (f) In case an Event of Default occurs and is continuing, the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the
Securityholders, unless such Securityholders shall have offered to the Trustee
reasonable indemnity or security against any loss, liability or expense which
might be incurred by it in compliance with such request or direction.

                  SECTION 7.03. Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities
and may otherwise deal with the Company or its Affiliates with the same rights
it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar
or co-paying agent may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11.

                  SECTION 7.04. Trustee's Disclaimer. The Trustee shall not be
responsible for and makes no representation, warranty or certification as to the
validity or adequacy of this Indenture or the Securities except as contained in
the Trustee's certificate of authentication. The Trustee shall not be
accountable for the Company's use of the proceeds from the issuance and sale of
the Securities and shall not be responsible for any statement of the Company,
any of the Initial Purchasers of the Securities or any other Person made in
connection with the issuance and sale of the Securities, whether oral or written
and whether contained in this Indenture, any offering document or any other
document, certificate or instrument.

                  SECTION 7.05. Notice of Defaults. If a Default occurs and is
continuing and if it is known to the Trustee, the Trustee shall mail to each
Securityholder notice of the Default within 90 days after it occurs. Except in
the case

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                                                                              72

of a Default in payment of principal of or interest on any Security, the Trustee
may withhold the notice if and so long as a committee of its Trust Officers in
good faith determines that withholding the notice is in the interests of
Securityholders.

                  SECTION 7.06. Reports by Trustee to Holders. As promptly as
practicable after each October 15 beginning with the October following the date
of this Indenture, and in any event prior to December 15 in each year, the
Trustee shall mail to each Securityholder a brief report dated as of October 15
that complies with TIA Section 313(a). The Trustee also shall comply with TIA
Section 313(b).

                  A copy of each report at the time of its mailing to
Securityholders shall be filed with the SEC and each stock exchange (if any) on
which the Securities are listed. The Company agrees to notify promptly the
Trustee whenever the Securities become listed on any stock exchange and of any
delisting thereof.

                  SECTION 7.07. Compensation and Indemnity. The Company shall
pay to the Trustee from time to time such compensation as agreed to between the
Company and the Trustee for its acceptance of the responsibilities under this
Indenture. The Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable disbursements, advancements and expenses
incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee's agents,
counsel, accountants and experts. The Company shall indemnify the Trustee
against any and all loss, liability or expense (including attorneys' fees)
incurred by it in connection with the administration of this trust and the
performance of its duties hereunder, including the costs and expenses of
enforcing this Indenture against the Company (including this Section 7.07) and
defending itself against any claim (whether asserted by the Company or any
Securityholder or any other Person) or liability in connection with the exercise
or performance of any of its possession or duties hereunder. The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Trustee to so notify the Company shall not relieve the Company of
its obligations hereunder. The Company shall defend the claim and the Trustee
may have separate counsel and the Company shall pay the fees and expenses of
such counsel. The Company need not reimburse any expense or indemnify against
any loss, liability or

<PAGE>
                                                                              73

expense incurred by the Trustee through the Trustee's own wilful misconduct,
negligence or bad faith.

                  To secure the Company's payment obligations in this Section
7.07, the Trustee shall have a lien prior to the Securities on all money or
property held or collected by the Trustee other than money or property held in
trust to pay principal of and interest on particular Securities. Such lien shall
survive the satisfaction and discharge of this Indenture.

                  The Company's payment obligations pursuant to this Section
7.07 shall survive the resignation and removal of the Trustee and the discharge
of this Indenture. When the Trustee incurs expenses after the occurrence of a
Default specified in Section 6.01(7) or (8) with respect to the Company, the
expenses are intended to constitute expenses of administration under the
Bankruptcy Law.

                  SECTION 7.08. Replacement of Trustee. The Trustee may resign
at any time by so notifying the Company. The Holders of a majority in principal
amount of the Securities may remove the Trustee by so notifying the Trustee and
may appoint a successor Trustee. The Company shall remove the Trustee if:

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

                  (2) the Trustee is adjudged bankrupt or insolvent;

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

                  (4) the Trustee otherwise becomes incapable of acting.

                  If the Trustee resigns, is removed by the Company or by the
Holders of a majority in principal amount of the Securities and such Holders do
not reasonably promptly appoint a successor Trustee, or if a vacancy exists in
the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee.

                  A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its
succession to Securityholders. The

<PAGE>
                                                                              74

retiring Trustee shall promptly transfer all property held by it as Trustee to
the successor Trustee, subject to the lien provided for in Section 7.07.

                  If a successor Trustee does not take office within 60 days
after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of the Securities may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

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

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

                  SECTION 7.09. Successor Trustee by Merger. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.

                  In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Securities shall have been authenticated but not
delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Securities so
authenticated; and in case at that time any of the Securities shall not have
been authenticated, any successor to the Trustee may authenticate such
Securities either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the
full force which it is anywhere in the Securities or in this Indenture provided
that the certificate of the Trustee shall have.

                  SECTION 7.10. Eligibility; Disqualification. The Trustee shall
at all times satisfy the requirements of TIA Section 310(a). The Trustee shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition. The Trustee shall comply with
TIA Section 310(b); provided, however, that there shall be excluded from the
operation of TIA Section 310(b)(1) any indenture or indentures under which other

<PAGE>
                                                                              75

securities or certificates of interest or participation in other securities of
the Company are outstanding if the requirements for such exclusion set forth in
TIA Section 310(b)(1) are met.

                  SECTION 7.11. Preferential Collection of Claims Against
Company. The Trustee shall comply with TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

                                    ARTICLE 8

                       Discharge of Indenture; Defeasance

                  SECTION 8.01. Discharge of Liability on Securities;
Defeasance.

                  (a) When (1) the Company delivers to the Trustee all
outstanding Securities (other than Securities replaced pursuant to Section 2.07)
for cancellation or (2) all outstanding Securities have become due and payable,
whether at maturity or on a redemption date as a result of the mailing of a
notice of redemption pursuant to Article 3 hereof and the Company irrevocably
deposits with the Trustee funds sufficient to pay at maturity or upon redemption
all outstanding Securities, including interest thereon to maturity or such
redemption date (other than Securities replaced pursuant to Section 2.07), and
if in either case the Company pays all other sums payable hereunder by the
Company, then this Indenture shall, subject to Section 8.01(c), cease to be of
further effect. The Trustee shall acknowledge satisfaction and discharge of this
Indenture on demand of the Company accompanied by an Officers' Certificate and
an Opinion of Counsel and at the cost and expense of the Company.

                  (b) Subject to Sections 8.01(c) and 8.02, the Company at any
time may terminate (1) all its obligations under the Securities and this
Indenture ("legal defeasance option") or (2) its obligations under Sections
4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10 and 4.11 and the operation
of Sections 6.01(4), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and 6.01(10) (but, in
the case of Sections 6.01(7) and (8), with respect only to Significant
Subsidiaries that are not Subsidiary Guarantors) and the limitations contained
in Section 5.01(a)(3) and (4) ("covenant defeasance option"). The Company may
exercise its legal defeasance option notwithstanding its prior exercise of its
covenant defeasance option.

<PAGE>
                                                                              76

                  If the Company exercises its legal defeasance option, payment
of the Securities may not be accelerated because of an Event of Default with
respect thereto. If the Company exercises its covenant defeasance option,
payment of the Securities may not be accelerated because of an Event of Default
specified in Sections 6.01(4), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and 6.01(10)
(but, in the case of Sections 6.01(7) and (8), with respect only to Significant
Subsidiaries that are not Subsidiary Guarantors) or because of the failure of
the Company to comply with Section 5.01(a)(3). If the Company exercises its
legal defeasance option or its covenant defeasance option, Parent and each
Subsidiary Guarantor shall be released from all its obligations with respect to
the Parent Guaranty or its Subsidiary Guaranty, as the case may be.

                  Upon satisfaction of the conditions set forth herein and upon
request of the Company, the Trustee shall acknowledge in writing the discharge
of those obligations that the Company terminates.

                  (c) Notwithstanding clauses (a) and (b) above, the Company's
obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in
this Article 8 shall survive until the Securities have been paid in full.
Thereafter, the Company's obligations in Sections 7.07, 8.04 and 8.05 shall
survive.

                  SECTION 8.02. Conditions to Defeasance. The Company may
exercise its legal defeasance option or its covenant defeasance option only if:

                  (1) the Company irrevocably deposits in trust with the Trustee
         money or U.S. Government Obligations for the payment of principal of
         and interest on the Securities to maturity or redemption, as the case
         may be;

                  (2) the Company delivers to the Trustee a certificate from a
         nationally recognized firm of independent accountants expressing their
         opinion that the payments of principal and interest when due and
         without reinvestment on the deposited U.S. Government Obligations plus
         any deposited money without investment will provide cash at such times
         and in such amounts as will be sufficient to pay principal and interest
         when due on all the Securities to maturity or redemption, as the case
         may be;

                  (3) 123 days pass after the deposit is made and during the
         123-day period no Default specified in

<PAGE>
                                                                              77

         Sections 6.01(7) or (8) with respect to the Company occurs which is
         continuing at the end of the period;

                  (4) the deposit does not constitute a default under any other
         agreement binding on the Company and is not prohibited by Article 10;

                  (5) the Company delivers to the Trustee an Opinion of Counsel
         to the effect that the trust resulting from the deposit does not
         constitute, or is qualified as, a regulated investment company under
         the Investment Company Act of 1940;

                  (6) in the case of the legal defeasance option, the Company
         shall have delivered to the Trustee an Opinion of Counsel stating that
         (A) the Company has received from, or there has been published by, the
         Internal Revenue Service a ruling or (B) since the date of this
         Indenture there has been a change in the applicable Federal income tax
         law, in either case to the effect that, and based thereon such Opinion
         of Counsel shall confirm that, the Securityholders will not recognize
         income, gain or loss for Federal income tax purposes as a result of
         such defeasance and will be subject to Federal income tax on the same
         amounts, in the same manner and at the same times as would have been
         the case if such defeasance had not occurred;

                  (7) in the case of the covenant defeasance option, the Company
         shall have delivered to the Trustee an Opinion of Counsel to the effect
         that the Securityholders will not recognize income, gain or loss for
         Federal income tax purposes as a result of such covenant defeasance and
         will be subject to Federal income tax on the same amounts, in the same
         manner and at the same times as would have been the case if such
         covenant defeasance had not occurred; and

                  (8) the Company delivers to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that all conditions
         precedent to the defeasance and discharge of the Securities as
         contemplated by this Article 8 have been complied with.

                  Before or after a deposit, the Company may make arrangements
satisfactory to the Trustee for the redemption of Securities at a future date in
accordance with Article 3.

                  SECTION 8.03. Application of Trust Money. The Trustee shall
hold in trust money or U.S. Government Obligations deposited with it pursuant to
this Article 8.

<PAGE>
                                                                              78

It shall apply the deposited money and the money from U.S. Government
Obligations through the Paying Agent and in accordance with this Indenture to
the payment of principal of and interest on the Securities. Money and securities
so held in trust are not subject to Article 10.

                  SECTION 8.04. Repayment to Company. The Trustee and the Paying
Agent shall promptly turn over to the Company upon request any excess money or
securities held by them at any time.

                  Subject to any applicable abandoned property law, the Trustee
and the Paying Agent shall pay to the Company upon request any money held by
them for the payment of principal or interest that remains unclaimed for two
years, and, thereafter, Securityholders entitled to the money must look to the
Company for payment as general creditors.

                  SECTION 8.05. Indemnity for Government Obligations. The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against deposited U.S. Government Obligations or
the principal and interest received on such U.S. Government Obligations.

                  SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is
unable to apply any money or U.S. Government Obligations in accordance with this
Article 8 by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the Company's obligations under this
Indenture and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to this Article 8 until such time as the Trustee
or Paying Agent is permitted to apply all such money or U.S. Government
Obligations in accordance with this Article 8; provided, however, that, if the
Company has made any payment of interest on or principal of any Securities
because of the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such payment from the
money or U.S. Government Obligations held by the Trustee or Paying Agent.

<PAGE>
                                                                              79

                                    ARTICLE 9

                                   Amendments

                  SECTION 9.01. Without Consent of Holders. The Company, Parent,
the Subsidiary Guarantors and the Trustee may amend this Indenture or the
Securities without notice to or consent of any Securityholder:

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

                  (2) to comply with Article 5;

                  (3) to provide for uncertificated Securities in addition to or
         in place of certificated Securities; provided, however, that the
         uncertificated Securities are issued in registered form for purposes of
         Section 163(f) of the Code or in a manner such that the uncertificated
         Securities are described in Section 163(f)(2)(B) of the Code;

                  (4) to add Guarantees with respect to the Securities,
         including any Subsidiary Guaranties, or to secure the Securities;

                  (5) to add to the covenants of the Company, Parent or a
         Subsidiary Guarantor for the benefit of the Holders or to surrender any
         right or power herein conferred upon the Company, Parent or a
         Subsidiary Guarantor;

                  (6) to comply with any requirements of the SEC in connection
         with qualifying, or maintaining the qualification of, this Indenture
         under the TIA; or

                  (7) to make any change that does not adversely affect the
         rights of any Securityholder.

                  An amendment under this Section 9.01 may not make any change
that adversely affects the rights under Article 10 or 12 of any holder of Senior
Indebtedness of the Company, Parent or a Subsidiary Guarantor then outstanding
unless the holders of such Senior Indebtedness (or any group or representative
thereof authorized to give a consent) consent to such change.

                  After an amendment under this Section 9.01 becomes effective,
the Company shall mail to Securityholders a notice briefly describing such
amendment. The failure to give such notice to all Securityholders, or any defect

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                                                                              80

therein, shall not impair or affect the validity of an amendment under this
Section 9.01.

                  SECTION 9.02. With Consent of Holders. The Company, Parent,
the Subsidiary Guarantors and the Trustee may amend this Indenture or the
Securities without notice to any Securityholder but with the written consent of
the Holders of at least a majority in principal amount of the Securities then
outstanding (including consents obtained in connection with a tender offer or
exchange for the Securities). However, without the consent of each
Securityholder affected thereby, an amendment may not:

                  (1) reduce the amount of Securities whose Holders must consent
         to an amendment;

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

                  (3) reduce the principal amount of or extend the Stated
         Maturity of any Security;

                  (4) reduce the amount payable upon the redemption of any
         Security or change the time at which any Security may be redeemed in
         accordance with Article 3;

                  (5) make any Security payable in money other than that stated
         in the Security;

                  (6) impair the right of any Securityholder to receive payment
         of principal of and interest on such Holder's Securities on or after
         the due dates therefor or to institute suit for the enforcement of any
         payment on or with respect to such Holder's Securities;

                  (7) make any changes in the ranking or priority of any
         Security that would adversely affect the Securityholders;

                  (8) make any change in Section 6.04 or 6.07 or the second
         sentence of this Section 9.02; or

                  (9) make any change in, or release other than in accordance
         with this Indenture, the Parent Guaranty or any Subsidiary Guaranty
         that would adversely affect the Securityholders.

                  It shall not be necessary for the consent of the Holders under
this Section 9.02 to approve the particular form of any proposed amendment, but
it shall be sufficient if such consent approves the substance thereof.

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                                                                              81

                  An amendment under this Section 9.02 may not make any change
that adversely affects the rights under Article 10 or 12 of any holder of Senior
Indebtedness of the Company, Parent or a Subsidiary Guarantor then outstanding
unless the holders of such Senior Indebtedness (or any group or representative
thereof authorized to give a consent) consent to such change.

                  After an amendment under this Section 9.02 becomes effective,
the Company shall mail to Securityholders a notice briefly describing such
amendment. The failure to give such notice to all Securityholders, or any defect
therein, shall not impair or affect the validity of an amendment under this
Section 9.02.

                  SECTION 9.03. Compliance with Trust Indenture Act. Every
amendment to this Indenture or the Securities shall comply with the TIA as then
in effect.

                  SECTION 9.04. Revocation and Effect of Consents and Waivers. A
consent to an amendment or a waiver by a Holder of a Security shall bind the
Holder and every subsequent Holder of that Security or portion of the Security
that evidences the same debt as the consenting Holder's Security, even if
notation of the consent or waiver is not made on the Security. However, any such
Holder or subsequent Holder may revoke the consent or waiver as to such Holder's
Security or portion of the Security if the Trustee receives the notice of
revocation before the date the amendment or waiver becomes effective. After an
amendment or waiver becomes effective, it shall bind every Securityholder. An
amendment or waiver becomes effective upon the execution of such amendment or
waiver by the Trustee.

                  The Company may, but shall not be obligated to, fix a record
date for the purpose of determining the Securityholders entitled to give their
consent or take any other action described above or required or permitted to be
taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were
Securityholders at such record date (or their duly designated proxies), and only
those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. No such consent shall be valid or
effective for more than 120 days after such record date.

                  SECTION 9.05. Notation on or Exchange of Securities. If an
amendment changes the terms of a

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Security, the Trustee may require the Holder of the Security to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Security
regarding the changed terms and return it to the Holder. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the
changed terms. Failure to make the appropriate notation or to issue a new
Security shall not affect the validity of such amendment.

                  SECTION 9.06. Trustee To Sign Amendments. The Trustee shall
sign any amendment authorized pursuant to this Article 9 if the amendment does
not adversely affect the rights, duties, liabilities or immunities of the
Trustee. If it does, the Trustee may but need not sign it. In signing such
amendment the Trustee shall be entitled to receive indemnity reasonably
satisfactory to it and to receive, and (subject to Section 7.01) shall be fully
protected in relying upon, an Officers' Certificate and an Opinion of Counsel
stating that such amendment is authorized or permitted by this Indenture.

                  SECTION 9.07. Payment for Consent. Neither the Company nor any
Affiliate of the Company shall, directly or indirectly, pay or cause to be paid
any consideration, whether by way of interest, fee or otherwise, to any Holder
for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Indenture or the Securities unless such consideration is
offered to be paid to all Holders that so consent, waive or agree to amend in
the time frame set forth in solicitation documents relating to such consent,
waiver or agreement.

                                   ARTICLE 10

                                  Subordination

                  SECTION 10.01. Agreement To Subordinate. The Company agrees,
and each Securityholder by accepting a Security agrees, that the Indebtedness
evidenced by the Securities is subordinated in right of payment, to the extent
and in the manner provided in this Article 10, to the prior payment of all
Senior Indebtedness of the Company and that the subordination is for the benefit
of and enforceable by the holders of such Senior Indebtedness. The Securities
shall in all respects rank pari passu with all other Senior Subordinated
Indebtedness of the Company, and only Indebtedness of the Company which is
Senior Indebtedness of the Company shall rank senior to the Securities in
accordance with the provisions set forth herein. All

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                                                                              83

provisions of this Article 10 shall be subject to Section 10.12.

                  SECTION 10.02. Liquidation, Dissolution, Bankruptcy. Upon any
payment or distribution of the assets of the Company to creditors upon a total
or partial liquidation or a total or partial dissolution of the Company or in a
bankruptcy, reorganization, insolvency, receivership or similar proceeding
relating to the Company or its property:

                  (1) holders of Senior Indebtedness of the Company shall be
         entitled to receive payment in full in cash of such Senior Indebtedness
         before Securityholders shall be entitled to receive any payment of
         principal of or interest on the Securities;

                  (2) until such Senior Indebtedness of the Company is paid in
         full in cash, any payment or distribution to which Securityholders
         would be entitled but for this Article 10 shall be made to holders of
         such Senior Indebtedness as their interests may appear, except that
         Securityholders may receive shares of Capital Stock and any
         subordinated debt obligations that are subordinated to all securities
         issued in respect of claims of such Senior Indebtedness; and

                  (3) if a distribution is made to Securityholders that, due to
         this Article 10, should not have been made to them, such
         Securityholders are required to hold it in trust for the holders of
         Senior Indebtedness of the Company and pay it over to them as their
         interests may appear.

                  SECTION 10.03. Default on Senior Indebtedness of the Company.
The Company shall not pay the principal of, premium, if any, or interest on the
Securities or make any deposit pursuant to Section 8.01 and may not purchase,
redeem or otherwise retire any Securities (collectively, "pay the Securities")
if either of the following (a "Payment Default") occurs (1) any Obligation on
any Designated Senior Indebtedness of the Company is not paid in full in cash
when due; or (2) any other default on Designated Senior Indebtedness of the
Company occurs and the maturity of such Designated Senior Indebtedness is
accelerated in accordance with its terms, unless, in either case, the Payment
Default has been cured or waived and any such acceleration has been rescinded or
such Designated Senior Indebtedness has been paid in full in cash; provided,
however, that the Company shall be entitled to pay the Securities without regard
to the foregoing if the Company and the Trustee receive written

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                                                                              84

notice approving such payment from the Representatives of all Designated Senior
Indebtedness with respect to which the Payment Default has occurred and is
continuing.

                  During the continuance of any default (other than a Payment
Default) with respect to any Designated Senior Indebtedness of the Company
pursuant to which the maturity thereof may be accelerated without further notice
(except such notice as may be required to effect such acceleration) or the
expiration of any applicable grace periods, the Company shall not pay the
Securities for a period (a "Payment Blockage Period") commencing upon the
receipt by the Trustee (with a copy to the Company) of written notice (a
"Blockage Notice") of such default from the Representative of such Designated
Senior Indebtedness specifying an election to effect a Payment Blockage Period
and ending 179 days thereafter. The Payment Blockage Period shall end earlier if
such Payment Blockage Period is terminated (1) by written notice to the Trustee
and the Company from the Person or Persons who gave such Blockage Notice; (2)
because the default giving rise to such Blockage Notice is cured, waived or
otherwise no longer continuing; or (3) because such Designated Senior
Indebtedness has been discharged or repaid in full in cash. Notwithstanding the
provisions described in the immediately preceding two sentences (but subject to
the provisions contained in the first sentence of this Section 10.03), unless
the holders of such Designated Senior Indebtedness or the Representative of such
Designated Senior Indebtedness shall have accelerated the maturity of such
Designated Senior Indebtedness, the Company shall be entitled to resume payments
on the Securities after termination of such Payment Blockage Period. The
Securities shall not be subject to more than one Payment Blockage Period in any
consecutive 360-day period, irrespective of the number of defaults with respect
to Designated Senior Indebtedness of the Company during such period; provided,
however, that if any Blockage Notice is delivered to the Trustee by or on behalf
of any holders of Designated Senior Indebtedness of the Company (other than the
Bank Indebtedness), the Representative of holders of Bank Indebtedness shall be
entitled to give another Blockage Notice within such period; provided further,
however, that in no event shall the total number of days during which any
Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate
during any 360-consecutive-day period, and there must be 181 days during any
360-consecutive-day period during which no Payment Blockage Period is in effect.

                  For purposes of this Section 10.03, no default or event of
default which existed or was continuing on the date

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                                                                              85

of the commencement of any Payment Blockage Period with respect to the
Designated Senior Indebtedness of the Company initiating such Payment Blockage
Period shall be, or be made, the basis of the commencement of a subsequent
Payment Blockage Period by the Representative of such Designated Senior
Indebtedness, whether or not within a period of 360 consecutive days, unless
such default or event of default shall have been cured or waived for a period of
not less than 90 consecutive days.

                  SECTION 10.04. Acceleration of Payment of Securities. If
payment of the Securities is accelerated because of an Event of Default, the
Company or the Trustee shall promptly notify the holders of the Designated
Senior Indebtedness of the Company (or their Representatives) of the
acceleration.

                  If any Designated Senior Indebtedness is outstanding, the
Company shall not be permitted to pay the Securities until five Business Days
after the Representatives of all the issues of Designated Senior Indebtedness
receive notice of such acceleration and, thereafter, may pay the Securities only
if this Indenture otherwise permits payment at that time.

                  SECTION 10.05. When Distribution Must Be Paid Over. If a
distribution is made to Securityholders that because of this Article 10 should
not have been made to them, the Securityholders who receive the distribution
shall hold it in trust for holders of Senior Indebtedness of the Company and pay
it over to them as their interests may appear.

                  SECTION 10.06. Subrogation. After all Senior Indebtedness of
the Company is paid in full and until the Securities are paid in full,
Securityholders shall be subrogated to the rights of holders of such Senior
Indebtedness to receive distributions applicable to such Senior Indebtedness. A
distribution made under this Article 10 to holders of such Senior Indebtedness
which otherwise would have been made to Securityholders is not, as between the
Company and Securityholders, a payment by the Company on such Senior
Indebtedness.

                  SECTION 10.07. Relative Rights. This Article 10 defines the
relative rights of Securityholders and holders of Senior Indebtedness of the
Company. Nothing in this Indenture shall:

                  (1) impair, as between the Company and Securityholders, the
         obligation of the Company, which

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                                                                              86

         is absolute and unconditional, to pay principal of and interest on the
         Securities in accordance with their terms; or

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

                  SECTION 10.08. Subordination May Not Be Impaired by Company.
No right of any holder of Senior Indebtedness of the Company to enforce the
subordination of the Indebtedness evidenced by the Securities shall be impaired
by any act or failure to act by the Company or by its failure to comply with
this Indenture.

                  SECTION 10.09. Rights of Trustee and Paying Agent.
Notwithstanding Section 10.03, the Trustee or Paying Agent shall continue to
make payments on the Securities and shall not be charged with knowledge of the
existence of facts that under this Article 10 would prohibit the making of any
such payments unless, not less than two Business Days prior to the date of such
payment, a Trust Officer of the Trustee receives notice satisfactory to it that
such payments are prohibited by this Article 10. The Company, the Registrar or
co-registrar, the Paying Agent, a Representative or a holder of Senior
Indebtedness of the Company shall be entitled to give the notice; provided,
however, that, if an issue of Senior Indebtedness of the Company has a
Representative, only the Representative shall be entitled to give the notice.

