Document:

EXHIBIT 10.1

         

        AMENDMENT NO. 3 TO THE AMENDED AND RESTATED

        RECEIVABLES PURCHASE AGREEMENT

        THIS AMENDMENT NO. 3 TO THE AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of September 30, 2009, is among VOLT FUNDING CORP., a Delaware corporation (the “Seller”), VOLT INFORMATION SCIENCES, INC., a New York corporation, in
        its individual capacity (“Volt”) and in its capacity as servicer (in such capacity, the “Servicer”), MARKET STREET FUNDING LLC, a Delaware limited liability company (“Market Street”), as a Buyer (the “Buyer”), PNC BANK, NATIONAL
        ASSOCIATION, a national banking association, (“PNC”), as Buyer Agent for Market Street, (the “Buyer Agent”), and PNC BANK, NATIONAL ASSOCIATION, a national banking association, as Administrator (in such capacity, the “Administrator”).

        BACKGROUND

        WHEREAS, after giving effect to the Relationship Funding Assignment Agreement (as defined in Section 4 below), the Seller, the Servicer, Volt, the Buyer, the Buyer Agent and the Administrator are the only continuing parties to the Amended and Restated Receivables Purchase Agreement dated as of June 3, 2008 (as amended, supplemented and/or otherwise modified prior to giving effect
        to this Amendment, the “Amended and Restated Receivables Purchase Agreement”); and

        WHEREAS, the Seller, the Servicer, Volt, the Buyer, the Buyer Agent and the Administrator desire to amend the Amended and Restated Receivables Purchase Agreement;

        NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

        SECTION 1.   Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Amended and Restated Receivables Purchase Agreement.

        SECTION 2.   Amendments to Amended and Restated Receivables Purchase Agreement. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Amended and Restated Receivables Purchase Agreement is hereby amended as follows:

        (a)       The definition of “Concentration Limit” set forth in Section 1.01 of the Amended and Restated Receivables Purchase Agreement is hereby amended by deleting the table set forth therein and replacing such table with the table set forth below and deleting the last sentence of such definition and replacing such sentence with the
        sentence following the table below:

         

         

         

        

        
            1
        

        
            

        

         

        
            	
                        OBLIGOR GROUP

                    	
                        CONCENTRATION LIMIT OF PARTICULAR OBLIGOR (AND SUBSIDIARIES AND OTHER AFFILIATES)

                    	
                        SHORT-TERM RATING FROM S&P/MOODY'S

                    	
                        LONG-TERM SENIOR UNSECURED DEBT RATING FROM S&P/MOODY'S

                    
	
                        AA

                    	
                        16%

                    	
                        Not Applicable

                    	
                        at least AA/

                        at least Aa2

                    
	
                        A

                    	
                        14%

                    	
                        A-1/P-1

                    	
                        at least A+ but less than AA/

                        at least A1 but less than Aa2

                    
	
                        B

                    	
                        8%

                    	
                        A-2/P-2

                    	
                        at least BBB+, but less than A+/

                        at least Baa1, but less than A1

                    
	
                        C

                    	
                        6%

                    	
                        A-3/P-3

                    	
                        at least BBB-, but less than BBB+/

                        at least Baa3, but less than Baa1

                    
	
                        D

                    	
                        3.5%

                    	
                        Not Applicable

                    	
                        Not Applicable

                    

        

        It being understood that any change to the definition of Concentration Limit shall be subject to the Rating Agency Condition, if required.

        (b)       A new definition of “Concentration Reserve Percentage” is hereby inserted in the correct alphabetical location in Section 1.01 of the Amended and Restated Receivables Purchase Agreement:

        “‘Concentration Reserve Percentage’ means, at any time, (a) the largest of (i) the sum of the Account Balances of all the Eligible Receivables owing from each of the five (5) Group D Obligors (including Eligible Receivables owing from such Group D Obligor’s subsidiaries and Affiliates) with the highest Account Balances of Eligible Receivables of all Group D Obligors (up to the Concentration
        Limit for such Group D Obligor), (ii) the sum of the Account Balances of all the Eligible Receivables owing from each of the three (3) Group C Obligors (including Eligible Receivables owing from such Group C Obligor’s subsidiaries and Affiliates) with the highest Account Balances of Eligible Receivables of all Group C Obligors (up to the Concentration Limit for such Group C Obligor), (iii) the sum of the Account Balances of all the Eligible Receivables owing from each of the (2)
        two Group B Obligors (including Eligible Receivables owing from such Group B Obligor’s subsidiaries and Affiliates) with the highest Account Balances of Eligible Receivables of all Group B Obligors (up to the Concentration Limit for such Group B Obligor) and (iv) the Account Balances of all the Eligible Receivables owing from the Group A Obligor (including Eligible Receivables owing from such Group A Obligor’s subsidiaries and Affiliates) with the highest Account Balances of
        Eligible Receivables of all Group A Obligors (up to the Concentration Limit for such Group A Obligor), divided by (b) the aggregate of the Account Balances of the Eligible Receivables in the Receivables Pool outstanding as of the last Business Day of the prior Accounting Period.”

         

        
            

            
                 
            

             

            

        

        
            2
        

        
            

        

        (c)       The definition of “Credit Dilution Reserve” appearing in Section 1.01 of the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following:

        “‘Credit Dilution Reserve” means, on any date, the product, expressed as a percentage, of (a) the Dilution Horizon multiplied by (b) the sum of (i) 2.5 times the Average Dilution Ratio and (ii) the Dilution Spike Factor.”

        (d)       The definition of “Credit Enhancement Floor” appearing in Section 1.01 of the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following:

        “‘Credit Enhancement Floor’ shall mean, with respect to any Settlement Date, the greater of (a) fourteen percent (14%) and (b) the Concentration Reserve Percentage.”

        (e)       The definition of “Credit Loss Reserve” appearing in Section 1.01 of the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following:

        “‘Credit Loss Reserve’ shall mean, with respect to any Settlement Date, the product, expressed as a percentage, of (i) 2.5, (ii) the Loss Ratio as of such Settlement Date and (iii) the Loss Horizon Ratio as of such Settlement Date.”

        (f)        A new definition of “Delinquency Ratio” is hereby inserted in the correct alphabetical location in Section 1.01 of the Amended and Restated Receivables Purchase Agreement:

        “‘Delinquency Ratio’ shall mean, with respect to any Settlement Date, a fraction, expressed as a percentage, the number of which is the aggregate outstanding balance of all Receivables on which any amount is unpaid for more than ninety (90) days after the original due date or, without duplication, would otherwise be considered delinquent in accordance with the Credit and Collection Policy and the
        denominator of which is the aggregate outstanding balance of all Receivables in the Receivables Pool.”

         

        
            

            
                 
            

             

            

        

        
            3
        

        
            

        

        (g)       The definition of “Yield Reserve” in Section 1.01 of the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following:

        “‘Yield Reserve’ shall mean, with respect to any Settlement Period, an amount equal to the following amount:

        {(RR + SFR) x 2.0(DSO) x Eligible Receivables}

                   360

        where:

        
            	
                         

                    	
                        RR

                    	
                        =

                    	
                        the Reference Rate in effect at such time,

                    
	
                    	
                        DSO

                    	
                        =

                    	
                        the Days’ Sales Outstanding, and

                    
	
                    	
                        SFR

                    	
                        =

                    	
                        Servicer’s Compensation Rate.”

                    

        

        
             
        

        (h)       Section 9.01(s)(iv) of the Amended and Restated Receivables Purchase Agreement is, only after the date the Seller’s Restated Certificate of Incorporation, which complies with all the requirements of Section 7 of this Amendment, is filed with the Delaware Secretary of State, hereby deleted in its entirety and replaced with the
        following:

        “(iv)    at all times from and after the filing of Seller’s Restated Certificate of Incorporation, which in any event complies with Section 7 of Amendment No. 3 to this Agreement, with the Delaware Secretary of State as required by Section 7 of Amendment No. 3 to this Agreement:

        (A)      have not less than one member of Seller’s Board of Directors who is an individual who: (1) has (x) prior experience as an independent director for a corporation, or as an independent director or independent manager for a limited liability company, whose organizational documents required the unanimous consent of all independent directors (or
        independent managers) thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy, and (y) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of
        securitization or structured finance instruments, agreements or securities; (2) is reasonably acceptable to the Administrator as evidenced in a writing executed by the Administrator; and (3) is not, and has not been for a period of five years prior to his or her appointment as an independent director of the Seller (in the case of any Person so serving as of the effectiveness of Amendment No. 3 to this Agreement, for a period of five (5) years prior to such effectiveness): (v) a
        stockholder (whether direct, indirect or beneficial), customer, advisor or Significant Supplier of the Company or any of its respective Affiliates, (w) a director (except as an independent director of the Seller), officer, employee, partner, attorney or consultant of the Company or any of its Affiliates (the Company and its Affiliates other than the Seller being hereinafter referred to as the “Parent Group”), (x) a Family Member of any Person (other than a stockholder)
        referred to in clauses (v) or (w) above and with respect to a stockholder referred to in clause (v) above, a Stockholder Family Member of such stockholder, (y) an individual or other Person controlling or under common control with any such stockholder, partner, customer, Significant Supplier, employee, officer or director, or (z) a trustee, conservator or receiver for any member of the Parent Group (such an individual meeting the requirements set forth above, the “Independent
        Director”) ;

        
            

            
                 
            

        

        
            4
        

        
            

        

         

        For the purposes of Section 9.01(s)(iv)(A)(3)(x) above, “Family Member” of a specified individual shall mean: (1) a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law (and in each case including adoptive relationships) of such specified individual; and (2) any other
        individual (except employees) who shares such specified individual’s home, whether or not related by blood or marriage.

        For the purposes of Section 9.01(s)(iv)(A)(3)(x) above, “Stockholder Family Member” of a specified individual shall mean: (1) a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or sibling (and in each case including adoptive relationships) of such specified individual; (2) any other individual (except employees) who shares such specified individual’s home,
        whether or not related by blood or marriage; and (3) a mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of such specified individual, but only if such mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law beneficially owns, directly or indirectly, two (2%) percent or more of the outstanding shares of any class of capital stock (or any other voting interest or equity interest) of the Company or of any other
        entity included within the Parent Group.

        For the purposes of Section 9.01(s)(iv)(A)(3)(y) above, “control” means the possession directly or indirectly of the power to direct or cause the direction of management policies or activities of a person or entity whether through ownership of voting securities, by contract or otherwise.

        For the purposes of Sections 9.01(s)(iv)(A)(3)(v) and (y) above, “Significant Supplier” means a supplier (including such supplier’s Affiliates) as to which the Parent Group collectively in the most recent full fiscal year of the Company made payments in consideration for products and services of such supplier and its Affiliates in excess of three (3%) percent of the consolidated
        gross revenues of the Parent Group during such fiscal year.

         

        
            

            
                 
            

        

        
            5
        

        
            

        

         

        (B)      cause its certificate of incorporation to provide that:  (1) at least one member of the Seller’s Board of Directors shall be an Independent Director; (2) the Seller’s Board of Directors shall not have authority to approve, or to take any other action to cause, the filing of a voluntary bankruptcy petition with respect to the Seller
        except on the unanimous vote of the Seller’s Board of Directors (which vote shall include the affirmative vote of all Independent Directors) or upon the unanimous written consent of the Seller’s Board of Directors (which written consent shall include the written consent of all Independent Directors); (3) the Seller’s Board of Directors shall not vote on any matter requiring the vote of its Independent Directors under its certificate of incorporation unless and
        until at least one Independent Director is then serving on the Seller’s Board of Directors; and (4) the provisions contained in its certificate of incorporation requiring an Independent Director and implementing the matters described in clauses (2) and (3) of this paragraph (iv)(B) cannot be amended without the prior written consent of each Independent Director;”

        (i)        Section 9.01(s) of the Amended and Restated Receivables Purchase Agreement is amended by deleting the period at the end of clause (x) and replacing it with “and” and inserting the following clause (xi) immediately thereafter:

        “(xi)    not cause, suffer or permit an Independent Director to serve concurrently or thereafter as a trustee in bankruptcy for the Seller, the Company or any Affiliate thereof.”

        (j)        Section 10.01 of the Amended and Restated Receivables Purchase Agreement is amended by deleting the period at the end of clause (q) and replacing it with “; or” and inserting the following clause (r) immediately thereafter:

        “(r)      the average Delinquency Ratio for any three consecutive Accounting Periods is greater than 3%.”

        (k)       Market Street’s Maximum Net Investment of $125,000,000 as set forth on signature page “S-1” of the Amended and Restated Receivables Purchase Agreement is hereby amended by deleting “$125,000,000” and inserting in its place “$150,000,000.”

         

        
            

            
                 
            

             

            

        

        
            6
        

        
            

        

        SECTION 3.   Representations and Warranties. Each of the Seller and Servicer hereby represents and warrants to the Buyer, the Buyer Agent and the Administrator, as of the date hereof, as follows:

        (i)        the representations and warranties of the Seller and the Servicer contained in Article VIII of the Amended and Restated Receivables Purchase Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date (except for representations and warranties
        which apply as to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); and

        (ii)       no event has occurred and is continuing, or would result from such respective amendment, that constitutes a Termination Event or Potential Termination Event.

        SECTION 4.   Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

        (a)       Administrator shall have received a fully executed counterpart of this Amendment from each of the parties hereto;

        (b)       each representation and warranty of the Seller, Volt, and Servicer contained herein or in any other Purchase Document (after giving effect to this Amendment) shall be true and correct;

        (c)       no Termination Event, as set forth in Section 10.01 of the Amended and Restated Receivables Purchase Agreement, shall have occurred and be continuing;

        (d)       Administrator shall have received a fully executed copy of the Assignment and Assumption Agreement, among Seller, Volt, Market Street, Relationship Funding Company, PNC, Fifth Third Bank and Administrator dated as of the date hereof (the “Relationship Funding Assignment
        Agreement”);

        (e)       Administrator shall have received a fully executed copy of the Second Amended and Restated Fee Letter (PNC Bank, National Association, among Buyer Agent, Buyer and Seller; and

        (f)        all proceedings taken in connection with this Amendment and all documents relating hereto shall be reasonably satisfactory to Administrator, Buyer Agent and the Buyer and their respective counsel, and each such Person shall have received copies of such documents as they may reasonably request in connection
        therewith, all in form and substance reasonably satisfactory to each such Person.

        SECTION 5.   Amendment. Seller, Servicer, Buyer Agent, Buyer and Administrator hereby agree that the provisions and effectiveness of this Amendment shall apply to the Amended and Restated Receivables Purchase Agreement as of the date hereof. Except as amended by this Amendment, the Amended and Restated Receivables
        Purchase Agreement remains unchanged and in full force and effect. This Amendment is a Purchase Document.

         

        
            

            
                 
            

             

            

        

        
            7
        

        
            

        

        SECTION 6.   Consent to Amendment/Independent Director. Administrator and Buyer Agent hereby consent to the amendment of the Seller’s certificate of incorporation as set forth in Section 2(h) hereof. Administrator hereby confirms that Carrie L. Tillman is reasonably acceptable to serve as the Independent Director
        on the Board of Directors of Seller on and as of September 30, 2009. 

        SECTION 7.   Covenant to File Seller’s Restated Certificate of Incorporation. Seller hereby covenants and agrees to file, or cause to be filed, its Restated Certificate of Incorporation with the Delaware Secretary of State, in form and substance reasonably satisfactory to the Administrator, and in any event
        containing conforming amendments to the amendments set forth in Section 2(h) hereof, by not later than October 14, 2009. Seller hereby agrees that the failure of the Seller to file, or cause to be filed, its Restated Certificate of Incorporation by not later than October 14, 2009 shall constitute a Termination Event under Section 10.01(e) of the Amended and Restated Receivables Purchase Agreement (but without the twenty-day cure period set forth in Section 10.01(e) of the Amended and
        Restated Receivables Purchase Agreement). 

        SECTION 8.   THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR
        COLLATERAL ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. This Amendment may not be amended, supplemented or waived except pursuant to a writing signed by the party to be charged. This Amendment may be executed in counterparts, and by the different parties on different counterparts, each of which shall constitute an original, but all together shall constitute one and the same agreement. The section and other headings contained in this Amendment
        are for reference purposes only and shall not control or affect the construction of this Amendment or the interpretation hereof in any respect.

        SECTION 9.   Each party hereto hereby covenants and agrees that prior to the date which is one year and one day after the payment in full of all outstanding commercial paper notes or other indebtedness of Market Street, it will not institute against or join any other Person in instituting against Market Street any bankruptcy, reorganization, arrangement, insolvency or
        liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. The agreements set forth in this Section 9 and the parties’ respective obligations under this Section 9 shall survive the termination of this Amendment.

        SECTION 10. Market Street shall not have any obligation to pay any amounts owing hereunder unless and until Market Street has received such amounts pursuant to the Participation Interest and such amounts are not necessary to pay outstanding commercial paper notes or other outstanding indebtedness of Market Street. In addition, each party hereto hereby agrees that no liability or
        obligation of Market Street hereunder for fees, expenses or indemnities shall constitute a claim (as defined in Section 101 of Title 11 of the United States Bankruptcy Code) against Market Street unless Market Street has received cash from the Participation Interest sufficient to pay such amounts, and such amounts are not necessary to pay outstanding commercial paper notes or other indebtedness of Market Street. The agreements set forth in this Section 10 and the parties’
        respective obligations under this Section 10 shall survive the termination of this Amendment.

        
            

            
                 
            

             

            

        

        
            8
        

        
            

        

        IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

         

         

        
            	
                    	VOLT FUNDING CORP., as Seller

                     
	
                    	 	
                    
	
                         

                    	
                        By:

                    	
                         

                    	/s/ Ludwig M. Guarino	
                    
	
                    	
                    	
                        Name:

                    	Ludwig M. Guarino	
                    
	
                    	
                    	
                        Title:

                    	Senior Vice President & Treasurer	
                    
	 	
                    	
                    	
                    	
                    
	 	
                    	
                    	
                    	
                    

        

        

        	
                     

                	VOLT INFORMATION SCIENCES, INC., individually and as Servicer

                 
	
                	 	
                
	
                     

                	
                    By:

                	
                     

                	/s/ Jack Egan	
                
	
                	
                	
                    Name:

                	Jack Egan	
                
	
                	
                	
                    Title:

                	Senior Vice President & CFO	
                
	 	
                	
                	
                	
                
	 	
                	
                	
                	
                

        

        

        

        	
                	MARKET STREET FUNDING LLC, as a Buyer

                 
	
                	 	
                
	
                     

                	
                    By:

                	
                     

                	/s/ Doris J. Hearn	
                
	
                	
                	
                    Name:

                	Doris J. Hearn	
                
	
                	
                	
                    Title:

                	Vice President	
                
	 	
                	
                	
                	
                
	 	
                	
                	
                	
                

        

        	
                	PNC BANK, NATIONAL ASSOCIATION, as a Buyer Agent

                 
	
                	 	
                
	
                     

                	
                    By:

                	
                     

                	/s/ William P. Falcon	
                
	
                	
                	
                    Name:

                	William P. Falcon	
                
	
                	
                	
                    Title:

                	Vice President	
                
	 	
                	
                	
                	
                
	 	
                	
                	
                	
                

        

        

        	
                	PNC BANK, NATIONAL ASSOCIATION, as Administrator

                 
	
                	 	
                
	
                     

                	
                    By:

                	
                     

                	/s/ William P. Falcon	
                
	
                	
                	
                    Name:

                	William P. Falcon	
                
	
                	
                	
                    Title:

                	Vice President	
                

        

        

        
            

            
                
                     
                

                

                	
                             

                        	
                            S-1

                        	
                            Amendment No. 3 to A&R RPAex4-1.htm

    
EXHIBIT
4.1

    EXECUTION
COPY

    
      

      

    

     

     

     

     

     

     

     

    ACCO
BRANDS CORPORATION

     

     

     

    as
Issuer,

    and the
Guarantors named herein

     

    10.625%
Senior Secured Notes due 2015

     

    _______________________

     

    INDENTURE

     

    Dated as
of September 30, 2009

     

    _______________________

     

     

    U.S.
Bank National Association,

     

    as
Trustee

    
       

       

       

       

       

       

    

    
      

      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    CROSS-REFERENCE
TABLE*

     

     

    
      
        
          	
                  Trust
      Indenture Act Section

                	
                  Indenture
      Section

                
	
                  310(a)

                	
                  7.10

                
	
                        (a)(1)

                	
                  N.A.

                
	
                        (a)(2)

                	
                  N.A.