                  The Trustee in its individual or any other capacity shall be
entitled to hold Senior Indebtedness of the Company with the same rights it
would have if it were not Trustee. The Registrar and co-registrar and the Paying
Agent shall be entitled to do the same with like rights. The Trustee shall be
entitled to all the rights set forth in this Article 10 with respect to any
Senior Indebtedness of the Company which may at any time be held by it, to the
same extent as any other holder of such Senior Indebtedness; and nothing in
Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing
in this Article 10 shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 7.07.

                  SECTION 10.10. Distribution or Notice to Representative.
Whenever any Person is to make a distribution or give a notice to holders of
Senior Indebtedness of the Company, such Person shall be entitled

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                                                                              87

to make such distribution or give such notice to their Representative (if any).

                  SECTION 10.11. Article 10 Not To Prevent Events of Default or
Limit Right To Accelerate. The failure to make a payment pursuant to the
Securities by reason of any provision in this Article 10 shall not be construed
as preventing the occurrence of a Default. Nothing in this Article 10 shall have
any effect on the right of the Securityholders or the Trustee to accelerate the
maturity of the Securities.

                  SECTION 10.12. Trust Moneys Not Subordinated. Notwithstanding
anything contained herein to the contrary, payments from money or the proceeds
of U.S. Government Obligations held in trust under Article 8 by the Trustee for
the payment of principal of and interest on the Securities shall not be
subordinated to the prior payment of any Senior Indebtedness of the Company or
subject to the restrictions set forth in this Article 10, and none of the
Securityholders shall be obligated to pay over any such amount to the Company or
any holder of Senior Indebtedness of the Company or any other creditor of the
Company.

                  SECTION 10.13. Trustee Entitled To Rely. Upon any payment or
distribution pursuant to this Article 10, the Trustee and the Securityholders
shall be entitled to rely (1) upon any order or decree of a court of competent
jurisdiction in which any proceedings of the nature referred to in Section 10.02
are pending, (2) upon a certificate of the liquidating trustee or agent or other
Person making such payment or distribution to the Trustee or to the
Securityholders or (3) upon the Representatives of Senior Indebtedness of the
Company for the purpose of ascertaining the Persons entitled to participate in
such payment or distribution, the holders of such Senior Indebtedness and other
Indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article 10. In the event that the Trustee determines, in good faith,
that evidence is required with respect to the right of any Person as a holder of
Senior Indebtedness of the Company to participate in any payment or distribution
pursuant to this Article 10, the Trustee shall be entitled to request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to
the amount of such Senior Indebtedness held by such Person, the extent to which
such Person is entitled to participate in such payment or distribution and other
facts pertinent to the rights of such Person under this Article 10, and, if such
evidence is not furnished, the Trustee shall be entitled to defer any

<PAGE>
                                                                              88

payment to such Person pending judicial determination as to the right of such
Person to receive such payment. The provisions of Sections 7.01 and 7.02 shall
be applicable to all actions or omissions of actions by the Trustee pursuant to
this Article 10.

                  SECTION 10.14. Trustee To Effectuate Subordination. Each
Securityholder by accepting a Security authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination between the Securityholders and the holders of
Senior Indebtedness of the Company as provided in this Article 10 and appoints
the Trustee as attorney-in-fact for any and all such purposes.

                  SECTION 10.15. Trustee Not Fiduciary for Holders of Senior
Indebtedness of the Company. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness of the Company and shall
not be liable to any such holders if it shall mistakenly pay over or distribute
to Securityholders or the Company or any other Person, money or assets to which
any holders of Senior Indebtedness of the Company shall be entitled by virtue of
this Article 10 or otherwise.

                  SECTION 10.16. Reliance by Holders of Senior Indebtedness of
the Company on Subordination Provisions. Each Securityholder by accepting a
Security acknowledges and agrees that the foregoing subordination provisions
are, and are intended to be, an inducement and a consideration to each holder of
any Senior Indebtedness of the Company, whether such Senior Indebtedness was
created or acquired before or after the issuance of the Securities, to acquire
and continue to hold, or to continue to hold, such Senior Indebtedness and such
holder of such Senior Indebtedness shall be deemed conclusively to have relied
on such subordination provisions in acquiring and continuing to hold, or in
continuing to hold, such Senior Indebtedness.

                                   ARTICLE 11

                                   Guaranties

                  SECTION 11.01. Guaranties. Parent and each Subsidiary
Guarantor hereby unconditionally and irrevocably guarantees, jointly and
severally, to each Holder and to the Trustee and its successors and assigns (a)
the full and punctual payment of principal of and interest on the Securities
when due, whether at maturity, by acceleration, by redemption or otherwise, and
all other monetary

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                                                                              89

obligations of the Company under this Indenture and the Securities and (b) the
full and punctual performance within applicable grace periods of all other
obligations of the Company under this Indenture and the Securities (all the
foregoing being hereinafter collectively called the "Guarantied Obligations").
Parent and each Subsidiary Guarantor further agrees that the Guarantied
Obligations may be extended or renewed, in whole or in part, without notice or
further assent from Parent or such Subsidiary Guarantor and that Parent or such
Subsidiary Guarantor will remain bound under this Article 11 notwithstanding any
extension or renewal of any Guaranteed Obligation.

                  Parent and each Subsidiary Guarantor waives presentation to,
demand of, payment from and protest to the Company of any of the Guarantied
Obligations and also waives notice of protest for nonpayment. Parent and each
Subsidiary Guarantor waives notice of any default under the Securities or the
Guarantied Obligations. The obligations of Parent and each Subsidiary Guarantor
hereunder shall not be affected by (a) the failure of any Holder or the Trustee
to assert any claim or demand or to enforce any right or remedy against the
Company or any other Person under this Indenture, the Securities or any other
agreement or otherwise; (b) any extension or renewal of any thereof; (c) any
rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture, the Securities or any other agreement; (d) the release of any
security held by any Holder or the Trustee for the Guarantied Obligations or any
of them; (e) the failure of any Holder or the Trustee to exercise any right or
remedy against any other guarantor of the Guarantied Obligations; or (f) except
as set forth in Section 11.06, any change in the ownership of a Subsidiary
Guarantor.

                  Parent and each Subsidiary Guarantor further agree that its
Parent Guaranty or Subsidiary Guaranty, as the case may be, herein constitutes a
guarantee of payment, performance and compliance when due (and not a guarantee
of collection) and waives any right to require that any resort be had by any
Holder or the Trustee to any security held for payment of the Guarantied
Obligations.

                  The Parent Guaranty and each Subsidiary Guaranty is, to the
extent and in the manner set forth in Article 12, subordinated and subject in
right of payment to the prior payment in full of the principal of, premium, if
any, and interest on all Senior Indebtedness of the Parent or the Subsidiary
Guarantor giving the Parent Guaranty or such Subsidiary Guaranty, and the Parent
Guaranty and each

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                                                                              90

Subsidiary Guaranty is made subject to such provisions of this Indenture.

                  Except as expressly set forth in Sections 8.01(b), 11.02 and
11.06, the obligations of Parent and each Subsidiary Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any
reason, including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality
or unenforceability of the Guarantied Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of Parent and each Subsidiary
Guarantor herein shall not be discharged or impaired or otherwise affected by
the failure of any Holder or the Trustee to assert any claim or demand or to
enforce any remedy under this Indenture, the Securities or any other agreement,
by any waiver or modification of any thereof, by any default, failure or delay,
willful or otherwise, in the performance of the obligations, or by any other act
or thing or omission or delay to do any other act or thing which may or might in
any manner or to any extent vary the risk of Parent or such Subsidiary Guarantor
or would otherwise operate as a discharge of Parent or such Subsidiary Guarantor
as a matter of law or equity.

                  Parent and each Subsidiary Guarantor further agrees that its
Parent Guaranty or Subsidiary Guaranty, as the case may be, shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of principal of or interest on any Obligation is rescinded or must
otherwise be restored by any Holder or the Trustee upon the bankruptcy or
reorganization of the Company or otherwise.

                  In furtherance of the foregoing and not in limitation of any
other right which any Holder or the Trustee has at law or in equity against
Parent or any Subsidiary Guarantor by virtue hereof, upon the failure of the
Company to pay the principal of or interest on any Obligation when and as the
same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, or to perform or comply with any other Obligation, Parent and each
Subsidiary Guarantor hereby promises to and shall, upon receipt of written
demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the
Holders or the Trustee an amount equal to the sum of (1) the unpaid amount of
such Guarantied Obligations, (2) accrued and unpaid interest on such Guarantied
Obligations (but only to the extent not

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                                                                              91

prohibited by law) and (3) all other monetary Guarantied Obligations of the
Company to the Holders and the Trustee.

                  Each of Parent and the Subsidiary Guarantors agrees that it
shall not be entitled to any right of subrogation in respect of any Guarantied
Obligations guaranteed hereby until payment in full of all Guarantied
Obligations and all obligations to which the Guarantied Obligations are
subordinated as provided in Article 12. Each of Parent and the Subsidiary
Guarantors further agrees that, as between it, on the one hand, and the Holders
and the Trustee, on the other hand, (x) the maturity of the Guarantied
Obligations Guaranteed hereby may be accelerated as provided in Article 6 for
the purposes of Parent's Parent Guaranty or such Subsidiary Guarantor's
Subsidiary Guaranty herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guarantied
Obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such Guarantied Obligations as provided in Article 6, such
Guarantied Obligations (whether or not due and payable) shall forthwith become
due and payable by Parent or such Subsidiary Guarantor for the purposes of this
Section 11.01.

                  Parent and each Subsidiary Guarantor also agree to pay any and
all costs and expenses (including reasonable attorneys' fees) incurred by the
Trustee or any Holder in enforcing any rights under this Section.

                  SECTION 11.02. Limitation on Liability. Any term or provision
of this Indenture to the contrary notwithstanding, the maximum aggregate amount
of the Guarantied Obligations guaranteed hereunder by Parent or any Subsidiary
Guarantor shall not exceed the maximum amount that can be hereby guaranteed
without rendering this Indenture, as it relates to Parent or such Subsidiary
Guarantor, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally.

                  SECTION 11.03. Successors and Assigns. This Article 11 shall
be binding upon each of Parent and the Subsidiary Guarantors and its successors
and assigns and shall enure to the benefit of the successors and assigns of the
Trustee and the Holders and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges conferred upon
that party in this Indenture and in the Securities shall automatically extend to
and be vested in such transferee or assignee, all subject to the terms and
conditions of this Indenture.

<PAGE>
                                                                              92

                  SECTION 11.04. No Waiver. Neither a failure nor a delay on the
part of either the Trustee or the Holders in exercising any right, power or
privilege under this Article 11 shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise of any
right, power or privilege. The rights, remedies and benefits of the Trustee and
the Holders herein expressly specified are cumulative and not exclusive of any
other rights, remedies or benefits which either may have under this Article 11
at law, in equity, by statute or otherwise.

                  SECTION 11.05. Modification. No modification, amendment or
waiver of any provision of this Article 11, nor the consent to any departure by
Parent or any Subsidiary Guarantor therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the
purpose for which given. No notice to or demand on Parent or any Subsidiary
Guarantor in any case shall entitle Parent or such Subsidiary Guarantor to any
other or further notice or demand in the same, similar or other circumstances.

                  SECTION 11.06. Release of Subsidiary Guarantor. A Subsidiary
Guarantor shall be deemed released from all Guarantied Obligations under this
Article 11 without any further action required on the part of the Trustee or any
Holder:

                  (1) upon the sale or other disposition (including by way of
         consolidation or merger) of such Subsidiary Guarantor in its entirety;

                  (2) upon the sale or disposition of all or substantially all
         the assets of such Subsidiary Guarantor;

                  (3) upon the designation of such Subsidiary Guarantor as an
         Unrestricted Subsidiary; or

                  (4) in connection with any sale of Capital Stock of such
         Subsidiary Guarantor to a Person in accordance with this Indenture that
         results in such Subsidiary Guarantor no longer being a Restricted
         Subsidiary; provided, however, that, after giving effect to such sale,
         such former Subsidiary Guarantor shall have no Guaranties outstanding
         of any Indebtedness of the Company or any Restricted Subsidiary;

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                                                                              93

in each case other than to a Restricted Subsidiary or an Affiliate of the
Company and as permitted by this Indenture and, in the case of clauses (1), (2)
and (4), if in connection therewith the Company provides an Officers'
Certificate to the Trustee to the effect that the Company will comply with its
obligations under Section 4.06 in respect of such disposition. At the request of
the Company, the Trustee shall execute and deliver an appropriate instrument
evidencing such release.

                  SECTION 11.07. Contribution. Each Subsidiary Guarantor that
makes a payment under its Subsidiary Guaranty shall be entitled upon payment in
full of all Guarantied Obligations to a contribution from each other Subsidiary
Guarantor in an amount equal to such other Subsidiary Guarantor's pro rata
portion of such payment based on the respective net assets of all the Subsidiary
Guarantors at the time of such payment determined in accordance with GAAP.

                                   ARTICLE 12

                           Subordination of Guaranties

                  SECTION 12.01. Agreement To Subordinate. Parent and each
Subsidiary Guarantor agree, and each Securityholder by accepting a Security
agrees, that the Indebtedness evidenced by Parent's Parent Guaranty and such
Subsidiary Guarantor's Subsidiary Guaranty is subordinated in right of payment,
to the extent and in the manner provided in this Article 12, to the prior
payment of all Senior Indebtedness of the Parent or such Subsidiary Guarantor,
as the case may be, and that the subordination is for the benefit of and
enforceable by the holders of such Senior Indebtedness. The Guarantied
Obligations of Parent and any Subsidiary Guarantor shall in all respects rank
pari passu with all other Senior Subordinated Indebtedness of Parent or such
Subsidiary Guarantor, as the case may be, and only Senior Indebtedness of Parent
or such Subsidiary Guarantor (including Parent's Parent Guaranty or such
Subsidiary Guarantor's Subsidiary Guaranty of Senior Indebtedness of the
Company) shall rank senior to the Guarantied Obligations of Parent or such
Subsidiary Guarantor, as applicable, in accordance with the provisions set forth
herein.

                  SECTION 12.02. Liquidation, Dissolution, Bankruptcy. Upon any
payment or distribution of the assets of Parent or any Subsidiary Guarantor to
creditors upon a total or partial liquidation or a total or partial

<PAGE>
                                                                              94

dissolution of Parent or such Subsidiary Guarantor or in a bankruptcy,
reorganization, insolvency, receivership or similar proceeding relating to
Parent or such Subsidiary Guarantor or its property:

                  (1) holders of Senior Indebtedness of Parent or such
         Subsidiary Guarantor shall be entitled to receive payment in full of
         such Senior Indebtedness before Securityholders shall be entitled to
         receive any payment pursuant to the Parent Guaranty or Subsidiary
         Guaranty of Parent or such Subsidiary Guarantor, as the case may be;
         and

                  (2) until the Senior Indebtedness of Parent or any Subsidiary
         Guarantor is paid in full, any payment or distribution to which
         Securityholders would be entitled but for this Article 12 shall be made
         to holders of such Senior Indebtedness as their interests may appear,
         except that Securityholders may receive shares of Capital Stock and any
         subordinated debt obligations that are subordinated to all securities
         issued in respect of claims of such Senior Indebtedness.

                  SECTION 12.03. Default on Senior Indebtedness of Parent or
Subsidiary Guarantor. Neither Parent nor any Subsidiary Guarantor shall make any
payment on its Parent Guaranty or Subsidiary Guaranty, as the case may be, or
purchase, redeem or otherwise retire or defease any Securities or other
Guarantied Obligations (collectively, "pay its Parent Guaranty or Subsidiary
Guaranty") if either of the following (a "Payment Default") occurs: (1) any
Designated Senior Indebtedness of Parent or such Subsidiary Guarantor, as
applicable, is not paid when due; or (2) any other default on Designated Senior
Indebtedness of Parent or such Subsidiary Guarantor, as applicable, occurs and
the maturity of such Designated Senior Indebtedness is accelerated in accordance
with its terms; unless, in either case, the Payment Default has been cured or
waived and any such acceleration has been rescinded or such Designated Senior
Indebtedness has been paid in full; provided, however, that Parent or any
Subsidiary Guarantor shall be entitled to pay its Parent Guaranty or Subsidiary
Guaranty, as the case may be, without regard to the foregoing if Parent or such
Subsidiary Guarantor and the Trustee receive written notice approving such
payment from the Representative of any Designated Senior Indebtedness with
respect to which the Payment Default has occurred and is continuing.

                  During the continuance of any default (other than a Payment
Default) with respect to any Designated Senior

<PAGE>
                                                                              95

Indebtedness of Parent or such Subsidiary Guarantor pursuant to which the
maturity thereof may be accelerated immediately without further notice (except
such notice as may be required to effect such acceleration) or the expiration of
any applicable grace periods, Parent or such Subsidiary Guarantor, as
applicable, shall not pay its Parent Guaranty or Subsidiary Guaranty for a
period (a "Guaranty Payment Blockage Period") commencing upon the receipt by the
Trustee of (with a copy to Parent or such Subsidiary Guarantor) written notice
(a "Guaranty Blockage Notice") of such default from the Representative of such
Designated Senior Indebtedness specifying an election to effect a Guaranty
Payment Blockage Period and ending 179 days thereafter. The Guaranty Payment
Blockage Period shall end earlier if such Guaranty Payment Blockage Period is
terminated (1) by written notice to the Trustee and Parent or such Subsidiary
Guarantor from the Person or Persons who gave such Guaranty Blockage Notice; (2)
because the default giving rise to such Guaranty Blockage Notice is cured,
waived or otherwise no longer continuing; or (3) because such Designated Senior
Indebtedness has been discharged or repaid in full. Notwithstanding the
provisions described in the immediately preceding two sentences (but subject to
the provisions contained in the first sentence of this Section 12.03), unless
the holders of such Designated Senior Indebtedness giving such Payment Notice or
the Representative of such Designated Senior Indebtedness shall have accelerated
the maturity of such Designated Senior Indebtedness, Parent or any such
Subsidiary Guarantor, as applicable, shall be entitled to resume payments
pursuant to its Parent Guaranty or Subsidiary Guaranty after termination of such
Guaranty Payment Blockage Period. Neither Parent nor any Subsidiary Guarantor
shall be subject to more than one Guaranty Blockage Period in any consecutive
360-day period, irrespective of the number of defaults with respect to
Designated Senior Indebtedness of Parent or such Subsidiary Guarantor during
such period; provided, however, that if any Guaranty Blockage Notice is
delivered to the Trustee by or on behalf of any holders of Designated Senior
Indebtedness of Parent or any Subsidiary Guarantor (other than the Bank
Indebtedness), the Representative of holders of Bank Indebtedness shall be
entitled to give another Guaranty Blockage Notice to Parent or such Subsidiary
Guarantor, as applicable, within such period; provided further, however, that in
no event shall the total number of days during which any Guaranty Payment
Blockage Period or Periods with respect to Parent or any Subsidiary Guarantor,
as applicable, is in effect exceed 179 days in the aggregate during any
360-consecutive-day period, and with respect to any of Parent or the Subsidiary
Guarantors, as applicable, there must be 181

<PAGE>
                                                                              96

days during any 360-consecutive-day period during which no Guaranty Payment
Blockage Period is in effect.

                  For purposes of this Section 12.03, no default or event of
default which existed or was continuing on the date of the commencement of any
Guaranty Payment Blockage Period with respect to the Designated Senior
Indebtedness of Parent or such Subsidiary Guarantor initiating such Guaranty
Payment Blockage Period shall be, or be made, the basis of the commencement of a
subsequent Guaranty Payment Blockage Period by the Representative of such
Designated Senior Indebtedness, whether or not within a period of 360
consecutive days, unless such default or event of default shall have been cured
or waived for a period of not less than 90 consecutive days.

                  SECTION 12.04. Demand for Payment. If a demand for payment is
made on Parent or a Subsidiary Guarantor pursuant to Article 11, the Trustee
shall promptly notify the holders of the Designated Senior Indebtedness of the
Parent or such Subsidiary Guarantor (or their Representatives) of such demand.

                  If any Designated Senior Indebtedness of Parent or any
Subsidiary Guarantor is outstanding, neither Parent nor such Subsidiary
Guarantor shall be permitted to pay the Parent Guaranty or Subsidiary Guaranty,
as applicable, until five Business Days after the Representatives of all the
issues of Designated Senior Indebtedness of Parent or such Subsidiary Guarantor,
as the case may be, receive notice of such acceleration and, thereafter, may pay
the Parent Guaranty or Subsidiary Guaranty, as the case may be, only if this
Indenture otherwise permits payment at that time.

                  SECTION 12.05. When Distribution Must Be Paid Over. If a
distribution is made to Securityholders that because of this Article 12 should
not have been made to them, the Securityholders who receive the distribution
shall hold it in trust for holders of Senior Indebtedness of the Parent Guaranty
or applicable Subsidiary Guarantor and pay it over to them or their
Representatives as their interests may appear.

                  SECTION 12.06. Subrogation. After all Senior Indebtedness of
Parent or a Subsidiary Guarantor is paid in full and until the Securities are
paid in full, Securityholders shall be subrogated to the rights of holders of
such Senior Indebtedness to receive distributions applicable to Senior
Indebtedness of Parent or such Subsidiary Guarantor. A distribution made under
this Article 12 to holders of such Senior Indebtedness which

<PAGE>
                                                                              97

otherwise would have been made to Securityholders is not, as between Parent or
the relevant Subsidiary Guarantor and Securityholders, a payment by Parent or
such Subsidiary Guarantor on such Senior Indebtedness.

                  SECTION 12.07. Relative Rights. This Article 12 defines the
relative rights of Securityholders and holders of Senior Indebtedness of Parent
or a Subsidiary Guarantor. Nothing in this Indenture shall:

                  (1) impair, as between Parent or a Subsidiary Guarantor and
         Securityholders, the obligation of Parent or such Subsidiary Guarantor,
         which is absolute and unconditional, to pay its Parent Guaranty or
         Subsidiary Guaranty, as the case may be, to the extent set forth in
         Article 11; or

                  (2) prevent the Trustee or any Securityholder from exercising
         its available remedies upon a default by Parent or such Subsidiary
         Guarantor under its Parent Guaranty or Subsidiary Guaranty, as the case
         may be, subject to the rights of holders of Senior Indebtedness of
         Parent or such Subsidiary Guarantor to receive distributions otherwise
         payable to Securityholders.

                  SECTION 12.08. Subordination May Not Be Impaired by Company.
No right of any holder of Senior Indebtedness of Parent or any Subsidiary
Guarantor to enforce the subordination of the Parent Guaranty or the Subsidiary
Guaranty of Parent or such Subsidiary Guarantor, as the case may be, shall be
impaired by any act or failure to act by Parent or such Subsidiary Guarantor or
by its failure to comply with this Indenture.

                  SECTION 12.09. Rights of Trustee and Paying Agent.
Notwithstanding Section 12.03, the Trustee or Paying Agent shall continue to
make payments on the Parent Guaranty and any Subsidiary Guaranty and shall not
be charged with knowledge of the existence of facts that would prohibit the
making of any such payments unless, not less than two Business Days prior to the
date of such payment, a Trust Officer of the Trustee receives written notice
satisfactory to it that such payments are prohibited by this Article 12. The
Company, Parent, the relevant Subsidiary Guarantor, the Registrar or
co-registrar, the Paying Agent, a Representative or a holder of Senior
Indebtedness of Parent or such Subsidiary Guarantor shall be entitled to give
the notice; provided, however, that, if an issue of Senior Indebtedness of
Parent or any Subsidiary Guarantor has a Representative, only the Representative
shall be entitled to give the notice.

<PAGE>
                                                                              98

                  The Trustee in its individual or any other capacity shall be
entitled to hold Senior Indebtedness of Parent or any Subsidiary Guarantor with
the same rights it would have if it were not the Trustee. The Registrar and
co-registrar and the Paying Agent may do the same with like rights. The Trustee
shall be entitled to all the rights set forth in this Article 12 with respect to
any Senior Indebtedness of Parent or any Subsidiary Guarantor which may at any
time be held by it, to the same extent as any other holder of such Senior
Indebtedness; and nothing in Article 7 shall deprive the Trustee of any of its
rights as such holder. Nothing in this Article 12 shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 7.07.

                  SECTION 12.10. Distribution or Notice to Representative.
Whenever any Person is to make a distribution or give a notice to holders of
Senior Indebtedness of Parent or any Subsidiary Guarantor, such Person shall be
entitled to make such distribution or give such notice to their Representative
(if any).

                  SECTION 12.11. Article 12 Not To Prevent Events of Default or
Limit Right To Demand Payment. The failure to make a payment pursuant to the
Parent Guaranty or a Subsidiary Guaranty by reason of any provision in this
Article 12 shall not be construed as preventing the occurrence of a Default.
Nothing in this Article 12 shall have any effect on the right of the
Securityholders or the Trustee to make a demand for payment on the Parent
Guaranty or any Subsidiary Guarantor pursuant to its Parent Guaranty or
Subsidiary Guaranty, as the case may be.

                  SECTION 12.12. Trustee Entitled To Rely. Upon any payment or
distribution pursuant to this Article 12, the Trustee and the Securityholders
shall be entitled to rely (1) upon any order or decree of a court of competent
jurisdiction in which any proceedings of the nature referred to in Section 12.02
are pending, (2) upon a certificate of the liquidating trustee or agent or other
Person making such payment or distribution to the Trustee or to the
Securityholders or (3) upon the Representatives for the holders of Senior
Indebtedness of Parent or any Subsidiary Guarantor for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of such Senior Indebtedness and other indebtedness of
Parent or such Subsidiary Guarantor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 12. In the event that the Trustee determines, in good
faith, that evidence is required with

<PAGE>
                                                                              99

respect to the right of any Person as a holder of Senior Indebtedness of Parent
or any Subsidiary Guarantor to participate in any payment or distribution
pursuant to this Article 12, the Trustee shall be entitled to request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to
the amount of Senior Indebtedness of Parent or such Subsidiary Guarantor held by
such Person, the extent to which such Person is entitled to participate in such
payment or distribution and other facts pertinent to the rights of such Person
under this Article 12, and, if such evidence is not furnished, the Trustee shall
be entitled to defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment. The provisions of
Sections 7.01 and 7.02 shall be applicable to all actions or omissions of
actions by the Trustee pursuant to this Article 12.