                
	
                        (a)(3)

                	
                  N.A.

                
	
                        (a)(4)

                	
                  N.A.

                
	
                        (a)(5)

                	
                  N.A.

                
	
                        (b)

                	
                  7.08(e);
      7.10

                
	
                        (c)

                	
                  N.A.

                
	
                  311(a)

                	
                  7.11

                
	
                        (b)

                	
                  7.11

                
	
                        (c)

                	
                  N.A.

                
	
                  312(a)

                	
                  N.A.

                
	
                        (b)

                	
                  13.03

                
	
                        (c)

                	
                  13.03

                
	
                  313(a)

                	
                  7.06

                
	
                        (b)

                	
                  7.06

                
	
                        (b)(1)

                	
                  N.A.

                
	
                        (b)(2)

                	
                  N.A.

                
	
                        (c)

                	
                  7.06;
      13.02(b)

                
	
                        (d)

                	
                  7.06

                
	
                  314(a)(4)

                	
                  4.09(a);
      13.05

                
	
                        (b)

                	
                  11.09(a)

                
	
                        (b)(2)

                	
                  11.09(a)

                
	
                        (c)(1)

                	
                  N.A.

                
	
                        (c)(2)

                	
                  N.A.

                
	
                        (c)(3)

                	
                  N.A.

                
	
                        (d)

                	
                  11.09(a);
      11.09(b)

                
	
                        (e)

                	
                  13.05

                
	
                        (f)

                	
                  N.A.

                
	
                  315(a)

                	
                  N.A.

                
	
                        (b)

                	
                  N.A.

                
	
                        (c)

                	
                  N.A.

                
	
                        (d)

                	
                  N.A.

                
	
                        (e)

                	
                  N.A.

                
	
                  316(a)

                	
                  N.A.

                
	
                        (a)(1)(A)

                	
                  N.A.

                
	
                        (a)(1)(B)

                	
                  6.04

                
	
                        (a)(2)

                	
                  N.A.

                
	
                        (b)

                	
                  N.A.

                
	
                        (c)

                	
                  13.18(d)

                
	
                  317(a)(1)

                	
                  N.A.

                
	
                        (a)(2)

                	
                  N.A.

                
	
                        (b)

                	
                  N.A.

                
	
                  318(a)

                	
                  N.A.

                
	
                        (b)

                	
                  N.A.

                
	
                        (c)

                	
                  13.01

                

        

      

      _______________

    

    
       

    

    
      
        	
                *

              	
                N.A.
      means not applicable.

              

      

      
        	
                 
      

              	
                his
      Cross-Reference Table shall not, for any purposes, be deemed to be part of
      this Indenture.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    

    TABLE OF
CONTENTS

                                                                       

    
Page 

    ARTICLE
ONE

    DEFINITIONS
AND INCORPORATION

    BY
REFERENCE

     

    
      
        	
                Section
      1.01

              	
                Definitions

              	
                1

              
	
                Section
      1.02

              	
                Other
      Definitions

              	
                41

              
	
                Section
      1.03

              	
                Incorporation
      by Reference of Trust Indenture Act

              	
                42

              
	
                Section
      1.04

              	
                Rules
      of Construction

              	
                42

              

      

    

     

    ARTICLE
TWO

    THE
NOTES

     

    
      
        	
                Section 2.01

              	
                Amount
      of Notes; Additional Notes

              	
                44

              
	
                Section
      2.02

              	
                Form
      and Dating

              	
                45

              
	
                Section
      2.03

              	
                Execution
      and Authentication

              	
                45

              
	
                Section
      2.04

              	
                Registrar
      and Paying Agent

              	
                46

              
	
                Section
      2.05

              	
                Paying
      Agent to Hold Money in Trust

              	
                46

              
	
                Section
      2.06

              	
                Holder
      Lists

              	
                47

              
	
                Section
      2.07

              	
                Transfer
      and Exchange

              	
                47

              
	
                Section
      2.08

              	
                Replacement
      Notes

              	
                48

              
	
                Section
      2.09

              	
                Outstanding
      Notes

              	
                48

              
	
                Section
      2.10

              	
                Temporary
      Notes

              	
                49

              
	
                Section
      2.11

              	
                Cancellation

              	
                49

              
	
                Section
      2.12

              	
                Defaulted
      Interest

              	
                49

              
	
                Section
      2.13

              	
                CUSIP
      Numbers, ISINs, etc

              	
                49

              
	
                Section
      2.14

              	
                Calculation
      of Principal Amount of Notes Outstanding

              	
                50

              
	
                Section
      2.15

              	
                Methods
      of Receiving Payments on the Notes

              	
                50

              
	
                Section
      2.16

              	
                Payments
      in Respect of Global Notes

              	
                50

              

      

    

     

    ARTICLE
THREE

    REDEMPTION

     

    
      
        	
                Section
      3.01

              	
                Optional
      Redemption

              	
                51

              
	
                Section
      3.02

              	
                Applicability
      of Article

              	
                51

              
	
                Section
      3.03

              	
                Notices
      to Trustee

              	
                51

              
	
                Section
      3.04

              	
                Selection
      of Notes to Be Redeemed

              	
                52

              
	
                Section
      3.05

              	
                Notice
      of Optional Redemption

              	
                52

              
	
                Section
      3.06

              	
                Effect
      of Notice of Redemption

              	
                53

              
	
                Section
      3.07

              	
                Deposit
      of Redemption Price

              	
                54

              
	
                Section
      3.08

              	
                Notes
      Redeemed in Part

              	
                54

              
	
                Section
      3.09

              	
                Repurchase
      Offers

              	
                54

              

      

    

    
 

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    ARTICLE
FOUR

    COVENANTS

     

    
      
        	
                Section
      4.01

              	
                Payment
      of Notes

              	
                56

              
	
                Section
      4.02

              	
                Reports

              	
                57

              
	
                Section
      4.03

              	
                Limitation
      on Incurrence of Indebtedness and Issuance of Disqualified Stock and
      Preferred Stock

              	
                58

              
	
                Section
      4.04

              	
                Limitation
      on Restricted Payments

              	
                63

              
	
                Section
      4.05

              	
                Dividend
      and Other Payment Restrictions Affecting Restricted
      Subsidiaries

              	
                69

              
	
                Section
      4.06

              	
                Asset
      Sales

              	
                71

              
	
                Section
      4.07

              	
                Transactions
      with Affiliates

              	
                75

              
	
                Section
      4.08

              	
                Change
      of Control

              	
                77

              
	
                Section
      4.09

              	
                Compliance
      Certificate

              	
                78

              
	
                Section
      4.10

              	
                Further
      Instruments and Acts

              	
                79

              
	
                Section
      4.11

              	
                Note
      Guarantees

              	
                79

              
	
                Section
      4.12

              	
                Maintenance
      of Intercompany Receivables

              	
                80

              
	
                Section
      4.13

              	
                Liens

              	
                80

              
	
                Section
      4.14

              	
                Maintenance
      of Office or Agency

              	
                80

              
	
                Section
      4.15

              	
                Limitation
      on Business Activities

              	
                80

              
	
                Section
      4.16

              	
                Further
      Assurances; Insurance

              	
                80

              
	
                Section
      4.17

              	
                Taxes

              	
                83

              

      

    

     

    ARTICLE
FIVE

    SUCCESSORS

     

    
      
        	
                Section
      5.01

              	
                Merger,
      Consolidation or Sale of Assets

              	
                83

              
	
                Section
      5.02

              	
                Successor
      Corporation Substituted

              	
                84

              

      

    

     

    
      ARTICLE
SIX

      
        DEFAULTS
AND REMEDIES

      

    

     

    
      
        	
                Section
      6.01

              	
                Events
      of Default

              	
                84

              
	
                Section
      6.02

              	
                Acceleration

              	
                87

              
	
                Section
      6.03

              	
                Other
      Remedies

              	
                87

              
	
                Section
      6.04

              	
                Waiver
      of Past Defaults

              	
                88

              
	
                Section
      6.05

              	
                Control
      by Majority

              	
                88

              
	
                Section
      6.06

              	
                Limitation
      on Suits

              	
                88

              
	
                Section
      6.07

              	
                Rights
      of the Holders to Receive Payment

              	
                89

              
	
                Section
      6.08

              	
                Collection
      Suit by Trustee

              	
                89

              
	
                Section
      6.09

              	
                Trustee
      May File Proofs of Claim

              	
                89

              
	
                Section
      6.10

              	
                Priorities

              	
                89

              
	
                Section
      6.11

              	
                Undertaking
      for Costs

              	
                90

              
	
                Section
      6.12

              	
                Waiver
      of Stay, Extension and Usury Laws

              	
                90

              
	
                Section
      6.13

              	
                Delay
      or Omission Not Waiver

              	
                90

              

      

    

    
 

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    ARTICLE
SEVEN

    TRUSTEE

     

    
      
        	
                Section
      7.01

              	
                Duties
      of Trustee

              	
                90

              
	
                Section
      7.02

              	
                Rights
      of Trustee

              	
                91

              
	
                Section
      7.03

              	
                Individual
      Rights of Trustee

              	
                93

              
	
                Section
      7.04

              	
                Trustee’s
      Disclaimer

              	
                93

              
	
                Section
      7.05

              	
                Notice
      of Defaults

              	
                93

              
	
                Section
      7.06

              	
                Reports
      by Trustee to the Holders

              	
                93

              
	
                Section
      7.07

              	
                Compensation
      and Indemnity

              	
                94

              
	
                Section
      7.08

              	
                Replacement
      of Trustee

              	
                95

              
	
                Section
      7.09

              	
                Successor
      Trustee by Merger

              	
                96

              
	
                Section
      7.10

              	
                Eligibility;
      Disqualification

              	
                96

              
	
                Section
      7.11

              	
                Preferential
      Collection of Claims Against the Company

              	
                96

              
	
                Section
      7.12

              	
                Appointment
      of Co-Trustee

              	
                96

              

      

    

     

    ARTICLE
EIGHT

    DEFEASANCE

     

    
      
        	
                Section
      8.01

              	
                Option
      to Effect Legal Defeasance or Covenant Defeasance

              	
                97

              
	
                Section
      8.02

              	
                Legal
      Defeasance and Discharge

              	
                98

              
	
                Section
      8.03

              	
                Covenant
      Defeasance

              	
                98

              
	
                Section
      8.04

              	
                Conditions
      to Legal or Covenant Defeasance

              	
                99

              
	
                Section
      8.05

              	
                Deposited
      Money and Government Securities to Be Held in Trust; Other Miscellaneous
      Provisions

              	
                100

              
	
                Section
      8.06

              	
                Repayment
      to Company

              	
                100

              
	
                Section
      8.07

              	
                Reinstatement

              	
                101

              

      

    

     

    ARTICLE
NINE

    AMENDMENTS,
SUPPLEMENTS AND WAIVERS

     

    
      
        	
                Section
      9.01

              	
                Without
      Consent of the Holders

              	
                101

              
	
                Section
      9.02

              	
                With
      Consent of the Holders

              	
                102

              
	
                Section
      9.03

              	
                Compliance
      with Trust Indenture Act

              	
                105

              
	
                Section
      9.04

              	
                Revocation
      and Effect of Consents and Waivers

              	
                105

              
	
                Section
      9.05

              	
                Notation
      on or Exchange of Notes

              	
                105

              
	
                Section
      9.06

              	
                Trustee
      to Sign Amendments

              	
                105

              
	
                Section
      9.07

              	
                Additional
      Voting Terms; Calculation of Principal Amount

              	
                106

              

      

    

     

    ARTICLE
TEN

    SATISFACTION
AND DISCHARGE

     

    
      
        	
                Section
      10.01

              	
                Satisfaction
      and Discharge

              	
                106

              
	
                Section
      10.02

              	
                Deposited
      Money and Government Securities to Be Held in Trust; Other Miscellaneous
      Provisions

              	
                107

              
	
                Section
      10.03

              	
                Repayment
      to the Company

              	
                107

              

      

    

     

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    ARTICLE
ELEVEN

    COLLATERAL
AND SECURITY

     

    
      
        	
                Section
      11.01

              	
                Security
      Documents

              	
                107

              
	
                Section
      11.02

              	
                Collateral
      Trust Agreement and Intercreditor Agreement

              	
                108

              
	
                Section
      11.03

              	
                Collateral
      Trustee

              	
                108

              
	
                Section
      11.04

              	
                Authorization
      of Actions to Be Taken

              	
                109

              
	
                Section
      11.05

              	
                Equal
      and Ratable Sharing of Collateral by Holders of Priority Lien
      Debt

              	
                110

              
	
                Section
      11.06

              	
                Ranking
      of Priority Liens

              	
                111

              
	
                Section
      11.07

              	
                Relative
      Rights

              	
                111

              
	
                Section
      11.08

              	
                Release
      of Liens

              	
                112

              
	
                Section
      11.09

              	
                Filing,
      Recording and Opinions

              	
                112

              

      

    

     

    ARTICLE
TWELVE

    NOTE
GUARANTEES

     

    
      
        	
                Section
      12.01

              	
                Guarantees

              	
                113

              
	
                Section
      12.02

              	
                Limitation
      on Guarantor Liability

              	
                115

              
	
                Section
      12.03

              	
                Successors
      and Assigns

              	
                116

              
	
                Section
      12.04

              	
                No
      Waiver

              	
                116

              
	
                Section
      12.05

              	
                Modification

              	
                116

              
	
                Section
      12.06

              	
                Execution
      and Delivery of Note Guarantees and Supplemental
Indentures

              	
                116

              
	
                Section
      12.07

              	
                Merger
      and Consolidation of Guarantors

              	
                117

              
	
                Section
      12.08

              	
                Release
      of Guarantor

              	
                118

              

      

    

     

    ARTICLE
THIRTEEN

    MISCELLANEOUS

     

    
      
        
          
            	
                    Section
      13.01

                  	
                    Trust
      Indenture Act Controls

                  	
                    118

                  
	
                    Section
      13.02

                  	
                    Notices

                  	
                    119

                  
	
                    Section
      13.03

                  	
                    Communication
      by the Holders with Other Holders

                  	
                    120

                  
	
                    Section
      13.04

                  	
                    Certificate
      and Opinion as to Conditions Precedent

                  	
                    120

                  
	
                    Section
      13.05

                  	
                    Statements
      Required in Certificate or Opinion

                  	
                    120

                  
	
                    Section
      13.06

                  	
                    Treasury
      Notes Disregarded

                  	
                    121

                  
	
                    Section
      13.07

                  	
                    Rules
      by Trustee, Paying Agent and Registrar

                  	
                    121

                  
	
                    Section
      13.08

                  	
                    Legal
      Holidays

                  	
                    121

                  
	
                    Section
      13.09

                  	
                    GOVERNING
      LAW

                  	
                    121

                  
	
                    Section
      13.10

                  	
                    Consent
      to Jurisdiction

                  	
                    121

                  
	
                    Section
      13.11

                  	
                    No
      Recourse Against Others

                  	
                    121

                  
	
                    Section
      13.12

                  	
                    Successors

                  	
                    122

                  
	
                    Section
      13.13

                  	
                    Multiple
      Originals

                  	
                    122

                  
	
                    Section
      13.14

                  	
                    Table
      of Contents; Headings

                  	
                    122

                  
	
                    Section
      13.15

                  	
                    Indenture
      Controls

                  	
                    122

                  
	
                    Section
      13.16

                  	
                    Severability

                  	
                    122

                  
	
                    Section
      13.17

                  	
                    Benefit
      of Indenture

                  	
                    122

                  
	
                    Section
      13.18

                  	
                    Acts
      of Holders

                  	
                    122

                  
	
                    Section
      13.19

                  	
                    No
      Adverse Interpretation of Other Agreements

                  	
                    123

                  

          

        

      

    

     

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

      
        
          	
                  Section
      13.20

                	
                  USA
      Patriot Act

                	
                  123

                
	
                  Section
      13.21

                	
                  Force
      Majeure

                	
                  124

                

        

      

       

       

    

     

     

    
      	
              Appendix
      A

            	
              –

            	
              Provisions
      Relating to Initial Notes, Additional Notes and Exchange
    Notes

            

    

     

    
      	
              Schedule
      A

            	
              –

            	
              Mortgaged
      Property

            

    

     

    EXHIBIT
INDEX

     

    
      	
              Exhibit
      A

            	
              –

            	
              Form
      of Initial Note

            

    

    
      
        	
                Exhibit
      B  

              	
                –

              	
                Form
      of Exchange Note

              

      

    

    
      
        	
                Exhibit
      C

              	
                –

              	
                [INTENTIONALLY
      OMITTED]

              

      

      
        	
                Exhibit
      D

              	
                –

              	
                Form
      of Supplemental Indenture

              

      

      
        	
                Exhibit
      E 

              	
                –

              	
                Form
      of Notation of Note Guarantee

              

      

      
        	
                Exhibit
      F 

              	
                –

              	
                Form
      of Certificate of Transfer

              

      

      
        	
                Exhibit
      G

              	
                –

              	
                Form
      of Certificate of Exchange

              

      

      
      

      
      

    

     

    
       

      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

    

     

    INDENTURE
dated as of September 30, 2009 among ACCO BRANDS CORPORATION, a Delaware
corporation (“ACCO”
or the “Company”),
the Guarantors (as defined herein) and U.S. Bank National Association, a
national banking association, as trustee (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 (a) $460,000,000 aggregate principal
amount of the Company’s 10.625% Senior Secured Notes due 2015 issued on the date
hereof in the form of Exhibit
A (the “Original
Notes”), (b) any Additional Notes (as defined herein) that may be issued
after the date hereof in the form of Exhibit
A (all such securities in clauses
(a) and (b)
being referred to collectively as the “Initial
Notes”) and (c) if and when issued as provided in the Registration Rights
Agreement (as defined in Appendix
A hereto (the “Appendix”))
or otherwise registered under the Securities Act and issued, $460,000,000
aggregate principal amount of the Company’s
10.625% Senior Secured Notes due 2015 (the “Exchange
Notes”) issued in a Registered Exchange Offer (as defined in the
Appendix) in exchange for any Initial Notes or otherwise registered under the
Securities Act and issued in the form of Exhibit
B. The Initial Notes and the Exchange Notes are referred to collectively
as the “Notes”
(and constitute a single series hereunder).

     

     

    ARTICLE
ONE

    DEFINITIONS
AND INCORPORATION

    BY
REFERENCE

     

    Section
1.01     Definitions.