                  SECTION 12.13. Trustee To Effectuate Subordination. Each
Securityholder by accepting a Security authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination between the Securityholders and the holders of
Senior Indebtedness of Parent or any Subsidiary Guarantor as provided in this
Article 12 and appoints the Trustee as attorney-in-fact for any and all such
purposes.

                  SECTION 12.14. Trustee Not Fiduciary for Holders of Senior
Indebtedness of Parent or Subsidiary Guarantor. The Trustee shall not be deemed
to owe any fiduciary duty to the holders of Senior Indebtedness of Parent or any
Subsidiary Guarantor and shall not be liable to any such holders if it shall
mistakenly pay over or distribute to Securityholders or the Company or any other
Person, money or assets to which any holders of such Senior Indebtedness shall
be entitled by virtue of this Article 12 or otherwise.

                  SECTION 12.15. Reliance by Holders of Senior Indebtedness of
Parent or Subsidiary Guarantors on Subordination Provisions. Each Securityholder
by accepting a Security acknowledges and agrees that the foregoing subordination
provisions are, and are intended to be, an inducement and a consideration to
each holder of any Senior Indebtedness of Parent or any Subsidiary Guarantor,
whether such Senior Indebtedness was created or acquired before or after the
issuance of the Securities, to acquire and continue to hold, or to continue to
hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be
deemed conclusively to have relied on such subordination provisions in acquiring
and continuing to hold, or in continuing to hold, such Senior Indebtedness.

<PAGE>
                                                                             100

                                   ARTICLE 13

                                  Miscellaneous

                  SECTION 13.01. Trust Indenture Act Controls. If any provision
of this Indenture limits, qualifies or conflicts with another provision which is
required to be included in this Indenture by the TIA, the required provision
shall control.

                  SECTION 13.02. Notices. Any notice or communication shall be
in writing and delivered in person or mailed by first-class mail addressed as
follows:

         if to the Company, Parent or any Subsidiary Guarantor:

         Brand Services, Inc.
         15450 South Outer Highway 40
         Suite 270
         Chesterfield, Mo. 63017
         Attention:  Jeffrey W. Peterson

         if to the Trustee:

         The Bank of New York Trust Company of Florida, N.A.
         Plaza of the Americas
         600 North Pearl Street
         Suite 420
         Dallas, Texas 75201
         Attention:  Corporate Trust Division

                  The Company, Parent, any Subsidiary Guarantor or the Trustee
by notice to the other may designate additional or different addresses for
subsequent notices or communications.

                  Any notice or communication mailed to a Securityholder shall
be mailed to the Securityholder at the Securityholder's address as it appears on
the registration books of the Registrar and shall be sufficiently given if so
mailed within the time prescribed.

                  Failure to mail a notice or communication to a Securityholder
or any defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it.

<PAGE>
                                                                             101

                  SECTION 13.03. Communication by Holders with Other Holders.
Securityholders may communicate pursuant to TIA Section 312(b) with other
Securityholders with respect to their rights under this Indenture or the
Securities. The Company, Parent, any Subsidiary Guarantor, the Trustee, the
Registrar and anyone else shall have the protection of TIA Section 312(c).

                  SECTION 13.04. Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Company to the Trustee to take
or refrain from taking any action under this Indenture, the Company shall
furnish to the Trustee:

                  (1) an Officers' Certificate in form and substance reasonably
         satisfactory to the Trustee stating that, in the opinion of the
         signers, all conditions precedent, if any, provided for in this
         Indenture relating to the proposed action have been complied with; and

                  (2) an Opinion of Counsel in form and substance reasonably
         satisfactory to the Trustee stating that, in the opinion of such
         counsel, all such conditions precedent have been complied with.

                  SECTION 13.05. Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture shall include:

                  (1) a statement that the individual making such certificate or
         opinion has read such covenant or condition;

                  (2) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (3) a statement that, in the opinion of such individual, he
         has made such examination or investigation as is necessary to enable
         him to express an informed opinion as to whether or not such covenant
         or condition has been complied with; and

                  (4) a statement as to whether or not, in the opinion of such
         individual, such covenant or condition has been complied with.

                  SECTION 13.06. When Securities Disregarded. In determining
whether the Holders of the required principal

<PAGE>
                                                                             102

amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Company or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the
Company shall be disregarded and deemed not to be outstanding, except that, for
the purpose of determining whether the Trustee shall be protected in relying on
any such direction, waiver or consent, only Securities which the Trustee knows
are so owned shall be so disregarded. Also, subject to the foregoing, only
Securities outstanding at the time shall be considered in any such
determination.

                  SECTION 13.07. Rules by Trustee, Paying Agent and Registrar.
The Trustee may make reasonable rules for action by or a meeting of
Securityholders. The Registrar and the Paying Agent may make reasonable rules
for their functions.

                  SECTION 13.08. Legal Holidays. A "Legal Holiday" is a
Saturday, a Sunday or a day on which banking institutions are not required to be
open in the State of New York. If a payment date is a Legal Holiday, payment
shall be made on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. If a regular record date is a
Legal Holiday, the record date shall not be affected.

                  SECTION 13.09. Governing Law. This Indenture and the
Securities shall be governed by, and construed in accordance with, the laws of
the State of New York but without giving effect to applicable principles of
conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby.

                  SECTION 13.10. No Recourse Against Others. A director,
officer, employee, incorporator or stockholder, as such, of the Company, Parent
or any Subsidiary Guarantor shall not have any liability for any obligations of
the Company under the Securities or this Indenture or of Parent or any such
Subsidiary Guarantor under the Parent Guaranty or any Subsidiary Guaranty, as
the case may be, or this Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. By accepting a Security, each
Securityholder shall waive and release all such liability. The waiver and
release shall be part of the consideration for the issue of the Securities.

                  SECTION 13.11. Successors. All agreements of the Company,
Parent or any Subsidiary Guarantor in this Indenture and the Securities shall
bind its successors. All agreements of the Trustee in this Indenture shall bind
its successors.

<PAGE>
                                                                             103

                  SECTION 13.12. Multiple Originals. The parties may sign any
number of copies of this Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to
prove this Indenture.

                  SECTION 13.13. Table of Contents; Headings. The table of
contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.

<PAGE>
                                                                             104

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

                                  BRAND SERVICES, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  BRAND INTERMEDIATE HOLDINGS,
                                  INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  BRAND SCAFFOLD SERVICES, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  BRAND SCAFFOLD RENTAL &
                                  ERECTION, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  BRAND SCAFFOLD BUILDERS, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

<PAGE>
                                                                             105

                                  SCAFFOLD-JAX, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  BRAND SCAFFOLD ERECTORS, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  SCAFFOLD BUILDING SERVICES, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  BRAND SPECIAL EVENTS, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  MIKE BROWN GRANDSTANDS, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  KWIKRIG, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

<PAGE>
                                                                             106

                                  BRAND STAFFING SERVICES, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  SKYVIEW STAFFING, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  HIGHTOWER STAFFING, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  BRANDCRAFT LABOR, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

                                  SKYVIEW SAFETY SERVICES, INC.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

<PAGE>
                                                                             107

                                  THE BANK OF NEW YORK TRUST
                                  COMPANY OF FLORIDA, N.A.,

                                    by
                                           ------------------------
                                           Name:
                                           Title:

<PAGE>

                                             RULE 144A/REGULATION S/IAI APPENDIX

                   PROVISIONS RELATING TO INITIAL SECURITIES,
               PRIVATE EXCHANGE SECURITIES AND EXCHANGE SECURITIES

         1. Definitions

         1.1  Definitions

         Capitalized terms used but not otherwise defined in this Appendix shall
have the meanings assigned in the Indenture. For the purposes of this Appendix
the following terms shall have the meanings indicated below:

                  "Applicable Procedures" means, with respect to any transfer or
transaction involving a Temporary Regulation S Global Security or beneficial
interest therein, the rules and procedures of the Depository, Euroclear and
Clearstream for such a Temporary Regulation S Global Security, in each case to
the extent applicable to such transaction and as in effect from time to time.

                  "Clearstream" means Clearstream Banking, societe anonyme, or
any successor securities clearing agency.

                  "Definitive Security" means a certificated Initial Security or
Exchange Security or Private Exchange Security bearing, if required, the
restricted securities legend set forth in Section 2.3(e).

                  "Depository" means The Depository Trust Company, its nominees
and their respective successors.

                  "Distribution Compliance Period", with respect to any
Securities, means the period of 40 consecutive days beginning on and including
the later of (i) the day on which such Securities are first offered to Persons
other than distributors (as defined in Regulation S under the Securities Act) in
reliance on Regulation S and (ii) the Issue Date with respect to such
Securities.

                  "Euroclear" means Euroclear Bank S.A./N.V., as operator of the
Euroclear System, or any successor securities clearing agency.

                  "Exchange Securities" means (1) the 12% Senior Subordinated
Notes Due 2012 issued pursuant to the Indenture in connection with a Registered
Exchange Offer pursuant to a Registration Rights Agreement and (2) Additional
Securities, if any, issued pursuant to a registration statement filed with the
SEC under the Securities Act.

                  "IAI" means an institutional "accredited investor," as defined
in Rule 501(a)(1),(2),(3) and (7) of Regulation D under the Securities Act.

<PAGE>
                                                                               2

                  "Initial Purchasers" means (1) with respect to the Initial
Securities issued on the Issue Date, Credit Suisse First Boston Corporation and
J.P. Morgan Securities Inc. and (2) with respect to each issuance of Additional
Securities, the Persons purchasing such Additional Securities under the related
Purchase Agreement.

                  "Initial Securities" means (1) $150 million aggregate
principal amount of 12% Senior Subordinated Notes Due 2012 issued on the Issue
Date and (2) Additional Securities, if any, issued in a transaction exempt from
the registration requirements of the Securities Act.

                  "Private Exchange" means the offer by the Company, pursuant to
a Registration Rights Agreement, to the Initial Purchasers to issue and deliver
to each Initial Purchaser, in exchange for the Initial Securities held by the
Initial Purchaser as part of its initial distribution, a like aggregate
principal amount of Private Exchange Securities.

                  "Private Exchange Securities" means any 12% Senior Notes
Subordinated Due 2012 issued in connection with a Private Exchange.

                  "Purchase Agreement" means (1) with respect to the Initial
Securities issued on the Issue Date, the Purchase Agreement, dated October 4,
2002, among the Company, the Subsidiary Guarantors and the Initial Purchasers,
and (2) with respect to each issuance of Additional Securities, the purchase
agreement or underwriting agreement among the Company and the Persons purchasing
such Additional Securities.

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

                  "Registered Exchange Offer" means the offer by the Company,
pursuant to a Registration Rights Agreement, to certain Holders of Initial
Securities, to issue and deliver to such Holders, in exchange for the Initial
Securities, a like aggregate principal amount of Exchange Securities registered
under the Securities Act.

                  "Registration Rights Agreement" means (1) with respect to the
Initial Securities issued on the Issue Date, the Registration Rights Agreement,
dated October 16, 2002, among the Company, the Subsidiary Guarantors and the
Initial Purchasers, and (2) with respect to each issuance of Additional
Securities issued in a transaction exempt from the registration requirements of
the Securities Act, the registration rights agreement, if any, among the Company
and

<PAGE>
                                                                               3

the Persons purchasing such Additional Securities under the related Purchase
Agreement.

                  "Rule 144A Securities" means all Initial Securities offered
and sold to QIBs in reliance on Rule 144A.

                  "Securities" means the Initial Securities, the Exchange
Securities and the Private Exchange Securities, treated as a single class.

                  "Securities Act" means the Securities Act of 1933.

                  "Securities Custodian" means the custodian with respect to a
Global Security (as appointed by the Depository), or any successor Person
thereto, and shall initially be the Trustee.

                  "Shelf Registration Statement" means the registration
statement issued by the Company in connection with the offer and sale of Initial
Securities or Private Exchange Securities pursuant to the a Registration Rights
Agreement.

                  "Transfer Restricted Securities" means Securities that bear or
are required to bear the legend relating to restrictions on transfer relating to
the Securities Act set forth in Section 2.3(e) hereto.

         1.2 Other Definitions

<Table>
<Caption>
                                                                                         Defined in
         Term                                                                             Section:
         ----                                                                            ----------

<S>                                                                                      <C>
"Agent Members"............................................................................2.1(b)
"Global Security"..........................................................................2.1(a)
"Permanent Regulation S Global Security....................................................2.1(a)
"Regulation S".............................................................................2.1(a)
"Rule 144A"................................................................................2.1(a)
"Rule 144A Global Security.................................................................2.1(a)
"Temporary Regulation S Global Security....................................................2.1(a)
</Table>

         2. The Securities

         2.1 (a) Form and Dating. The Initial Securities will be offered and
sold by the Company pursuant to a Purchase Agreement. The Initial Securities
will be resold initially only to (i) QIBs in reliance on Rule 144A under the
Securities Act ("Rule 144A") and (ii) Persons other than U.S. Persons (as
defined in Regulation S) in reliance on Regulation S under the Securities Act
("Regulation S").

<PAGE>
                                                                               4

Initial Securities may thereafter be transferred to, among others, QIBs, IAIs
and purchasers in reliance on Regulation S, subject to the restrictions on
transfer set forth herein. Initial Securities initially resold pursuant to Rule
144A (collectively, the "Rule 144A Global Security") and securities subsequently
resold to IAIs (collectively, the "IAI Global Security") shall be issued
initially in the form of one or more permanent global Securities in definitive,
fully registered form, and Initial Securities initially resold pursuant to
Regulation S (collectively, the "Temporary Regulation S Global Security") shall
be issued initially in the form of one or more temporary global securities in
definitive, fully registered form, in each case without interest coupons and
with the global securities legend and restricted securities legend set forth in
Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the
Initial Securities represented thereby with the Securities Custodian and
registered in the name of the Depository or a nominee of the Depository, duly
executed by the Company and authenticated by the Trustee as provided in this
Indenture. Beneficial ownership interests in the Temporary Regulation S Global
Security will not be exchangeable for interests in the Rule 144A Global
Security, the IAI Global Security, a permanent global security (the "Permanent
Regulation S Global Security") or any other Security without a legend containing
restrictions on transfer of such Security prior to the expiration of the
Distribution Compliance Period and then only upon certification in form
reasonably satisfactory to the Trustee that beneficial ownership interests in
such Temporary Regulation S Global Security are owned either by non-U.S. persons
or U.S. persons who purchased such interests in a transaction that did not
require registration under the Securities Act. The Rule 144A Global Security,
the IAI Global Security, the Temporary Regulation S Global Security and the
Permanent Regulation S Global Security are collectively referred to herein as
"Global Securities". The aggregate principal amount of the Global Securities may
from time to time be increased or decreased by adjustments made on the records
of the Trustee and the Depository or its nominee as hereinafter provided.

                  (b) Book-Entry Provisions. This Section 2.1(b) shall apply
only to a Global Security deposited with or on behalf of the Depository.

                  The Company shall execute and the Trustee shall, in accordance
with this Section 2.1(b), authenticate and deliver initially one or more Global
Securities that (a) shall be registered in the name of the Depository for such
Global Security or Global Securities or the nominee of

<PAGE>
                                                                               5

such Depository and (b) shall be delivered by the Trustee to such Depository or
pursuant to such Depository's instructions or held by the Trustee as custodian
for the Depository.

                  Members of, or participants in, the Depository ("Agent
Members") shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depository or by the Trustee as the
custodian of the Depository or under such Global Security, and the Company, the
Trustee and any agent of the Company or the Trustee shall be entitled to treat
the Depository as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company or the Trustee from giving
effect to any written certification, proxy or other authorization furnished by
the Depository or impair, as between the Depository and its Agent Members, the
operation of customary practices of such Depository governing the exercise of
the rights of a holder of a beneficial interest in any Global Security.

                  (c) Certificated Securities. Except as provided in this
Section 2.1 or Section 2.3 or 2.4, owners of beneficial interests in Global
Securities shall not be entitled to receive physical delivery of Definitive
Securities.

         2.2  Authentication

                  The Trustee shall authenticate and deliver: (1) on the Issue
Date, an aggregate principal amount of $150 million of 12% Senior Subordinated
Notes Due 2012, (2) any Additional Securities for an original issue in an
aggregate principal amount specified in the written order of the Company
pursuant to Section 2.02 of the Indenture and (3) Exchange Securities or Private
Exchange Securities for issue only in a Registered Exchange Offer or a Private
Exchange, respectively, pursuant to a Registration Rights Agreement, for a like
principal amount of Initial Securities, in each case upon a written order of the
Company signed by two Officers or by an Officer and either an Assistant
Treasurer or an Assistant Secretary of the Company. Such order shall specify the
amount of the Securities to be authenticated and the date on which the original
issue of Securities is to be authenticated and, in the case of any issuance of
Additional Securities pursuant to Section 2.13 of the Indenture, shall certify
that such issuance is in compliance with Section 4.03 of the Indenture.

<PAGE>
                                                                               6

         2.3  Transfer and Exchange

                  (a) Transfer and Exchange of Definitive Securities. When
Definitive Securities are presented to the Registrar or a co-registrar with a
request:

                  (x)      to register the transfer of such Definitive
                           Securities; or

                  (y)      to exchange such Definitive Securities for an equal
                           principal amount of Definitive Securities of other
                           authorized denominations,

the Registrar or co-registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met;
provided, however, that the Definitive Securities surrendered for transfer or
exchange:

                  (i)      shall be duly endorsed or accompanied by a written
                           instrument of transfer in form reasonably
                           satisfactory to the Company and the Registrar or
                           co-registrar, duly executed by the Holder thereof or
                           its attorney duly authorized in writing; and

                  (ii)     if such Definitive Securities are required to bear a
                           restricted securities legend, they are being
                           transferred or exchanged pursuant to an effective
                           registration statement under the Securities Act,
                           pursuant to Section 2.3(b) or pursuant to clause (A),
                           (B) or (C) below, and are accompanied by the
                           following additional information and documents, as
                           applicable:

                           (A)      if such Definitive Securities are being
                                    delivered to the Registrar by a Holder for
                                    registration in the name of such Holder,
                                    without transfer, a certification from such
                                    Holder to that effect; or

                           (B)      if such Definitive Securities are being
                                    transferred to the Company, a certification
                                    to that effect; or

                           (C)      if such Definitive Securities are being
                                    transferred (x) pursuant to an exemption
                                    from registration in accordance with Rule
                                    144A, Regulation S or Rule 144 under the
                                    Securities Act; or (y) in

<PAGE>
                                                                               7

                                    reliance upon another exemption from the
                                    requirements of the Securities Act: (i) a
                                    certification to that effect (in the form
                                    set forth on the reverse of the Security)
                                    and (ii) if the Company so requests, an
                                    opinion of counsel or other evidence
                                    reasonably satisfactory to it as to the
                                    compliance with the restrictions set forth
                                    in the legend set forth in Section
                                    2.3(e)(i).

                  (b) Restrictions on Transfer of a Definitive Security for a
Beneficial Interest in a Global Security. A Definitive Security may not be
exchanged for a beneficial interest in a Rule 144A Global Security, an IAI
Global Security or a Permanent Regulation S Global Security except upon
satisfaction of the requirements set forth below. Upon receipt by the Trustee of
a Definitive Security, duly endorsed or accompanied by appropriate instruments
of transfer, in form satisfactory to the Trustee, together with:

                  (i)      certification, in the form set forth on the reverse
                           of the Security, that such Definitive Security is
                           either (A) being transferred to a QIB in accordance
                           with Rule 144A, (B) being transferred to an IAI or
                           (C) is being transferred after expiration of the
                           Distribution Compliance Period by a Person who
                           initially purchased such Security in reliance on
                           Regulation S to a buyer who elects to hold its
                           interest in such Security in the form of a beneficial
                           interest in the Permanent Regulation S Global
                           Security; and

                  (ii)     written instructions directing the Trustee to make,
                           or to direct the Securities Custodian to make, an
                           adjustment on its books and records with respect to
                           such Rule 144A Global Security (in the case of a
                           transfer pursuant to clause (b)(i)(A)), IAI Global
                           Security (in the case of a transfer pursuant to
                           clause (b)(i)(B)) or Permanent Regulation S Global
                           Security (in the case of a transfer pursuant to
                           clause (b)(i)(C)) to reflect an increase in the
                           aggregate principal amount of the Securities
                           represented by the Rule 144A Global Security, IAI
                           Global Security or Permanent Regulation S Global
                           Security, as applicable, such instructions to contain

<PAGE>
                                                                               8

                           information regarding the Depository account to be
                           credited with such increase,

then the Trustee shall cancel such Definitive Security and cause, or direct the
Securities Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depository and the Securities Custodian, the
aggregate principal amount of Securities represented by the Rule 144A Global
Security, IAI Global Security or Permanent Regulation S Global Security, as
applicable, to be increased by the aggregate principal amount of the Definitive
Security to be exchanged and shall credit or cause to be credited to the account
of the Person specified in such instructions a beneficial interest in the Rule
144A Global Security, IAI Global Security or Permanent Regulation S Global
Security, as applicable, equal to the principal amount of the Definitive
Security so canceled. If no Rule 144A Global Securities, IAI Global Securities
or Permanent Regulation S Global Securities, as applicable, are then
outstanding, the Company shall issue and the Trustee shall authenticate, upon
written order of the Company in the form of an Officers' Certificate of the
Company, a new Rule 144A Global Security, IAI Global Security or Permanent
Regulation S Global Security, as applicable, in the appropriate principal
amount.

                  (c) Transfer and Exchange of Global Securities.

                  (i)      The transfer and exchange of Global Securities or
                           beneficial interests therein shall be effected
                           through the Depository, in accordance with this
                           Indenture (including applicable restrictions on
                           transfer set forth herein, if any) and the procedures
                           of the Depository therefor. A transferor of a
                           beneficial interest in a Global Security shall
                           deliver to the Registrar a written order given in
                           accordance with the Depository's procedures
                           containing information regarding the participant
                           account of the Depository to be credited with a
                           beneficial interest in the Global Security. The
                           Registrar shall, in accordance with such
                           instructions, instruct the Depository to credit to
                           the account of the Person specified in such
                           instructions a beneficial interest in the Global
                           Security and to debit the account of the Person
                           making the transfer the beneficial interest in the
                           Global Security being transferred.

<PAGE>
                                                                               9

                  (ii)     If the proposed transfer is a transfer of a
                           beneficial interest in one Global Security to a
                           beneficial interest in another Global Security, the
                           Registrar shall reflect on its books and records the
                           date and an increase in the principal amount of the
                           Global Security to which such interest is being
                           transferred in an amount equal to the principal
                           amount of the interest to be so transferred, and the
                           Registrar shall reflect on its books and records the
                           date and a corresponding decrease in the principal
                           amount of the Global Security from which such
                           interest is being transferred.

                  (iii)    Notwithstanding any other provisions of this Appendix
                           (other than the provisions set forth in Section 2.4),
                           a Global Security may not be transferred as a whole
                           except by the Depository to a nominee of the
                           Depository or by a nominee of the Depository to the
                           Depository or another nominee of the Depository or by
                           the Depository or any such nominee to a successor
                           Depository or a nominee of such successor Depository.

                  (iv)     In the event that a Global Security is exchanged for
                           Definitive Securities pursuant to Section 2.4 of this
                           Appendix, prior to the consummation of a Registered
                           Exchange Offer or the effectiveness of a Shelf
                           Registration Statement with respect to such
                           Securities, such Securities may be exchanged only in
                           accordance with such procedures as are substantially
                           consistent with the provisions of this Section 2.3
                           (including the certification requirements set forth
                           on the reverse of the Initial Securities intended to
                           ensure that such transfers comply with Rule 144A,
                           Regulation S or another applicable exemption under
                           the Securities Act, as the case may be) and such
                           other procedures as may from time to time be adopted
                           by the Company.

                  (d) Restrictions on Transfer of Temporary Regulation S Global
Securities. During the Distribution Compliance Period, beneficial ownership
interests in Temporary Regulation S Global Securities may only be sold, pledged
or transferred through Euroclear or Clearstream in accordance with the
Applicable Procedures and only (i) to the Company, (ii) so long as such Security
is eligible for

<PAGE>
                                                                              10

resale pursuant to Rule 144A, to a Person whom the selling holder reasonably
believes is a QIB that purchases for its own account or for the account of a QIB
to whom notice is given that the resale, pledge or transfer is being made in
reliance on Rule 144A, (iii) to an IAI who is purchasing for its own account or
for the account of another institutional investor, in each case in a minimum
principal amount of the Securities of $250,000, for investment purposes and not
with a view to or for offer or sale in connection with any distribution in
violation of the Securities Act, (iv) in an offshore transaction in accordance
with Regulation S, (v) pursuant to an exemption from registration under the
Securities Act provided by Rule 144 (if applicable) under the Securities Act or
(vi) pursuant to an effective registration statement under the Securities Act,
in each case in accordance with any applicable securities laws of any State of
the United States.

                  (e) Legend.

                  (i) Except as permitted by the following paragraphs (ii),
         (iii) and (iv), each Security certificate evidencing the Global
         Securities (and all Securities issued in exchange therefor or in
         substitution thereof) shall bear a legend in substantially the
         following form:

                  THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
                  TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES
                  SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND
                  THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE
                  TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
                  APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
                  SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY
                  MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION
                  5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

                  THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE
                  COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED
                  OR OTHERWISE TRANSFERRED, ONLY (I) TO THE COMPANY, (II) IN THE
                  UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES
                  IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A
                  UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE
                  REQUIREMENTS OF RULE 144A, (III) TO AN "ACCREDITED INVESTOR"
                  WITHIN THE MEANING OF RULE 501(a)(1),(2),(3) OR (7) UNDER THE
                  SECURITIES ACT THAT IS AN INSTITUTIONAL INVESTOR ACQUIRING THE
                  SECURITIES FOR ITS OWN ACCOUNT OR

<PAGE>
                                                                              11

                  FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR,
                  IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES
                  OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR
                  FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
                  VIOLATION OF THE SECURITIES ACT, (IV) OUTSIDE THE UNITED
                  STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904
                  UNDER THE SECURITIES ACT, (V) PURSUANT TO EXEMPTION FROM
                  REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
                  THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE
                  REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
                  CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE
                  SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND OTHER
                  JURISDICTIONS, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
                  HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY
                  FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

                  Each Definitive Security will also bear the following
additional legend:

                  IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
                  THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
                  INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
                  CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
                  RESTRICTIONS.

                  (ii) Upon any sale or transfer of a Transfer Restricted
         Security (including any Transfer Restricted Security represented by a
         Global Security) pursuant to Rule 144 under the Securities Act, the
         Registrar shall permit the transferee thereof to exchange such Transfer
         Restricted Security for a certificated Security that does not bear the
         legend set forth above and rescind any restriction on the transfer of
         such Transfer Restricted Security, if the transferor thereof certifies
         in writing to the Registrar that such sale or transfer was made in
         reliance on Rule 144 (such certification to be in the form set forth on
         the reverse of the Security).

                  (iii) After a transfer of any Initial Securities or Private
         Exchange Securities pursuant to and during the period of the
         effectiveness of a Shelf Registration Statement with respect to such
         Initial Securities or Private Exchange Securities, as the case may be,
         all requirements pertaining to legends relating to the

<PAGE>
                                                                              12

         restrictions on transfer relating to the Securities Act on such Initial
         Security or such Private Exchange Security will cease to apply, the
         requirements requiring any such Initial Security or such Private
         Exchange Security issued to certain Holders be issued in global form
         will cease to apply, and a certificated Initial Security or Private
         Exchange Security or an Initial Security or Private Exchange Security
         in global form, in each case without restrictive transfer legends, will
         be available to the transferee of the Holder of such Initial Securities
         or Private Exchange Securities upon exchange of such transferring
         Holder's certificated Initial Security or Private Exchange Security or
         appropriate directions to transfer such Holder's interest in the Global
         Security, as applicable.

                  (iv) Upon the consummation of a Registered Exchange Offer with
         respect to the Initial Securities, all requirements pertaining to such
         Initial Securities that Initial Securities issued to certain Holders be
         issued in global form will still apply with respect to Holders of such
         Initial Securities that do not exchange their Initial Securities, and
         Exchange Securities in certificated or global form, in each case
         without the restrictive securities legend relating to the restrictions
         on transfer relating to the Securities Act set forth in Exhibit 1
         hereto will be available to Holders that exchange such Initial
         Securities in such Registered Exchange Offer.

                  (v) Upon the consummation of a Private Exchange with respect
         to the Initial Securities, all requirements pertaining to such Initial
         Securities that Initial Securities issued to certain Holders be issued
         in global form will still apply with respect to Holders of such Initial
         Securities that do not exchange their Initial Securities, and Private
         Exchange Securities in global form with the global securities legend
         and the Restricted Securities Legend set forth in Exhibit 1 hereto will
         be available to Holders that exchange such Initial Securities in such
         Private Exchange.

                  (f) Cancellation or Adjustment of Global Security. At such
time as all beneficial interests in a Global Security have either been exchanged
for Definitive Securities, redeemed, purchased or canceled, such Global Security
shall be returned to the Depository for cancellation or retained and canceled by
the Trustee. At any time prior to such cancellation, if any beneficial interest
in a Global Security is exchanged for certificated

<PAGE>
                                                                              13

Securities, redeemed, purchased or canceled, the principal amount of Securities
represented by such Global Security shall be reduced and an adjustment shall be
made on the books and records of the Trustee (if it is then the Securities
Custodian for such Global Security) with respect to such Global Security, by the
Trustee or the Securities Custodian, to reflect such reduction.

                  (g) Obligations with Respect to Transfers and Exchanges of
Securities.

                  (i) To permit registrations of transfers and exchanges, the
         Company shall execute and the Trustee shall authenticate Definitive
         Securities and Global Securities at the Registrar's or co-registrar's
         request.

                  (ii) No service charge shall be made for any registration of
         transfer or exchange, but the Company may require payment of a sum
         sufficient to cover any transfer tax, assessments, or similar
         governmental charge payable in connection therewith (other than any
         such transfer taxes, assessments or similar governmental charge payable
         upon exchange or transfer pursuant to Sections 3.06, 4.06, 4.09 and
         9.05 of the Indenture).

                  (iii) The Registrar or co-registrar shall not be required to
         register the transfer of or exchange of (a) any Definitive Security
         selected for redemption in whole or in part pursuant to Article 3 of
         this Indenture, except the unredeemed portion of any Definitive
         Security being redeemed in part or (b) any Security for a period
         beginning 15 Business Days before the mailing of a notice of an offer
         to repurchase or redeem Securities or 15 Business Days before an
         interest payment date.

                  (iv) Prior to the due presentation for registration of
         transfer of any Security, the Company, the Trustee, the Paying Agent,
         the Registrar or any co-registrar may deem and treat the person in
         whose name a Security is registered as the absolute owner of such
         Security for the purpose of receiving payment of principal of and
         interest on such Security and for all other purposes whatsoever,
         whether or not such Security is overdue, and none of the Company, the
         Trustee, the Paying Agent, the Registrar or any co-registrar shall be
         affected by notice to the contrary.

<PAGE>
                                                                              14

                  (v) All Securities issued upon any transfer or exchange
         pursuant to the terms of this Indenture shall evidence the same debt
         and shall be entitled to the same benefits under this Indenture as the
         Securities surrendered upon such transfer or exchange.

                  (h) No Obligation of the Trustee.

                  (i) The Trustee shall have no responsibility or obligation to
         any beneficial owner of a Global Security, a member of, or a
         participant in the Depository or other Person with respect to the
         accuracy of the records of the Depository or its nominee or of any
         participant or member thereof, with respect to any ownership interest
         in the Securities or with respect to the delivery to any participant,
         member, beneficial owner or other Person (other than the Depository) of
         any notice (including any notice of redemption) or the payment of any
         amount, under or with respect to such Securities. All notices and
         communications to be given to the Holders and all payments to be made
         to Holders under the Securities shall be given or made only to or upon
         the order of the registered Holders (which shall be the Depository or
         its nominee in the case of a Global Security). The rights of beneficial
         owners in any Global Security shall be exercised only through the
         Depository subject to the applicable rules and procedures of the
         Depository. The Trustee may rely and shall be fully protected in
         relying upon information furnished by the Depository with respect to
         its members, participants and any beneficial owners.

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

         2.4 Certificated Securities

                  (a) A Global Security deposited with the Depository or with
the Trustee as Securities Custodian for the Depository pursuant to Section 2.1
shall be transferred

<PAGE>
                                                                              15

to the beneficial owners thereof in the form of Definitive Securities in an
aggregate principal amount equal to the principal amount of such Global
Security, in exchange for such Global Security, only if such transfer complies
with Section 2.3 hereof and (i) the Depository notifies the Company that it is
unwilling or unable to continue as Depository for such Global Security and the
Depository fails to appoint a successor depositary or if at any time such
Depository ceases to be a "clearing agency" registered under the Exchange Act
and, in either case, a successor Depository is not appointed by the Company
within 90 days of such notice, or (ii) an Event of Default has occurred and is
continuing or (iii) the Company, in its sole discretion, notifies the Trustee in
writing that it elects to cause the issuance of Definitive Securities under this
Indenture.

                  (b) Any Global Security that is transferable to the beneficial
owners thereof pursuant to this Section shall be surrendered by the Depository
to the Trustee located at its principal corporate trust office in the Borough of
Manhattan, The City of New York, to be so transferred, in whole or from time to
time in part, without charge, and the Trustee shall authenticate and deliver,
upon such transfer of each portion of such Global Security, an equal aggregate
principal amount of Definitive Securities of authorized denominations. Any
portion of a Global Security transferred pursuant to this Section shall be
executed, authenticated and delivered only in denominations of $1,000 principal
amount and any integral multiple thereof and registered in such names as the
Depository shall direct. Any Definitive Security delivered in exchange for an
interest in the Transfer Restricted Security shall, except as otherwise provided
by Section 2.3(e) hereof, bear the restricted securities legend set forth in
Exhibit 1 hereto.

                  (c) Subject to the provisions of Section 2.4(b) hereof, the
registered Holder of a Global Security shall be entitled to grant proxies and
otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Indenture or the Securities.

                  (d) In the event of the occurrence of one of the events
specified in Section 2.4(a) hereof, the Company shall promptly make available to
the Trustee a reasonable supply of Definitive Securities in definitive, fully
registered form without interest coupons.

<PAGE>

                                                                       EXHIBIT 1
                                                                              to
                                             RULE 144A/REGULATION S/IAI APPENDIX

                       [FORM OF FACE OF INITIAL SECURITY]

                           [Global Securities Legend]

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"),
NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                  TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

                  [[FOR REGULATION S GLOBAL SECURITY ONLY] UNTIL 40 DAYS AFTER
THE COMMENCEMENT OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE
UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

                             [Restricted Securities Legend]

                  THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY
NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM
THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

                  THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE
COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (I) TO THE COMPANY, (II) WITHIN THE UNITED STATES TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL

<PAGE>
                                                                               2

BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN "ACCREDITED INVESTOR" WITHIN
THE MEANING OF RULE 501(a)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL INVESTOR ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, (IV) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (V) PURSUANT
TO EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
AND OTHER JURISDICTIONS, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

                 [Temporary Regulation S Global Security Legend]

                  EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN
THIS TEMPORARY REGULATION S GLOBAL SECURITY WILL NOT BE EXCHANGEABLE FOR
INTERESTS IN THE PERMANENT REGULATION S GLOBAL SECURITY OR ANY OTHER SECURITY
REPRESENTING AN INTEREST IN THE SECURITIES REPRESENTED HEREBY WHICH DO NOT
CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF
THE "40-DAY DISTRIBUTION COMPLIANCE PERIOD" (WITHIN THE MEANING OF RULE
903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON
CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH
BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO
PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD,
BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY
MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED THROUGH EUROCLEAR BANK S.A./N.A., AS
OPERATOR OF THE EUROCLEAR SYSTEM OR CLEARSTREAM BANKING, SOCIETE ANONYME AND
ONLY (I) TO THE COMPANY, (II) WITHIN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE
501(a)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL
INVESTOR ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH
AN INSTITUTIONAL ACCREDITED INVESTOR, IN

<PAGE>
                                                                               3

EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR
INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) OUTSIDE THE
UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER
THE SECURITIES ACT, OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND OTHER
JURISDICTIONS. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
SECURITY WILL NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS
REFERRED TO ABOVE, IF THEN APPLICABLE.

                  BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
SECURITY MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL SECURITY ONLY IF
(1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE SECURITIES IN
COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL
SECURITY FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM
ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL
SECURITY IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY
BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A,
(B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF
THE UNITED STATES AND OTHER JURISDICTIONS.

                  BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
SECURITY MAY BE EXCHANGED FOR INTERESTS IN AN IAI GLOBAL SECURITY ONLY IF (1)
SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE SECURITIES IN
COMPLIANCE WITH AN EXEMPTION UNDER THE SECURITIES ACT AND (2) THE TRANSFEROR OF
THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE TRUSTEE A WRITTEN
CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE
REGULATION S GLOBAL SECURITY IS BEING TRANSFERRED (A) TO AN "ACCREDITED
INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1),(2),(3) OR (7) UNDER THE
SECURITIES ACT THAT IS AN INSTITUTIONAL INVESTOR ACQUIRING THE SECURITIES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR,
IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR
INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT AND (B) IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS.

<PAGE>
                                                                               4

                  BENEFICIAL INTERESTS IN A RULE 144A GLOBAL SECURITY OR AN IAI
GLOBAL SECURITY MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF
AN INTEREST IN THE REGULATION S GLOBAL SECURITY, WHETHER BEFORE OR AFTER THE
EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR
FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO
THIS CERTIFICATE) TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE
WITH RULE 903 OR 904 OF REGULATION S, RULE 144 (IF AVAILABLE) OR ANOTHER
APPLICABLE EXEMPTION UNDER THE SECURITIES ACT (IF AVAILABLE) AND THAT, IF SUCH
TRANSFER OCCURS PRIOR TO THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE
PERIOD, THE INTEREST TRANSFERRED WILL BE HELD IMMEDIATELY THEREAFTER THROUGH
EUROCLEAR BANK S.A./N.A. OR CLEARSTREAM BANKING SOCIETE ANONYME.

                         [Definitive Securities Legend]

                  IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH
THE FOREGOING RESTRICTIONS.

<PAGE>
                                                                               5

                                                                   CUSIP _____
No.                                                                $
    -------------                                                   ----------

                      12% Senior Subordinated Note Due 2012

                  Brand Services, Inc., a Delaware corporation, promises to pay
to                , or registered assigns, the principal sum of
Dollars on October 15, 2012.

                  Interest Payment Dates: April 15 and October 15.

                  Record Dates: April 1 and October 1.

<PAGE>
                                                                               6

                  Additional provisions of this Security are set forth on the
other side of this Security.

Dated:

                                                 BRAND SERVICES, INC.

                                                   by

                                                     ------------------------
                                                     Name:
                                                     Title:

                                                   by

                                                     ------------------------
                                                     Name:
                                                     Title:

<PAGE>
                                                                               7

TRUSTEE'S CERTIFICATE OF
     AUTHENTICATION

THE BANK OF NEW YORK TRUST COMPANY OF FLORIDA, N.A.
  as Trustee, certifies
           that this is one of
           the Securities referred
           to in the Indenture.

 by
    -----------------------------
            Authorized Signatory

<PAGE>
                                                                               8

                   [FORM OF REVERSE SIDE OF INITIAL SECURITY]

                      12% Senior Subordinated Note Due 2012

1. Interest

                  Brand Services, Inc., a Delaware corporation (such
corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the "Company"), promises to pay interest on the
principal amount of this Security at the rate per annum shown above; provided,
however, that if a Registration Default (as defined in the Registration Rights
Agreement) occurs, additional interest will accrue on this Security at a rate of
..50% per annum (increasing by an additional .50% per annum after each
consecutive 90-day period that occurs after the date on which such Registration
Default occurs up to a maximum additional interest rate of 1.0% per annum) from
and including the date on which any such Registration Default shall occur to but
excluding the date on which all Registration Defaults have been cured. The
Company will pay interest semiannually on April 15 and October of each year,
commencing April 15, 2003. Interest on the Securities will accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from October 16, 2002. Interest on overdue principal will be paid by the Issuer
at 1% per annum in excess of the rate shown above and the Issuer will pay
interest on overdue installments of interest at such higher rate to the extent
lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months.

2. Method of Payment

                  The Company will pay interest on the Securities (except
defaulted interest) to the Persons who are registered holders of Securities at
the close of business on the April 1 or October 1 next preceding the interest
payment date even if Securities are canceled after the record date and on or
before the interest payment date. Holders must surrender Securities to a Paying
Agent to collect principal payments. The Company will pay principal and interest
in money of the United States that at the time of payment is legal tender for
payment of public and private debts. Payments in respect of the Securities
represented by a Global Security (including principal, premium, if any, and
interest) will be made by wire transfer of immediately

<PAGE>
                                                                               9

available funds to the accounts specified by The Depository Trust Company. The
Company will make all payments in respect of a certificated Security (including
principal, premium, if any, and interest) by mailing a check to the registered
address of each Holder thereof; provided, however, that payments on a
certificated Security will be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or the Paying
Agent to such effect designating such account no later than 30 days immediately
preceding the relevant due date for payment (or such other date as the Trustee
may accept in its discretion).

3. Paying Agent and Registrar

                  Initially, The Bank of New York Trust Company of Florida,
N.A., a National Association (the "Trustee"), will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent, Registrar or
co-registrar without notice. The Company or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar.

4. Indenture

                  The Company issued the Securities under an Indenture, dated as
of October 16 2002 ("Indenture"), among the Company, Parent, the Subsidiary
Guarantors and the Trustee. The terms of the Securities include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date
of the Indenture (the "Act"). Terms defined in the Indenture and not defined
herein have the meanings ascribed thereto in the Indenture. The Securities are
subject to all such terms, and Securityholders are referred to the Indenture and
the Act for a statement of those terms.

                  The Securities are general unsecured obligations of the
Company. The Company shall be entitled, subject to its compliance with Section
4.03 of the Indenture, to issue Additional Securities pursuant to Section 2.13
of the Indenture. The Initial Securities issued on the Issue Date, any
Additional Securities and all Exchange Securities or Private Exchange Securities
issued in exchange therefor will be treated as a single class for all purposes
under the Indenture. The Indenture contains covenants that limit the ability of
the Company and its subsidiaries to incur

<PAGE>
                                                                              10

additional indebtedness; pay dividends or distributions on, or redeem or
repurchase capital stock; make investments; issue or sell capital stock of
subsidiaries; engage in transactions with affiliates; transfer or sell assets;
guarantee indebtedness; change their line of business; restrict dividends or
other payments of subsidiaries; consolidate, merge or transfer all or
substantially all of its assets and the assets of its subsidiaries. These
covenants are subject to important exceptions and qualifications.

5. Optional Redemption

                  Except as set forth below, the Company shall not be entitled
to redeem the Securities at its option prior to October 15, 2007.

                  On and after October 15, 2007, the Company shall be entitled
at its option to redeem all or a portion of the Securities upon not less than 30
nor more than 60 days' notice, at the redemption prices (expressed in
percentages of principal amount on the redemption date), plus accrued interest
to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date), if redeemed during the 12-month period commencing on October 15 of the
years set forth below:

<Table>
<Caption>
                                                     Redemption
                  Period                               Price
                  ------                             ----------

<S>                                                 <C>
                  2007                                106.00%
                  2008                                104.00
                  2009                                102.00
                  2010 and thereafter                 100.00%
</Table>

                  In addition, prior to October 15, 2005, the Company shall be
entitled at its option on one or more occasions to redeem Securities (which
includes Additional Securities, if any) in an aggregate principal amount not to
exceed 35% of the aggregate principal amount of the Securities (which includes
Additional Securities, if any) originally issued at a redemption price
(expressed as a percentage of principal amount) of 112%, plus accrued and unpaid
interest to the redemption date, with the net cash proceeds from one or more
Public Equity Offerings; provided, however, that (1) at least 65% of such
aggregate principal amount of Securities (which includes Additional Securities,
if any) remains outstanding immediately after the occurrence of each such
redemption (other than Securities held,

<PAGE>
                                                                              11

directly or indirectly, by the Company or its Affiliates); and (2) each such
redemption occurs within 60 days after the date of the related Public Equity
Offering.

6. Notice of Redemption

                  Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address. Securities in denominations larger than
$1,000 principal amount may be redeemed in part but only in whole multiples of
$1,000. Securities in denominations of $1,000 principal amount or less may be
redeemed in whole but not in part. If money sufficient to pay the redemption
price of and accrued interest on all Securities (or portions thereof) to be
redeemed on the redemption date is deposited with the Paying Agent on or before
the redemption date and certain other conditions are satisfied, on and after
such date interest ceases to accrue on such Securities (or such portions
thereof) called for redemption.

7. Put Provisions

                  Upon a Change of Control, any Holder of Securities will have
the right to cause the Company to repurchase all of the Securities of such
Holder at a repurchase price equal to 101% of the principal amount of the
Securities to be repurchased plus accrued interest to the date of repurchase
(subject to the right of holders of record on the relevant record date to
receive interest due on the related interest payment date) as provided in, and
subject to the terms of, the Indenture.

8. Subordination

                  The Securities are subordinated to Senior Indebtedness of the
Company, as defined in the Indenture. To the extent provided in the Indenture,
Senior Indebtedness of the Company must be paid before the Securities may be
paid. The Company agrees, and each Securityholder by accepting a Security
agrees, to the subordination provisions contained in the Indenture and
authorizes the Trustee to give it effect and appoints the Trustee as
attorney-in-fact for such purpose.

9. Guaranty

<PAGE>
                                                                              12

                  The payment by the Company of the principal of, and premium
and interest on, the Securities is fully and unconditionally guaranteed on a
joint and several senior subordinated basis by Parent and each of the Subsidiary
Guarantors.

10. Denominations; Transfer; Exchange

                  The Securities are in registered form without coupons in
denominations of $1,000 principal amount and whole multiples of $1,000. A Holder
may transfer or exchange Securities in accordance with the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by law
or permitted by the Indenture. The Registrar need not register the transfer or
exchange of any Securities selected for redemption (except, in the case of a
Security to be redeemed in part, the portion of the Security not to be redeemed)
or any Securities for a period of 15 days before a selection of Securities to be
redeemed or 15 days before an interest payment date.

11. Persons Deemed Owners

                  The registered Holder of this Security may be treated as the
owner of it for all purposes.

12. Unclaimed Money

                  If money for the payment of principal or interest remains
unclaimed for two years, the Trustee or Paying Agent shall pay the money back to
the Company at its request unless an abandoned property law designates another
Person. After any such payment, Holders entitled to the money must look only to
the Company and not to the Trustee for payment.

13.  Discharge and Defeasance

                  Subject to certain conditions, the Company at any time shall
be entitled to terminate some or all of its obligations under the Securities and
the Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of principal and interest on the Securities to
redemption or maturity, as the case may be.

<PAGE>
                                                                              13

14.  Amendment; Waiver

                  Subject to certain exceptions set forth in the Indenture, (i)
the Indenture and the Securities may be amended with the written consent of the
Holders of at least a majority in principal amount outstanding of the Securities
and (ii) any default or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount outstanding of
the Securities. Subject to certain exceptions set forth in the Indenture,
without the consent of any Securityholder, the Company, Parent, the Subsidiary
Guarantors and the Trustee shall be entitled to amend the Indenture or the
Securities to cure any ambiguity, omission, defect or inconsistency, or to
comply with Article 5 of the Indenture, or to provide for uncertificated
Securities in addition to or in place of certificated Securities, or to add
guarantees with respect to the Securities, including Subsidiary Guaranties, or
to secure the Securities, or to add additional covenants or surrender rights and
powers conferred on the Company, Parent or the Subsidiary Guarantors, or to
comply with any request of the SEC in connection with qualifying the Indenture
under the Act, or to make certain changes in the subordination provisions, or to
make any change that does not adversely affect the rights of any Securityholder.

15. Defaults and Remedies

                  Under the Indenture, Events of Default include (i) default for
30 days in payment of interest on the Securities; (ii) default in payment of
principal on the Securities at maturity, upon redemption pursuant to paragraph 5
of the Securities, upon acceleration or otherwise, or failure by the Company to
redeem or purchase Securities when required; (iii) failure by the Company,
Parent or any Subsidiary Guarantor to comply with other agreements in the
Indenture or the Securities, in certain cases subject to notice and lapse of
time; (iv) certain accelerations (including failure to pay within any grace
period after final maturity) of other Indebtedness of the Company, Parent, a
Subsidiary Guarantor or any Significant Subsidiary if the amount accelerated (or
so unpaid) exceeds $12.0 million; (v) certain events of bankruptcy or insolvency
with respect to the Company, Parent, a Subsidiary Guarantor and the Significant
Subsidiaries; (vi) certain judgments or decrees for the payment of money in
excess of $12.0 million; and (vii) certain defaults with respect to Subsidiary
Guaranties. If an Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the Securities may declare all
the

<PAGE>
                                                                              14

Securities to be due and payable immediately. Certain events of bankruptcy or
insolvency are Events of Default which will result in the Securities being due
and payable immediately upon the occurrence of such Events of Default.

                  Securityholders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to
enforce the Indenture or the Securities unless it receives indemnity or security
satisfactory to it. Subject to certain limitations, Holders of a majority in
principal amount of the Securities may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Securityholders notice of any
continuing Default (except a Default in payment of principal or interest) if it
determines that withholding notice is not opposed to the interest of the
Holders.

16. Trustee Dealings with the Company

                  Subject to certain limitations imposed by the Act, the Trustee
under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with and collect
obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not Trustee.

17. No Recourse Against Others

                  A director, officer, employee or stockholder, as such, of the
Company or the Trustee shall not have any liability for any obligations of the
Company under the Securities or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a
Security, each Securityholder waives and releases all such liability. The waiver
and release are part of the consideration for the issue of the Securities.

18.  Authentication

                  This Security shall not be valid until an authorized signatory
of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security.

<PAGE>
                                                                              15

19. Abbreviations

                  Customary abbreviations may be used in the name of a
Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act).

20. CUSIP Numbers

                  Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures the Company has caused CUSIP numbers
to be printed on the Securities and has directed the Trustee to use CUSIP
numbers in notices of redemption as a convenience to Securityholders. No
representation is made as to the accuracy of such numbers either as printed on
the Securities or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

21. Holders' Compliance with Registration Rights Agreement.

                  Each Holder of a Security, by acceptance hereof, acknowledges
and agrees to the provisions of the Registration Rights Agreement, including the
obligations of the Holders with respect to a registration and the
indemnification of the Company to the extent provided therein.