     

    “ABL
Collateral” means all of ACCO’s and the Guarantors’ now owned or
hereafter acquired right, title and interest in:

     

    
      	
               
      

            	
              (a)

            	
              Accounts
      and “payment intangibles,” including tax refunds but excluding “payment
      intangibles” (in each case, as defined in Article 9 of the New York
      Uniform Commercial Code) that constitute identifiable proceeds of Notes
      Collateral;

            

    

     

    
      	
               
      

            	
              (b)

            	
              “inventory”
      (as defined in Article 9 of the New York Uniform Commercial Code) and all
      Indebtedness owed to ACCO or any of its Subsidiaries that arises from cash
      advances to enable the obligor thereof to acquire
    “inventory”;

            

    

     

    
      	
               
      

            	
              (c)

            	
              “deposit
      accounts” (as defined in Article 9 of the New York Uniform Commercial
      Code), “commodity accounts” (as defined in Article 9 of the New York
      Uniform Commercial Code), “securities accounts” (as defined in Article 8
      of the New York Uniform Commercial Code) and all lock-boxes at any “bank”
      (as defined in Article 9 of the New York Uniform Commercial Code),
      including all “money” (as defined in Article 1 of the New York Uniform
      Commercial Code), “certificated securities,” “uncertificated securities,”
      “securities entitlements” and “investment

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              property”
      (as defined in Article 8 or Article 9 of the New York Uniform Commercial
      Code) or other assets credited thereto or deposited therein (including all
      cash, Cash Equivalents, marketable securities and other funds held in or
      on deposit in any such deposit account, commodity account or securities
      account but excluding all equity interests owned by the Company or the
      Guarantors); “instruments” (as defined in Article 9 of the New York
      Uniform Commercial Code), including intercompany notes (subject to the
      proviso in clause
      (e) below); “chattel paper” (as defined in Article 9 of the New
      York Uniform Commercial Code); and all cash and cash equivalents,
      including cash and cash equivalents securing letters of credit or other
      ABL Debt Obligations;

            

    

     

    
      	
               
      

            	
              (d)

            	
              “general
      intangibles” (as defined in Article 9 of the New York Uniform Commercial
      Code), “chattel paper” (as defined in Article 9 of the New York Uniform
      Commercial Code) or “instruments” (as defined in Article 9 of the New York
      Uniform Commercial Code) pertaining to the other items of property
      included within clauses
      (a), (b),
      (c),
      (e),
      (f)
      and (g)
      of this definition;

            

    

     

    
      	
               
      

            	
              (e)

            	
              all
      Indebtedness of ACCO and each Subsidiary of ACCO that is owing to ACCO or
      any Guarantor; provided that ABL
      Collateral shall not include intercompany Indebtedness from Foreign
      Subsidiaries owed to ACCO or any Guarantor up to an aggregate amount of
      $30.0 million;

            

    

     

    
      	
               
      

            	
              (f)

            	
              books
      and “records” (as defined in Article 9 of the New York Uniform Commercial
      Code), “documents” (as defined in Article 9 of the New York Uniform
      Commercial Code) and related “letters of credit” (as defined in Article 5
      of the New York Uniform Commercial Code) and “commercial tort claims” (as
      defined in Article 9 of the New York Uniform Commercial Code) or other
      claims and causes of action, in each case, to the extent related primarily
      to any of the foregoing; and

            

    

     

    
      	
               
      

            	
              (g)

            	
              all
      substitutions, replacements, accessions, products, “supporting
      obligations” (as defined in Article 9 of the New York Uniform Commercial
      Code) and “proceeds” (as defined in Article 9 of the New York Uniform
      Commercial Code) (including, without limitation, insurance proceeds,
      licenses, royalties, income, payments, claims, damages and proceeds of
      suit) of all or any of the
foregoing;

            

    

     

    except to
the extent that any item of property included in clauses
(a)
through (g)
of this definition constitutes an Excluded Asset and provided
that in no case shall any item included in clause
(a)
through (g)
include any identifiable cash proceeds in respect of Notes Collateral or any Net
Proceeds from a Sale of Notes Collateral to the extent that any such item
includes identifiable cash proceeds in respect of Notes Collateral or any Net
Proceeds from a sale of Notes Collateral that have been (or should have been)
deposited in the Collateral Proceeds Account in accordance with Section 4.06 until such time as such
Net Proceeds are released therefrom in accordance with the terms of this
Indenture.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “ABL
Collateral Agent” means Deutsche Bank AG New York Branch, as
co-collateral agent under the ABL Credit Facility, together with any other
collateral agent, collateral trustee or other representative of lenders or
holders of ABL Debt Obligations that becomes party to the Intercreditor
Agreement upon the refinancing or replacement of the ABL Credit Facility, or any
successor representative acting in such capacity.

     

    “ABL
Credit Facility” means that certain Syndicated Facility Agreement—ABL
Revolving Facility, dated as of September 30, 2009, by and among the Company and
the other Restricted Subsidiaries party thereto, as borrowers, Deutsche Bank AG
New York Branch, as administrative agent and the other agents and lenders named
therein, and any related notes, Guarantees, collateral documents, instruments
and agreements executed in connection therewith, and in each case as amended,
modified, renewed, refunded, replaced, restated, restructured, increased,
supplemented or refinanced in whole or in part from time to time, regardless of
whether such amendment, modification, renewal, refunding, replacement,
restatement, restructuring, increase, supplement or refinancing is with the same
financial institutions (whether as agents or lenders) or otherwise.

     

    “ABL
Debt” means

     

    
      	
               
      

            	
              (1)

            	
              Indebtedness
      outstanding under the ABL Credit Facility on the date of this Indenture or
      incurred from time to time after the date of this Indenture under the ABL
      Credit Facility; and

            

    

     

    
      	
               
      

            	
              (2)

            	
              additional
      Indebtedness (including letters of credit and reimbursement obligations
      with respect thereto) of the Company or any Restricted Subsidiary secured
      by senior Liens on ABL Collateral and junior Liens on Notes Collateral
      (or, with respect to Foreign Subsidiaries, secured by Liens on assets of
      such Foreign Subsidiaries that would constitute ABL Collateral if owned by
      ACCO or any Guarantor); provided,
      in the case of any additional Indebtedness referred to in this clause
      (2),
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              on
      or before the date on which such additional Indebtedness is incurred by
      the Company or such Restricted Subsidiary, as applicable, such additional
      Indebtedness is designated by the Company, in an Officers’ Certificate
      delivered to the Collateral Trustee, as “ABL Debt” for purposes of the
      Secured Debt Documents; provided,
      that such Indebtedness may not be designated as both ABL Debt and Priority
      Lien Debt, or designated as both ABL Debt and Subordinated Lien Debt;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the collateral agent or other representative with respect to such
      Indebtedness, the ABL Collateral Agent, the Collateral Trustee, the
      Company and each applicable Guarantor have duly executed and delivered the
      Intercreditor Agreement (or a joinder to the Intercreditor Agreement or a
      new intercreditor agreement substantially similar to the Intercreditor
      Agreement,
      as in effect on the date of this Indenture, and in a form reasonably
      acceptable to each of the parties
  thereto).

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “ABL
Debt Documents” means the ABL Credit Facility, any additional credit
agreement, indenture or other agreement pursuant to which any ABL Debt
Obligations are incurred and the security or other loan documents, notes,
Guarantees, instruments and agreements related thereto (other than any such
documents that do not secure ABL Debt Obligations).

     

    “ABL
Debt Obligations” means ABL Debt and all other Obligations in connection
with the ABL Credit Facility, including:

     

    
      	
               
      

            	
              (1)

            	
              additional
      Obligations of the Company or any Restricted Subsidiary relating to any
      cash management services or treasury management services provided to the
      Company or any Restricted Subsidiary by any agent or lender or Affiliate
      thereof  even if the respective lender subsequently ceases to be
      a lender under the ABL Credit Facility (together with successors and
      assigns); and

            

    

     

    
      	
               
      

            	
              (2)

            	
              Hedging
      Obligations of the Company or any Restricted Subsidiary relating to
      hedging agreements with any agent or lender or Affiliate thereof even if
      the respective lender subsequently ceases to be a lender under the ABL
      Credit Facility (together with successors and
  assigns).

            

    

     

    “ABL
Lien Cap” means, as of any date of determination, the sum of (1) $225.0
million and (y) to the extent the ABL Credit Facility outstanding on the Issue
Date is amended, modified, renewed, refunded, replaced, restated, restructured,
or refinanced after the Issue Date, the fees and transaction costs in connection
therewith.

     

    “ACCO”
has the meaning assigned to it in the preamble to this Indenture, until a
successor replaces it pursuant to a transaction permitted by Section 5.01 and thereafter means the
successor.

     

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

     

    
      	
               
      

            	
              (1)

            	
              Indebtedness
      of any other Person existing at the time such other Person is merged,
      consolidated or amalgamated with or into or became a Restricted Subsidiary
      of such specified Person, and

            

    

     

    
      	
               
      

            	
              (2)

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

            

    

     

    “Account”
shall mean, without duplication, (i) an “account” as such term is defined in
Article 9 of the New York Uniform Commercial Code, as applicable, (ii) any and
all supporting obligations in respect thereof and (iii) any right to payment of
a monetary obligation, whether or not earned by performance, (a) for property
that has been or is to be sold, leased, licensed, assigned, or otherwise
disposed of, or (b) for services rendered or to be rendered.

     

    “Act
of Required Debtholders” means, as to any matter at any
time:

     

    
      
        	
                 
      

              	
                (1)

              	
                prior
      to the Discharge of Priority Lien Obligations, a direction in writing
      delivered to the Collateral Trustee by or with the written consent of the
      holders of at least 50.1% of the sum
of:

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              (a)

            	
              the
      aggregate outstanding principal amount of Priority Lien Debt (including
      outstanding letters of credit whether or not then drawn);
    and

            

    

     

    
      	
               
      

            	
              (b)

            	
              other
      than in connection with the exercise of remedies, the aggregate unfunded
      commitments to extend credit which, when funded, would constitute Priority
      Lien Debt; and

            

    

     

    
      	
               
      

            	
              (2)

            	
              at
      any time after the Discharge of Priority Lien Obligations, a direction in
      writing delivered to the Collateral Trustee by or with the written consent
      of the holders of Subordinated Lien Debt representing the Required
      Subordinated Lien Debtholders.

            

    

     

    For
purposes of this definition, (a) Secured Debt registered in the name of, or
beneficially owned by, ACCO or any Affiliate of ACCO will be deemed not to be
outstanding, and (b) votes will be determined in accordance with Section
7.2 of the Collateral Trust Agreement.

     

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

     

    “Additional
Notes” means an unlimited maximum aggregate principal amount of Notes
(other than the Initial Notes) issued under this Indenture in accordance with
Section 2.01 as part of the same
series as the Initial Notes.

     

    “Affiliate”
of any specified Person means (1) any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person or (2) any executive officer or director of such specified
Person.  For purposes of this definition, “control,” as used with
respect to any Person, shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of such
Person, whether through the ownership of voting securities, by agreement or
otherwise.  For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” shall have correlative
meanings.

     

    “Applicable
Procedures” means, with respect to any transfer or transaction involving
a Global Note or beneficial interest therein, the rules and procedures of the
Depositary, in each case to the extent applicable to such transaction and as in
effect from time to time.

     

    “Asset
Sale” means:

     

    
      	
               
      

            	
              (1)

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

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      issuance or sale of Equity Interests (other than directors’ qualifying
      shares and shares issued to foreign nationals or other third parties to
      the extent required by applicable law) of any Restricted Subsidiary (other
      than to the Company or another Restricted Subsidiary of the Company)
      (whether in a single transaction or a series of related
      transactions),

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    in each
case other than:

     

    
      	
               
      

            	
              (a)

            	
              a
      disposition of Cash Equivalents or Investment Grade Securities or obsolete
      or worn out property or equipment in the ordinary course of
      business;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      disposition of all or substantially all of the assets of the Company in a
      manner permitted pursuant to the provisions described in Section 5.01 or any disposition
      that constitutes a Change of
Control;

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      Restricted Payment or Permitted Investment that is permitted to be made,
      and is made, under the covenant described in Section
  4.04;

            

    

     

    
      	
               
      

            	
              (d)

            	
              any
      disposition of assets or issuance or sale of Equity Interests of any
      Restricted Subsidiary, which assets or Equity Interests so disposed or
      issued have an aggregate Fair Market Value of less than $5.0
      million;

            

    

     

    
      	
               
      

            	
              (e)

            	
              any
      disposition of property or assets by a Restricted Subsidiary of the
      Company to the Company or by the Company or a Restricted Subsidiary of the
      Company to a Restricted Subsidiary of the
  Company;

            

    

     

    
      	
               
      

            	
              (f)

            	
              sales
      of assets received by the Company or any of its Restricted Subsidiaries
      upon the foreclosure on a Lien;

            

    

     

    
      	
               
      

            	
              (g)

            	
              sales
      or leases of inventory, equipment, accounts receivable or other current
      assets in the ordinary course of
business;

            

    

     

    
      	
               
      

            	
              (h)

            	
              an
      issuance or sale of Equity Interests by a Restricted Subsidiary to the
      Company or to another Restricted Subsidiary of the
  Company;

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      disposition deemed to occur with creating or granting a Lien not otherwise
      prohibited by this Indenture;

            

    

     

    
      	
               
      

            	
              (j)

            	
              the
      surrender or waiver of contract rights or settlement, release or surrender
      of a contract, tort or other litigation claim in the ordinary course of
      business;

            

    

     

    
      	
               
      

            	
              (k)

            	
              any
      issuance of employee stock options or stock awards pursuant to benefit
      plans of the Company or any of its Restricted
  Subsidiaries;

            

    

     

    
      	
               
      

            	
              (l)

            	
              a
      transfer of accounts receivable and related assets of the type specified
      in the definition of “Receivables Financing” (or a fractional undivided
      interest therein)
      by a Receivables Subsidiary in a Qualified Receivables Financing;
      and

            

    

    
    

     

    
      	
               
      

            	
              (m)

            	
              the
      lease, assignment or sublease of any real or personal property in the
      ordinary course of business.

            

    

     

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

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Bankruptcy
Law” means the Bankruptcy Code or any similar U.S. federal or state law
for the relief of debtors.

     

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

     

    “Board
of Directors” means:

     

    
      	
               
      

            	
              (1)

            	
              with
      respect to a corporation, the board of directors of the
      corporation;

            

    

     

    
      	
               
      

            	
              (2)

            	
              with
      respect to a partnership, the Board of Directors of the general partner of
      the partnership or of the partnership;
and

            

    

     

    
      	
               
      

            	
              (3)

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

            

    

     

    “Board
Resolution” means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Directors of the Company and
to be in full force and effect on the date of such certification.

     

    “Business
Day” means any day other than a Saturday, a Sunday or a day on which
banking institutions in the City of New York or at a place of payment are
authorized by law, regulation or executive order to remain closed.

     

    “Calculation
Date” has the meaning set forth below in the definition of “Fixed Charge
Coverage Ratio.”

     

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

     

    “Capital
Stock” means:

     

    
      	
               
      

            	
              (1)

            	
              in
      the case of a corporation, corporate
stock;

            

    

     

    
      	
               
      

            	
              (2)

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

            

    

     

    
      	
               
      

            	
              (3)

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

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (4)

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

            

    

     

    “Cash
Equivalents” means:

     

    
      	
               
      

            	
              (1)

            	
              U.S.
      Dollars, pounds sterling, euros, or, in the case of any Foreign Subsidiary
      that is a Restricted Subsidiary, such local currencies held by it from
      time to time in the ordinary course of
business;

            

    

     

    
      	
               
      

            	
              (2)

            	
              securities
      issued or directly and fully guaranteed or insured by the United States
      government or any agency or instrumentality thereof in each case with
      maturities not exceeding two years from the date of
      acquisition;

            

    

     

    
      	
               
      

            	
              (3)

            	
              certificates
      of deposit, time deposits, money market deposits, demand deposits and
      eurodollar time deposits with maturities of one year or less from the date
      of acquisition, bankers’ acceptances, in each case with maturities not
      exceeding one year from the date of acquisition and overnight bank
      deposits, in each case with any commercial bank having capital and surplus
      in excess of $500.0 million and whose long-term debt is rated at least “A”
      or the equivalent thereof by Moody’s or
S&P;

            

    

     

    
      	
               
      

            	
              (4)

            	
              repurchase
      obligations for underlying securities of the types described in clauses
      (2)
      and (3)
      of this definition entered into with any financial institution meeting the
      qualifications specified in clause
      (3)
      of this definition;

            

    

     

    
      	
               
      

            	
              (5)

            	
              commercial
      paper issued by a corporation (other than an Affiliate of the Company)
      rated at least “A-1” or the equivalent thereof by Moody’s or S&P and
      in each case maturing within one year after the date of
      acquisition;

            

    

     

    
      	
               
      

            	
              (6)

            	
              investment
      funds investing at least 95% of their assets in securities of the types
      described in clauses
      (1)
      through (5)
      of this definition;

            

    

     

    
      	
               
      

            	
              (7)

            	
              readily
      marketable direct obligations issued by any state of the United States of
      America or any political subdivision thereof having one of the two highest
      rating categories obtainable from either Moody’s or S&P in each case
      with maturities not exceeding two years from the date of
      acquisition;

            

    

     

    
      	
               
      

            	
              (8)

            	
              Indebtedness
      issued by Persons with a rating of “A” or higher from S&P or “A-2” or
      higher from Moody’s, in each case with maturities not exceeding two years
      from the date of acquisition; and

            

    

     

    
      	
               
      

            	
              (9)

            	
              in
      the case of any Foreign Subsidiary:

            

    

     

    
      	
               
      

            	
              (a)

            	
              direct
      obligations of the sovereign nation, or any agency thereof, in which such
      Foreign Subsidiary is organized and is conducting business or obligations
      fully and unconditionally guaranteed by such sovereign nation, or any
      agency thereof;

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              investments
      of the type and maturity described in clauses
      (1)
      through (8)
      of this definition of foreign obligors, which investments or obligors, or
      the direct or indirect parents of such obligors, have ratings described in
      such clauses or equivalent ratings from comparable foreign rating
      agencies; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              investments
      of the type and maturity described in clauses
      (1)
      through (8)
      of this definition of foreign obligors, or the direct or indirect parent
      companies of such obligors, which investments or obligors, or the direct
      or indirect parent companies of such obligors, are not rated as provided
      in such clauses or in clause
      (b) above but which are, in the reasonable judgment of the Company,
      comparable in investment quality to such investments and obligors, or the
      direct or indirect parent companies of such
  obligors.

            

    

     

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

     

    
      	
               
      

            	
              (1)

            	
              the
      sale, lease or transfer, in one or a series of related transactions, of
      all or substantially all of the assets of the Company and its
      Subsidiaries, taken as a whole, to any Person;
  or

            

    

     

    
      	
               
      

            	
              (2)

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

            

    

     

    
      	
               
      

            	
              (3)

            	
              individuals
      who on the Issue Date constituted the Board of Directors of the Company
      (together with any new directors whose election by such Board of Directors
      of the Company or whose nomination for election by the stockholders of the
      Company, as the case may be, was approved by a vote of a majority of the
      directors of the Company 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 then in
office.

            

    

     

    “Class”
means (1) in the case of Subordinated Lien Debt, every Series of Subordinated
Lien Debt, taken together, and (2) in the case of Priority Lien Debt, every
Series of Priority Lien Debt, taken together

    

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

     

    “Collateral”
means the Notes Collateral and the ABL Collateral.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    “Collateral
Trust Agreement” means the Collateral Trust Agreement, dated as of the
date of this Indenture, among the Company, the Guarantors from time to time
party thereto, the Trustee, the other Secured Debt Representatives from time to
time party thereto and the Collateral Trustee, as amended, restated, adjusted,
waived, renewed, extended, supplemented or otherwise modified from time to
time.

     

    “Collateral
Trustee” means U.S. Bank National Association, in its capacity as
Collateral Trustee under the Collateral Trust Agreement, together with its
successors in such capacity.

     

    “Company”
has the meaning assigned to it in the preamble to this Indenture, until a
successor replaces it pursuant to a transaction permitted by Section 5.01 and thereafter means the
successor.

     

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

     

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

     

    
      	
               
      

            	
              (1)

            	
              consolidated
      interest expense of such Person and its Restricted Subsidiaries for such
      period, to the extent such expense was deducted in computing Consolidated
      Net Income (including amortization of original issue discount, the
      interest component of Capitalized Lease Obligations, and net payments and
      receipts (if any) pursuant to interest rate Hedging Obligations and
      excluding amortization of deferred financing fees and expensing of any
      bridge or other financing fees);
plus

            

    

     

    
      	
               
      

            	
              (2)

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

            

    

     

    
      	
               
      

            	
              (3)

            	
              commissions,
      discounts, yield and other fees and charges Incurred in connection with
      any Receivables Financing which are payable to Persons other than the
      Company and its Restricted Subsidiaries;
minus

            

    

     

    
      	
               
      

            	
              (4)

            	
              interest
      income for such period.

            

    

     

    “Consolidated
Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for
such period, on a consolidated basis; provided,
however,
that:

     

    
      	
               
      

            	
              (1)

            	
              the Net Income for such period of any Person that is not a
      Subsidiary of such Person, or is an Unrestricted Subsidiary, or that is
      accounted for by the equity method of accounting,
      shall be included only to the extent of the amount of dividends or
      distributions or other payments paid in cash (or to the extent converted
      into cash) to the specified Person or a Restricted Subsidiary thereof in
      respect of such
period;

            

    

     

    
      
         

        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

        

         

      

    

    
      	
               
      

            	
              (2)

            	
              solely
      for the purpose of determining the amount available for Restricted
      Payments under clause
      (3)(A) of Section
      4.04(a), the Net Income for such period of any Restricted
      Subsidiary (other any Note Guarantor) shall be excluded to the extent that
      the declaration or payment of dividends or similar distributions by such
      Restricted Subsidiary of its Net Income is not at the date of
      determination permitted without any prior governmental approval (which has
      not been obtained) or, directly or indirectly, by the operation of the
      terms of its charter or any agreement, instrument, judgment, decree,
      order, statute, rule or governmental regulation applicable to that
      Restricted Subsidiary or its stockholders, unless such restrictions with
      respect to the payment of dividends or similar distributions have been
      legally waived;

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      cumulative effect of a change in accounting principles shall be
      excluded;

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      net after-tax extraordinary, nonrecurring or unusual gains or losses or
      income, expenses or charges (less all fees and expenses relating thereto),
      including, without limitation, any fees, expenses or charges related to
      any Equity Offering, Permitted Investment, acquisition or Indebtedness
      permitted to be Incurred under this Indenture (in each case, whether or
      not successful), in each case, shall be
  excluded;

            

    

     

    
      	
               
      

            	
              (5)

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

            

    

     

    
      	
               
      

            	
              (6)

            	
              any
      net after-tax gains or losses (less all fees and expenses or charges
      relating thereto) attributable to the early extinguishment of indebtedness
      shall be excluded; and

            

    

     

    
      	
               
      

            	
              (7)

            	
              any
      other non-cash items (including, without limitation, equity based
      compensation expense) which would otherwise increase or decrease
      Consolidated Net Income for such period (excluding any items which
      represent the reversal of any accrual of, or cash reserve for, anticipated
      cash charges in any prior period or an accrual of, or cash reserve for,
      anticipated cash charges in a future period) shall be
      excluded.

            

    

     

    “Consolidated
Taxes” means provision for taxes based on income, profits or capital,
including, without limitation, state, franchise and similar taxes taken into
account in calculating Consolidated Net Income.

     

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

     

    
      
        	
                  

              	
                (1)

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

              

      

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              (2)

            	
              to
      advance or supply funds:

            

    

     

    
      	
               
      

            	
              (a)

            	
              for
      the purchase or payment of any such primary obligation;
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      maintain working capital or equity capital of the primary obligor or
      otherwise to maintain the net worth or solvency of the primary obligor;
      or

            

    

     

    
      	
               
      

            	
              (3)

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

            

    

     

    “Credit
Facilities” means one or more debt facilities (including, without
limitation, the ABL Credit Facility), commercial paper facilities, note purchase
agreements or indentures, in each case with banks, other lenders or trustees,
providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such lenders or to special purpose
entities formed to borrow from such lenders against such receivables), letters
of credit, notes or other borrowings, in each case, as amended, restated,
modified, renewed, refunded, restated, restructured, increased, supplemented,
replaced or refinanced in whole or in part from time to time.

     

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

     

    “Depositary”
means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 2.04(a) as the Depositary with
respect to the Notes, and any and all successors thereto appointed as depositary
hereunder and having become such pursuant to the applicable provision of this
Indenture.

     

    “Discharge
of Priority Lien Obligations” means the occurrence of all of the
following:

     

    
      	
               
      

            	
              (1)

            	
              termination
      or expiration of all commitments to extend credit that would constitute
      Priority Lien Debt;

            

    

     

    
      	
               
      

            	
              (2)

            	
              payment
      in full in cash of the principal of, and interest and premium, if any, and
      Additional Interest, if any, on, all Priority Lien Debt (other than any
      undrawn letters of credit), other than from the proceeds of an incurrence
      of Priority Lien Debt;

            

    

     

    
      	
               
      

            	
              (3)

            	
              discharge
      or cash collateralization (at the lower of (A) 105% of the aggregate
      undrawn amount and (B) the percentage of the aggregate undrawn amount
      required for release of liens under the terms of the applicable Priority
      Lien Document) of all outstanding letters of credit constituting Priority
      Lien Debt; and

            

    

     

    
      	
               
      

            	
              (4)

            	
              payment
      in full in cash of all other Priority Lien Obligations that are
      outstanding and unpaid at the time the Priority Lien Debt is paid in full
      in cash (other than any obligations for taxes, costs, indemnifications,
      reimbursements, damages and other 

            

    

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	 	
               

            	
              liabilities
      in respect of which no claim or demand for payment has been made at such
      time).

            

       

    

    “Disqualified
Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms (or by the terms of any security into which it is
convertible or for which it is redeemable or exchangeable), or upon the
happening of any event:

     

    
      	
               
      

            	
              (1)

            	
              matures
      or is mandatorily redeemable, pursuant to a sinking fund obligation or
      otherwise,

            

    

     

    
      	
               
      

            	
              (2)

            	
              is
      convertible or exchangeable for Indebtedness or Disqualified Stock of such
      Person, or

            

    

     

    
      	
               
      

            	
              (3)

            	
              is
      redeemable at the option of the holder thereof, in whole or in
      part,

            

    

     

    in each
case prior to 91 days after the maturity date of the Notes; provided,
however,
that only the portion of Capital Stock which so matures or is mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option
of the holder thereof prior to such date shall be deemed to be Disqualified
Stock; provided,
further,
however,
that if such Capital Stock is issued to any employee or to any plan for the
benefit of employees of the Company or its Subsidiaries or by any such plan to
such employees, such Capital Stock shall not constitute Disqualified Stock
solely because it may be required to be repurchased by the Company in order to
satisfy applicable statutory or regulatory obligations or as a result of such
employee’s termination, death or disability; provided,
further,
that any class of Capital Stock of such Person that by its terms authorizes such
Person to satisfy its obligations thereunder by delivery of Capital Stock that
is not Disqualified Stock shall not be deemed to be Disqualified Stock.
Notwithstanding the preceding sentence, any Capital Stock that would constitute
Disqualified Stock solely because the holders thereof have the right to require
the issuer to repurchase such Capital Stock upon the occurrence of a Change of
Control or an Asset Sale will not constitute Disqualified Stock if the terms of
such Capital Stock provide that the issuer may not repurchase or redeem any such
Capital Stock pursuant to such provisions unless such repurchase or redemption
complies with the covenant described in Section 4.04.

     

    “Domestic
Subsidiary” means any Restricted Subsidiary of ACCO other than a
Restricted Subsidiary that is (1) a “controlled foreign corporation” under
Section 957 of the Internal Revenue Code or (2) a Subsidiary of any such
controlled foreign corporation.

     

    “DTC”
means the Depository Trust Company, its nominees and their respective
successors.

    

    “EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of
such Person for such period plus, without duplication, to the extent the same
was deducted in calculating Consolidated Net Income:

     

    (1)           Consolidated
Taxes; plus

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (2)           Consolidated
Interest Expense; plus

     

    (3)           Consolidated
Depreciation and Amortization Expense.

     

    “equally
and ratably” means, in reference to sharing of Liens or proceeds thereof
as between holders of Secured Obligations within the same Class, that such Liens
or proceeds:

     

    
      	
               
      

            	
              (1)

            	
              will
      be allocated and distributed first to the Secured Debt Representative for
      each outstanding Series of Priority Lien Debt or Subordinated Lien Debt
      within that Class, for the account of the holders of such Series of
      Priority Lien Debt or Subordinated Lien Debt, ratably in proportion to the
      principal of, and interest and premium (if any) and Additional Interest
      (if any) and reimbursement obligations (contingent or otherwise) with
      respect to letters of credit, if any, outstanding (whether or not drawings
      have been made on such letters of credit) on, each outstanding Series of
      Priority Lien Debt or Subordinated Lien Debt within that Class when the
      allocation or distribution is made, and thereafter;
  and

            

    

     

    
      	
               
      

            	
              (2)

            	
              will
      be allocated and distributed (if any remain after payment in full of all
      of the principal of, and interest and premium (if any) and reimbursement
      obligations (contingent or otherwise) with respect to letters of credit,
      if any, outstanding (whether or not drawings have been made on such
      letters of credit) on all outstanding Secured Obligations within that
      Class) to the Secured Debt Representative for each outstanding Series of
      Priority Lien Debt or Subordinated Lien Debt within that Class, for the
      account of the holders of any remaining Secured Obligations within that
      Class, ratably in proportion to the aggregate unpaid amount of such
      remaining Secured Obligations within that Class due and demanded (with
      written notice to the applicable Secured Debt Representative and the
      Collateral Trustee) prior to the date such distribution is
      made.

            

    

     

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

     

    “Equity
Offering” means any public or private sale of Capital Stock of the
Company or any direct or indirect parent of the Company, as applicable, other
than Disqualified Stock, and other than public offerings with respect to the
Company’s or such direct or indirect parent company’s common stock registered on
Form S-8.

     

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

    

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

     

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

     

    “Excluded
Assets” means each of the following:

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (1)

            	
              all
      interests in real property other than (i) fee interests if the greater of
      the cost or the book value of such fee interest is more than $2,000,000
      and (ii) leasehold interests in real property contemplated to be used by
      the Company or the applicable Guarantor for any material manufacturing
      operations, in each case, as designated as such by the Company to the
      Trustee in writing (except in cases where the Company and the Guarantors
      have been unable to obtain the consent of the landlord of such leased
      property to the granting of a Lien on such leasehold interests after using
      commercially reasonable efforts to do
so);

            

    

     

    
      	
               
      

            	
              (2)

            	
              any
      property or asset to the extent that the grant of a Lien under the
      Security Documents in such property or asset is prohibited by applicable
      law or requires any consent of any governmental authority not obtained
      pursuant to applicable law; provided that such property or asset
      will be an Excluded Asset only to the extent and for so long as the
      consequences specified above will result and will cease to be an Excluded
      Asset and will become subject to the Lien granted under the Security
      Documents, immediately and automatically, at such time as such
      consequences will no longer result;

            

    

     

    
      	
               
      

            	
              (3)

            	
              any
      lease, license, contract, property right or agreement to which ACCO or any
      Guarantor is a party or any of its rights or interests thereunder only to
      the extent  and only for so long as the grant of a Lien under
      the Security Documents will constitute or result in a breach, termination
      or default under or requires any consent not obtained under any such
      lease, license, contract, agreement or property right (other than to the
      extent that any such term would be rendered ineffective pursuant to
      Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or
      any successor provision or provisions) of any relevant jurisdiction or any
      other applicable law (including the Bankruptcy Code) or principles of
      equity); provided that such lease,
      license, contract, property right or agreement will be an Excluded Asset
      only to the extent and for so long as the consequences specified above
      will result and will cease to be an Excluded Asset and will become subject
      to the Lien granted under the Security Documents, immediately and
      automatically, at such time as such consequences will no longer
      result;

            

    

     

    
      	
               
      

            	
              (4)

            	
              Equity
      Interests in ACCO Brands Receivables Funding LLC, so long as such entity
      is a Receivables Subsidiary;

            

    

     

    
      	
               
      

            	
              (5)

            	
              Equity
      Interests or other securities of any Subsidiary of ACCO (other than ACCO
      Brands Europe Holding LP) to the extent the pledge of such Equity
      Interests or other securities would require ACCO to file separate
      financial statements with SEC with respect to such Subsidiary pursuant to
      Rule 3-16 of Regulation S-X under the Securities Act, as in effect from
      time to time; provided that in the event that Rule 3-16 of Regulation S-X
      under the Securities Act is amended, modified or interpreted by the SEC to
      permit (or is replaced with another rule or regulation, or any other law,
      rule or regulation is adopted, which would permit) all of such
      Subsidiary’s Equity Interests or other securities to be pledged to secure
      the Priority Lien Obligations without the filing with the SEC of separate
      financial statements of such Subsidiary, then all of the Equity Interests
      and other securities of such 

            

    

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              Subsidiary
      shall automatically be deemed to be part of the Notes Collateral (and the
      Security Documents shall be amended to reflect such inclusion in the Notes
      Collateral);

            

    

     

    
      	
               
      

            	
              (6)

            	
              any
      amount of Voting Equity Interests of any Foreign Subsidiary exceeding, and
      only to the extent that such Voting Equity Interests exceed, 65% of the
      total Voting Equity Interests of such Foreign Subsidiary held by ACCO or
      any Guarantor;

            

    

     

    
      	
               
      

            	
              (7)

            	
              the
      Equity Interests of any Foreign Subsidiary other than (A) ACCO Mexicana
      S.A. de C.V., ACCO Brands Canada Inc. and ACCO Brands Europe Holding LP;
      and (B) any Foreign Subsidiary directly owned by ACCO or any Guarantor if
      the product of that Foreign Subsidiary’s EBITDA for the preceding fiscal
      year times 7.0 exceeds $42.5 million, such
      determination to be made annually at the conclusion of the audit of ACCO’s
      annual financial statements, in each case subject to clauses
      (5)
      and (6)
      above; and

            

    

     

    
      	
               
      

            	
              (8)

            	
              certain
      other items agreed by the parties and as more fully set forth in the
      Security Documents.

            

    

     

    “Excluded
Subsidiary” means:

     

    
      	
               
      

            	
              (1)

            	
              ACCO
      Brands Receivables Funding LLC; and

            

    

     

    
      	
               
      

            	
              (2)

            	
              any
      Foreign Subsidiary.

            

    

     

    “Existing
Indebtedness” means the aggregate principal amount of Indebtedness of the
Company and its Restricted Subsidiaries (other than Indebtedness under the ABL
Credit Facility) outstanding on the date of this Indenture, until such amounts
are repaid.

     

    “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.

     

     “Fixed
Charge Coverage Ratio” means, with respect to any Person for any period,
the ratio of EBITDA of such Person for such period to the Fixed Charges of such
Person for such period.  In the event that the Company or any of its
Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness
(other than in the case of revolving credit borrowings or revolving advances
under any Qualified Receivables Financing, in which case interest expense shall
be computed based upon the average daily balance of such Indebtedness during the
applicable
period) or issues, repurchases or redeems Disqualified Stock or Preferred Stock
subsequent to the commencement of the period for which the Fixed Charge Coverage
Ratio is being calculated but prior to the event for which the calculation of
the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio shall be calculated giving
pro
forma effect to such Incurrence, repayment, repurchase or redemption of
Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock
or Preferred Stock, as if the same had occurred at the beginning of the
applicable four-quarter period.

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

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

     

    For
purposes of this definition, whenever pro forma
effect is to be given to any pro forma
event, the pro forma
calculations shall be made in good faith by a responsible financial or
accounting officer of the Company. Any such pro forma
calculation may include adjustments appropriate, in the reasonable good faith
determination of the Company, to reflect (1) operating expense reductions and
other operating improvements or synergies reasonably expected to result from the
applicable pro forma
event and (2) all adjustments of the nature used in connection with the
calculation of “Adjusted EBITDA” as described under “Summary Historical
Consolidated Financial Data” under “Summary” in the Offering Circular to the
extent such adjustments, without duplication, continue to be applicable to such
four-quarter period; provided that any such adjustment (x) in excess of $5.0
million shall be set forth in an Officers’ Certificate and (y) in excess of
$30.0 million shall be set forth in a resolution approved by at least a majority
of the Board of Directors of the Company.

     

    If any
Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Calculation Date had been the applicable rate for the entire
period (taking into account any Hedging Obligations applicable to such
Indebtedness if such Hedging Obligation has a remaining term in excess of twelve
months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at
an interest rate reasonably determined by a responsible financial or accounting
officer of the Company to be the rate of interest implicit in such Capitalized
Lease Obligation in accordance with GAAP. For purposes of making the computation
referred to above, interest on any Indebtedness
under a revolving credit facility computed on a pro forma
basis shall be computed based upon the average daily balance of such
Indebtedness during the applicable period. Interest on Indebtedness that may
optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate, or other rate, shall be
deemed to have been based upon the rate actually chosen, or, if none, then based
upon such optional rate chosen as the Company may designate.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    “Fixed
Charges” means, with respect to any specified Person for any period, the
sum of:

     

    
      	
               
      

            	
              (1)

            	
              Consolidated
      Interest Expense, and

            

    

     

    
      	
               
      

            	
              (2)

            	
              all
      cash dividend payments (excluding items eliminated in consolidation) on
      any series of Preferred Stock or Disqualified Stock of such Person and its
      Restricted Subsidiaries.

            

    

     

     “Foreign
Subsidiary” means any Restricted Subsidiary of ACCO other than a Domestic
Subsidiary.

     

    “GAAP”
means generally accepted accounting principles in the United States set forth in
the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession which are in effect on the Issue Date. For the
purposes of this Indenture, the term “consolidated” with respect to any Person
shall mean such Person consolidated with its Restricted Subsidiaries, and shall
not include any Unrestricted Subsidiary, but the interest of such Person in an
Unrestricted Subsidiary will be accounted for as an Investment.

     

    “Global
Notes Legend” means the legend set forth in Section
2.2(g)(iii) of the
Appendix, which is required to be placed on all Global Notes issued under this
Indenture.

     

    “Global
Notes” means, individually and collectively, Notes sold to QIBs in
reliance on Rule 144A (the “Rule
144A Global Note”) or Notes sold in offshore transactions in reliance on
Regulation S (the “Regulation
S Global Note”), deposited with or on behalf of and registered in the
name of the Depositary or its nominee, substantially in the form of Exhibit
A and that bear the Global Note Legend.

     

    “Government
Securities” means
securities that are:

     

    
      	
               
      

            	
              (1)

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

            

    

     

    
      	
               
      

            	
              (2)

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

               

              which,
      in each case, are not callable or redeemable at the option of the issuer
      thereof, and shall also include a depository receipt issued by a bank (as
      defined in Section 3(a)(2) of the Securities Act) as custodian with
      respect to any such Government Securities or a specific payment of
      principal of or interest on any such Government Securities held by such
      custodian for the account of the holder of such depository receipt;
      provided that (except as required by law) such custodian is not authorized
      to make any deduction from the amount payable to the holder of such
      

            

    

     

    

    
      
        
           

        

        
          18

          
            

          

        

        
           

        

      

    

    

     

    
      	
               
      

            	
              depository
      receipt from any amount received by the custodian in respect of the
      Government Securities or the specific payment of principal of or interest
      on the Government Securities evidenced by such depository
      receipt.

            

    

     

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

     

    “Guarantors”
means:

     

    
      	
               
      

            	
              (1)

            	
              each
      direct or indirect Domestic Subsidiary of ACCO on the date of this
      Indenture (other than any Excluded
Subsidiary);

            

    

     

    
      	
               
      

            	
              (2)

            	
              any
      other Restricted Subsidiary of ACCO that executes a Note Guarantee from
      time to time in accordance with the provisions of this Indenture and a
      Collateral Trust Joinder as a guarantor in the form of Exhibit
      C to the Collateral Trust Agreement;
and

            

    

     

    
      	
               
      

            	
              (3)

            	
              their
      respective successors and assigns until released from their obligations
      under their Note Guarantees and this Indenture in accordance with the
      terms of this Indenture.

            

    

     

    “Hedging
Obligations” means, with respect to any Person, the obligations of such
Person under:

     

    
      	
               
      

            	
              (1)

            	
              currency
      exchange, interest rate or commodity swap agreements, currency exchange,
      interest rate or commodity cap agreements and currency exchange, interest
      rate or commodity collar agreements:
and

            

    

     

    
      	
               
      

            	
              (2)

            	
              other
      agreements or arrangements designed to protect such Person against
      fluctuations in currency exchange, interest rates and/or commodity
      prices.

            

    

     

    “Holder”
means a Person in whose name a Note 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 Subsidiary (whether by merger, amalgamation,
consolidation, acquisition or otherwise) shall be deemed to be Incurred by such
Person at the time it becomes a Subsidiary.

    

    “Indebtedness”
means, with respect to any specified Person, without duplication:

     

    
      	
               
      

            	
              (1)

            	
              any
      indebtedness of such Person, without duplication, whether or not
      contingent, (a) in respect of borrowed money, (b) evidenced by bonds,
      notes, debentures or similar instruments or letters of credit (or, without
      duplication, reimbursement agreements in respect thereof), excluding
      letters of credit securing obligations other than
  

            

    

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    
       

      
        	
                 
      

              	
                 

              	
                obligations
      described in subclauses
      (a),
      (b),
      (e)
      and (f)
      of this clause
      (1)
      and entered into in the ordinary course of business of such Person, to the
      extent such letters of credit are not drawn upon, or, if drawn upon, to
      the extent such drawing is reimbursed no later than the fifth (5th)
      Business Day following receipt by such Person of a demand for
      reimbursement, (c) in respect of bankers’ acceptances, (d) representing
      the deferred balance and unpaid purchase price of any property, except any
      such balance that constitutes an accrued expense or trade payable or
      similar obligation to a trade creditor and excluding any such balance or
      unpaid purchase price to the extent that it is either required to be or at
      the option of such Person may be satisfied solely through the issuance of
      Equity Interests of the Company that are not Disqualified Stock, (e) in
      respect of Capitalized Lease Obligations, or (f) representing any Hedging
      Obligations, other than Hedging Obligations that are incurred in the
      normal course of business and not for speculative purposes, and that do
      not increase the Indebtedness of the obligor outstanding at any time other
      than as a result of fluctuations in interest rates, commodity prices or
      foreign currency exchange rates or by reason of fees, indemnities and
      compensation payable thereunder, if and to the extent that any of the
      foregoing indebtedness (other than letters of credit and Hedging
      Obligations) would appear as a liability on a balance sheet (excluding the
      footnotes thereto) of such Person prepared in accordance with
      GAAP;

              

      

       

    

    
      	
               
      

            	
              (2)

            	
              to
      the extent not otherwise included, any obligation of such Person to be
      liable for, or to pay, as obligor, guarantor or otherwise, on the
      Indebtedness of another Person (other than by endorsement of negotiable
      instruments for collection in the ordinary course of
      business);

            

    

     

    
      	
               
      

            	
              (3)

            	
              to
      the extent not otherwise included, Indebtedness of another Person secured
      by a Lien on any asset owned by such Person (whether or not such
      Indebtedness is assumed by such Person); provided, however, that the
      amount of such Indebtedness will be the lesser of: (a) the Fair Market
      Value of such asset at such date of determination, and (b) the amount of
      such Indebtedness of such other Person;
and

            

    

     

    
      	
               
      

            	
              (4)

            	
              to
      the extent not otherwise included, with respect to the Company and its
      Restricted Subsidiaries, the amount then outstanding (i.e., advanced, and
      received by, and available for use by, the Company or any of its
      Restricted Subsidiaries) under any Receivables Financing (as set forth in
      the books and records of the Company or any Restricted Subsidiary and
      confirmed by the agent, trustee or other representative of the institution
      or group providing such Receivables
Financing);

            

    

     

    provided, however,
that notwithstanding the foregoing, Indebtedness shall be deemed not to include
(1) Contingent Obligations incurred in the ordinary course of business and not
in respect of borrowed money or (2) Obligations under or in respect of Qualified
Receivables Financing.