22. Governing Law.

                  THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

<PAGE>
                                                                              16

                  The Company will furnish to any Securityholder upon written
request and without charge to the Securityholder a copy of the Indenture which
has in it the text of this Security in larger type. Requests may be made to:

         Brand Services, Inc.
         15450 South Outer Highway 40
         Suite 270
         Chesterfield, Mo. 63017
         Attention: Jeffrey W. Peterson

<PAGE>
                                                                              17

--------------------------------------------------------------------------------
                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

              (Print or type assignee's name, address and zip code)

                  (Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint                 agent to transfer this Security on the
books of the Company. The agent may substitute another to act for him.

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

Date:                  Your Signature:
      ----------------                ------------------------------------------

--------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Security.

In connection with any transfer of any of the Securities evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act after the later of the date of original issuance
of such Securities and the last date, if any, on which such Securities were
owned by the Company or any Affiliate of the Company, the undersigned confirms
that such Securities are being transferred in accordance with its terms:

CHECK ONE BOX BELOW

            (1)    [ ]  to the Company;

            (2)    [ ]  pursuant to an effective registration statement under
                        the Securities Act of 1933;

            (3)    [ ]  inside the United States to a "qualified institutional
                        buyer" (as defined in Rule 144A under the Securities Act
                        of 1933) that purchases for its own account or for the
                        account of a qualified institutional buyer to

<PAGE>
                                                                              18

                        whom notice is given that such transfer is being made in
                        reliance on Rule 144A, in each case pursuant to and in
                        compliance with Rule 144A under the Securities Act of
                        1933;

            (4)    [ ]  to an "accredited investor" within the meaning of Rule
                        501(a)(1),(2),(3) or (7) under the Securities Act that
                        is an institutional investor acquiring the securities
                        for its own account or for the account of such an
                        institutional accredited investor, in each case in a
                        minimum principal amount of the securities of $250,000,
                        for investment purposes and not with a view to or for
                        offer or sale in connection with any distribution in
                        violation of the Securities Act;

            (5)    [ ]  outside the United States in an offshore transaction
                        within the meaning of Regulation S under the Securities
                        Act in compliance with Rule 904 under the Securities Act
                        of 1933; or

            (6)    [ ]  pursuant to the exemption from registration provided by
                        Rule 144 under the Securities Act of 1933.

            Unless one of the boxes is checked, the Trustee will refuse to
            register any of the Securities evidenced by this certificate in the
            name of any person other than the registered holder thereof;
            provided, however, that if box (5 or (6 is checked, the Trustee
            shall be entitled to require, prior to registering any such transfer
            of the Securities, such legal opinions, certifications and other
            information as the Company has reasonably requested to confirm that
            such transfer is being made pursuant to an exemption from, or in a
            transaction not subject to, the registration requirements of the
            Securities Act of 1933, such as the exemption provided by Rule 144
            under such Act.

                                                     ------------------------
                                                       Signature

Signature Guarantee:

----------------------------                         -------------------------
Signature must be guaranteed                           Signature

<PAGE>
                                                                              19

         Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

--------------------------------------------------------------------------------
              TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

                  The undersigned represents and warrants that it is purchasing
this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
"qualified institutional buyer" within the meaning of Rule 144A under the
Securities Act of 1933, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information
regarding the Company as the undersigned has requested pursuant to Rule 144A or
has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned's foregoing representations in order
to claim the exemption from registration provided by Rule 144A.

Dated:
       ----------------             ------------------------------
                                    NOTICE:  To be executed by
                                             an executive officer

<PAGE>
                                                                              20

                      [TO BE ATTACHED TO GLOBAL SECURITIES]

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

                  The following increases or decreases in this Global Security
have been made:

<Table>
<Caption>
                         Amount of decrease     Amount of increase     Principal amount of    Signature of
                         in Principal amount    in Principal amount    this Global Security   authorized officer
Date of                  of this Global         of this Global         following such         of Trustee or
Exchange                 Security               Security               decrease or increase)  Securities Custodian
<S>                      <C>                    <C>                    <C>                    <C>

</Table>

<PAGE>
                                                                              21

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Security purchased by the
Company pursuant to Section 4.06 or 4.09 of the Indenture, check the box:

                                      [ ]

                  If you want to elect to have only part of this Security
purchased by the Company pursuant to Section 4.06 or 4.09 of the Indenture,
state the amount in principal amount: $__________

Date:                      Your Signature:
      ---------------                       ----------------------
                                            (Sign exactly as your
                                            name appears on the
                                            other side of this
                                            Security.)

Signature Guarantee:
                     ---------------------------------------------------------
                                    (Signature must be guaranteed)

         Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

<PAGE>

                                                                       EXHIBIT A

                       [FORM OF FACE OF EXCHANGE SECURITY
                       OR PRIVATE EXCHANGE SECURITY]*/**/

----------

*/If the Security is to be issued in global form add the Global Securities
Legend from Exhibit 1 to Appendix A and the attachment from such Exhibit 1
captioned "[TO BE ATTACHED TO GLOBAL SECURITIES] - SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL SECURITY".

**/If the Security is a Private Exchange Security issued in a Private Exchange
to an Initial Purchaser holding an unsold portion of its initial allotment, add
the Restricted Securities Legend from Exhibit 1 to Appendix A and replace the
Assignment Form included in this Exhibit A with the Assignment Form included in
such Exhibit 1.

<PAGE>
                                                                               2

No.                                                            CUSIP _________
    -------------
                                                                   $
                                                                     ---------

                      12% Senior Subordinated Note Due 2012

                  Brand Services, Inc., a Delaware corporation, promises to pay
to               , or registered assigns, the principal sum of
Dollars on October 15, 2012.

                  Interest Payment Dates: April 15 and October 15.

                  Record Dates: April 1 and October 1.

<PAGE>
                                                                               3

                  Additional provisions of this Security are set forth on the
other side of this Security.

Dated:

                                                     BRAND SERVICES, INC.

                                                       by

                                                          --------------------
                                                          Name:
                                                          Title:

                                                       by

                                                          --------------------
                                                          Name:
                                                          Title:

<PAGE>
                                                                               4

TRUSTEE'S CERTIFICATE OF
    AUTHENTICATION

THE BANK OF NEW YORK TRUST COMPANY OF FLORIDA, N.A.
  as Trustee, certifies
           that this is one of
           the Securities referred
           to in the Indenture.

 by
    -----------------------------
            Authorized Signatory

<PAGE>
                                                                               5

                  [FORM OF REVERSE SIDE OF [EXCHANGE] SECURITY
                         [OR PRIVATE EXCHANGE SECURITY]]

                      12% Senior Subordinated Note Due 2012

1. Interest

                  Brand Services, Inc., a Delaware corporation (such
corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the "Company"), promises to pay interest on the
principal amount of this Security at the rate per annum shown above[; provided,
however, that if a Registration Default (as defined in the Registration Rights
Agreement) occurs, additional interest will accrue on this Security at a rate of
..50% per annum (increasing by an additional .50% per annum after each
consecutive 90-day period that occurs after the date on which such Registration
Default occurs up to a maximum additional interest rate of 1.0% per annum) from
and including the date on which any such Registration Default shall occur to but
excluding the date on which all Registration Defaults have been cured.](1) The
Company will pay interest semiannually on April 15 and October 15 of each year,
commencing April 15, 2003. Interest on the Securities will accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from October 16, 2002. Interest on overdue principal will be paid by the Issuer
at 1% per annum in excess of the rate shown above and the Issuer will pay
interest on overdue installments of interest at such higher rate to the extent
lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

2. Method of Payment

                  The Company will pay interest on the Securities (except
defaulted interest) to the Persons who are registered holders of Securities at
the close of business on the April 1 or October 1 next preceding the interest
payment

----------
(1). Insert if at the date of issuance of the Exchange Security or Private
Exchange Security (as the case may be) any Registration Default has occurred
with respect to the related Initial Securities during the interest period in
which such date of issuance occurs.

<PAGE>
                                                                               6

date even if Securities are canceled after the record date and on or before the
interest payment date. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company will pay principal and interest in money
of the United States that at the time of payment is legal tender for payment of
public and private debts. Payments in respect of the Securities represented by a
Global Security (including principal, premium, if any, and interest) will be
made by wire transfer of immediately available funds to the accounts specified
by The Depository Trust Company. The Company will make all payments in respect
of a certificated Security (including principal, premium, if any, and interest)
by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on a certificated Security will be made by wire transfer
to a U.S. dollar account maintained by the payee with a bank in the United
States if such Holder elects payment by wire transfer by giving written notice
to the Trustee or the Paying Agent to such effect designating such account no
later than 30 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion).

3. Paying Agent and Registrar

                  Initially, The Bank of New York Trust Company of Florida,
N.A., a National Association (the "Trustee"), will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent, Registrar or
co-registrar without notice. The Company or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar.

4. Indenture

                  The Company issued the Securities under an Indenture, dated as
of October 16, 2002 ("Indenture"), among the Company, Parent, the Subsidiary
Guarantors and the Trustee. The terms of the Securities include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date
of the Indenture (the "Act"). Terms defined in the Indenture and not defined
herein have the meanings ascribed thereto in the Indenture. The Securities are
subject to all such terms, and Securityholders are referred to the Indenture and
the Act for a statement of those terms.

<PAGE>
                                                                               7

                  The Securities are general unsecured obligations of the
Company. The Company shall be entitled, subject to its compliance with Section
4.03 of the Indenture, to issue Additional Securities pursuant to Section 2.13
of the Indenture. The Initial Securities issued on the Issue Date, any
Additional Securities and all Exchange Securities or Private Exchange Securities
issued in exchange therefor will be treated as a single class for all purposes
under the Indenture. The Indenture contains covenants that limit the ability of
the Company and its subsidiaries to incur additional indebtedness; pay dividends
or distributions on, or redeem or repurchase capital stock; make investments;
issue or sell capital stock of subsidiaries; engage in transactions with
affiliates; transfer or sell assets; guarantee indebtedness; change their line
of business; restrict dividends or other payments of subsidiaries; consolidate,
merge or transfer all or substantially all of its assets and the assets of its
subsidiaries. These covenants are subject to important exceptions and
qualifications.

5. Optional Redemption

                  Except as set forth below, the Company shall not be entitled
to redeem the Securities at its option prior to October 15, 2007.

                  On and after October 15, 2007, the Company shall be entitled
at its option to redeem all or a portion of the Securities upon not less than 30
nor more than 60 days' notice, at the redemption prices (expressed in
percentages of principal amount, on the redemption date) plus accrued interest
to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date), if redeemed during the 12-month period commencing on October 15 of the
years set forth below:

<Table>
<Caption>
                                                                 Redemption
                  Period                                            Price
                  ------                                         ----------

<S>                                                              <C>
                  2007                                             106.00%
                  2008                                             104.00
                  2009                                             102.00
                  2010 and thereafter                              100.00%
</Table>

                  In addition, prior to October 15, 2005, the Company shall be
entitled at its option on one or more occasions to redeem Securities (which
includes Additional Securities, if any) in an aggregate principal amount not to

<PAGE>
                                                                               8

exceed 35% of the aggregate principal amount of the Securities (which includes
Additional Securities, if any) originally issued at a redemption price
(expressed as a percentage of principal amount) of 112%, plus accrued and unpaid
interest to the redemption date, with the net cash proceeds from one or more
Public Equity Offerings; provided, however, that (1) at least 65% of such
aggregate principal amount of Securities (which includes Additional Securities,
if any) remains outstanding immediately after the occurrence of each such
redemption (other than Securities held, directly or indirectly, by the Company
or its Affiliates); and (2) each such redemption occurs within 60 days after the
date of the related Public Equity Offering.

6. Notice of Redemption

                  Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address. Securities in denominations larger than
$1,000 principal amount may be redeemed in part but only in whole multiples of
$1,000. Securities in denominations of $1,000 principal amount or less may be
redeemed in whole but not in part. If money sufficient to pay the redemption
price of and accrued interest on all Securities (or portions thereof) to be
redeemed on the redemption date is deposited with the Paying Agent on or before
the redemption date and certain other conditions are satisfied, on and after
such date interest ceases to accrue on such Securities (or such portions
thereof) called for redemption.

7. Put Provisions

                  Upon a Change of Control, any Holder of Securities will have
the right to cause the Company to repurchase all of the Securities of such
Holder at a repurchase price equal to 101% of the principal amount of the
Securities to be repurchased plus accrued interest to the date of repurchase
(subject to the right of holders of record on the relevant record date to
receive interest due on the related interest payment date) as provided in, and
subject to the terms of, the Indenture.

8. Subordination

                  The Securities are subordinated to Senior Indebtedness of the
Company, as defined in the Indenture. To the extent provided in the Indenture,
Senior Indebtedness

<PAGE>
                                                                               9

must be paid before the Securities may be paid. The Company agrees, and each
Securityholder by accepting a Security agrees, to the subordination provisions
contained in the Indenture and authorizes the Trustee to give it effect and
appoints the Trustee as attorney-in-fact for such purpose.

9. Guaranty

                  The payment by the Company of the principal of, and premium
and interest on, the Securities is fully and unconditionally guaranteed on a
joint and several senior subordinated basis by Parent and each of the Subsidiary
Guarantors.

10. Denominations; Transfer; Exchange

                  The Securities are in registered form without coupons in
denominations of $1,000 principal amount and whole multiples of $1,000. A Holder
may transfer or exchange Securities in accordance with the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by law
or permitted by the Indenture. The Registrar need not register the transfer of
or exchange any Securities selected for redemption (except, in the case of a
Security to be redeemed in part, the portion of the Security not to be redeemed)
or any Securities for a period of 15 days before a selection of Securities to be
redeemed or 15 days before an interest payment date.

11. Persons Deemed Owners

                  The registered Holder of this Security may be treated as the
owner of it for all purposes.

12. Unclaimed Money

                  If money for the payment of principal or interest remains
unclaimed for two years, the Trustee or Paying Agent shall pay the money back to
the Company at its request unless an abandoned property law designates another
Person. After any such payment, Holders entitled to the money must look only to
the Company and not to the Trustee for payment.

<PAGE>
                                                                              10

13. Discharge and Defeasance

                  Subject to certain conditions, the Company at any time shall
be entitled to terminate some or all of its obligations under the Securities and
the Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of principal and interest on the Securities to
redemption or maturity, as the case may be.

14. Amendment, Waiver

                  Subject to certain exceptions set forth in the Indenture, (i)
the Indenture and the Securities may be amended with the written consent of the
Holders of at least a majority in principal amount outstanding of the Securities
and (ii) any default or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount outstanding of
the Securities. Subject to certain exceptions set forth in the Indenture,
without the consent of any Securityholder, the Company, Parent, the Subsidiary
Guarantors and the Trustee shall be entitled to amend the Indenture or the
Securities to cure any ambiguity, omission, defect or inconsistency, or to
comply with Article 5 of the Indenture, or to provide for uncertificated
Securities in addition to or in place of certificated Securities, or to add
guarantees with respect to the Securities, including Subsidiary Guaranties, or
to secure the Securities, or to add additional covenants or surrender rights and
powers conferred on the Company, Parent or the Subsidiary Guarantors, or to
comply with any request of the SEC in connection with qualifying the Indenture
under the Act, or to make certain changes in the subordination provisions, or to
make any change that does not adversely affect the rights of any Securityholder.

15. Defaults and Remedies

                  Under the Indenture, Events of Default include (i) default for
30 days in payment of interest on the Securities; (ii) default in payment of
principal on the Securities at maturity, upon redemption pursuant to paragraph 5
of the Securities, upon acceleration or otherwise, or failure by the Company to
redeem or purchase Securities when required; (iii) failure by the Company,
Parent or any Subsidiary Guarantor to comply with other agreements in the
Indenture or the Securities, in certain cases subject to notice and lapse of
time; (iv) certain accelerations (including failure to pay within any grace
period after final maturity) of other Indebtedness of the

<PAGE>
                                                                              11

Company, Parent or any Significant Subsidiary if the amount accelerated (or so
unpaid) exceeds $12.0 million; (v) certain events of bankruptcy or insolvency
with respect to the Company, Parent and the Significant Subsidiaries; (vi)
certain judgments or decrees for the payment of money in excess of $12.0
million; and (vii) certain defaults with respect to Subsidiary Guaranties. If an
Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in principal amount of the Securities may declare all the Securities
to be due and payable immediately. Certain events of bankruptcy or insolvency
are Events of Default which will result in the Securities being due and payable
immediately upon the occurrence of such Events of Default.

                  Securityholders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to
enforce the Indenture or the Securities unless it receives indemnity or security
satisfactory to it. Subject to certain limitations, Holders of a majority in
principal amount of the Securities may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Securityholders notice of any
continuing Default (except a Default in payment of principal or interest) if it
determines that withholding notice is not opposed to the interest of the
Holders.

16. Trustee Dealings with the Company

                  Subject to certain limitations imposed by the Act, the Trustee
under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with and collect
obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not Trustee.

17. No Recourse Against Others

                  A director, officer, employee or stockholder, as such, of the
Company or the Trustee shall not have any liability for any obligations of the
Company under the Securities or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a
Security, each Securityholder waives and releases all such liability. The waiver
and release are part of the consideration for the issue of the Securities.

<PAGE>
                                                                              12

18. Authentication

                  This Security shall not be valid until an authorized signatory
of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security.

19. Abbreviations

                  Customary abbreviations may be used in the name of a
Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act).

20. CUSIP Numbers

                  Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures the Company has caused CUSIP numbers
to be printed on the Securities and has directed the Trustee to use CUSIP
numbers in notices of redemption as a convenience to Securityholders. No
representation is made as to the accuracy of such numbers either as printed on
the Securities or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

21. [Holders' Compliance with Registration Rights Agreement.

                  Each Holder of a Security, by acceptance hereof, acknowledges
and agrees to the provisions of the Registration Rights Agreement, including the
obligations of the Holders with respect to a registration and the
indemnification of the Company to the extent provided therein.

<PAGE>
                                                                              13

22.](2)  Governing Law

----------
(2). Delete if this Security is not being issued in exchange for an Initial
Security.

<PAGE>
                                                                              14

                  THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

                  The Company will furnish to any Securityholder upon written
request and without charge to the Securityholder a copy of the Indenture which
has in it the text of this Security in larger type. Requests may be made to:

                  Brand Services, Inc.
                  15450 South Outer Highway 40
                  Suite 270
                  Chesterfield, Mo. 63017
                  Attention: Jeffrey W. Peterson

<PAGE>
                                                                              15

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

                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

              (Print or type assignee's name, address and zip code)

                  (Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint                         agent to transfer this Security
on the books of the Company. The agent may substitute another to act for him.

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

Date:                  Your Signature:
      -----------------                ---------------------

--------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Security.

<PAGE>
                                                                              16

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Security purchased by the
Company pursuant to Section 4.06 or 4.09 of the Indenture, check the box:

                                      [ ]

                  If you want to elect to have only part of this Security
purchased by the Company pursuant to Section 4.06 or 4.09 of the Indenture,
state the amount in principal amount: $____________

Date:                  Your Signature:
      -----------------                ----------------------------
                                       (Sign exactly as your name
                                       appears on the other side of
                                       this Security.)

Signature Guarantee:
                     ---------------------------------------
                          (Signature must be guaranteed)

         Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.<PAGE>
                                                                     EXHIBIT 4.2

                                  $150,000,000

                              BRAND SERVICES, INC.

                     12% SENIOR SUBORDINATED NOTES DUE 2012

                          REGISTRATION RIGHTS AGREEMENT

                                                                October 16, 2002

Credit Suisse First Boston Corporation
J.P. Morgan Securities Inc.
c/o  Credit Suisse First Boston Corporation
     Eleven Madison Avenue
     New York, New York 10010-3629

Dear Sirs:

         Brand Services, Inc., a Delaware corporation (the "ISSUER"), proposes
to issue and sell to Credit Suisse First Boston Corporation ("CSFB") and J.P.
Morgan Securities Inc. ("JPMORGAN" and collectively with CSFB, the "INITIAL
PURCHASERS"), upon the terms set forth in a purchase agreement of even date
herewith (the "PURCHASE AGREEMENT"), $150,000,000 aggregate principal amount of
its 12% Senior Subordinated Notes due 2012 (the "INITIAL SECURITIES") to be
guaranteed (the "GUARANTIES") by Brand Intermediate Holdings, Inc. (the "PARENT
GUARANTOR") and the guarantors listed on the signature page hereto (together
with the Parent Guarantor, the "GUARANTORS," and, collectively with the Issuer,
the "COMPANY"). The Initial Securities will be issued pursuant to an Indenture,
dated as of October 16, 2002 (the "INDENTURE"), among the Company, the
Guarantors named therein and The Bank of New York Trust Company of Florida,
N.A., as trustee (the "TRUSTEE"). As an inducement to the Initial Purchasers to
enter into the Purchase Agreement, the Company agrees with the Initial
Purchasers, for the benefit of the Initial Purchasers, the holders of the
Securities (as defined below) (collectively the "HOLDERS") and the Market-Maker
(as defined below) as follows:

         1. Registered Exchange Offer. Unless not permitted by applicable law or
any applicable interpretation by the staff of the Securities and Exchange
Commission (the "COMMISSION") (after the Company has complied with the ultimate
paragraph of this Section 1), the Company shall prepare and, not later than 90
days (such 90th day being an "EXCHANGE OFFER FILING DEADLINE") after the date on
which the Initial Purchasers purchase the Initial Securities pursuant to the
Purchase Agreement (the "CLOSING DATE"), file with the Commission a registration
statement (the "EXCHANGE OFFER REGISTRATION STATEMENT") on an appropriate form
under the Securities Act of 1933, as amended (the "SECURITIES ACT"), with
respect to a proposed offer (the "REGISTERED EXCHANGE OFFER") to the Holders of
Transfer Restricted Securities (as defined in Section 7 hereof), who are not
prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer, to issue and deliver to such Holders, in exchange for
the Initial Securities, a like aggregate principal amount of debt securities of
the Company issued under the Indenture, identical in all material respects to
the Initial Securities and registered under the Securities Act (the "EXCHANGE
SECURITIES"). The Company shall use its reasonable best efforts to (i) cause
such Exchange Offer Registration Statement to become effective under the
Securities Act within 180 days after the Closing Date (such 180th day being the
"EXCHANGE OFFER EFFECTIVENESS DEADLINE") and (ii) keep the Exchange Offer
Registration Statement effective for not less than 30 days (or longer, if
required by applicable law) after the date notice of the Registered Exchange
Offer is mailed to the Holders (such period being called the "EXCHANGE OFFER
REGISTRATION PERIOD").

         If the Company commences the Registered Exchange Offer, the Company (i)
shall be entitled to consummate the Registered Exchange Offer 30 days after such
commencement (provided, however, that the Company has accepted all the Initial
Securities theretofore validly tendered in accordance with the terms of the
Registered Exchange Offer) and (ii) shall be required to consummate the
Registered Exchange Offer no later than 40 days after the date on which the
Exchange Offer Registration Statement is declared effective (such 40th day being
the "CONSUMMATION DEADLINE").

         Following the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Registered
Exchange Offer, it being the objective of such

<PAGE>
                                                                               2

Registered Exchange Offer to enable each Holder of Transfer Restricted
Securities electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an affiliate of the Company within the meaning
of the Securities Act, acquires the Exchange Securities in the ordinary course
of such Holder's business and has no arrangements with any person to participate
in the distribution of the Exchange Securities and is not prohibited by any law
or policy of the Commission from participating in the Registered Exchange Offer)
to trade such Exchange Securities from and after their receipt without any
limitations or restrictions under the Securities Act and without material
restrictions under the securities laws of the several states of the United
States.

         The Company acknowledges that, pursuant to current interpretations by
the Commission's staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer
electing to exchange Initial Securities, acquired for its own account as a
result of market-making activities or other trading activities, for Exchange
Securities (an "EXCHANGING DEALER"), is required to deliver a prospectus
containing the information set forth in (a) Annex A hereto on the cover, (b)
Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of
the Exchange Offer" section, and (c) Annex C hereto in the "Plan of
Distribution" section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the
Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell
Securities (as defined below) acquired in exchange for Initial Securities
constituting any portion of an unsold allotment, is required to deliver a
prospectus containing the information required by Items 507 or 508 of Regulation
S-K under the Securities Act, as applicable, in connection with such sale. All
references in this Agreement to "prospectus" shall, except when the context
otherwise requires, include any prospectus (or amendment or supplement thereto)
filed with the Commission pursuant to Section 4 of this Agreement.

         The Company shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the
prospectus contained therein, in order to permit such prospectus to be lawfully
delivered by all persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as such persons must comply with such
requirements in order to resell the Exchange Securities; provided, however, that
(i) in the case where such prospectus and any amendment or supplement thereto
must be delivered by an Exchanging Dealer or an Initial Purchaser, such period
shall be the lesser of 180 days and the date on which all Exchanging Dealers and
the Initial Purchasers have sold all Exchange Securities held by them (unless
such period is extended pursuant to Section 3(j) below) and (ii) the Company
shall make such prospectus and any amendment or supplement thereto available to
any broker-dealer for use in connection with any resale of any Exchange
Securities for a period of not less than 180-days after the consummation of the
Registered Exchange Offer.

         If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver to
such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the "PRIVATE EXCHANGE") for the Initial Securities held by such
Initial Purchaser, a like principal amount of debt securities of the Company
issued under the Indenture and identical in all material respects to the Initial
Securities (the "PRIVATE EXCHANGE SECURITIES"). The Initial Securities, the
Exchange Securities and the Private Exchange Securities are herein collectively
called the "SECURITIES".

         In connection with the Registered Exchange Offer, the Company shall:

                  (a) mail to each Holder a copy of the prospectus forming part
         of the Exchange Offer Registration Statement, together with an
         appropriate letter of transmittal and related documents;

                  (b) keep the Registered Exchange Offer open for not less than
         30 days (or longer, if required by applicable law) after the date
         notice thereof is mailed to the Holders;

                  (c) utilize the services of a depositary for the Registered
         Exchange Offer with an address in the Borough of Manhattan, The City of
         New York, which may be the Trustee or an affiliate of the Trustee;

                  (d) permit Holders to withdraw tendered Securities at any time
         prior to the close of business, New York time, on the last business day
         on which the Registered Exchange Offer shall remain open; and

                  (e) otherwise comply with all applicable laws.