    
    

     

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

     

    “Indirect
Participant” means a Person who holds a beneficial interest in a Global
Note through a Participant, including through Clearstream and
Euroclear.

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    “Initial
Purchasers” means, collectively, Credit Suisse Securities (USA) LLC, Banc
of America Securities LLC, BMO Capital Markets Corp., Deutsche Bank Securities
Inc.,  SunTrust Robinson Humphrey, Inc., Barrington Research
Associates, Inc., Barclays Capital Inc. and CJS Securities Inc.

     

    “Insolvency
or Liquidation Proceeding” means:

     

    
      	
               
      

            	
              (1)

            	
              any
      case commenced by or against the Company or any Guarantor under the
      Bankruptcy Code, or any similar federal or state law for the relief of
      debtors, any other proceeding for the reorganization, recapitalization or
      adjustment or marshalling of the assets or liabilities of the Company or
      any Guarantor, any receivership or assignment for the benefit of creditors
      relating to the Company or any Guarantor or any similar case or proceeding
      relative to the Company or any Guarantor or its creditors, as such, in
      each case whether or not voluntary;

            

    

     

    
      	
               
      

            	
              (2)

            	
              any
      liquidation, dissolution, marshalling of assets or liabilities or other
      winding up of or relating to the Company or any Guarantor, in each case
      whether or not voluntary and whether or not involving bankruptcy or
      insolvency, unless otherwise permitted by this Indenture and the Security
      Documents;

            

    

     

    
      	
               
      

            	
              (3)

            	
              any
      proceeding seeking the appointment of a trustee, receiver, liquidator,
      custodian or other insolvency official with respect to the Company or any
      Guarantor or any of their assets;

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      other proceeding of any type or nature in which substantially all claims
      of creditors of the Company or any Guarantor are determined and any
      payment or distribution is or may be made on account of such claims;
      or

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      analogous procedure or step in any
jurisdiction.

            

    

     

    “Intercreditor
Agreement” means the Intercreditor Agreement, dated as of the date of
this Indenture, among the Company, the grantors from time to time party thereto,
the ABL Collateral Agent and the Collateral Trustee, as amended, restated,
adjusted, waived, renewed, extended, supplemented or otherwise modified from
time to time.

     

    “Investment
Grade Securities” means:

     

    
      
        	
                 
      

              	
                (1)

              	
                securities
      issued or directly and fully guaranteed or insured by the U.S. government
      or any agency or instrumentality thereof (other than Cash Equivalents), in
      each case with maturities not exceeding two (2) years from the date of
      acquisition,

              

      

       

      
        	
                 
      

              	
                (2)

              	
                investments
      in any fund that invests exclusively in investments of the type described
      in clause (1), which fund may also hold immaterial amounts of cash pending
      investment and/or distribution,
and

              

      

    

     

    
      	
               
      

            	
              (3)

            	
              corresponding
      instruments in countries other than the United States customarily utilized
      for high quality investments and in each case with maturities not
      exceeding two years from the date of
  acquisition.

            

    

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    “Investments”
means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including Guarantees),
advances or capital contributions (excluding accounts receivable, trade credit
and advances to customers and commission, payroll, travel and similar advances
to officers, employees and consultants made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person, together with all
items that are or would be classified as investments on a balance sheet prepared
in accordance with GAAP. For purposes of the definition of “Unrestricted
Subsidiary” and Section
4.04:

     

    
      	
               
      

            	
              (1)

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

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Company’s “Investment” in such Subsidiary at the time of such
      redesignation less

            

    

     

    
      	
               
      

            	
              (b)

            	
              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 the date the Original Notes were originally issued under this
Indenture.

     

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

    

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

     

    “Lien
Sharing and Priority Confirmation” means:

     

    
      	
               
      

            	
              (1)

            	
              as
      to any Series of Priority Lien Debt, the written agreement of the holders
      of such Series of Priority Lien Debt, as set forth in the indenture,
      credit agreement or other agreement governing such Series of Priority Lien
      Debt, for the enforceable benefit

            

    

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    
       

      
        	
                 
      

              	
                 

              	
                of
      all holders of Secured Debt and each existing and future Secured Debt
      Representative:

              

      

    

     

    
      	
               
      

            	
              (a)

            	
              that
      all Priority Lien Obligations will be and are secured equally and ratably
      by all Priority Liens at any time granted by ACCO or any Guarantor to
      secure any Obligations in respect of such Series of Priority Lien Debt,
      whether or not upon property otherwise constituting Collateral, and that
      all such Priority Liens will be enforceable by the Collateral Trustee for
      the benefit of all holders of Priority Lien Obligations equally and
      ratably;

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      the holders of Obligations in respect of such Series of Priority Lien Debt
      are bound by the provisions of the Collateral Trust Agreement, including
      the provisions relating to the ranking of Priority Liens and the order of
      application of proceeds from enforcement of Priority Liens;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              consenting
      to the terms of the Collateral Trust Agreement and the Intercreditor
      Agreement and the Collateral Trustee’s performance of, and directing the
      Collateral Trustee to perform, its obligations under the Collateral Trust
      Agreement, the Intercreditor Agreement and the other Security
      Documents;

            

    

     

    
      	
               
      

            	
              (2)

            	
              as
      to any Series of ABL Debt, the written agreement of the holders of such
      Series of ABL Debt, as set forth in the credit agreement, indenture or
      other agreement governing such Series of ABL Debt, for the enforceable
      benefit of all holders of Secured Debt and each Secured Debt
      Representative that the holders of Obligations in respect of such Series
      of ABL Debt are bound by the provisions of the Intercreditor Agreement (or
      a joinder to the Intercreditor Agreement or a new intercreditor agreement
      substantially similar to the Intercreditor Agreement, as in effect on the
      date of the Indenture, and in a form reasonably acceptable to each of the
      parties thereto); and

            

    

     

    
      	
               
      

            	
              (3)

            	
              as to any Series of Subordinated Lien Debt, the written agreement
      of the holders of such Series of Subordinated Lien Debt, as set forth in
      the indenture, credit agreement or other agreement governing such Series
      of Subordinated Lien Debt, for
      the enforceable benefit of all holders of Secured Debt and each existing
      and future Secured Debt
  Representative:

            

    

     

    
      	
               
      

            	
              (a)

            	
              that
      all Subordinated Lien Obligations will be and are secured equally and
      ratably by all Subordinated Liens at any time granted by ACCO or any
      Guarantor to secure any Obligations in respect of such Series of
      Subordinated Lien Debt, whether or not upon property otherwise
      constituting collateral for such Series of Subordinated Lien Debt, and
      that all such Subordinated Liens will be enforceable by the Collateral
      Trustee for the benefit of all holders of Subordinated Lien Obligations
      equally and ratably;

            

    

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              that
      the holders of Obligations in respect of such Series of Subordinated Lien
      Debt are bound by the provisions of the Collateral Trust Agreement and the
      Intercreditor Agreement, including the provisions relating to the ranking
      of Subordinated Liens and the order of application of proceeds from the
      enforcement of Subordinated Liens;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              consenting
      to the terms of the Collateral Trust Agreement and the Intercreditor
      Agreement and the Collateral Trustee’s performance of, and directing the
      Collateral Trustee to perform, its obligations under the Collateral Trust
      Agreement, the Intercreditor Agreement and the other Security
      Documents.

            

    

     

    “Moody’s”
means Moody’s Investors Service, Inc. or any successor to the rating agency
business thereof.

     

    “Mortgage”
a mortgage, deed of trust, leasehold mortgages or leasehold deed of trust, as
applicable, substantially in the form and substance as provided to the
Collateral Trustee on the date hereof, encumbering the applicable Mortgaged
Property or New Mortgaged Property.

     

     “Mortgaged
Property” means each real property owned or leased by the Company or a
Guarantor and set forth on Schedule
A.

     

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

     

    “Net
Proceeds” means the aggregate cash proceeds received by the Company or
any of its Restricted Subsidiaries in respect of any Asset Sale (including,
without limitation, any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise, but only as
and when received, but excluding the assumption by the acquiring Person of
Indebtedness relating to the disposed assets or other consideration received in
any other non-cash form), net of the direct costs relating to such Asset Sale
(including, without limitation, legal, accounting and investment banking fees,
and brokerage and sales commissions), and any relocation expenses Incurred as a
result thereof, taxes paid or payable as a result thereof (after taking into
account any available tax credits or deductions and any tax sharing arrangements
related thereto), amounts required to be applied to the repayment of principal,
premium (if any), Additional
Interest (if any) and interest on Indebtedness required (other than pursuant to
Section 4.06(b)) to be paid as a
result of such transaction, and any deduction of appropriate amounts to be
provided by the Company as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and
retained by the Company after such sale or other disposition thereof, including,
without limitation, pension and other post-employment benefit liabilities and
liabilities related to environmental matters or against any indemnification
obligations associated with such transaction.

     

    “New
York Uniform Commercial Code” means the Uniform Commercial Code as in
effect from time to time in the State of New York.

     

     “Note
Documents” means the Indenture, the Notes and the Security
Documents.

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    “Note
Guarantee” means a Guarantee of the Notes pursuant to this
Indenture.

     

    “Notes
Collateral” means all of the tangible and intangible properties and
assets at any time owned or acquired by ACCO or any Guarantor,
except:

     

    
      	
               
      

            	
              (1)

            	
              Excluded
      Assets; and

            

    

     

    
      	
               
      

            	
              (2)

            	
              ABL
      Collateral.

            

    

     

    “Notes
Obligations” means all Obligations in respect of the Notes, the Note
Guarantees and this Indenture.

     

    “Obligations”
means any principal, interest, penalties, fees, expenses, indemnifications,
reimbursements, damages and other liabilities (including all interest accruing
after the commencement of any Insolvency or Liquidation Proceeding, even if such
interest is not enforceable, allowable or allowed as a claim in such proceeding)
under the documentation governing any Indebtedness.

     

    “Offering
Circular” means the final offering circular, dated September 21, 2009,
relating to the offering of the Initial Notes.

     

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

     

    “Officers’ Certificate”
means a certificate signed on behalf of ACCO by at least two Officers of ACCO,
one of whom must be the principal executive officer, the principal financial
officer, the treasurer or the principal accounting officer of ACCO that meets
the requirements of this Indenture.

     

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

    

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

     

    “Permitted
Asset Swap” means any transfer of properties or assets by the Company or
any of its Restricted Subsidiaries in which the consideration received by the
transferor consists primarily of properties or assets to be used in a Similar
Business; provided that (1) the Fair Market Value (determined in good faith by
the Board of Directors of the Company if such amount is reasonably likely to
exceed $50.0 million) of properties or assets received by the Company or any
such Restricted Subsidiary in connection with such Permitted Asset Swap is at
least equal to the Fair Market Value (determined in good faith by the Board of
Directors of the Company if such amount is reasonably likely to exceed $50.0
million) of properties or assets transferred by the Company or such Restricted
Subsidiary in connection with such Permitted Asset Swap and (2) the aggregate
Fair Market Value of assets transferred by the Company and its Restricted
Subsidiaries 

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    in
connection with all transactions that the Company designates as Permitted Asset
Swaps after the Issue Date does not exceed 15% of Total Assets.

     

    “Permitted
Investments” means:

     

    
      	
               
      

            	
              (1)

            	
              any
      Investment in the Company or in a Restricted Subsidiary of the
      Company;

            

    

     

    
      	
               
      

            	
              (2)

            	
              any
      Investment in cash, Cash Equivalents or Investment Grade
      Securities;

            

    

     

    
      	
               
      

            	
              (3)

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

            

    

     

    
      	
               
      

            	
              (a)

            	
              such
      Person becomes a Restricted Subsidiary of the Company;
  or

            

    

     

    
      	
               
      

            	
              (b)

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

            

    

     

    
      	
               
      

            	
              (4)

            	
              any
      Investment in securities or other assets not constituting Cash Equivalents
      and received in connection with an Asset Sale made pursuant to the
      provisions of Section 4.06
      or any other disposition of assets not constituting an Asset
      Sale;

            

    

     

    
      	
               
      

            	
              (5)

            	
              any
      Investment existing on the Issue Date and any amendment, modification,
      restatement, supplement, extension, renewal, refunding, replacement or
      refinancing, in whole or in part thereof; provided, that such amendment,
      modification, restatement, supplement, extension, renewal, refunding,
      replacement or refinancing does not increase the aggregate principal
      amount thereof;

            

    

     

    
      	
               
      

            	
              (6)

            	
              advances
      to employees not in excess of $5.0 million outstanding at any one time in
      the aggregate;

            

    

     

    
      	
               
      

            	
              (7)

            	
              any
      Investment acquired by the Company or any of its Restricted Subsidiaries
      in satisfaction of judgments, settlements of debt or compromises of
      obligations incurred in the ordinary course of
  business;

            

    

     

    
      	
               
      

            	
              (8)

            	
              any
      Investment 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
      ACCO 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;

            

    

     

    
      	
               
      

            	
              (9)

            	
              Hedging
      Obligations permitted under Section
    4.03(b)(ix);

            

    

     

    
      	
               
      

            	
              (10)

            	
              loans
      and advances to officers, directors and employees for business-related
      travel expenses, moving and relocation expenses, commission and payroll
      advances and

            

    

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    
      	 	
               

            	
              other
      similar expenses or advances, in each case Incurred in the ordinary course
      of business;

            

       

    

    
      	
               
      

            	
              (11)

            	
              Investments
      the payment for which consists of Equity Interests of the Company (other
      than Disqualified Stock) or any direct or indirect parent of the Company,
      as applicable; provided, however, that such Equity Interests will
      not increase the amount available for Restricted Payments under Section
    4.04(a)(3);

            

    

     

    
      	
               
      

            	
              (12)

            	
              any
      transaction to the extent it constitutes an Investment that is permitted
      by and made in accordance with the provisions of Section 4.07(b) (except
      transactions described in clauses
      (ii),
      (v),
      and (viii)
      of such Section);

            

    

     

    
      	
               
      

            	
              (13)

            	
              Guarantees
      issued in accordance with the covenants described in Section 4.03 and Section
  4.11;

            

    

     

    
      	
               
      

            	
              (14)

            	
              Investments
      consisting of purchases and acquisitions of inventory, supplies, materials
      and equipment or purchases of contract rights or licenses or leases of
      intellectual property, in each case in the ordinary course of
      business;

            

    

     

    
      	
               
      

            	
              (15)

            	
              Investments
      deemed to have been made as a result of the acquisition of a Person that
      at the time of such acquisition held instruments constituting Investments
      that were not acquired in contemplation of the acquisition of such
      Person;

            

    

     

    
      	
               
      

            	
              (16)

            	
              any
      Investment by Restricted Subsidiaries of the Company in other Restricted
      Subsidiaries of the Company and Investments by Subsidiaries that are not
      Restricted Subsidiaries in other Subsidiaries that are not Restricted
      Subsidiaries of the Company;

            

    

     

    
      	
               
      

            	
              (17)

            	
              Investments
      in prepaid expenses and lease, utility and workers’ compensation
      performance and other similar
deposits;

            

    

     

    
      	
               
      

            	
              (18)

            	
              Investments
      consisting of intercompany Indebtedness between the Company and the
      Guarantors or between Guarantors and permitted by the covenant described
      in Section
      4.03;

            

    

     

    
      	
               
      

            	
              (19)

            	
              any
      Investment in a Receivables Subsidiary or any Investment by a Receivables
      Subsidiary in any other Person in connection with a Qualified Receivables
      Financing, including Investments of funds held in accounts permitted or
      required by the arrangements governing such Qualified Receivables
      Financing or any related Indebtedness; provided, however, that any Investment in a
      Receivables Subsidiary is in the form of a Purchase Money Note,
      contribution of additional receivables or an equity interest;
      and

            

    

     

    
      	
               
      

            	
              (20)

            	
              additional
      Investments by the Company or any of its Restricted Subsidiaries having an
      aggregate Fair Market Value, taken together with all other Investments
      made pursuant to this clause
      (20) since the Issue Date, not to exceed the greater of (x) 5.0% of
      Total Assets and (y) $25.0 million (with the Fair Market Value of each
      

            

    

     

    
       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                 

              	
                Investment being
      measured at the time made and without giving effect to
      subsequent changes in
value).

              

      

       

    

    “Permitted
Liens” means:

     

    
      	
               
      

            	
              (1)

            	
              Liens
      on ABL Collateral securing (a) ABL Debt in an aggregate principal amount
      (as of the date of incurrence of any ABL Debt and after giving pro forma effect to the application of
      the net proceeds therefrom and with letters of credit or bankers’
      acceptances issued under the ABL Credit Facility being deemed to have a
      principal amount equal to the face amount thereof), not exceeding the ABL
      Lien Cap, and (b) all other ABL Debt
  Obligations;

            

    

     

    
      	
               
      

            	
              (2)

            	
              Liens
      on assets of Foreign Subsidiaries that would constitute ABL Collateral if
      owned by ACCO or any Guarantor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              Liens
      on Notes Collateral securing (a) ABL Debt in an aggregate principal amount
      (as of the date of incurrence of any ABL Debt and after giving pro forma effect to the application of
      the net proceeds therefrom and with letters of credit or bankers’
      acceptances being deemed to have a principal amount equal to the face
      amount thereof), not exceeding the ABL Lien Cap, and (b) all other ABL
      Debt Obligations, which Liens are made junior to Priority Lien Obligations
      pursuant to the terms of the Intercreditor Agreement (or a joinder to the
      Intercreditor Agreement or a new intercreditor agreement substantially
      similar to the Intercreditor Agreement, as in effect on the date of this
      Indenture, and in a form reasonably acceptable to each of the parties
      thereto);

            

    

     

    
      	
               
      

            	
              (4)

            	
              Priority
      Liens securing (a) Priority Lien Debt in an aggregate principal amount (as
      of the date of incurrence of any Priority Lien Debt and after giving pro forma effect to the application of
      the net proceeds therefrom), not exceeding the Priority Lien Cap, and (b)
      all other Priority Lien
Obligations;

            

    

     

    
      	
               
      

            	
              (5)

            	
              Subordinated
      Liens securing (a) Subordinated Lien Debt in an aggregate principal amount (as of the date of incurrence of
      any Subordinated Lien Debt and after giving pro forma effect to the application of
      the net proceeds therefrom), not exceeding the Subordinated Lien
      Cap and (b) all other Subordinated Lien Obligations, which Liens are made
      junior to the Priority Lien Obligations and ABL Debt Obligations pursuant
      to the Collateral Trust Agreement and the Intercreditor
      Agreement;

            

    

     

    
      
        	
                 
      

              	
                (6)

              	
                Liens
      in favor of ACCO or any Restricted
Subsidiary;

              

      

       

      
        	
                 
      

              	
                (7)

              	
                Liens
      on property, assets or shares of Capital Stock of a Person existing at the
      time such Person is acquired by, merged with or into or consolidated,
      combined or amalgamated with ACCO or any Restricted Subsidiary of ACCO;
      provided that such Liens were in
      existence prior to, and were not incurred in connection with or in
      contemplation of, such merger, acquisition, consolidation, combination or
      amalgamation and do not extend to any assets other than those of the
      Person acquired by or merged into or consolidated, combined or amalgamated
      with ACCO or the Restricted
Subsidiary;

              

      

       

      

      
        
          
             

          

          
            28

            
              

            

          

          
             

          

        

      

       

    

    
      	
               
      

            	
              (8)

            	
              Liens
      on property existing at the time of acquisition thereof by ACCO or any
      Restricted Subsidiary of ACCO; provided that such Liens were in
      existence prior to, and were not incurred in connection with or in
      contemplation of, such acquisition and do not extend to any property other
      than the property so acquired by ACCO or the Restricted
      Subsidiary;

            

    

     

    
      	
               
      

            	
              (9)

            	
              Liens
      existing on the date of this Indenture, other than liens to secure the
      Notes issued on the date of this Indenture or to secure Obligations under
      the ABL Credit Facility outstanding on the date of this
      Indenture;

            

    

     

    
      	
               
      

            	
              (10)

            	
              Liens
      to secure any Refinancing Indebtedness permitted to be incurred under this
      Indenture (other than ABL Debt, Priority Lien Debt or Subordinated Lien
      Debt); provided that (a) the new
      Lien shall be limited to all or part of the same property and assets that
      secured the original Lien, and (b) the Indebtedness secured by the new
      Lien is not increased to any amount greater than the sum of (i) the
      outstanding principal amount of the Indebtedness renewed, refunded,
      refinanced, replaced, defeased or discharged with such Refinancing
      Indebtedness, and (ii) an amount necessary to pay any fees and expenses,
      including premiums, related to such renewal, refunding, refinancing,
      replacement, defeasance or
discharge;

            

    

     

    
      	
               
      

            	
              (11)

            	
              Liens
      to secure Indebtedness (including Capital Lease Obligations) permitted by
      the provision described in Section 4.03(b)(xiv); provided that any such Lien (i) covers
      only the assets acquired, constructed or improved with such Indebtedness
      and (ii) is created within 180 days of such acquisition, construction or
      improvement;

            

    

     

    
      	
               
      

            	
              (12)

            	
              Liens
      incurred or pledges or deposits made in the ordinary course of business in
      connection with workers’ compensation, unemployment insurance and other
      types of social security and employee health and disability
      benefits;

            

    

     

    
      	
               
      

            	
              (13)

            	
              Liens to secure the performance of tenders, completion guarantees,
      statutory obligations, judgments, bids, contracts, surety or appeal bonds,
      bid leases, performance bonds, reimbursement obligations under letters of
      credit that do not constitute
      Indebtedness or other obligations of a like nature incurred in the
      ordinary course of
business;

            

    

     

    
      
        	
                 
      

              	
                (14)

              	
                Liens
      for taxes, assessments or governmental charges or claims that are not yet
      delinquent or that are being contested in good faith by appropriate
      proceedings promptly instituted and diligently conducted; provided that
      any reserve or other appropriate provision required under GAAP has been
      made therefor;

              

      

       

      
        	
                 
      

              	
                (15)

              	
                Liens
      imposed by law, such as carriers’ warehousemen’s, landlords’ mechanics’,
      suppliers’, materialmen’s and repairmen’s Liens, or in favor of customs or
      revenue authorities or freight forwarders or handlers to secure payment of
      custom duties, in each case incurred in the ordinary course of
      business;

              

      

       

      
        	
                 
      

              	
                (16)

              	
                licenses,
      entitlements, servitudes, encumbrances, easements, rights-of-way,
      restrictions, reservations, covenants, conditions, utility agreements,
      minor

              

      

       

    

     

    

    
      
        
           

        

        
          29

          
            

          

        

        
           

        

      

    

    

     

    
      	
               
      

            	
               

            	
              imperfections
      of title, minor survey defects or other similar restrictions on the use of
      any real property that were not incurred in connection with Indebtedness
      and do not, in the aggregate, materially adversely affect the value of
      said properties or materially interfere with their use in the operation of
      the business of ACCO or any of its Restricted
  Subsidiaries;

            

    

     

    
      	
               
      

            	
              (17)

            	
              leases,
      subleases, licenses, sublicenses or other occupancy agreements granted to
      others in the ordinary course of business which do not secure any
      Indebtedness and which do not materially interfere with the ordinary
      course of business of ACCO or any of its Restricted
      Subsidiaries;

            

    

     

    
      	
               
      

            	
              (18)

            	
              with
      respect to any leasehold interest where ACCO or any Restricted Subsidiary
      of ACCO is a lessee, tenant, subtenant or other occupant, mortgages,
      obligations, liens and other encumbrances incurred, created, assumed or
      permitted to exist and arising by, through or under a landlord or
      sublandlord of such leased real property encumbering such landlord’s or
      sublandlord’s interest in such leased real
  property;

            

    

     

    
      	
               
      

            	
              (19)

            	
              Liens
      arising from Uniform Commercial Code financing statement filings regarding
      operating leases entered into by ACCO or any of its Restricted
      Subsidiaries granted in the ordinary course of
  business;

            

    

     

    
      	
               
      

            	
              (20)

            	
              Liens
      of a collection bank arising under Section 4-210 of the New York Uniform
      Commercial Code on items in the course of collection in favor of banking
      institutions arising as a matter of law encumbering deposits (including
      the right of set-off) within general parameters customary in the banking
      industry;

            

    

     

    
      	
               
      

            	
              (21)

            	
              Liens
      securing judgments for the payment of money not constituting an Event of
      Default under this Indenture, so long as such Liens are adequately bonded
      and any appropriate legal proceedings which may have been duly initiated
      for the review of such judgment shall not have been finally terminated or
      the period within which such proceedings may be initiated shall not have
      expired;

            

    

     

    
      
        	
                 
      

              	
                (22)

              	
                deposits
      made in the ordinary course of business to secure liability to insurance
      carriers;

              

      

       

      
        	
                 
      

              	
                (23)

              	
                Liens
      arising out of conditional sale, title retention, consignment or similar
      arrangements, or that are contractual rights of set-off, relating to the
      sale or purchase of goods entered into by ACCO or any of its Restricted
      Subsidiaries in the ordinary course of
business;

              

      

       

      
        	
                 
      

              	
                (24)

              	
                any
      encumbrance or restriction (including put and call arrangements) with
      respect to Capital Stock of any non-majority-owned joint venture or
      similar arrangement pursuant to any joint venture or similar agreement
      permitted under this Indenture;

              

      

       

      
        	
                 
      

              	
                (25)

              	
                any
      extension, renewal or replacement, in whole or in part of any Lien
      described in clauses
      (7),
      (8),
      (9)
      and (11)
      of this definition of “Permitted Liens;” provided that any such extension,
      renewal or replacement is no more restrictive in any
    material

              

      

    

     

    

    
      
        
           

        

        
          30

          
            

          

        

        
           

        

      

    

     

    
      
        	
                 
      

              	
                 

              	
                respect
      than any Lien so extended, renewed or replaced and does not extend to any
      additional property or assets;

              

      

       

    

    
      	
               
      

            	
              (26)

            	
              Liens
      on cash or Cash Equivalents securing Hedging Obligations in existence on
      the date of this Indenture, or permitted to be incurred under, this
      Indenture;

            

    

     

    
      	
               
      

            	
              (27)

            	
              Liens
      on accounts receivable, chattel paper and other related assets of a
      Receivables Subsidiary incurred in connection with Indebtedness Incurred
      by such Receivables Subsidiary in a Qualified Receivables Financing that
      is not recourse to the Company or any Restricted Subsidiary other than a
      Receivables Subsidiary (except for Standard Securitization
      Undertakings);

            

    

     

    
      	
               
      

            	
              (28)

            	
              Liens
      under licensing agreements for use of intellectual property entered into
      in the ordinary course of business and consistent with past practice,
      including, without limitation, the licensing of any intellectual property
      that the Company or any of its Subsidiaries determine to no longer
      utilize;

            

    

     

    
      	
               
      

            	
              (29)

            	
              Liens
      securing pension obligations of ACCO Brands Europe Ltd. and any Subsidiary
      formed under the laws of the United Kingdom on any assets of any such
      Person that do not extend to property constituting
    Collateral;

            

    

     

    
      	
               
      

            	
              (30)

            	
              Liens
      on that certain parcel of real property located at 14 Jamaica Drive,
      Grenada North, Wellington, New Zealand that do not, in the aggregate,
      exceed $5.0 million at any one time outstanding;
  and

            

    

     

    
      	
               
      

            	
              (31)

            	
              Liens
      other than any of the foregoing incurred by the Company or any Restricted
      Subsidiary of the Company with respect to Indebtedness or other
      Obligations that do not constitute Indebtedness and that do not, in the
      aggregate, exceed $10.0 million at any one time
    outstanding.

            

    

     

    “Permitted
Prior Liens” means:

     

    
      (1)           Liens
described in clauses
(1), (2),
(7),
(8),
(9)
and (11)
of the definition of “Permitted Liens;” and

       

      
        	
                 
      

              	
                (2)

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

              

      

       

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

       

      “Pledge
Agreement” means the Pledge Agreement, dated as of the date of this
Indenture, among the Company, the Guarantors from time to time party thereto and
the Collateral Trustee, as amended, restated, adjusted, waived, renewed,
extended, supplemented or otherwise modified from time to time.

       

    

    

    
      
        
           

        

        
          31

          
            

          

        

        
           

        

      

    

     

    “Preferred
Stock” means any Equity Interest with preferential right of payment of
dividends or upon liquidation, dissolution, or winding up.

     

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

     

    “Priority
Lien Cap” means, as of any date of determination, $495.0
million.

     

    “Priority
Lien Debt” means:

     

    
      	
               
      

            	
              (1)

            	
              the
      Notes initially issued by the Company under this Indenture;
      and

            

    

     

    
      	
               
      

            	
              (2)

            	
              additional
      notes issued under any indenture or other Indebtedness (including letters
      of credit and reimbursement obligations with respect thereto) of ACCO that
      is secured equally and ratably with the Notes by a Priority Lien that was
      permitted to be Incurred and so secured under each applicable Secured Debt
      Document; provided, in the case of
      any additional notes or other Indebtedness referred to in this clause (2),
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              on
      or before the date on which such additional notes were issued or
      Indebtedness is Incurred by the Company, such additional notes or other
      Indebtedness, as applicable, is designated by the Company, in an Officers’
      Certificate delivered to each Priority Lien Representative and the
      Collateral Trustee, as “Priority Lien Debt” for the purposes of the
      Secured Debt Documents; provided
      that no Series of Secured Debt may be designated as both Subordinated Lien
      Debt and Priority Lien Debt and no Series of Secured Debt may be
      designated as both ABL Debt and Priority Lien
  Debt;

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      additional notes or such Indebtedness is governed by an indenture or a
      credit agreement, as applicable, or other agreement that includes a Lien
      Sharing and Priority Confirmation;
and

            

    

     

    
      
        	
                 
      

              	
                (c)

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

              

      

       

      “Priority
Lien Documents” means this Indenture and any additional indenture, credit
facility or other agreement pursuant to which any Priority Lien Debt is Incurred
and the Security Documents related thereto (other than any Security Documents
that do not secure Priority Lien Obligations).

       

    

     

    
      
        
           

        

        
          32

          
            

          

        

        
           

        

      

    

    

    “Priority
Lien Obligations” means Priority Lien Debt and all other Obligations in
respect thereof.

     

    “Priority
Lien Representative” means (1) the Collateral Trustee, in the case of the
Notes, or (2) in the case of any other Series of Priority Lien Debt, the
trustee, agent or representative of the holders of such Series of Priority Lien
Debt who maintains the transfer register for such Series of Priority Lien Debt
and is appointed as a representative of such Series of Priority Lien Debt (for
purposes related to the administration of the Security Documents) pursuant to
the indenture, credit agreement or other agreement governing such Series of
Priority Lien Debt.

     

    “Purchase
Money Note” means a promissory note of a Receivables Subsidiary
evidencing a line of credit, which may be irrevocable, from the Company or any
Subsidiary of the Company to a Receivables Subsidiary in connection with a
Qualified Receivables Financing, which note is intended to finance that portion
of the purchase price that is not paid by cash or a contribution of
equity.

     

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

     

    “Qualified
Receivables Financing” means any Receivables Financing of a Receivables
Subsidiary that meets the following conditions:

     

    
      	
               
      

            	
              (1)

            	
              the
      Board of Directors of the Company shall have determined in good faith that
      such Qualified Receivables Financing (including financing terms,
      covenants, termination events and other provisions) is in the aggregate
      economically fair and reasonable to the Company and the Receivables
      Subsidiary;

            

    

     

    
      	
               
      

            	
              (2)

            	
              all
      sales of accounts receivable and related assets to the Receivables
      Subsidiary are made at Fair Market Value (as determined in good faith by
      the Company); and

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      financing terms, covenants, termination events and other provisions
      thereof shall be market terms (as determined in good faith by the Company)
      and may include Standard Securitization
  Undertakings.

            

    

     

    
      The grant of a security interest in any accounts
receivable of the Company or any of its Restricted Subsidiaries (other than a
Receivables Subsidiary) to secure ABL Obligations, Priority Lien Obligations or
Subordinated Lien Obligations shall not be deemed a Qualified Receivables
Financing

       

      “Receivables
Financing” means any transaction or series of transactions that may be
entered into by the Company or any of its Subsidiaries pursuant to which the
Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a)
a Receivables Subsidiary (in the case of a transfer by the Company or any of its
Subsidiaries); and (b) any other Person (in the case of a transfer by a
Receivables Subsidiary), or may grant a security interest in, any accounts
receivable (whether now existing or arising in the future) of the Company or any
of its Subsidiaries, and any assets related thereto including, without
limitation, all collateral securing such accounts receivable, all contracts and
all Guarantees or other obligations in respect of such accounts receivable,
proceeds of such accounts receivable and other assets which are customarily
transferred or in respect of which security interests are customarily granted in
connection with asset securitization 

    

     

    

    
      
        
           

        

        
          33

          
            

          

        

        
           

        

      

    

    

    transactions
involving accounts receivable and any Hedging Obligations entered into by the
Company or any such Subsidiary in connection with such accounts
receivable.

     

    “Receivables
Repurchase Obligation” means any obligation of a seller of receivables in
a Qualified Receivables Financing to repurchase receivables arising as a result
of a breach of a representation, warranty or covenant or otherwise, including as
a result of a receivable or portion thereof becoming subject to any asserted
defense, dispute, off-set or counterclaim of any kind as a result of any action
taken by, any failure to take action by or any other event relating to the
seller.

     

    “Receivables
Subsidiary” means a Wholly Owned Restricted Subsidiary of the Company (or
another Person formed for the purposes of engaging in Qualified Receivables
Financing with the Company in which the Company or any Subsidiary of the Company
makes an Investment and to which the Company or any Subsidiary of the Company
transfers accounts receivable and related assets) which engages in no activities
other than in connection with the financing of accounts receivable of the
Company and its Subsidiaries, all proceeds thereof and all rights (contractual
or other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by
the Board of Directors of the Company (as provided below) as a Receivables
Subsidiary and:

     

    
      	
               
      

            	
              (a)

            	
              no
      portion of the Indebtedness or any other obligations (contingent or
      otherwise) of which (i) is Guaranteed by the Company or any other
      Subsidiary of the Company (excluding Guarantees of obligations (other than
      the principal of and interest on, Indebtedness) pursuant to Standard
      Securitization Undertakings), (ii) is recourse to or obligates the Company
      or any other Subsidiary of the Company in any way other than pursuant to
      Standard Securitization Undertakings, or (iii) subjects any property or
      asset of the Company or any other Subsidiary of the Company, directly or
      indirectly, contingently or otherwise, to the satisfaction thereof, other
      than pursuant to Standard Securitization
  Undertakings;

            

    

     

    
      	
               
      

            	
              (b)

            	
              with
      which neither the Company nor any other Subsidiary of the Company has any
      material contract, agreement, arrangement or understanding other than on
      terms which the Company reasonably believes to be no less favorable to the
      Company or such Subsidiary than those that might be obtained at the time
      from Persons that are not Affiliates of the Company;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      which neither the Company nor any other Subsidiary of the Company has any
      obligation to maintain or preserve such entity’s financial condition or
      cause such entity to achieve certain levels of operating
      results.

            

    

     

    Any such
designation by the Board of Directors of the Company shall be evidenced to the
Trustee by filing with the Trustee a certified 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 conditions.

     

     

    
      
        
          
             

          

          
            34

            
              

            

          

          
             

          

        

      

       

    

    “Refinancing
Transactions” means, collectively, the offer and sale of the Notes, the
entry into the ABL Credit Facility and the use of the proceeds from the sale of
the Notes, together with initial borrowings under the ABL Credit Facility, to
(i) repay all amounts outstanding under the Company’s senior secured credit
agreement, dated as of August 17, 2005, as amended, and under the Company’s
receivables sale and contribution agreement and receivables purchase agreement,
each dated January 9, 2008; (ii) pay settlement costs upon termination of the
Company’s five-year cross currency swap entered into as of September 22, 2005;
(iii) repurchase a portion of the Senior Subordinated Notes pursuant to Section4.04(b)(xviii) of this Indenture;
and (iv) pay the
fees, expenses and other costs relating to the foregoing
transactions.

     

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

     

    “Required
Subordinated Lien Debtholders” means, at any time, the holders of a
majority in aggregate principal amount of all Subordinated Lien Debt then
outstanding, calculated in accordance with Section
7.2 of the Collateral Trust Agreement.  For purposes of this
definition, Subordinated Lien Debt registered in the name of, or beneficially
owned by, the Company or any Affiliate of the Company will be deemed not to be
outstanding.

     

    “Responsible
Officer” means, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president,
assistant vice president, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at
the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such Person’s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the
administration of this Indenture.

     

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

     

    “Restricted
Subsidiary” means, with respect to any Person, any Subsidiary of such
Person other than an Unrestricted Subsidiary of such Person.  Unless
otherwise indicated in this Indenture,
all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of
the Company.

     

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

     

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

     

    “Rule
903” means Rule 903 promulgated under the Securities Act.

     

    “Rule
904” means Rule 904 promulgated under the Securities Act.

     

    “Rule
144A Global Notes” means one or more global notes substantially in the
form of Exhibit
A bearing the Global Note Legend and the Restricted Note Legend and
deposited with or on behalf of, and registered in the name of, the Depositary or
its nominee, that collectively shall be issued in a total aggregate denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A.

     

    
      

      
        
          
             

          

          
            35

            
              

            

          

          
             

          

        

      

       

    

    “Sale
and Leaseback Transaction” means an arrangement relating to property now
owned or hereafter 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 such Restricted Subsidiary leases it from such Person, other than
leases between the Company and a Restricted Subsidiary of the Company or between
Restricted Subsidiaries of the Company.

     

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

     

    “Sale
of Notes Collateral” means any Asset Sale involving a sale, lease,
conveyance or other disposition of Notes Collateral.

     

    “S&P”
means Standard & Poor’s Ratings Group or any successor to the rating agency
business thereof.

     

    “SEC”
means the United States Securities and Exchange Commission.

     

    “Secured
Debt” means Priority Lien Debt and Subordinated Lien Debt.

     

    “Secured
Debt Documents” means the Priority Lien Documents and the Subordinated
Lien Documents.

     

    “Secured
Debt Representative” means each Priority Lien Representative, collateral
agent or other representative in respect of any ABL Debt Obligations and
Subordinated Lien Representative.

     

    “Secured
Obligations” means, collectively, the Priority Lien Obligations and the
Subordinated Lien Obligations.

     

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

     

    “Security
Agreement” means the Security Agreement, dated as of the date of this
Indenture, among the Company, the Guarantors from time to time party thereto and
the Collateral Trustee, as amended, restated, adjusted, waived, renewed,
extended, supplemented or otherwise modified from time to time.

     

    “Security
Documents” means the Collateral Trust Agreement, the Intercreditor
Agreement, the Security Agreement, the Pledge Agreement, each Lien Sharing and
Priority Confirmation, and all security agreements, pledge agreements,
collateral assignments, collateral agency agreements, debentures, control
agreements or other grants or transfers for security executed and delivered by
ACCO or any Guarantor creating (or purporting to create) a Lien upon Collateral
in favor of the Collateral Trustee for the benefit of the holders of the Secured
Obligations, in each case, as amended, modified, renewed, restated or replaced,
in whole or in part, from time to time, in accordance with its terms and Section
7.1 of the Collateral Trust Agreement.