<PAGE>
                                                                               3

         As soon as practicable after the close of the Registered Exchange Offer
or the Private Exchange, as the case may be, the Company shall:

                  (x) accept for exchange all the Securities validly tendered
         and not withdrawn pursuant to the Registered Exchange Offer and the
         Private Exchange;

                  (y) deliver to the Trustee for cancellation all the Initial
         Securities so accepted for exchange; and

                  (z) cause the Trustee to authenticate and deliver promptly to
         each Holder of the Initial Securities, Exchange Securities or Private
         Exchange Securities, as the case may be, equal in principal amount to
         the Initial Securities of such Holder so accepted for exchange.

         The Indenture will provide that the Exchange Securities will not be
subject to the transfer restrictions set forth in the Indenture and that all the
Securities will vote and consent together on all matters as one class and that
none of the Securities will have the right to vote or consent as a class
separate from one another on any matter.

         Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Initial Securities surrendered in exchange therefor or, if no interest has been
paid on the Initial Securities, from the date of original issue of the Initial
Securities.

         Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule
405 of the Securities Act, of the Company or if it is an affiliate, such Holder
will comply with the registration and prospectus delivery requirements of the
Securities Act to the extent applicable, (iv) if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities and (v) if such Holder is a
broker-dealer, that it will receive Exchange Securities for its own account in
exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required to
acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities.

         Notwithstanding any other provisions hereof, the Company will ensure
that (i) any Exchange Offer Registration Statement and any amendment thereto and
any prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations
thereunder, (ii) any Exchange Offer Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and (iii) any prospectus
forming part of any Exchange Offer Registration Statement, and any supplement to
such prospectus, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

         If following the date hereof there has been announced a change in
Commission policy with respect to exchange offers that in the reasonable opinion
of counsel to the Company raises a substantial question as to whether the
Registered Exchange Offer is permitted by applicable federal law, the Company
will seek a no-action letter or other favorable decision from the Commission
allowing the Company to consummate the Registered Exchange Offer. The Company
will pursue the issuance of such a decision to the Commission staff level. In
connection with the foregoing, the Company will take all such other actions as
may be requested by the Commission or otherwise required in connection with the
issuance of such decision, including without limitation (i) participating in
telephonic conferences with the Commission, (ii) delivering to the Commission
staff an analysis prepared by counsel to the Company setting forth the legal
bases, if any, upon which such counsel has concluded that the Registered
Exchange Offer should be permitted and (iii) diligently pursuing a resolution
(which need not be favorable) by the Commission staff.

         2. Shelf Registration. If, (i) because of any change in law or in
applicable interpretations thereof by the staff of the Commission, the Company
is not permitted to effect a Registered Exchange Offer, as contemplated by
Section 1 hereof, (ii) the Registered Exchange Offer is not consummated by the
220th day after the Closing Date, (iii) any Initial Purchaser so requests with
respect to the Initial Securities (or the Private Exchange Securities) not
eligible to be exchanged for Exchange Securities in the Registered

<PAGE>
                                                                               4

Exchange Offer and held by it following consummation of the Registered Exchange
Offer or (iv) any Holder (other than an Exchanging Dealer) is not eligible to
participate in the Registered Exchange Offer or, in the case of any Holder
(other than an Exchanging Dealer) that participates in the Registered Exchange
Offer, such Holder does not receive freely tradeable Exchange Securities on the
date of the exchange and any such Holder so requests, the Company shall take the
following actions (the date on which any of the conditions described in the
foregoing clauses (i) through (iv) occur, including in the case of clauses (iii)
or (iv) the receipt of the required notice, being a "TRIGGER DATE"):

                  (a) The Company shall promptly (but in no event more than 45
         days after the Trigger Date (such 45th day being the "SHELF FILING
         DEADLINE" and, together with the Exchange Offer Filing Deadline, the
         "FILING DEADLINE")) file with the Commission and (x) in the case of
         clause (i) above, thereafter use its reasonable best efforts to cause
         to be declared effective no later than the Exchange Offer Effectiveness
         Deadline and (y) in the case of clauses (ii) through (iv) above,
         thereafter use its reasonable best efforts to cause to be declared
         effective no later than the 60th day after the Shelf Filing Deadline
         (such 60th day being the "SHELF REGISTRATION STATEMENT EFFECTIVENESS
         DEADLINE" and, together with the Exchange Offer Effectiveness Deadline,
         an "EFFECTIVENESS DEADLINE"), a registration statement, including any
         amendment (pre- or post-effective) or supplement thereto (the "SHELF
         REGISTRATION STATEMENT" and, together with the Exchange Offer
         Registration Statement and any Market-Making Registration Statement (as
         defined below), a "REGISTRATION STATEMENT") on an appropriate form
         under the Securities Act relating to the offer and sale of the Transfer
         Restricted Securities by the Holders thereof from time to time in
         accordance with the methods of distribution set forth in the Shelf
         Registration Statement and Rule 415 under the Securities Act
         (hereinafter, the "SHELF REGISTRATION"); provided, however, that no
         Holder (other than an Initial Purchaser) shall be entitled to have the
         Securities held by it covered by such Shelf Registration Statement
         unless such Holder agrees in writing to be bound by all the provisions
         of this Agreement applicable to such Holder.

                  (b) Not less than 30 days prior to the Effective Time, mail
         the Notice and Questionnaire to the holders of Transfer Restricted
         Securities; no Holder shall be entitled to be named as a selling
         securityholder in the Shelf Registration Statement as of the Effective
         Time, and no Holder shall be entitled to use the prospectus forming a
         part thereof for resales of Transfer Restricted Securities at any time,
         unless such Holder has returned a completed and signed Notice and
         Questionnaire to the Company by the deadline for response set forth
         therein; provided, however, Holders of Transfer Restricted Securities
         shall have at least 28 days from the date on which the Notice and
         Questionnaire is first mailed to such Holders to return a completed and
         signed Notice and Questionnaire to the Company.

                  (c) After the Effective Time, upon the request of any Holder
         of Transfer Restricted Securities that is not then an Electing Holder,
         promptly send a Notice and Questionnaire to such Holder; provided,
         however, that the Company shall not be required to take any action to
         name such Holder as a selling securityholder in the Shelf Registration
         Statement or to enable such Holder to use the prospectus forming a part
         thereof for resales of Transfer Restricted Securities until such Holder
         has returned a completed and signed Notice and Questionnaire to the
         Company.

                  (d) As soon as practicable prepare and file with the
         Commission such amendments and supplements to such Shelf Registration
         Statement and the prospectus included therein as may be reasonably
         necessary to effect and maintain the effectiveness of such Shelf
         Registration Statement for the benefit of all Electing Holders for the
         period specified in Section 2(e) hereof and as may be required by the
         applicable rules and regulations of the Commission and the instructions
         to the form of such Shelf Registration Statement, and, if required,
         cause any such amendments to be declared effective by the Commission,
         and furnish to each of the Electing Holders such copies as each
         Electing Holder may reasonably request of any such supplement or
         amendment simultaneously with or prior to its being used or filed with
         the Commission.

                  (e) The Company shall use its reasonable best efforts to keep
         the Shelf Registration Statement continuously effective in order to
         permit the prospectus included therein to be lawfully delivered by the
         Holders of the relevant Securities, for a period of two years (or for
         such longer period if extended pursuant to Section 3(j) below) from the
         date of its effectiveness or such shorter period that will terminate
         when all the Securities covered by the Shelf Registration Statement (i)
         have been sold pursuant thereto or (ii) are no longer restricted
         securities (as defined in Rule 144 under the Securities Act, or any
         successor rule thereof). The Company shall be deemed not to have used
         its reasonable best efforts to keep the Shelf Registration Statement
         effective during the requisite period if it voluntarily takes any
         action that would result in Holders

<PAGE>
                                                                               5

         of Securities covered thereby not being able to offer and sell such
         Securities during that period, unless such action is required by
         applicable law.

                  (f) Notwithstanding any other provisions of this Agreement to
         the contrary, the Company shall cause the Shelf Registration Statement
         and the related prospectus and any amendment or supplement thereto, as
         of each effective date of the Shelf Registration Statement, amendment
         or supplement, (i) to comply in all material respects with the
         applicable requirements of the Securities Act and the rules and
         regulations of the Commission and (ii) not to contain any untrue
         statement of a material fact or omit to state a material fact required
         to be stated therein or necessary in order to make the statements
         therein, in light of the circumstances under which they were made, not
         misleading.

                  (g) For purposes of this Agreement, the following terms shall
         have following respective meanings:

                  "Effective Time" with respect to a Shelf Registration
         Statement shall mean the time and date as of which the Commission
         declares the Shelf Registration Statement effective or as of which the
         Shelf Registration Statement otherwise become effective.

                  "Electing Holder" shall mean any Holder of Transfer Restricted
         Securities that has returned a completed and signed Notice and
         Questionnaire to the Company in accordance with Section 2(b) hereof.

                  "Notice and Questionnaire" means a Selling Securityholder
         Notice and Questionnaire substantially in the form of Exhibit A
         attached hereto.

         3. Registration Procedures. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered
Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply:

                  (a) The Company shall (i) furnish to each Initial Purchaser,
         prior to the filing thereof with the Commission, a copy of the
         Registration Statement and each amendment thereof and each supplement,
         if any, to the prospectus included therein and, in the event that an
         Initial Purchaser (with respect to any portion of an unsold allotment
         from the original offering) is participating in the Registered Exchange
         Offer or the Shelf Registration Statement, the Company shall use its
         reasonable best efforts to reflect in each such document, when so filed
         with the Commission, such comments as such Initial Purchaser reasonably
         may propose; (ii) include the information set forth in Annex A hereto
         on the cover, in Annex B hereto in the "Exchange Offer Procedures"
         section and the "Purpose of the Exchange Offer" section and in Annex C
         hereto in the "Plan of Distribution" section of the prospectus forming
         a part of the Exchange Offer Registration Statement and include the
         information set forth in Annex D hereto in the Letter of Transmittal
         delivered pursuant to the Registered Exchange Offer; (iii) if requested
         by an Initial Purchaser, include the information required by Items 507
         or 508 of Regulation S-K under the Securities Act, as applicable, in
         the prospectus forming a part of the Exchange Offer Registration
         Statement; (iv) include within the prospectus contained in the Exchange
         Offer Registration Statement a section entitled "Plan of Distribution,"
         reasonably acceptable to the Initial Purchasers, which shall contain a
         summary statement of the positions taken or policies made by the staff
         of the Commission with respect to the potential "underwriter" status of
         any broker-dealer that is the beneficial owner (as defined in Rule
         13d-3 under the Securities Exchange Act of 1934, as amended (the
         "EXCHANGE ACT")) of Exchange Securities received by such broker-dealer
         in the Registered Exchange Offer (a "PARTICIPATING BROKER-DEALER"),
         whether such positions or policies have been publicly disseminated by
         the staff of the Commission or such positions or policies, in the
         reasonable judgment of the Initial Purchasers based upon advice of
         counsel (which may be in-house counsel), represent the prevailing views
         of the staff of the Commission; (v) in the case of a Shelf Registration
         Statement, include the names of the Electing Holders who propose to
         sell Securities pursuant to the Shelf Registration Statement as selling
         securityholders; and (vi) in the event the Company receives a Notice
         and Questionnaire from an Electing Holder after the Effective Time,
         promptly take all necessary actions to name such Electing Holder as a
         selling securityholder in the Shelf Registration Statement and, in the
         event a post-effective amendment to the Shelf Registration Statement is
         required, cause such amendment to be declared effective within 20
         business days of receipt of such Notice and Questionnaire.

                  (b) The Company shall give written notice to the Initial
         Purchasers, the Holders of the Securities and any Participating
         Broker-Dealer from whom the Company has received prior

<PAGE>
                                                                               6

         written notice that it will be a Participating Broker-Dealer in the
         Registered Exchange Offer (which notice pursuant to clauses (ii)-(v)
         hereof shall be accompanied by an instruction to suspend the use of the
         prospectus until the requisite changes have been made):

                           (i) when the Registration Statement or any amendment
                  thereto has been filed with the Commission and when the
                  Registration Statement or any post-effective amendment thereto
                  has become effective;

                           (ii) of any request by the Commission for amendments
                  or supplements to the Registration Statement or the prospectus
                  included therein or for additional information;

                           (iii) of the issuance by the Commission of any stop
                  order suspending the effectiveness of the Registration
                  Statement or the initiation of any proceedings for that
                  purpose;

                           (iv) of the receipt by the Company or its legal
                  counsel of any notification with respect to the suspension of
                  the qualification of the Securities for sale in any
                  jurisdiction or the initiation or threatening of any
                  proceeding for such purpose; and

                           (v) of the happening of any event that requires the
                  Company to make changes in the Registration Statement or the
                  prospectus in order that the Registration Statement or the
                  prospectus do not contain an untrue statement of a material
                  fact nor omit to state a material fact required to be stated
                  therein or necessary to make the statements therein (in the
                  case of the prospectus, in light of the circumstances under
                  which they were made) not misleading.

                  (c) The Company shall make every reasonable effort to obtain
         the withdrawal at the earliest possible time of any order suspending
         the effectiveness of the Registration Statement.

                  (d) The Company shall, upon request, furnish to each Holder of
         Securities included within the coverage of the Shelf Registration,
         without charge, at least one copy of the Shelf Registration Statement
         and any post-effective amendment thereto, including financial
         statements and schedules, and, if the Holder so requests in writing,
         all exhibits thereto (including those, if any, incorporated by
         reference), unless such exhibits are otherwise publicly available.

                  (e) The Company shall deliver to each Exchanging Dealer and
         each Initial Purchaser, and to any other Holder who so requests,
         without charge, at least one copy of the Exchange Offer Registration
         Statement and any post-effective amendment thereto, including financial
         statements and schedules, and, if any Initial Purchaser or any such
         Holder requests, all exhibits thereto (including those incorporated by
         reference).

                  (f) The Company shall, during the Shelf Registration Period,
         deliver to each Holder of Securities included within the coverage of
         the Shelf Registration, without charge, as many copies of the
         prospectus (including each preliminary prospectus) included in the
         Shelf Registration Statement and any amendment or supplement thereto as
         such person may reasonably request. The Company consents, subject to
         the provisions of this Agreement, to the use of the prospectus or any
         amendment or supplement thereto by each of the selling Holders of the
         Securities in connection with the offering and sale of the Securities
         covered by the prospectus, or any amendment or supplement thereto,
         included in the Shelf Registration Statement.

                  (g) The Company shall deliver to each Initial Purchaser, any
         Exchanging Dealer, any Participating Broker-Dealer and such other
         persons required to deliver a prospectus following the Registered
         Exchange Offer, without charge, as many copies of the final prospectus
         included in the Exchange Offer Registration Statement and any amendment
         or supplement thereto as such persons may reasonably request. The
         Company consents, subject to the provisions of this Agreement, to the
         use of the prospectus or any amendment or supplement thereto by any
         Initial Purchaser, if necessary, any Participating Broker-Dealer and
         such other persons required to deliver a prospectus following the
         Registered Exchange Offer in connection with the offering and sale of
         the Exchange Securities covered by the prospectus, or any amendment or
         supplement thereto, included in such Exchange Offer Registration
         Statement.

                  (h) Prior to any public offering of the Securities pursuant to
         any Registration Statement the Company shall register or qualify or
         cooperate with the Holders of the Securities included therein and their
         respective counsel in connection with the registration or qualification
         of the

<PAGE>
                                                                               7

         Securities for offer and sale under the securities or "blue sky" laws
         of such states of the United States as any Holder of the Securities
         reasonably requests in writing and do any and all other acts or things
         necessary or advisable to enable the offer and sale in such
         jurisdictions of the Securities covered by such Registration Statement;
         provided, however, that the Company shall not be required to (i)
         qualify generally to do business in any jurisdiction where it is not
         then so qualified or (ii) take any action which would subject it to
         general service of process or to taxation in any jurisdiction where it
         is not then so subject.

                  (i) The Company shall cooperate with the Holders of the
         Securities to facilitate the timely preparation and delivery of
         certificates representing the Securities to be sold pursuant to any
         Registration Statement free of any restrictive legends and in such
         denominations and registered in such names as the Holders may request a
         reasonable period of time prior to sales of the Securities pursuant to
         such Registration Statement.

                  (j) Upon the occurrence of any event contemplated by
         paragraphs (ii) through (v) of Section 3(b) above during the period for
         which the Company is required to maintain an effective Registration
         Statement, the Company shall promptly prepare and file a post-effective
         amendment to the Registration Statement or a supplement to the related
         prospectus and any other required document so that, as thereafter
         delivered to Holders of the Securities or purchasers of Securities, the
         prospectus will not contain an untrue statement of a material fact or
         omit to state any material fact required to be stated therein or
         necessary to make the statements therein, in light of the circumstances
         under which they were made, not misleading. If the Company notifies the
         Initial Purchasers, the Holders of the Securities and any known
         Participating Broker-Dealer in accordance with paragraphs (ii) through
         (v) of Section 3(b) above to suspend the use of the prospectus until
         the requisite changes to the prospectus have been made, then the
         Initial Purchasers, the Holders of the Securities and any such
         Participating Broker-Dealers shall suspend use of such prospectus, and
         the period of effectiveness of the Shelf Registration Statement
         provided for in Section 2(e) above and the Exchange Offer Registration
         Statement provided for in Section 1 above shall each be extended by the
         number of days from and including the date of the giving of such notice
         to and including the date when the Initial Purchasers, the Holders of
         the Securities and any known Participating Broker-Dealer shall have
         received such amended or supplemented prospectus pursuant to this
         Section 3(j).

                  (k) Not later than the effective date of the applicable
         Registration Statement, the Company will provide a CUSIP number for the
         Initial Securities, the Exchange Securities or the Private Exchange
         Securities, as the case may be, and provide the applicable trustee with
         printed certificates for the Initial Securities, the Exchange
         Securities or the Private Exchange Securities, as the case may be, in a
         form eligible for deposit with The Depository Trust Company.

                  (l) The Company will comply with all rules and regulations of
         the Commission to the extent and so long as they are applicable to the
         Registered Exchange Offer or the Shelf Registration and will make
         generally available to its security holders (or otherwise provide in
         accordance with Section 11(a) of the Securities Act) an earnings
         statement satisfying the provisions of Section 11(a) of the Securities
         Act, no later than 45 days after the end of a 12-month period (or 90
         days, if such period is a fiscal year) beginning with the first month
         of the Company's first fiscal quarter commencing after the effective
         date of the Registration Statement, which statement shall cover such
         12-month period.

                  (m) The Company shall cause the Indenture to be qualified
         under the Trust Indenture Act of 1939, as amended, in a timely manner
         and containing such changes, if any, as shall be necessary for such
         qualification. In the event that such qualification would require the
         appointment of a new trustee under the Indenture, the Company shall
         appoint a new trustee thereunder pursuant to the applicable provisions
         of the Indenture.

                  (n) The Company may require each Holder of Securities to be
         sold pursuant to the Shelf Registration Statement to furnish to the
         Company such information regarding the Holder and the distribution of
         the Securities as the Company may from time to time reasonably require
         for inclusion in the Shelf Registration Statement, and the Company may
         exclude from such registration the Securities of any Holder that
         unreasonably fails to furnish such information within a reasonable time
         after receiving such request.

                  (o) The Company shall enter into such customary agreements
         (including, if requested, an underwriting agreement in customary form)
         and take all such other action, if any, as any Holder of

<PAGE>
                                                                               8

         the Securities shall reasonably request in order to facilitate the
         disposition of the Securities pursuant to any Shelf Registration.

                  (p) In the case of any Shelf Registration, the Company shall
         (i) make reasonably available for inspection by the Holders of the
         Securities, any underwriter participating in any disposition pursuant
         to the Shelf Registration Statement and any attorney, accountant or
         other agent retained by the Holders of the Securities or any such
         underwriter all relevant financial and other records, pertinent
         corporate documents and properties of the Company and (ii) cause the
         Company's officers, directors, employees, accountants and auditors to
         supply all relevant information reasonably requested by the Holders of
         the Securities or any such underwriter, attorney, accountant or agent
         in connection with the Shelf Registration Statement, in each case, as
         shall be reasonably necessary to enable such persons to conduct a
         reasonable investigation within the meaning of Section 11 of the
         Securities Act; provided, however, that the foregoing inspection and
         information gathering shall be coordinated on behalf of the Initial
         Purchasers by you and on behalf of the other parties by one counsel
         designated by and on behalf of such other parties as described in
         Section 5 hereof.

                  (q) In the case of any Shelf Registration, the Company, if
         requested by any Holder of Securities covered thereby, shall cause (i)
         its counsel to deliver an opinion and updates thereof relating to the
         Securities in customary form addressed to such Holders and the managing
         underwriters, if any, thereof and dated, in the case of the initial
         opinion, the effective date of such Shelf Registration Statement (it
         being agreed that the matters to be covered by such opinion shall
         include, without limitation, the due incorporation and good standing of
         the Company and its subsidiaries; the qualification of the Company and
         its subsidiaries to transact business as foreign corporations; the due
         authorization, execution and delivery of the relevant agreement of the
         type referred to in Section 3(o) hereof; the due authorization,
         execution, authentication and issuance, and the validity and
         enforceability, of the applicable Securities; the absence of material
         legal or governmental proceedings involving the Company and its
         subsidiaries; the absence of governmental approvals required to be
         obtained in connection with the Shelf Registration Statement, the
         offering and sale of the applicable Securities, or any agreement of the
         type referred to in Section 3(o) hereof; the compliance as to form of
         such Shelf Registration Statement and any documents incorporated by
         reference therein and of the Indenture with the requirements of the
         Securities Act and the Trust Indenture Act, respectively; and, as of
         the date of the opinion and as of the effective date of the Shelf
         Registration Statement or most recent post-effective amendment thereto,
         as the case may be, the absence from such Shelf Registration Statement
         and the prospectus included therein, as then amended or supplemented,
         and from any documents incorporated by reference therein of an untrue
         statement of a material fact or the omission to state therein a
         material fact required to be stated therein or necessary to make the
         statements therein not misleading (in the case of any such documents,
         in the light of the circumstances existing at the time that such
         documents were filed with the Commission under the Exchange Act); (ii)
         its officers to execute and deliver all customary documents and
         certificates and updates thereof requested by any underwriters of the
         applicable Securities and (iii) its independent public accountants and
         the independent public accountants with respect to any other entity for
         which financial information is provided in the Shelf Registration
         Statement to provide to the selling Holders of the applicable
         Securities and any underwriter therefor a comfort letter in customary
         form and covering matters of the type customarily covered in comfort
         letters in connection with primary underwritten offerings, subject to
         receipt of appropriate documentation as contemplated, and only if
         permitted, by Statement of Auditing Standards No. 72.

                  (r) In the case of the Registered Exchange Offer, if requested
         by any Initial Purchaser or any known Participating Broker-Dealer, the
         Company shall cause (i) its counsel to deliver to such Initial
         Purchaser or such Participating Broker-Dealer a signed opinion in the
         form set forth in Section 6(c) of the Purchase Agreement with such
         changes as are customary in connection with the preparation of a
         Registration Statement and (ii) its independent public accountants and
         the independent public accountants with respect to any other entity for
         which financial information is provided in the Registration Statement
         to deliver to such Initial Purchaser or such Participating
         Broker-Dealer a comfort letter, in customary form, meeting the
         requirements as to the substance thereof as set forth in Section 6(a)
         and (f) of the Purchase Agreement, with appropriate date changes.

                  (s) If a Registered Exchange Offer or a Private Exchange is to
         be consummated, upon delivery of the Initial Securities by Holders to
         the Company (or to such other Person as directed by the Company) in
         exchange for the Exchange Securities or the Private Exchange
         Securities, as the case may be, the Company shall mark, or caused to be
         marked, on the Initial Securities so

<PAGE>
                                                                               9

         exchanged that such Initial Securities are being canceled in exchange
         for the Exchange Securities or the Private Exchange Securities, as the
         case may be; in no event shall the Initial Securities be marked as paid
         or otherwise satisfied.

                  (t) The Company will use its reasonable best efforts to (a) if
         the Initial Securities have been rated prior to the initial sale of
         such Initial Securities, confirm such ratings will apply to the
         Securities covered by a Registration Statement, or (b) if the Initial
         Securities were not previously rated, cause the Securities covered by a
         Registration Statement to be rated with the appropriate rating
         agencies, if so requested by Holders of a majority in aggregate
         principal amount of Securities covered by such Registration Statement,
         or by the managing underwriters, if any.

                  (u) In the event that any broker-dealer registered under the
         Exchange Act shall underwrite any Securities or participate as a member
         of an underwriting syndicate or selling group or "assist in the
         distribution" (within the meaning of the Conduct Rules (the "RULES") of
         the National Association of Securities Dealers, Inc. ("NASD")) thereof,
         whether as a Holder of such Securities or as an underwriter, a
         placement or sales agent or a broker or dealer in respect thereof, or
         otherwise, the Company will assist such broker-dealer in complying with
         the requirements of such Rules, including, without limitation, by (i)
         if such Rules, including Rule 2720, shall so require, engaging a
         "qualified independent underwriter" (as defined in Rule 2720) to
         participate in the preparation of the Registration Statement relating
         to such Securities, to exercise usual standards of due diligence in
         respect thereto and, if any portion of the offering contemplated by
         such Registration Statement is an underwritten offering or is made
         through a placement or sales agent, to recommend the yield of such
         Securities, (ii) indemnifying any such qualified independent
         underwriter to the extent of the indemnification of underwriters
         provided in Section 6 hereof and (iii) providing such information to
         such broker-dealer as may be required in order for such broker- dealer
         to comply with the requirements of the Rules.

                  (v) The Company shall use its reasonable best efforts to take
         all other steps necessary to effect the registration of the Securities
         covered by a Registration Statement contemplated hereby.

         4. Market-Making. (a) For so long as any of the Initial Securities,
Exchange Securities or Private Exchange Securities are outstanding and JPMorgan
(in such capacity, the "Market-Maker") or any of its affiliates (as defined in
the rules and regulations of the Commission) owns any equity securities of the
Company, the Guarantors or any of their affiliates and proposes to make a market
in the Initial Securities, Exchange Securities or Private Exchange Securities as
part of its business in the ordinary course, the following provisions shall
apply for the sole benefit of the Market Maker:

                  (i) The Company and the Guarantors shall (A) on the date that
         the Exchange Offer Registration Statement is filed with the Commission,
         file a registration statement (the "Market-Making Registration
         Statement") (which may be the Exchange Offer Registration Statement or
         the Shelf Registration Statement if permitted by the rules and
         regulations of the Commission) and use their best efforts to cause such
         Market-Making Registration Statement to be declared effective by the
         Commission on or prior to the consummation of the Exchange Offer; (B)
         periodically amend such Market-Making Registration Statement so that
         the information contained therein complies with the requirements of
         Section 10(a) under the Securities Act; (C) amend the Market-Making
         Registration Statement or supplement the related prospectus when
         necessary to reflect any material changes in the information provided
         therein; and (D) amend the Market-Making Registration Statement when
         required to do so in order to comply with Section 10(a)(3) of the
         Securities Act; provided, however, that (1) prior to filing the
         Market-Making Registration Statement, any amendment thereto or any
         supplement to the related prospectus, the Company will furnish to the
         Market-Maker copies of all such documents proposed to be filed, which
         documents will be subject to the review of the Market-Maker and its
         counsel, (2) the Company and the Guarantors will not file the
         Market-Making Registration Statement, any amendment thereto or any
         supplement to the related prospectus to which the Market-Maker and its
         counsel shall reasonably object unless the Company is advised by
         counsel that such Market-Making Registration Statement, amendment or
         supplement is required to be filed and (3) the Company will provide the
         Market-Maker and its counsel with copies of the Market-Making
         Registration Statement and each amendment and supplement filed.

                  (ii) The Company shall notify the Market-Maker and, if
         requested by the Market-Maker, confirm such advice in writing, (A) when
         any post-effective amendment to the Market-Making Registration
         Statement or any amendment or supplement to the related prospectus has
         been filed, and, with respect to any post-effective amendment, when the
         same has become effective; (B) of any request by the Commission for any
         post-effective amendment to the Market-Making

<PAGE>
                                                                              10

         Registration Statement, any supplement or amendment to the related
         prospectus or for additional information; (C) the issuance by the
         Commission of any stop order suspending the effectiveness of the
         Market-Making Registration Statement or the initiation of any
         proceedings for that purpose; (D) of the receipt by the Company of any
         notification with respect to the suspension of the qualification of the
         Initial Securities, Exchange Securities or Private Exchange Securities
         for sale in any jurisdiction or the initiation or threatening of any
         proceedings for such purpose; (E) of the happening of any event that
         makes any statement made in the Market-Making Registration Statement,
         the related prospectus or any amendment or supplement thereto untrue or
         that requires the making of any changes in the Market-Making
         Registration Statement, such prospectus or any amendment or supplement
         thereto, in order to make the statements therein not misleading; and
         (F) of any advice from a nationally recognized statistical rating
         organization that such organization has placed the Company under
         surveillance or review with negative implications or has determined to
         downgrade the rating of the Initial Securities, Exchange Securities or
         Private Exchange Securities or any other debt obligation of the Company
         whether or not such downgrade shall have been publicly announced.

                  (iii) If any event contemplated by Section 4(a)(ii)(B) through
         (E) occurs during the period for which the Company and the Guarantors
         are required to maintain an effective Market-Making Registration
         Statement, the Company and the Guarantors shall promptly prepare and
         file with the Commission a post-effective amendment to the
         Market-Making Registration Statement or a supplement to the related
         prospectus or file any other required document so that the prospectus
         will not include an untrue statement of a material fact or omit to
         state a material fact necessary in order to make the statements
         therein, in the light of the circumstances under which they were made,
         not misleading.

                  (iv) In the event of the issuance of any stop order suspending
         the effectiveness of the Market-Making Registration Statement or of any
         order suspending the qualification of the Initial Securities, Exchange
         Securities or Private Exchange Securities for sale in any jurisdiction,
         the Company and the Guarantors shall use promptly their reasonable best
         efforts to obtain the withdrawal of such order and suspension.

                  (v) The Company and the Guarantors shall furnish to the
         Market-Maker, without charge, (i) at least one conformed copy of the
         Market-Making Registration Statement and any post-effective amendment
         thereto; and (ii) as many copies of the related prospectus and any
         amendment or supplement thereto as the Market-Maker may reasonably
         request.

                  (vi) The Company and the Guarantors shall consent to the use
         of the prospectus contained in the Market-Making Registration Statement
         or any amendment or supplement thereto by the Market-Maker in
         connection with its market making activities.

                  (vii) Notwithstanding the foregoing provisions of this Section
         4, the Company and the Guarantors may for valid business reasons,
         including without limitation, a potential acquisition, divestiture of
         assets or other material corporate transaction, issue a notice that the
         Market-Making Registration Statement is no longer effective or the
         prospectus included therein is no longer usable for offers and sales of
         Initial Securities, Exchange Securities or Private Exchange Securities
         and may issue any notice suspending use of the Market-Making
         Registration Statement required under applicable securities laws to be
         issued; provided, however, that the use of the Market-Making
         Registration Statement shall not be suspended for more than 60 days in
         the aggregate in any consecutive 12 month period. The Market-Maker
         agrees that upon receipt of any notice from the Company pursuant to
         this Section 4(a)(vii), it will discontinue use of the Market-Making
         Registration Statement until receipt of copies of the supplemented or
         amended prospectus relating thereto or until advised in writing by the
         Company that the use of the Market-Making Registration Statement may be
         resumed.

                  (b) In connection with the Market-Making Registration
Statement, the Company shall (i) make reasonably available for inspection by a
representative of, and counsel acting for, the Market-Maker all relevant
financial and other records, pertinent corporate documents and properties of the
Company and its subsidiaries and (ii) use its reasonable best efforts to have
its officers, directors, employees, accountants and counsel supply all relevant
information reasonably requested by such representative or counsel or the
Market-Maker.

                  (c) Prior to the effective date of the Market-Making
Registration Statement, the Company and the Guarantors will use their reasonable
best efforts to register or qualify Securities for offer and sale under the
securities or blue sky laws of such jurisdictions as the Market-Maker reasonably

<PAGE>
                                                                              11

requests in writing and do any and all other acts or things necessary or
advisable to enable the offer and sale in such jurisdictions of the Initial
Securities, Exchange Securities or Private Exchange Securities covered by the
Market-Making Registration Statement; provided, however, that the Company and
the Guarantors will not be required to qualify generally to do business in any
jurisdiction where they are not then so qualified or to take any action which
would subject them to general service of process or to taxation in any such
jurisdiction where they are not then so subject.

                  (d) The Company and the Guarantors represent that the
Market-Making Registration Statement, any post-effective amendments thereto, any
amendments or supplements to the related prospectus and any documents filed by
them under the Exchange Act will, when they become effective or are filed with
the Commission, as the case may be, conform in all respects to the requirements
of the Securities Act and the Exchange Act and the rules and regulations of the
Commission thereunder and will not, as of the effective date of such
Market-Making Registration Statement or post-effective amendments and as of the
filing date of amendments or supplements to such prospectus or filings under the
Exchange Act, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein in light of the circumstances under which they were made not misleading;
provided, however, that no representation or warranty is made as to information
contained in or omitted from the Market-Making Registration Statement or the
related prospectus in reliance upon and in conformity with written information
furnished to the Company by the Market-Maker specifically for inclusion therein,
which information the parties hereto agree will be limited to the statements
concerning the Market-Making activities of the Market-Maker to be set forth on
the cover page and in the "Plan of Distribution" section of the prospectus (the
"Market-Maker's Information").

                  (e) At the time of effectiveness of the Market-Making
Registration Statement (unless it is the same as the time of effectiveness of
the Exchange Offer Registration Statement) and concurrently with each time the
Market-Making Registration Statement or the related prospectus shall be amended
or such prospectus shall be supplemented, the Company shall (if requested in
writing by the Market-Maker) furnish the Market-Maker and its counsel with a
certificate of its Chairman of the Board of Directors or Chief Financial Officer
to the effect that:

                  (i) the Market-Making Registration Statement has been declared
         effective; (ii) in the case of an amendment or supplement, such
         amendment has become effective under the Securities Act as of the date
         and time specified in such certificate, if applicable; if required,
         such amendment or supplement to the prospectus was filed with the
         Commission pursuant to the subparagraph of Rule 424(b) under the
         Securities Act specified in such certificate on the date specified
         therein; (iii) to the knowledge of such officers, no stop order
         suspending the effectiveness of the Market-Making Registration
         Statement has been issued and no proceeding for that purpose is pending
         or threatened by the Commission; (iv) such officers have carefully
         examined the Market-Making Registration Statement and the prospectus
         (and, in the case of an amendment or supplement, such amendment or
         supplement) and as of the date of such Market-Making Registration
         Statement, amendment or supplement, as applicable, the Market-Making
         Registration Statement and the prospectus, as amended or supplemented,
         if applicable, did not include any untrue statement of a material fact
         and did not omit to state a material fact required to be stated therein
         or necessary to make the statements therein not misleading.

                  (f) At the time of effectiveness of the Market-Making
Registration Statement (unless it is the same as the time of effectiveness of
the Exchange Offer Registration Statement) and concurrently with each time the
Market-Making Registration Statement or the related prospectus shall be amended
or such prospectus shall be supplemented, the Company shall (if requested in
writing by the Market-Maker) furnish the Market-Maker and its counsel with the
written opinion of counsel for the Company satisfactory to the Market-Maker to
the effect that:

                  (i) the Market-Making Registration Statement has been declared
         effective; (ii) in the case of an amendment or supplement, such
         amendment has become effective under the Securities Act as of the date
         and time specified in such opinion, if applicable; if required, such
         amendment or supplement to the prospectus was filed with the Commission
         pursuant to the subparagraph of Rule 424(b) under the Securities Act
         specified in such opinion on the date specified therein; (iii) to the
         knowledge of such counsel, no stop order suspending the effectiveness
         of the Market-Making Registration Statement has been issued and no
         proceeding for that purpose is pending or threatened by the Commission;
         and (iv) such counsel has reviewed the Market-Making Registration
         Statement and the prospectus (and, in the case of an amendment or
         supplement, such amendment or supplement)

<PAGE>
                                                                              12

         and participated with officers of the Company and independent public
         accountants for the Company in the preparation of such Market-Making
         Registration Statement and prospectus (and, in the case of an amendment
         or supplement, such amendment or supplement) and has no reason to
         believe that (except for the financial statements and other financial
         and statistical data contained therein as to which no belief is
         required) as of the date of such Market-Making Registration Statement,
         amendment or supplement, as applicable, the Market-Making Registration
         Statement and the prospectus, as amended or supplemented, if
         applicable, contained any untrue statement of a material fact or
         omitted to state a material fact required to be stated therein or
         necessary to make the statements therein not misleading.

                  (g) At the time of effectiveness of the Market-Making
Registration Statement (unless it is the same as the time of effectiveness of
the Exchange Offer Registration Statement) and concurrently with each time the
Market-Making Registration Statement or the related prospectus shall be amended
or such prospectus shall be supplemented to include audited annual financial
information, the Company shall (if requested in writing by the Market-Maker)
furnish the Market-Maker and its counsel with a letter of KPMG LLP (or other
independent public accountants for the Company or the Guarantors of nationally
recognized standing) in form satisfactory to the Market-Maker, addressed to the
Market-Maker and dated the date of delivery of such letter, (i) confirming that
they are independent public accountants within the meaning of the Securities Act
and are in compliance with the applicable requirements relating to the
qualification of accountants under Rule 2-01 of Regulation S-X of the Commission
and (ii) in all other respects substantially in the form of the letter delivered
to the Initial Purchasers pursuant to Section 6(a) of the Purchase Agreement
(after giving effect, if applicable, to any change in status of the Parent
Guarantor as a "public entity" within the meaning of Statement of Auditing
Standards No. 7) with, in the case of an amendment or supplement to include
audited financial information, such changes as may be necessary to reflect the
amended or supplemented financial information.

                  (h) The Company and the Guarantors, on the one hand, and the
Market-Maker, on the other hand, hereby agree to indemnify each other and, if
applicable, contribute to the other in accordance with Section 6 of this
Agreement.

                  (i) The Company will comply with the provisions of this
Section 4 at its own expense and will reimburse the Market-Maker for its
expenses associated with this Section 4 (including reasonable fees of counsel).

                  (j) The agreements contained in this Section 4 and the
representations, warranties and agreements contained in this Agreement shall
survive all offers and sales of the Securities and shall remain in full force
and effect, regardless of any termination or cancellation of this Agreement or
any investigation made by or on behalf of any indemnified party.

                  (k) For purposes of this Section 4, any reference to the terms
"amend", "amendment" or "supplement" with respect to the Market-Making
Registration Statement or the prospectus contained therein shall be deemed to
refer to and include the filing under the Exchange Act of any document deemed to
be incorporated therein by reference.

         5.  Registration Expenses.

                  (a) All expenses incident to the Company's performance of and
         compliance with this Agreement will be borne by the Company, regardless
         of whether a Registration Statement is ever filed or becomes effective,
         including without limitation;

                           (i) all registration and filing fees and expenses;

                           (ii) all fees and expenses of compliance with federal
                  securities and state "blue sky" or securities laws;

                           (iii) all expenses of printing (including printing
                  certificates for the Securities to be issued in the Registered
                  Exchange Offer and the Private Exchange and printing of
                  Prospectuses), messenger and delivery services and telephone;

                           (iv) all fees and disbursements of counsel for the
                  Company;

                           (v) all application and filing fees in connection
                  with listing the Exchange Securities on a national securities
                  exchange or automated quotation system pursuant to the
                  requirements hereof; and

<PAGE>
                                                                              13

                           (vi) all fees and disbursements of independent
                  certified public accountants of the Company (including the
                  expenses of any special audit and comfort letters required by
                  or incident to such performance).

                  The Company will bear its internal expenses (including,
         without limitation, all salaries and expenses of its officers and
         employees performing legal or accounting duties), the expenses of any
         annual audit and the fees and expenses of any person, including special
         experts, retained by the Company.

                  (b) In connection with any Registration Statement required by
         this Agreement, the Company will reimburse the Initial Purchasers and
         the Holders of Transfer Restricted Securities who are tendering Initial
         Securities in the Registered Exchange Offer and/or selling or reselling
         Securities pursuant to the "Plan of Distribution" contained in the
         Exchange Offer Registration Statement or the Shelf Registration
         Statement, as applicable, for the reasonable fees and disbursements of
         not more than one counsel, who shall be Cravath, Swaine & Moore unless
         another firm shall be chosen by the Holders of a majority in principal
         amount of the Transfer Restricted Securities for whose benefit such
         Registration Statement is being prepared.

         6. Indemnification.

                  (a) The Company and the Guarantors jointly and severally agree
         to indemnify and hold harmless (x) each Holder of the Securities
         (including the Market-Maker), any Participating Broker-Dealer and each
         person, if any, who controls such Holder or such Participating
         Broker-Dealer within the meaning of the Securities Act or the Exchange
         Act (each Holder, any Participating Broker-Dealer and such controlling
         persons are referred to collectively as the "INDEMNIFIED PARTIES") from
         and against any losses, claims, damages or liabilities, joint or
         several, or any actions in respect thereof (including, but not limited
         to, any losses, claims, damages, liabilities or actions relating to
         purchases and sales of the Securities) to which each Indemnified Party
         may become subject under the Securities Act, the Exchange Act or
         otherwise, insofar as such losses, claims, damages, liabilities or
         actions arise out of or are based upon any untrue statement or alleged
         untrue statement of a material fact contained in a Registration
         Statement or prospectus or in any amendment or supplement thereto or in
         any preliminary prospectus relating to a Shelf Registration, or arise
         out of, or are based upon, the omission or alleged omission to state
         therein a material fact required to be stated therein or necessary to
         make the statements therein not misleading, and shall reimburse, as
         incurred, the Indemnified Parties for any legal or other expenses
         reasonably incurred by them in connection with investigating or
         defending any such loss, claim, damage, liability or action in respect
         thereof; provided, however, that (i) the Company and the Guarantors
         shall not be liable in any such case to the extent that such loss,
         claim, damage or liability arises out of or is based upon any untrue
         statement or alleged untrue statement or omission or alleged omission
         made in a Registration Statement or prospectus or in any amendment or
         supplement thereto or in any preliminary prospectus relating to a Shelf
         Registration in reliance upon and in conformity with written
         information pertaining to such Holder or Market-Maker and furnished to
         the Company by or on behalf of such Holder or Market-Maker, as may be
         the case, specifically for inclusion therein and (ii) with respect to
         any untrue statement or omission or alleged untrue statement or
         omission made in any preliminary prospectus relating to a Shelf
         Registration Statement, the indemnity agreement contained in this
         subsection (a) shall not inure to the benefit of any Holder (including
         the Market-Maker) or Participating Broker-Dealer from whom the person
         asserting any such losses, claims, damages or liabilities purchased the
         Securities concerned, to the extent that a prospectus relating to such
         Securities was required to be delivered by such Holder or Participating
         Broker-Dealer under the Securities Act in connection with such purchase
         and any such loss, claim, damage or liability of such Holder or
         Participating Broker-Dealer results from the fact that there was not
         sent or given to such person, at or prior to the written confirmation
         of the sale of such Securities to such person, a copy of the final
         prospectus if the Company had previously furnished copies thereof to
         such Holder or Participating Broker-Dealer; and (y) the Market-Maker
         from and against any and all losses, claims, damages and liabilities
         (including, without limitation, legal fees and other expenses incurred
         in connection with any suit, action or proceeding or any claim
         asserted, as such fees and expenses are incurred), joint or several
         that arise out of, or are based upon, any breach of the Company or the
         Guarantors of their representations, warranties and agreements
         contained in Section 4 of this Agreement; provided further, however,
         that this indemnity agreement will be in addition to any liability
         which the Company may otherwise have to such Indemnified Party. The
         Company and the Guarantors jointly and severally shall also indemnify
         underwriters, their officers and directors and each person who controls
         such underwriters within the meaning of the Securities

<PAGE>
                                                                              14

         Act or the Exchange Act to the same extent as provided above with
         respect to the indemnification of the Holders of the Securities if
         requested by such Holders.

                  (b) Each Holder of the Securities (including the Market-Maker
         in connection with any prospectus delivery by the Market-Maker),
         severally and not jointly, will indemnify and hold harmless the Company
         and each person, if any, who controls the Company within the meaning of
         the Securities Act or the Exchange Act from and against any losses,
         claims, damages or liabilities or any actions in respect thereof, to
         which the Company or any such controlling person may become subject
         under the Securities Act, the Exchange Act or otherwise, insofar as
         such losses, claims, damages, liabilities or actions arise out of or
         are based upon any untrue statement or alleged untrue statement of a
         material fact contained in a Registration Statement or prospectus or in
         any amendment or supplement thereto or in any preliminary prospectus
         relating to a Shelf Registration, or arise out of or are based upon the
         omission or alleged omission to state therein a material fact necessary
         to make the statements therein not misleading, but in each case only to
         the extent that the untrue statement or omission or alleged untrue
         statement or omission was made in reliance upon and in conformity with
         written information pertaining to such Holder or Market-Maker and
         furnished to the Company by or on behalf of such Holder or
         Market-Maker, as the case may be, specifically for inclusion therein;
         and, subject to the limitation set forth immediately preceding this
         clause, shall reimburse, as incurred, the Company for any legal or
         other expenses reasonably incurred by the Company or any such
         controlling person in connection with investigating or defending any
         loss, claim, damage, liability or action in respect thereof.
         Notwithstanding any other provision of this Section 6(b), the Holders
         of the Securities (including the Market-Maker) shall not be liable for
         any indemnity claims hereunder in excess of the amount by which the net
         proceeds received by such Holders from the sale of the Securities
         pursuant to a Registration Statement or prospectus exceeds the amount
         of damages which such Holders have otherwise been required to pay by
         reason of such untrue or alleged untrue statement or omission or
         alleged omission, nor shall the Market-Maker be required to contribute
         any amount of its commission from the market-making transactions at
         issue. This indemnity agreement will be in addition to any liability
         which such Holder may otherwise have to the Company or any of its
         controlling persons.

                  (c) Promptly after receipt by an indemnified party under this
         Section 6 of notice of the commencement of any action or proceeding
         (including a governmental investigation), such indemnified party will,
         if a claim in respect thereof is to be made against the indemnifying
         party under this Section 6, notify the indemnifying party of the
         commencement thereof; but the omission so to notify the indemnifying
         party will not relieve it from any liability that it may have under
         this Section 6 except to the extent it has been materially prejudiced
         through the forfeiture of substantive rights and defenses by such
         failure, provided that the failure to notify the indemnifying party
         will not, in any event, relieve the indemnifying party from any
         obligations to any indemnified party other than the indemnification
         obligation provided in paragraph (a) or (b) above. In case any such
         action is brought against any indemnified party, and it notifies the
         indemnifying party of the commencement thereof, the indemnifying party
         will be entitled to participate therein and, to the extent that it may
         wish, jointly with any other indemnifying party similarly notified, to
         assume the defense thereof, with counsel reasonably satisfactory to
         such indemnified party (who shall not, except with the consent of the
         indemnified party, be counsel to the indemnifying party), and after
         notice from the indemnifying party to such indemnified party of its
         election so to assume the defense thereof the indemnifying party will
         not be liable to such indemnified party under this Section 6 for any
         legal or other expenses, other than reasonable costs of investigation,
         subsequently incurred by such indemnified party in connection with the
         defense thereof. In any such proceeding, any Indemnified Party shall
         have the right to retain its own counsel, but the fees and expenses of
         such counsel shall be at the expense of such Indemnifying Party unless
         (i) the Indemnifying Party and the Indemnified Party shall have
         mutually agreed to the contrary; (ii) the Indemnifying Party has failed
         within a reasonable time to retain counsel reasonably satisfactory to
         the Indemnified Party; (iii) the Indemnified Party shall have
         reasonably concluded that there may be legal defenses available to it
         that are different from or in addition to those available to the
         Indemnifying Party; or (iv) the named parties in any such proceeding
         (including any impleaded parties) include both the Indemnifying Party
         and the Indemnified Party and representation of both parties by the
         same counsel would be inappropriate due to actual or potential
         differing interests between them. It is understood and agreed that the
         Indemnifying Party shall not, in connection with any proceeding or
         related proceeding in the same jurisdiction, be liable for the fees and
         expenses of more than one separate firm (in addition to any local
         counsel) for all Indemnified Parties, and that all such fees and
         expenses shall be reimbursed as they are incurred. Any such separate
         firm for any Purchaser, its affiliates, directors and officers and any
         control persons of such Purchaser shall be designated in writing by
         CSFB and any such separate

<PAGE>
                                                                              15

         firm for the Company, the Guarantor and any control persons of the
         Company and the Guarantor shall be designated in writing by the Company
         and the Guarantor and any such separate firm for the Market Maker shall
         be designated in writing by the Market Maker. No indemnifying party
         shall, without the prior written consent of the indemnified party,
         effect any settlement of any pending or threatened action in respect of
         which any indemnified party is or could have been a party and indemnity
         could have been sought hereunder by such indemnified party unless such
         settlement (i) includes an unconditional release of such indemnified
         party from all liability on any claims that are the subject matter of
         such action, and (ii) does not include a statement as to or an
         admission of fault, culpability or a failure to act by or on behalf of
         any indemnified party.

                  (d) If the indemnification provided for in this Section 6 is
         unavailable or insufficient to hold harmless an indemnified party under
         subsections (a) or (b) above, then each indemnifying party shall
         contribute to the amount paid or payable by such indemnified party as a
         result of the losses, claims, damages or liabilities (or actions in
         respect thereof) referred to in subsection (a) or (b) above in such
         proportion as is appropriate to reflect the relative fault of the
         indemnifying party or parties on the one hand and the indemnified party
         on the other in connection with the statements or omissions that
         resulted in such losses, claims, damages or liabilities (or actions in
         respect thereof) as well as any other relevant equitable
         considerations. The relative fault of the parties shall be determined
         by reference to, among other things, whether the untrue or alleged
         untrue statement of a material fact or the omission or alleged omission
         to state a material fact relates to information supplied by the Company
         on the one hand or such Holder or such other indemnified party, as the
         case may be, on the other, and the parties' relative intent, knowledge,
         access to information and opportunity to correct or prevent such
         statement or omission. The amount paid by an indemnified party as a
         result of the losses, claims, damages or liabilities referred to in the
         first sentence of this subsection (d) shall be deemed to include any
         legal or other expenses reasonably incurred by such indemnified party
         in connection with investigating or defending any action or claim which
         is the subject of this subsection (d). Notwithstanding any other
         provision of this Section 6(d), the Holders of the Securities
         (including the Market-Maker) shall not be required to contribute any
         amount in excess of the amount by which the net proceeds received by
         such Holders from the sale of the Securities pursuant to a Registration
         Statement or prospectus exceeds the amount of damages which such
         Holders have otherwise been required to pay by reason of such untrue or
         alleged untrue statement or omission or alleged omission, nor shall the
         Market-Maker be required to contribute any amount of its commission
         from the market-making transactions at issue. No person guilty of
         fraudulent misrepresentation (within the meaning of Section 11(f) of
         the Securities Act) shall be entitled to contribution from any person
         who was not guilty of such fraudulent misrepresentation. For purposes
         of this paragraph (d), each person, if any, who controls such
         indemnified party within the meaning of the Securities Act or the
         Exchange Act shall have the same rights to contribution as such
         indemnified party and each person, if any, who controls the Company
         within the meaning of the Securities Act or the Exchange Act shall have
         the same rights to contribution as the Company.