     

    
      

      
        
          
             

          

          
            36

            
              

            

          

          
             

          

        

      

       

      “Senior
Secured Debt Ratio” means, as of any date of determination, the ratio of
(1) ABL Debt, plus (2) Priority Lien Debt of the Company and its Restricted
Subsidiaries as of that date to the Company’s EBITDA for the most recently ended
four fiscal quarters for which internal financial statements are available
immediately preceding the date of determination, with such adjustments to the
amount of ABL Debt, Priority Lien Debt and EBITDA as are consistent with the
adjustment provisions set forth in the definition of “Fixed Charge Coverage
Ratio.”

    

     

    “Senior
Subordinated Notes” means the senior subordinated notes due 2015 of the
Company issued under an indenture dated August 5, 2005 in an original aggregate
principal amount of $350,000,000.

     

    “Series
of ABL Debt” means, severally, the ABL Credit Facility and any Credit
Facility and other Indebtedness that constitutes ABL Debt
Obligations.

     

    “Series
of Priority Lien Debt” means, severally, the Notes, any Credit Facility
(other than the ABL Credit Facility) and other Indebtedness that constitutes
Priority Lien Debt.

     

    “Series
of Secured Debt” means each Series of Subordinated Lien Debt and each
Series of Senior Debt.

     

    “Series
of Senior Debt” means each Series of ABL Debt and each Series of Priority
Lien Debt.

     

    “Series
of Subordinated Lien Debt” means, severally, each
issue or series of Subordinated Lien Debt for which a single transfer
register is maintained.

     

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

     

    “Significant
Subsidiary” means any Subsidiary that would constitute a “significant
subsidiary” within the meaning of Article 1 of Regulation S-X under the
Securities Act.

     

    “Similar
Business” means a business, the majority of whose revenues are derived
from the type of activities conducted by the Company and its Subsidiaries as of
the Issue Date, or any business or activity that is reasonably similar thereto
or a reasonable extension, development or expansion thereof or ancillary
thereto.

     

    “Standard
Securitization Undertakings” means representations, warranties,
covenants, indemnities and guarantees of performance entered into by the Company
or any Subsidiary of the Company which the Company has determined in good faith
to be customary in a Receivables Financing including, without limitation, those
relating to the servicing of the assets of a Receivables Subsidiary, it being
understood that any Receivables Repurchase Obligation shall be deemed to be a
Standard Securitization Undertaking.

     

    “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 

     

    
      

      
        
          
             

          

          
            37

            
              

            

          

          
             

          

        

      

      
providing
for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency beyond the control of the Company unless such
contingency has occurred).

    

     

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

     

    “Subordinated
Lien Cap” means, as of any date of determination, the amount of
Subordinated Lien Debt that may be incurred by the Company or any Guarantor such
that, after giving pro forma
effect to such incurrence and the application of the net proceeds therefrom the
Subordinated Lien Debt Ratio would not exceed 2.0 to 1.0.

     

    “Subordinated
Lien Debt” means any Indebtedness (including letters of credit and
reimbursement obligations with respect thereto) of the Company or any Guarantor
that is secured on a subordinated basis to the Priority Lien Debt by a
Subordinated Lien that was permitted to be Incurred and so secured under each
applicable Secured Debt Document; provided
that:

     

    
      	
               
      

            	
              (1)

            	
              on
      or before the date on which such Indebtedness is incurred by the Company
      or such Guarantor, such Indebtedness is designated by the Company or such
      Guarantor, as applicable, in an Officers’ Certificate delivered to each
      Subordinated Lien Representative and the Collateral Trustee, as
      “Subordinated Lien Debt” for the purposes of this Indenture or Credit
      Facility and the Collateral Trust Agreement; provided that no Series of
      Secured Debt may be designated as both Subordinated Lien Debt and Priority
      Lien Debt;

            

    

     

    
      	
               
      

            	
              (2)

            	
              such
      Indebtedness is governed by an indenture, credit agreement or other
      agreement that includes a Lien Sharing and Priority Confirmation;
      and

            

    

     

    
      	
               
      

            	
              (3)

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

            

    

     

    “Subordinated
Lien Debt Ratio” means, as of any date of determination, the ratio of (1)
Priority Lien Debt, plus (2) Subordinated Lien Debt of the Company and its
Restricted Subsidiaries as of that date to the Company’s EBITDA for the most
recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date of determination, with such
adjustments to the amount of Priority Lien Debt, the amount of Subordinated Lien
Debt and EBITDA as are consistent with the adjustment provisions set forth in
the definition of “Fixed Charge Coverage Ratio.”

     

     “Subordinated
Lien Documents” means, collectively, any indenture, credit agreement or
other agreement governing each Series of Subordinated Lien Debt and the Security
Documents related thereto (other than any Security Documents that do not secure
Subordinated Lien Obligations).

     

    
      

      
        
          
             

          

          
            38

            
              

            

          

          
             

          

        

      

    

     

    “Subordinated
Lien Obligations” means Subordinated Lien Debt and all other Obligations
in respect thereof.

     

    “Subordinated
Lien Representative” means, in the case of any future Series of
Subordinated Lien Debt, the trustee, agent or representative of the holders of
such Series of Subordinated Lien Debt who maintains the transfer register for
such Series of Subordinated Lien Debt and (1) is appointed as a Subordinated
Lien Representative (for purposes related to the administration of the Security
Documents) pursuant to the indenture, credit agreement or other agreement
governing such Series of Subordinated Lien Debt, together with its successors in
such capacity, and (2) has become a party to the Collateral Trust Agreement by
executing a joinder in the form required under the Collateral Trust
Agreement.

     

    “Subsidiary”
means, with respect to any specified Person:

     

    
      	
               
      

            	
              (1)

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

            

    

     

    
      	
               
      

            	
              (2)

            	
              any
      partnership (a) the sole general partner or the managing general partner
      of which is such Person or a subsidiary of such Person or (b) the only
      general partners of which are such Person or one or more subsidiaries of
      such Person (or any combination
thereof).

            

    

     

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

     

    “Total
Assets” means the total consolidated assets of the Company and its
Restricted Subsidiaries, as shown on the most recent balance sheet of the
Company.

     

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

     

    “Uniform
Commercial Code” means the Uniform Commercial Code as in effect from time
to time in any applicable jurisdiction.

     

    “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.

            

    

     

    
      

      
        
          
             

          

          
            39

            
              

            

          

          
             

          

        

      

    

     

    The Board
of Directors of the Company may designate any Subsidiary of the Company
(including any newly acquired or newly formed Subsidiary of the Company) to be
an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries
owns any Equity Interests 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 the Subsidiary to be so designated and its Subsidiaries do not at the time
of designation have and do not thereafter Incur any Indebtedness pursuant to
which the lender has recourse to any assets of the Company or any of its
Restricted Subsidiaries; provided,
further,
however,
that either:

     

    (a)           the
Subsidiary to be so designated has total consolidated assets of $1,000 or less;
or

     

    (b)           if
such Subsidiary has consolidated assets greater than $1,000, then such
designation would be permitted under the covenant described in Section 4.03.

     

    The Board
of Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided, however, that immediately after giving effect
to such designation:

     

    
      	
               
      

            	
              (1)

            	
              the
      Company could Incur $1.00 of additional Indebtedness pursuant to the Fixed
      Charge Coverage Ratio test set forth in Section 4.03(a) or (2) the Fixed
      Charge Coverage Ratio for the Company and its Restricted Subsidiaries
      would be greater than such ratio for the Company and its Restricted
      Subsidiaries immediately prior to such designation, in each case on a
      pro forma basis taking into
      account such designation, and

            

    

     

    
      	
               
      

            	
              (2)

            	
              no
      Event of Default shall have occurred and be
  continuing.

            

    

     

    Any such
designation by the Board of Directors of the Company 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.

     

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

     

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

     

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

     

    
      	
               
      

            	
              (1)

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

            

    

     

     

    
      
        
          
             

          

          
            40

            
              

            

          

          
             

          

        

      

    

     

    
      	
               
      

            	
              (2)

            	
              the
      sum of all such payments.

            

    

     

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

     

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

     

     

    Section
1.02    Other Definitions.

     

    
      

      
        
          
            	
                    Term

                  	
                    Defined in
      Section

                  
	
                    Act

                  	
                    Section
      13.18(a)

                  
	
                    Affiliate
      Transaction

                  	
                    Section
      4.07(a)

                  
	
                    Appendix

                  	
                    Preamble

                  
	
                    Asset
      Sale Offer

                  	
                    Section
      4.06(c)

                  
	
                    Asset
      Sale Offer Period

                  	
                    Section
      4.06(e)

                  
	
                    Change
      of Control Offer

                  	
                    Section
      4.08(b)

                  
	
                    Collateral
      Proceeds Account

                  	
                    Section
      4.06(a)

                  
	
                    Covenant
      Defeasance

                  	
                    Section
      8.03

                  
	
                    Custodian

                  	
                    Section
      6.01(m)

                  
	
                    Declaration

                  	
                    Section
      6.02

                  
	
                    Definitive
      Note

                  	
                    Appendix
      A

                  
	
                    Event
      of Default

                  	
                    Section
      6.01

                  
	
                    Excess
      Proceeds

                  	
                    Section
      4.06(c)

                  
	
                    Exchange
      Notes

                  	
                    Preamble

                  
	
                    Guaranteed
      Obligations

                  	
                    Section
      12.01(a)

                  
	
                    Initial
      Notes

                  	
                    Preamble

                  
	
                    Legal
      Defeasance

                  	
                    Section
      8.02

                  
	
                    Majority
      Holders

                  	
                    Section
      6.02

                  
	
                    New
      Mortgaged Property

                  	
                    Section
      4.16(g)

                  
	
                    Notes

                  	
                    Preamble

                  
	
                    Notes
      Custodian

                  	
                    Appendix
      A

                  
	
                    Notice
      of Default

                  	
                    Section
      6.01(m)

                  
	
                    Offer
      Amount

                  	
                    Section
      3.09(a)

                  
	
                    Offer
      Period

                  	
                    Section
      3.09(a)

                  
	
                    Original
      Notes

                  	
                    Preamble

                  
	
                    Paying
      Agent

                  	
                    Section
      2.04(a)

                  
	
                    protected
      purchaser

                  	
                    Section
      2.08

                  
	
                    Purchase
      Agreement

                  	
                    Appendix
      A

                  
	
                    Purchase
      Date

                  	
                    Section
      3.09(a)

                  
	
                    Refinancing
      Indebtedness

                  	
                    Section
      4.03(b)(xiii)

                  

          

        

      

      

         

        
          
            
              
                 

              

              
                41

                
                  

                

              

              
                 

              

            

          

        

         

      

    

    
      
        
          
            	
                    Term

                  	
                    Defined
      in Section

                  
	
                    Refunding
      Capital Stock

                  	
                    Section
      4.04(b)(ii)

                  
	
                    Registrar

                  	
                    Section
      2.04(a)

                  
	
                    Registration
      Rights Agreement

                  	
                    Appendix
      A

                  
	
                    Regulation
      S

                  	
                    Appendix
      A

                  
	
                    Regulation
      S Legend

                  	
                    Appendix
      A

                  
	
                    Repurchase
      Offer

                  	
                    Section
      3.09

                  
	
                    Restricted
      Definitive Note

                  	
                    Appendix
      A

                  
	
                    Restricted
      Global Note

                  	
                    Appendix
      A

                  
	
                    Restricted
      Note

                  	
                    Appendix
      A

                  
	
                    Restricted
      Notes Legend

                  	
                    Appendix
      A

                  
	
                    Restricted
      Payments

                  	
                    Section
      4.04(a)(iv)

                  
	
                    Restricted
      Period

                  	
                    Appendix
      A

                  
	
                    Retired
      Capital Stock

                  	
                    Section
      4.04(b)(ii)

                  
	
                    Specified
      Courts

                  	
                    Section
      13.10

                  
	
                    Unrestricted
      Global Note

                  	
                    Appendix
      A

                  
	
                    Unrestricted
      Note

                  	
                    Appendix
      A

                  

          

        

      

      
 

    

    Section
1.03    Incorporation by Reference of Trust Indenture
Act.
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture.  The
following TIA terms have the following meanings:

     

    “Commission”
means the SEC;

     

    “indenture
securities” means the Notes and the Note Guarantees;

     

    “indenture
security holder” means a Holder;

     

    “indenture
to be qualified” means this Indenture;

     

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

     

    “obligor”
on the indenture securities means the Company, the Guarantors and any other
successor 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:

     

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

     

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

     

    
      

      
        
          
             

          

          
            42

            
              

            

          

          
             

          

        

      

       

    

    (c)         “or”
is not exclusive;

     

    (d)         “including”
means including without limitation;

     

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

     

    (f)         no
Indebtedness of any Person will be deemed to be contractually subordinated in
right of payment to any other Indebtedness of such Person solely by virtue of
being unsecured or by virtue of being secured on a junior priority
basis.

     

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

     

    (h)         the
principal amount of any non-interest bearing or other discount security at any
date shall be the principal amount thereof that would be shown on a balance
sheet of the issuer dated such date prepared in accordance with
GAAP;

     

    (i)         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;

     

    (j)         unless
otherwise specified herein, all accounting terms used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all
financial statements required to be delivered hereunder shall be prepared in
accordance with GAAP;

     

    (k)         “$”
and “U.S. Dollars” each refer to United States dollars, or such other money of
the United States of America that at the time of payment is legal tender for
payment of public and private debts;

     

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

     

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

     

    (n)         all
references to Sections or Articles or Exhibits refer to Sections or Articles or
Exhibits of, or to, this Indenture unless otherwise indicated; and

     

    (o)         whenever
in this Indenture or the Notes there is mentioned, in any context, principal,
interest or any other amount payable under or with respect to any Notes, such
mention shall be deemed to include mention of the payment of Additional
Interest, to the extent that, in such context, Additional Interest is, was or
would be payable in respect thereof.

     

    
      

      
        
          
             

          

          
            43

            
              

            

          

          
             

          

        

      

       

    

    ARTICLE
TWO

    THE
NOTES

     

    Section
2.01    Amount of Notes; Additional
Notes. The
aggregate principal amount of Original Notes which may be authenticated and
delivered under this Indenture on the Issue Date is $460,000,000. All Notes
shall be substantially identical except as to denomination.

     

    The
Company may from time to time after the Issue Date issue Additional Notes under
this Indenture in an unlimited principal amount, so long as (i) the Incurrence
of the Indebtedness represented by such Additional Notes is at such time
permitted by Section 4.03 and
Section 4.13 and (ii) such
Additional Notes are issued in compliance with the other applicable provisions
of this Indenture.  The Notes, including any Additional Notes and
Exchange Notes, subsequently issued shall be treated as a single Series of
Priority Lien Debt and as a single class for all purposes under this
Indenture.

     

    With
respect to any Additional Notes issued after the Issue Date (except for Notes
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Notes pursuant to Section 2.07, Section 2.08, Section 2.10, Section 3.08, Section 3.09(d), Section 4.06(h) and Section 4.08(c) or the Appendix),
there shall be (a) established in or pursuant to a resolution of the Board of
Directors and (b) set forth or determined in the manner provided in an Officers’
Certificate or established in one or more indentures supplemental hereto, prior
to the issuance of such Additional Notes:

     

    (i)    the aggregate
principal amount of such Additional Notes to be authenticated and delivered
pursuant to, and under the terms of, this Indenture;

     

    (ii)    the issue
price and issuance date of such Additional Notes, including the date from which
interest on such Additional Notes shall accrue;

     

    (iii)    if
applicable, that such Additional Notes shall be issuable in whole or in part in
the form of one or more Global Notes and, in such case, the Depositary for such
Global Notes, the form of legend or legends which shall be borne by such
Global Notes in
addition to or in lieu of those set forth in Exhibit
A hereto and any circumstances in addition to or in lieu of those set
forth in Section
2.2 of the Appendix in which any such Global Notes may be exchanged in
whole or in part for Additional Notes registered, or any transfer of such Global
Notes in whole or in part may be registered, in the name or names of Persons
other than the Depositary for such Global Notes or a nominee thereof;
and

     

    (iv)    if
applicable, that such Additional Notes that are not Restricted Notes shall not
be issued in the form of Initial Notes as set forth in Exhibit
A, but shall be issued in the form of Exchange Notes as set forth in
Exhibit
B.

     

    If any of
the terms of any Additional Notes are established by action taken pursuant to a
resolution of the Board of Directors, a copy of an appropriate record of such
action shall be certified by the Secretary or any Assistant Secretary of the
Company and delivered to the Trustee at the time of or prior to the delivery of
the Officers’ Certificate or the indenture supplemental hereto setting forth the
terms of the Additional Notes.

     

    
      

      
        
          
             

          

          
            44

            
              

            

          

          
             

          

        

      

       

    

    Section
2.02    Form and Dating.
Provisions relating to the Notes are set forth in the Appendix, which is hereby
incorporated in and expressly made a part of this Indenture. The Initial Notes
(including any Additional Notes if issued as Restricted Notes) and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit
A hereto, which is hereby incorporated in and expressly made a part of
this Indenture. The Exchange Notes (and any Additional Notes issued other than
as Restricted Notes) and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit
B hereto, which is hereby incorporated in and expressly made a part of
this Indenture. The Notes may have notations, legends or endorsements required
by law, stock exchange rule, agreements to which the Company or any Guarantor is
subject, if any, or usage. Each Note shall be dated the date of its
authentication. The Notes shall be issuable only in registered, global form
without interest coupons and in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. Notes will be issued at the closing of
the offering described in the Offering Circular only against payment in
immediately available funds.

     

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

     

     

    Section
2.03    Execution and
Authentication. The
Trustee shall authenticate and make available for delivery upon a written order
of the Company signed by one Officer (a) Original Notes for original issue on
the date hereof in an aggregate principal amount of $460,000,000, (b) subject to
the terms of this Indenture, Additional Notes in an aggregate principal amount
to be determined at the time of issuance and specified therein and (c) the
Exchange Notes for issue in a Registered Exchange Offer pursuant to the
Registration Rights Agreement for a like principal amount of Initial Notes
exchanged pursuant thereto
or otherwise pursuant to an effective registration statement under the
Securities Act. Such order shall specify the amount of the Notes to be
authenticated, the date on which the original issue of Notes is to be
authenticated and whether the Notes are to be Initial Notes or Exchange
Notes.

     

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

     

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

     

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

     

    The
Trustee may appoint one or more authenticating agents reasonably acceptable to
the Company to authenticate the Notes. Any such appointment shall be evidenced
by an instrument signed by a Responsible Officer, a copy of which shall be
furnished to the Company. Unless limited by the terms of such appointment, an
authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee 

     

    
      

      
        
          
             

          

          
            45

            
              

            

          

          
             

          

        

      

      
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.  The Trustee is hereby authorized to enter into a letter of
representations with the Depositary in the form provided by the Company and to
act in accordance with such letter.

    

     

     

    Section
2.04    Registrar and Paying Agent.
(a)  The Company shall maintain (i) an office or agency where Notes
may be presented for registration of transfer or for exchange (the “Registrar”)
and (ii) an office or agency where Notes may be presented for payment (the
“Paying
Agent”). The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Company may have one or more co-registrars and one or
more additional paying agents. The term “Registrar”
includes any co-registrars. The term “Paying
Agent” includes the Paying Agent and any additional paying agents. The
Company initially appoints (i) the Trustee as Registrar, Paying Agent and the
Notes Custodian with respect to the Global Notes and (ii) DTC to act as
Depositary with respect to the Global Notes. The Company may change the Paying
Agent or Registrar without prior notice to any Holder.

     

    (b)         The
Company may enter into an appropriate agency agreement with any Registrar or
Paying Agent 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 of
its Subsidiaries may act as Paying Agent or Registrar.

     

    (c)         The
Company may remove any Registrar or Paying Agent upon written notice to such
Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become
effective until (i) if applicable, acceptance of an appointment by a successor
as evidenced by an appropriate agreement entered into by the Company and such
successor
Registrar or Paying Agent, as the case may be, and delivered to the Trustee or
(ii) notification to the Trustee that the Trustee shall serve as Registrar or
Paying Agent until the appointment of a successor in accordance with clause (i)
above. The Registrar or Paying Agent may resign at any time upon written notice
to the Company and the Trustee; provided, however, that the Trustee may resign as Paying
Agent or Registrar only if the Trustee also resigns as Trustee in accordance
with Section
7.08.