                  (e) The agreements contained in this Section 6 shall survive
         the sale of the Securities pursuant to a Registration Statement and
         shall remain in full force and effect, regardless of any termination or
         cancellation of this Agreement or any investigation made by or on
         behalf of any indemnified party.

         7.  Additional Interest Under Certain Circumstances.

                  (a) Additional interest (the "ADDITIONAL INTEREST") with
         respect to the Securities shall be assessed as follows if any of the
         following events occur (each such event in clauses (i) through (iv)
         below being herein called a "REGISTRATION DEFAULT"):

                           (i) any Registration Statement required by this
                  Agreement is not filed with the Commission on or prior to the
                  applicable Filing Deadline;

                           (ii) any Registration Statement required by this
                  Agreement is not declared effective by the Commission on or
                  prior to the applicable Effectiveness Deadline;

                           (iii) the Registered Exchange Offer has not been
                  consummated on or prior to the Consummation Deadline; or

                           (iv) any Registration Statement required by this
                  Agreement has been declared effective by the Commission but
                  (A) such Registration Statement thereafter ceases to be
                  effective or (B) such Registration Statement or the related
                  prospectus ceases to be usable

<PAGE>
                                                                              16

                  in connection with resales of Transfer Restricted Securities
                  during the periods specified herein because either (1) any
                  event occurs as a result of which the related prospectus
                  forming part of such Registration Statement would include any
                  untrue statement of a material fact or omit to state any
                  material fact necessary to make the statements therein in the
                  light of the circumstances under which they were made not
                  misleading, or (2) it shall be necessary to amend such
                  Registration Statement or supplement the related prospectus,
                  to comply with the Securities Act or the Exchange Act or the
                  respective rules thereunder and, in the case of any such
                  amendments or supplements related solely to naming additional
                  Electing Holders as selling securityholders under a Shelf
                  Registration Statement, such amendments or supplements are not
                  filed and declared effective by the Commission within 20
                  business days of the Company's receipt of the applicable
                  Notice and Questionnaire.

                  Each of the foregoing will constitute a Registration Default
         whatever the reason for any such event and whether it is voluntary or
         involuntary or is beyond the control of the Company or pursuant to
         operation of law or as a result of any action or inaction by the
         Commission.

                  Additional Interest shall accrue on the Securities over and
         above the interest set forth in the title of the Securities from and
         including the date on which any such Registration Default shall occur
         to but excluding the date on which all such Registration Defaults have
         been cured, at a rate of 0.50% per annum (the "ADDITIONAL INTEREST
         RATE") for the first 90-day period immediately following the occurrence
         of such Registration Default. The Additional Interest Rate shall
         increase by an additional 0.50% per annum with respect to each
         subsequent 90-day period until the date on which all Registration
         Defaults have been cured, up to a maximum Additional Interest Rate of
         1.0% per annum. Notwithstanding the foregoing, Additional Interest
         shall not accrue on any Security that is no longer a Transfer
         Restricted Security.

                  (b) A Registration Default referred to in Section 7(a)(iv)
         hereof shall be deemed not to have occurred and be continuing in
         relation to a Shelf Registration Statement or the related prospectus if
         (i) such Registration Default has occurred solely as a result of (x)
         the filing of a post-effective amendment to such Shelf Registration
         Statement to incorporate annual audited financial information with
         respect to the Company where such post-effective amendment is not yet
         effective and needs to be declared effective to permit Holders to use
         the related prospectus or (y) other material events, with respect to
         the Company that would need to be described in such Shelf Registration
         Statement or the related prospectus and (ii) in the case of clause (y),
         the Company is proceeding promptly and in good faith to amend or
         supplement such Shelf Registration Statement and related prospectus to
         describe such events; provided, however, that in any case if such
         Registration Default occurs for a continuous period in excess of 30
         days, Additional Interest shall be payable in accordance with the above
         paragraph from the day such Registration Default occurs until such
         Registration Default is cured.

                  (c) Any amounts of Additional Interest due pursuant to Section
         7(a) will be payable in cash on the regular interest payment dates with
         respect to the Securities. The amount of Additional Interest will be
         determined by multiplying the applicable Additional Interest Rate by
         the principal amount of the Securities and further multiplied by a
         fraction, the numerator of which is the number of days such Additional
         Interest Rate was applicable during such period (determined on the
         basis of a 360-day year comprised of twelve 30-day months), and the
         denominator of which is 360.

                  (d) "TRANSFER RESTRICTED SECURITIES" means each Security until
         (i) the date on which such Security has been exchanged by a person
         other than a broker-dealer for a freely transferable Exchange Security
         in the Registered Exchange Offer, (ii) following the exchange by a
         broker-dealer in the Registered Exchange Offer of an Initial Security
         for an Exchange Security, the date on which such Exchange Security is
         sold to a purchaser who receives from such broker-dealer on or prior to
         the date of such sale a copy of the prospectus contained in the
         Exchange Offer Registration Statement, (iii) the date on which such
         Security has been effectively registered under the Securities Act and
         disposed of in accordance with the Shelf Registration Statement or (iv)
         the date on which such Security is distributed to the public pursuant
         to Rule 144 under the Securities Act or is saleable pursuant to Rule
         144(k) under the Securities Act.

         8. Rules 144 and 144A. The Company shall use its reasonable best
efforts to file the reports required to be filed by it under the Securities Act
and the Exchange Act in a timely manner and, if at any time the Company is not
required to file such reports, it will, upon the request of any Holder of
Securities or the Market-Maker, make publicly available other information so
long as necessary to permit sales of

<PAGE>
                                                                              17

their securities pursuant to Rules 144 and 144A. The Company covenants that it
will take such further action as any Holder of Securities or the Market-Maker
may reasonably request, all to the extent required from time to time to enable
such Holder or the Market-Maker to sell Securities without registration under
the Securities Act within the limitation of the exemptions provided by Rules 144
and 144A (including the requirements of Rule 144A(d)(4)). The Company will
provide a copy of this Agreement to prospective purchasers of Initial Securities
identified to the Company by the Initial Purchasers or the Market-Maker upon
request. Upon the request of any Holder of Initial Securities or the
Market-Maker, the Company shall deliver to such Holder or the Market-Maker, as
the case may be, a written statement as to whether it has complied with such
requirements. Notwithstanding the foregoing, nothing in this Section 8 shall be
deemed to require the Company to register any of its securities pursuant to the
Exchange Act.

         9. Underwritten Registrations. If any of the Transfer Restricted
Securities covered by any Shelf Registration are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers
that will administer the offering ("MANAGING UNDERWRITERS") will be selected by
the Holders of a majority in aggregate principal amount of such Transfer
Restricted Securities to be included in such offering.

         No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person's Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (ii)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements.

         10. Miscellaneous.

                  (a) Remedies. The Company acknowledges and agrees that any
         failure by the Company to comply with its obligations under Section 1
         and 2 hereof may result in material irreparable injury to the Initial
         Purchasers or the Holders for which there is no adequate remedy at law,
         that it will not be possible to measure damages for such injuries
         precisely and that, in the event of any such failure, the Initial
         Purchasers or any Holder may obtain such relief as may be required to
         specifically enforce the Company's obligations under Sections 1 and 2
         hereof. The Company further agrees to waive the defense in any action
         for specific performance that a remedy at law would be adequate.

                  (b) No Inconsistent Agreements. The Company will not on or
         after the date of this Agreement enter into any agreement with respect
         to its securities that is inconsistent with the rights granted to the
         Holders or the Market-Maker in this Agreement or otherwise conflicts
         with the provisions hereof. The rights granted to the Holders hereunder
         do not in any way conflict with and are not inconsistent with the
         rights granted to the holders of the Company's securities or the
         Market-Maker under any agreement in effect on the date hereof.

                  (c) Amendments and Waivers. The provisions of this Agreement
         may not be amended, modified or supplemented, and waivers or consents
         to departures from the provisions hereof may not be given, except by
         the Company and the written consent of the Holders of a majority in
         principal amount of the Securities affected by such amendment,
         modification, supplement, waiver or consents or, with respect to
         Section 4, the written consent of the Market-Maker. Without the consent
         of the Holder of each Security, however, no modification may change the
         provisions relating to the payment of Additional Interest.

                  (d) Notices. All notices and other communications provided for
         or permitted hereunder shall be made in writing by hand delivery,
         first-class mail, facsimile transmission, or air courier which
         guarantees overnight delivery:

                           (1) if to a Holder of the Securities or the
                  Market-Maker, at the most current address given by such Holder
                  or the Market-Maker to the Company.

                           (2) if to the Initial Purchasers;

                           Credit Suisse First Boston Corporation
                           Eleven Madison Avenue
                           New York, NY 10010-3629
                           Fax No.:  (212) 325-8278
                           Attention:  Transactions Advisory Group

<PAGE>
                                                                              18

                  with a copy to:

                           Cravath, Swaine & Moore
                           825 Eighth Avenue
                           New York, NY 10019
                           Fax No.:  (212) 474-3700
                           Attention:  William J. Whelan III

                           (3) if to the Company, at its address as follows:

                           Brand Services, Inc.
                           15450 South Outer Highway 40
                           Suite 270
                           Chesterfield, Mo. 63017
                           Fax No.:  (636) 519-1915
                           Attention:  Jeffrey W. Peterson

                  with a copy to:

                           Mayer, Brown, Rowe & Maw
                           1675 Broadway
                           New York, NY 10019-5820
                           Fax No.:  (212) 262-1910
                           Attention:  Mark Wojciechowski

                  All such notices and communications shall be deemed to have
         been duly given: at the time delivered by hand, if personally
         delivered; three business days after being deposited in the mail,
         postage prepaid, if mailed; when receipt is acknowledged by recipient's
         facsimile machine operator, if sent by facsimile transmission; and on
         the day delivered, if sent by overnight air courier guaranteeing next
         day delivery.

                  (e) Third Party Beneficiaries. The Holders shall be third
         party beneficiaries to the agreements made hereunder between the
         Company, on the one hand, and the Initial Purchasers, on the other
         hand, and shall have the right to enforce such agreements directly to
         the extent they may deem such enforcement necessary or advisable to
         protect their rights or the rights of Holders hereunder.

                  (f) Successors and Assigns. This Agreement shall be binding
         upon the Company and its successors and assigns.

                  (g) Counterparts. This Agreement may be executed in any number
         of counterparts and by the parties hereto in separate counterparts,
         each of which when so executed shall be deemed to be an original and
         all of which taken together shall constitute one and the same
         agreement.

                  (h) Headings. The headings in this Agreement are for
         convenience of reference only and shall not limit or otherwise affect
         the meaning hereof.

                  (i)  Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
         CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
         WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

                  (j) Severability. If any one or more of the provisions
         contained herein, or the application thereof in any circumstance, is
         held invalid, illegal or unenforceable, the validity, legality and
         enforceability of any such provision in every other respect and of the
         remaining provisions contained herein shall not be affected or impaired
         thereby.

                  (k) Securities Held by the Company. Whenever the consent or
         approval of Holders of a specified percentage of principal amount of
         Securities is required hereunder, Securities held by the Company or its
         affiliates (other than subsequent Holders of Securities if such
         subsequent Holders are deemed to be affiliates solely by reason of
         their holdings of such Securities) shall not be counted in determining
         whether such consent or approval was given by the Holders of such
         required percentage.

<PAGE>
                                                                              19

                  (l) Submission to Jurisdiction; Waiver of Immunities. By the
         execution and delivery of this Agreement, the Company submits to the
         nonexclusive jurisdiction of any federal or state court in the State of
         New York in any such suit or proceeding arising out of or relating to
         this Agreement that may be instituted in any such court or brought
         under federal or state securities laws. To the extent that the Company
         may acquire any immunity from jurisdiction of any court or from any
         legal process (whether through service of notice, attachment prior to
         judgment, attachment in aid of execution, execution or otherwise) with
         respect to itself or its property, it hereby irrevocably waives such
         immunity in respect of this Agreement, to the fullest extent permitted
         by law.

<PAGE>
                                                                              20

         If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the Issuer a counterpart hereof, whereupon
this instrument, along with all counterparts, will become a binding agreement
among the several Initial Purchasers, the Issuer, and the Guarantors in
accordance with its terms.

                              Very truly yours,

                              BRAND SERVICES, INC.

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                               BRAND ACQUISITION CORP.

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              BRAND SCAFFOLD SERVICES, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              BRAND SCAFFOLD RENTAL &
                              ERECTION, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              BRAND SCAFFOLD BUILDERS, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              SCAFFOLD-JAX, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

<PAGE>
                                                                              21

                              BRAND SCAFFOLD ERECTORS, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              SCAFFOLD BUILDING SERVICES, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              BRAND SPECIAL EVENTS, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              MIKE BROWN GRANDSTANDS, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              KWIKRIG, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              BRAND STAFFING SERVICES, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              SKYVIEW STAFFING, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              HIGHTOWER STAFFING, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

<PAGE>
                                                                              22

                              BRANDCRAFT LABOR, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

                              SKYVIEW SAFETY SERVICES, INC.,

                              by
                                 --------------------------------
                                 Name:
                                 Title:

<PAGE>
                                                                              23

The foregoing Registration
Rights Agreement is hereby confirmed
and accepted as of the date first
above written.

CREDIT SUISSE FIRST BOSTON CORPORATION
J.P. MORGAN SECURITIES INC.

By:  CREDIT SUISSE FIRST BOSTON CORPORATION

by
   -----------------------------------
   Name:
   Title:

By:  J.P. MORGAN SECURITIES INC.

by
   -----------------------------------
   Name:
   Title:

<PAGE>

                                                                         ANNEX A

Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed
that, for a period of 180 days after the consummation of the Registered Exchange
Offer (as defined herein), it will make this Prospectus available to any
broker-dealer for use in connection with any such resale. See "Plan of
Distribution."

<PAGE>

                                                                         ANNEX B

         Each broker-dealer that receives Exchange Securities for its own
account in exchange for Initial Securities, where such Initial Securities were
acquired by such broker-dealer as a result of market-making activities or other
trading activities, must acknowledge that it will deliver a prospectus in
connection with any resale of such Exchange Securities. See "Plan of
Distribution."

<PAGE>
                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

         Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a
result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180 days after the consummation of the Registered
Exchange Offer, it will make this prospectus, as amended or supplemented,
available to any broker-dealer for use in connection with any such resale. In
addition, until          , 200 , all dealers effecting transactions in the
Exchange Securities may be required to deliver a prospectus.(1)

         The Company will not receive any proceeds from any sale of Exchange
Securities by broker-dealers. Exchange Securities received by broker-dealers
for their own account pursuant to the Exchange Offer may be sold from time to
time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer or the purchasers of any such Exchange
Securities. Any broker-dealer that resells Exchange Securities that were
received by it for its own account pursuant to the Exchange Offer and any broker
or dealer that participates in a distribution of such Exchange Securities may be
deemed to be an "underwriter" within the meaning of the Securities Act and any
profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act.

         For a period of 180 days after the consummation of the Registered
Exchange, the Company will promptly send additional copies of this Prospectus
and any amendment or supplement to this Prospectus to any broker-dealer that
requests such documents in the Letter of Transmittal. The Company has agreed to
pay all expenses incident to the Exchange Offer (including the expenses of one
counsel for the Holders of the Securities) other than commissions or concessions
of any brokers or dealers and will indemnify the Holders of the Securities
(including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act.

--------
(1) In addition, the legend required by Item 502(e) of Regulation S-K will
appear on the inside front cover page of the Exchange Offer prospectus below the
Table of Contents.

<PAGE>

                                                                         ANNEX D

[ ] CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

         Name:
                  -----------------------------------------------------
         Address:
                  -----------------------------------------------------

If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

<PAGE>
                                                                       EXHIBIT A

                              BRAND SERVICES, INC.

             FORM OF SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

                                (DATE OF MAILING)

                      URGENT: IMMEDIATE ATTENTION REQUESTED

                             DEADLINE FOR RESPONSE:

The Depository Trust Company ("DTC") has identified you as a DTC Participant
through which beneficial interests in the 12% Senior Subordinated Notes due 2012
(the "Securities") of Brand Services, Inc. (the "Company") are held.

The Company is in the process of registering the Securities under the Securities
Act of 1933, as amended, for resale by the beneficial owners thereof. In order
to have their Securities included in the registration statement, beneficial
owners must complete and return the enclosed Selling Securityholder Notice and
Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights to have the Securities
included in the registration statement depend upon their returning the Notice
and Questionnaire by           . Please forward a copy of the enclosed documents
to each beneficial owner that holds interests in the Securities through you. If
you require more copies of the enclosed materials or have any questions
pertaining to this matter, please contact               .

                                       A-1

<PAGE>

                 SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

                  The undersigned holder (the "selling securityholder") of 12%
Senior Subordinated Notes Due 2012 (the "registrable securities") of Brand
Services, Inc. (the "Company"), understands that the Company, its parent company
and certain of its subsidiaries have filed or intend to file with the Securities
and Exchange Commission (the "SEC") a registration statement on an appropriate
form for the registration of the resale under Rule 415 of the Securities Act of
1933, as amended (the "Securities Act"), in accordance with the terms of the
Registration Rights Agreement dated as of the issue date of the registrable
securities, among the Company, the guarantors listed on the signature page
thereto and the initial purchasers party thereto (the "Registration Rights
Agreement"). A copy of the Registration Rights Agreement is available from the
Company upon request at the address set forth above.

                  Each beneficial owner of registrable securities is entitled to
the benefits of the Registration Rights Agreement. In order to sell or otherwise
dispose of any registrable securities pursuant to the shelf registration
statement (or any additional registration statement related thereto), a
beneficial owner of registrable securities generally will be required to be
named as a selling securityholder in the related prospectus, deliver a
prospectus to purchasers of registrable securities and be bound by those
provisions of the Registration Rights Agreement applicable to such beneficial
owner (including certain indemnification provisions, as described below).
Beneficial owners are encouraged to complete and deliver this Notice and
Questionnaire prior to the effectiveness of the shelf registration statement so
that such beneficial owners may be named as selling securityholders in the
related prospectus at the time of effectiveness. Any beneficial owner of
registrable securities wishing to include its registrable securities must
deliver to the Company a properly completed and signed copy of this Notice and
Questionnaire. The Company has agreed to pay additional interest pursuant to the
Registration Rights Agreement under certain circumstances as set forth therein.

                  Certain legal consequences arise from being named as a selling
securityholder in the shelf registration statement (or any additional
registration statement related thereto) and the related prospectus. Accordingly,
holders and beneficial owners of registrable securities are advised to consult
their own securities law counsel regarding the consequences of being named or
not being named as a selling securityholder in the shelf registration statement
(or any additional registration statement related thereto) and the related
prospectus.

NOTICE

                  The undersigned selling securityholder hereby gives notice to
the Company of its intention to sell or otherwise dispose of registrable
securities beneficially owned by it and listed below in Item 3 (unless otherwise
specified under Item 3) pursuant to the shelf registration statement (or any
additional registration statement related thereto). The undersigned, by signing
and returning this Notice and Questionnaire, understands and agrees that it will
be bound by the terms and conditions of this Notice and Questionnaire and the
Registration Rights Agreement.

                  The undersigned hereby provides the following information to
the Company and represents and warrants that such information is accurate and
complete.

                                       A-2

<PAGE>

                                  QUESTIONNAIRE

1.   (a)   Full legal name of selling securityholder:

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

     (b)   Full legal name of registered holder (if not the same as (a) above)
           through which registrable securities listed in (3) below are held:

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

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

     (c)   Full legal name of The Depository Trust Company participant (if
           applicable and if not the same as (b) above) through which
           registrable securities listed in (3) below are held:

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

2.         Address for notices to selling securityholder:

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

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

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

           Telephone (including area code):
                                           -------------------------------------

           Fax (including area code):
                                     -------------------------------------------

           Contact Person:
                          ------------------------------------------------------

3.         Beneficial ownership of registrable securities:

     (a)   Type and Principal Amount of registrable securities beneficially
           owned:

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

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

     (b)   CUSIP No(s). of such registrable securities beneficially owned:

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

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

4.         Beneficial ownership of the securities of the Company owned by the
           selling securityholder:

           Except as set forth below in this Item (4); the undersigned is not
           the beneficial or registered owner of any securities of the Company
           other than registrable securities listed above in Item (3).

                                       A-3

<PAGE>

     (a)   Type and Amount of other securities of the Company beneficially owned
           by the selling securityholder:

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

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

     (b)   CUSIP No(s). of such other securities of the Company beneficially
           owned:

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

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

     (c)   The amount securities to be offered for the security holder's
           account:

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

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

     (d)   The amount and (if one percent or more) the percentage of the class
           to be owned by such selling securityholder after completion of the
           offering:

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

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

5.         RELATIONSHIP WITH THE COMPANY:

           Except as set forth below, neither the undersigned nor any of its
           affiliates (as defined below), officers, directors or principal
           equity holders (5% or more) has held any position or office or has
           had any other material relationship within the past 3 years with the
           Company or any of its predecessors or affiliates.

           State any exception here:

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

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

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

6.         Plan of distribution:

           Except as set forth below, the undersigned (including its donees or
           pledgees) intends to distribute the registrable securities listed
           above in Item (3) pursuant to the shelf registration statement (or
           any additional registration statement related thereto) only as
           follows (if at all). Such registrable securities may be sold from
           time to time directly by the undersigned or, alternatively, through
           underwriters, in accordance with the Registration Rights Agreement,
           broker-dealers or agents. If the registrable securities are sold
           through underwriters or broker-dealers, the selling securityholder
           will be responsible for underwriting discounts or commissions or
           agent's commissions. Such registrable securities may be sold in one
           or more transactions at fixed prices, at

                                       A-4

<PAGE>

           prevailing market prices at the time of sale, at varying prices
           determined at the time of sale, or at negotiated prices. Such sales
           may be effected in transactions (which may involve block
           transactions) (i) on any national securities exchange or quotation
           service on which the registrable securities may be listed or quoted
           at the time of sale, (ii) in the over-the-counter market, (iii)
           otherwise than on such exchanges or services or in the
           over-the-counter market, or (iv) through the writing of options. In
           connection with sales of the registrable securities or otherwise, the
           undersigned may enter into hedging transactions with broker-dealers,
           which may in turn engage in short sales of the registrable securities
           and deliver registrable securities to close out such short positions,
           or loan or pledge registrable securities to broker-dealers that in
           turn may sell such securities.

           State any exceptions here:

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

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

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

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

7.         NASD affiliates and Relationships with Broker-Dealers:

           Except as set forth below, the undersigned is not a broker or dealer
           (as such terms are defined in the Securities Exchange Act of 1934, as
           amended (the "Exchange Act"), or an "affiliate" (see definition
           above) of any broker or dealer.

           State any exceptions here:

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

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

           If the undersigned is not a broker-dealer but is an affiliate of a
           broker-dealer, please check the appropriate box next to each
           statement if the following statements are true:

                  [ ]      the undersigned has acquired the registrable
                           securities in the ordinary course of its business

                  [ ]      the undersigned did not have any arrangement or
                           agreement with any person with respect to the
                           distribution of the registrable securities at the
                           time that it acquired the registrable securities

           The undersigned acknowledges, agrees and understands that if (a) the
           undersigned is a broker or dealer or (b) unless both of the above
           boxes are checked, the undersigned is an affiliate of a broker or
           dealer, the undersigned may need to be identified as an "underwriter"
           in the shelf registration statement (or any additional registration
           statement related thereto) and the related prospectus.

                                       A-5

<PAGE>

           List the name and address of any NASD affiliate and briefly describe
           the nature of the relationship and any arrangements relating to the
           sale of any of the registrable securities:

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

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

                  The undersigned acknowledges that it understands its
obligation to comply with the provisions of the Securities Act and the Exchange
Act and the rules thereunder relating to prospectus delivery requirements, stock
manipulation, particularly Regulation M thereunder (or any successor rules or
regulations), in connection with any offering of registrable securities pursuant
to the shelf registration statement, or fail to take such action. The
undersigned agrees that neither it nor any person acting on its behalf will
engage in any transaction, or fail to take such action, in violation of such
provisions.

                  The selling securityholder hereby acknowledges its obligations
under the Registration Rights Agreement to indemnify and hold harmless certain
persons as set forth therein.

                  Pursuant to the Registration Rights Agreement, the Company has
agreed under certain circumstances to indemnify the selling securityholders
against certain liabilities.

                  In accordance with the undersigned's obligation under the
Registration Rights Agreement to provide such information as may be required by
law for inclusion in the shelf registration statement (or any additional
registration statement related thereto) and the related prospectus, the
undersigned agrees to promptly notify the company of any inaccuracies or changes
in the information provided herein that may occur subsequent to the date hereof
at any time while the shelf registration statement (or any additional
registration statement related thereto) and the related prospectus remain
effective. All notices hereunder and pursuant to the registration rights
agreement shall be made in writing at the address set forth below.

                                       A-6

<PAGE>

                  By signing below, the undersigned consents to the disclosure
of the information contained herein in its answers to items (1) through (7)
above and the inclusion of such information in the shelf registration statement
(or any additional registration statement related thereto) and the related
prospectus. The undersigned understands that such information will be relied
upon by the Company in connection with the preparation or amendment of the shelf
registration statement (or any additional registration statement related
thereto) and the related prospectus.

                  IN WITNESS WHEREOF, the undersigned, by authority duly given,
has caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

                                     Beneficial Owner

                                     By:
                                        --------------------------------------
                                     Name:
                                     Title:
Dated:

                                       A-7

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