     

    Section
2.05    Paying Agent to Hold Money in
Trust. Prior
to each due date of the principal of, premium (if any), interest and Additional
Interest (if any) on any Note, the Company shall deposit with each Paying Agent
(or if the Company or a Wholly Owned Subsidiary of the Company is acting as
Paying Agent, segregate and hold in trust for the benefit of the Persons
entitled thereto) a sum sufficient to pay such amounts 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 Holders or
the Trustee all money held by the Paying Agent for the payment of principal of,
premium (if any), interest and Additional Interest (if any) on the Notes, and
shall notify the Trustee of any default by the Company in making any such
payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. If the Company or a Wholly
Owned Subsidiary of the Company acts as Paying Agent, it shall segregate the
money held by it as Paying Agent and hold it in trust for the benefit of
Holders. 

     

    
      

      
        
          
             

          

          
            46

            
              

            

          

          
             

          

        

      

      
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 such Paying Agent. Upon
complying with this Section, a Paying Agent (if other than the Company or one of
its Wholly Owned Subsidiaries) shall have no further liability for the money
delivered to the Trustee. Upon any bankruptcy or reorganization proceedings
relating to the Company, the Trustee shall serve as Paying Agent for the
Notes.

    

     

    Section
2.06    Holder Lists. The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Holders. If the
Trustee is not the Registrar, the Company shall furnish, or cause the Registrar
to 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 as the Trustee may reasonably require of the names
and addresses of Holders as of such date.

     

    Section
2.07    Transfer and Exchange. The
Notes shall be issued in registered form and shall be transferable only upon the
surrender of a Note for registration of transfer and in compliance with the
Appendix. When a Note is presented to the Registrar with a request to register a
transfer, the Registrar shall register the transfer as requested if its
requirements therefor are met. When Notes are presented to the Registrar with a
request to exchange them for an equal principal amount of Notes of other
authorized denominations, the Registrar shall make the exchange as requested if
the same requirements are met. To permit registration of transfers and
exchanges, the Company shall execute and the Trustee shall authenticate Notes at
the Registrar’s request. The Company shall not be required to make, and the
Registrar need not register, transfers or exchanges of Notes (i) selected for
redemption (except,
in the case of Notes to be redeemed in part, the portion thereof not to be
redeemed) or of any Notes for a period beginning at the opening of business 15
days before the day of any selection of Notes for redemption and ending at the
close of business on the day of selection or (ii) tendered and not withdrawn in
connection with a Change of Control Offer or an Asset Sale
Offer.

     

    Prior to
the due presentation for registration of transfer of any Note, the Company, the
Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat
the Person in whose name a Note is registered as the absolute owner of such Note
for the purpose of receiving payment of principal of, premium (if any), interest
and Additional Interest (if any) on such Note and for all other purposes
whatsoever, whether or not such Note is overdue, and none of the Company, any
Guarantor, the Trustee, the Paying Agent or the Registrar shall be affected by
notice to the contrary.

     

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

     

    All Notes
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 Notes surrendered upon such transfer or
exchange.

     

     

    
      
        
          
             

          

          
            47

            
              

            

          

          
             

          

        

      

       

    

    No
service charge shall be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
transfer tax, assessments, stamp or similar governmental charge payable in
connection therewith (other than any such transfer taxes, assessments, stamp or
similar governmental charge payable upon exchanges pursuant to Section 2.10, Section 3.08, Section 3.09, Section 4.06, Section 4.08 and Section 9.05 of this
Indenture).

     

    Section
2.08    Replacement Notes. If a
mutilated Note is surrendered to the Registrar or the Trustee or if the Holder
of a Note claims that the Note has been lost, destroyed or wrongfully taken, the
Company shall issue and, upon a written order of the Company signed by at least
one Officer, the Trustee shall authenticate a replacement Note if the
requirements of Section 8-405 of the Uniform Commercial Code are met, such that
the Holder (a) satisfies the Company or the Trustee within a reasonable time
after such Holder has notice of such loss, destruction or wrongful taking and
the Registrar does not register a transfer prior to receiving such notification,
(b) makes such request to the Company or the Trustee prior to the Note being
acquired by a protected purchaser as defined in Section 8-303 of the Uniform
Commercial Code (a “protected
purchaser”) and (c) 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 sufficient in the judgment of the Trustee
to protect the Trustee, a Paying Agent and the Registrar, and sufficient in the
judgment of the Company to protect the Company, from any loss that any of them
may suffer if a Note is replaced. The Company and the Trustee may charge the
Holder for their expenses in replacing a Note (including without limitation,
attorneys’ fees and disbursements in replacing such Note). In the event any such
mutilated, lost, destroyed
or wrongfully taken Note has become or is about to become due and payable, the
Company in its discretion may pay such Note instead of issuing a new Note in
replacement thereof.

     

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

     

    The
provisions of this Section 2.08
are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, lost,
destroyed or wrongfully taken Notes.

     

    Section
2.09    Outstanding Notes. Notes
outstanding at any time are all Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation and those described
in this Section as not outstanding. Subject to Section 13.06, a Note does not cease
to be outstanding because the Company or an Affiliate of the Company holds the
Note; however, Notes held by the Company or a Subsidiary of the Company shall
not be deemed to be outstanding for the purposes of Section 3.01(b).

     

    If a Note
is replaced pursuant to Section
2.08 (other than a mutilated Note surrendered for replacement), it ceases
to be outstanding unless the Trustee and the Company receive proof satisfactory
to them that the replaced Note is held by a protected purchaser. A mutilated
Note ceases to be outstanding upon surrender of such Note and replacement
thereof pursuant to Section
2.08.

     

    
      

      
        
          
             

          

          
            48

            
              

            

          

          
             

          

        

      

       

    

    If a
Paying Agent (other than the Company, a Wholly Owned Subsidiary of the Company
or an Affiliate of any of the foregoing) segregates and holds in trust, in
accordance with this Indenture, on a redemption date or maturity date, money
sufficient to pay all amounts due and payable on that date with respect to the
Notes (or portions thereof) to be redeemed or maturing, as the case may be, and
no Paying Agent is prohibited from paying such money to the Holders on that date
pursuant to the terms of this Indenture, then on and after that date such Notes
(or portions thereof) shall be deemed to be no longer outstanding and shall
cease to accrue interest. If the principal amount of any Note is considered paid
under Section 4.01, it ceases to
be outstanding and interest on it ceases to accrue.

     

    Section
2.10    Temporary Notes. In the
event that Definitive Notes are to be issued under the terms of this Indenture,
until such Definitive Notes are ready for delivery, the Company may prepare and,
upon a written order of the Company signed by an Officer, the Trustee shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form
of Definitive Notes but may have variations that the Company considers
appropriate for temporary Notes. Without unreasonable delay, the Company shall
prepare, and upon a written order of the Company signed by an Officer, the
Trustee shall authenticate Definitive Notes and make them available for delivery
in exchange for temporary Notes upon surrender of such temporary Notes at the
office or agency of the Company, without charge to the Holder. Until such
exchange, temporary Notes shall be entitled to the same rights, benefits and
privileges as Definitive Notes.

     

    Section
2.11    Cancellation. The
Company at any time may deliver Notes to the Trustee for cancellation. The
Registrar and each Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment or cancellation and shall dispose of canceled Notes
in accordance with its customary procedures. The Company may not issue new Notes
to replace Notes it has redeemed, paid or delivered to the Trustee for
cancellation. Certification of the disposition of all canceled Notes shall be
delivered to the Company. The Trustee shall not authenticate Notes in place of
canceled Notes other than pursuant to the terms of this
Indenture.

     

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

     

    Section
2.13    CUSIP Numbers, ISINs, etc. The
Company in issuing the Notes may use CUSIP numbers, ISINs and “Common Code”
numbers (if then generally in use) and, if so, the Trustee shall use CUSIP
numbers, ISINs and “Common Code” numbers in notices of 

     

    
      

      
        
          
             

          

          
            49

            
              

            

          

          
             

          

        

      

      
redemption
as a convenience to Holders; provided,
however,
that any such notice may state that (x) no representation is made as to the
correctness of such numbers, either as printed on the Notes or as contained in
any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Notes and (y) any such redemption shall
not be affected by any defect in or omission of such numbers. The Company shall
advise the Trustee of any change in the CUSIP numbers, ISINs and “Common Code”
numbers.

    

     

    Section
2.14    Calculation of Principal Amount of Notes
Outstanding. With
respect to any matter requiring consent, waiver, approval or other action of the
Holders of a specified percentage of the principal amount of all the Notes, such
percentage shall be calculated, on the relevant date of determination, by
dividing (a) the principal amount, as of such date of determination, of Notes,
the Holders of which have so consented, by (b) the aggregate principal amount,
as of such date of determination, of the Notes then outstanding, in each case,
as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any
such calculation made pursuant to this Section 2.14 shall be made by the
Company and delivered to the Trustee pursuant to an Officers’
Certificate.

     

    Section
2.15    Methods of Receiving Payments on the
Notes. The
Company and the Trustee will treat the Persons in whose names the Notes,
including the Global Notes, are registered as the owners of the Notes for the
purpose of receiving payments and for all other purposes.  The Company
will make payments in respect of the Notes represented by the Global Notes,
including principal, premium, if any, and interest (including Additional
Interest, if any), by wire transfer of immediately available funds to the
accounts specified by the Depositary, as registered Holder of the Global Notes
under this Indenture. The Company will make all payments of principal, interest
(including Additional Interest, if any) and premium, if any, with respect to
Definitive Notes by wire transfer of immediately available funds to the accounts
specified by the Holders of the Definitive Notes or, if no such account is
specified, by mailing a check to each such Holder’s registered address. All
other payments on Notes shall be made at the office or agency of the Paying
Agent and Registrar within the City and State of New York unless the Company
elects to make interest payments by check mailed to the Holders at their
addresses set forth in the register of Holders.  The Company shall
inform each Paying Agent of such election.

     

    Section
2.16    Payments in Respect of Global
Notes. Upon
receipt by the Depositary of any payment of principal of, premium on, if any,
and interest (including Additional Interest, if any) on any Global Note, the
Depositary will immediately credit, on its book-entry registration and transfer
system, the accounts of Participants with payments in amounts proportionate to
their respective beneficial interests in the principal or face amount of such
Global Note as shown on the records of the Depositary. Payments by Participants
and Indirect Participants to owners of beneficial interests in a Global Note
held through such Participants or Indirect Participants will be (i) governed by
standing instructions and customary practices as is now the case with securities
held for customer accounts registered in “street name” and (ii) the sole
responsibility of the Participants or the Indirect Participants and not the
responsibility of the Depositary, the Trustee or the Company.  Neither
the Company nor the Trustee will be liable for any delay by the Depositary or
any of the Participants or the Indirect Participants in identifying the owners
of beneficial interests in the Notes, and the Company and the Trustee may
conclusively rely on and will be protected in relying on instructions from the
Depositary or its nominee for all purposes.

     

    
      

      
        
          
             

          

          
            50

            
              

            

          

          
             

          

        

      

      
ARTICLE
THREE

    

    REDEMPTION

     

    Section
3.01    Optional Redemption.

     

    (a)         Except
as set forth in paragraph
(b) of this Section 3.01,
the Company shall not have the option to redeem the Notes pursuant to this
Section prior to September 15, 2012.  On or after September 15, 2012,
the Company may redeem the Notes, in whole at any time or in part from time to
time, upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed as percentages of principal amount) set forth below, plus
accrued and unpaid interest and Additional Interest (if any) thereon, to the
applicable redemption date, if redeemed during the 12-month period beginning on
September 15 of the years indicated below, subject to the rights of
Holders of Notes on the relevant record date to receive interest on the relevant
interest payment date:

     

    
      
        	
                Year

              	
                Percentage

              
	 
      	 
      
	
                September
      15,
      2012                                                                               

              	
                105.313%

              
	
                September
      15, 2013

              	
                102.657%

              
	
                September
      15, 2014 and
      thereafter                                                                               

              	
                100.000%

              

      

    

     

    (b)         At
any time and from time to time on or prior to September 15, 2012, the Company
may redeem in the aggregate up to 35% of the aggregate principal amount of the
Notes issued under this Indenture (calculated after giving effect to any
issuance of Additional Notes) with the net cash proceeds of one or more Equity
Offerings (1) by the Company or (2) by any direct or indirect parent of the
Company to the extent the net cash proceeds of such Equity Offering by such
direct or indirect parent of the Company are contributed to the common equity
capital of the Company or used to purchase Capital Stock (other than
Disqualified Stock) of the Company from it, at a redemption price (expressed as
a percentage of principal amount thereof) of 110.625%, plus accrued and unpaid
interest and Additional Interest, if any, on the Notes redeemed to the
redemption date; provided, however, that (i) at least 65% of the original
aggregate principal amount of the Notes (calculated after giving effect to any
issuance of Additional Notes) remains outstanding after each such redemption;
and (ii) any such redemption shall occur within 90 days after the date on which
any such Equity Offering is consummated and otherwise in accordance with the
procedures set forth in this Indenture.

     

    Section
3.02    Applicability of Article.
Redemption of Notes at the election of the Company or otherwise, as permitted or
required by any provision of this Indenture, shall be made in accordance with
such provision and this ARTICLE
Three.

     

    Section
3.03    Notices to Trustee. If the
Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.01, the Company shall
furnish to the Trustee, at least 30 days but not more than 60 days before a
redemption date (unless a shorter period is acceptable to the Trustee in its
discretion), a notice in writing setting forth (a) the clause of this Indenture
pursuant to which the redemption shall occur; (b) the redemption date; (c) the
principal amount of Notes to be redeemed; and (d) the redemption
price.  Such notice shall be accompanied 

     

    
      

      
        
          
             

          

          
            51

            
              

            

          

          
             

          

        

      

      
by an
Officers’ Certificate and Opinion of Counsel from the Company to the effect that
such redemption will comply with the conditions herein. If fewer than all the
Notes are to be redeemed, the record date relating to such redemption shall be
selected by the Company and given to the Trustee, which record date shall be not
fewer than 15 days after the date of notice to the Trustee. Any such notice may
be canceled at any time prior to notice of such redemption being mailed to any
Holder and shall thereby be void and of no effect.

    

     

    Section
3.04    Selection of Notes to Be
Redeemed.

     

    (a)           If
less than all of the Notes are to be redeemed at any time, the Trustee shall
select Notes for redemption on a pro
rata basis (or, in the case of Global Notes, based on a method that most
nearly approximates a pro rata selection
as the Trustee deems fair and appropriate) unless otherwise required by law or
applicable stock exchange or depositary requirements.  The Trustee
shall make the selection from outstanding Notes not previously called for
redemption.

     

    (b)         The
Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed.  Notes and portions of Notes
selected will be in amounts of $2,000 or integral multiples of $1,000 in excess
thereof, and no Notes of $2,000 or less shall be redeemed in part; provided that if all of the Notes of a Holder
are to be redeemed, the entire outstanding amount of Notes held by such Holder,
even if not $2,000 or a multiple of $1,000 in excess thereof, shall be
redeemed.  Except as provided in the preceding sentence, provisions of
this Indenture that apply to Notes called for redemption also apply to portions
of Notes called for redemption.

     

    Section
3.05    Notice of Optional
Redemption.  (a)  At
least 30 days but not more than 60 days before a redemption date, the Company
shall mail or cause to be mailed by first class mail a notice of redemption to
each Holder whose Notes are to be redeemed at such Holder’s registered address,
except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the
Notes or a satisfaction and discharge of this Indenture.

     

    Any such
notice shall identify the Notes to be redeemed and shall state:

     

    (i)    the
redemption date;

     

    (ii)    the
redemption price and the amount of accrued interest to the redemption
date;

     

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

     

    (iv)    the name,
telephone number and address of the Paying Agent;

     

    
      

      
        
          
             

          

          
            52

            
              

            

          

          
             

          

        

      

       

    

    (v)    that Notes
called for redemption must be surrendered to the Paying Agent to collect the
redemption price, plus accrued interest;

     

    (vi)    if fewer than
all the outstanding Notes are to be redeemed, the certificate numbers and
principal amounts of the particular Notes to be redeemed, the aggregate
principal amount of Notes to be redeemed and the aggregate principal amount of
Notes to be outstanding after such partial redemption;

     

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

     

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

     

    (ix)    the CUSIP
number and ISIN and/or “Common Code” number, if any, printed on the Notes;
and

     

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

     

    (b)         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 the Trustee with the information required by this Section at least five
Business Days prior to the date of giving such notice of redemption. The notice,
if mailed in the manner provided herein shall be presumed to have been given,
whether or not the Holder receives such notice.  If any of the Notes
are in the form of a Global Note, then the Company, or the Trustee at the
Company’s request, shall modify the notice to be given pursuant to Section 3.05 and the method of
delivery of such notice to the extent necessary to accord with the Applicable
Procedures that apply to the redemption of Global Notes and beneficial interests
in Global Notes.

     

    (c)         Notice
of any redemption upon any Equity Offering described in Section 3.01(b) may be given prior to
the completion thereof, and any redemption of Notes at the Company’s option may,
if so provided in the applicable redemption notice, be made subject to the
satisfaction of one or more conditions precedent including, but not limited to,
completion of the related Equity Offering.

     

    Section
3.06    Effect of Notice of
Redemption. Once
notice of redemption is mailed in accordance with Section 3.05, Notes called for
redemption become due on the date fixed for redemption, unless any conditions
precedent have not been satisfied or waived.  On and after the
redemption date, unless the Company defaults in the payment of the redemption
price or any Paying Agent is prohibited from making such payment pursuant to the
terms of this Indenture, interest ceases to accrue on Notes or portions of them
called for redemption. Upon surrender to the Paying Agent, such Notes shall be
paid at the redemption price stated in the notice, plus accrued and unpaid
interest, to the redemption date; provided,
however,
that if the redemption date is after a regular record date and on or prior to
the interest payment date, the accrued interest shall be 

     

    
      

      
        
          
             

          

          
            53

            
              

            

          

          
             

          

        

      

      
payable
to the Holder of the redeemed Notes registered on the relevant record 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
3.07    Deposit of Redemption
Price.

     

    (a)           With
respect to any Notes, on or prior to 10:00 a.m., New York City time, on the
redemption date, the Company shall deposit with the Paying Agent (or, if the
Company or a Wholly Owned Subsidiary of the Company is the Paying Agent, shall
segregate and hold in trust) in immediately available funds money sufficient to
pay the redemption price of, and accrued and unpaid interest and Additional
Interest (if any) on, all Notes or portions thereof to be redeemed on that date
other than Notes or portions of Notes called for redemption that have been
delivered by the Company to the Trustee for cancellation. The Paying Agent shall
promptly return to the Company any money deposited with the Paying Agent by the
Company in excess of the amounts necessary to pay the redemption price of, and
accrued and unpaid interest on, all Notes to be redeemed.

     

    (b)         If
the Company complies with the provisions of Section 3.07(a), on and after the
redemption date, interest shall cease to accrue on the Notes or the portions of
Notes called for redemption.  If a Note is redeemed on or after an
interest record date but on or prior to the related interest payment date, then
any accrued and unpaid interest shall be paid to the Person in whose name such
Note was registered at the close of business on such record date.  If
any Note called for redemption shall not be so paid upon surrender for
redemption because of the failure of the Company to comply with Section 3.07(a), interest shall be
paid on the unpaid principal from the redemption date until such principal is
paid and to the extent lawful on any interest not paid on such unpaid principal,
in each case at the rate provided in the Notes and in Section 4.01.

     

    Section
3.08    Notes Redeemed in Part. Upon
surrender and cancellation of a Note that is redeemed in part, the Company shall
execute and, upon a written order of the Company signed by an Officer, the
Trustee shall authenticate for the Holder (at the Company’s expense) a new Note
equal in principal amount to the unredeemed portion of the Note
surrendered.

     

    Section
3.09    Repurchase Offers.  In
the event that, pursuant to Section
4.06 or Section 4.08, the
Company shall be required to commence an offer to all Holders to purchase all or
a portion of their respective Notes (a “Repurchase
Offer”), the Company shall follow the procedures specified in Section 4.06 or Section 4.08, as applicable, and, to
the extent not inconsistent therewith, the procedures specified in this Section 3.09.

     

    (a)         The
Repurchase Offer shall remain open for a period of no less than 30 days and no
more than 60 days following its commencement, except to the extent that a longer
period is required by applicable law (the “Offer
Period”).  No later than three Business Days after the
termination of the Offer Period (the “Purchase Date”), the
Company shall purchase the principal amount of Notes required to be purchased
pursuant to Section 4.06 or
Section 4.08 (the “Offer Amount”) or, if less
than the Offer Amount has been tendered, all Notes tendered in response to the
Repurchase Offer.  Payment for any Notes so purchased shall be made in
the same manner as interest payments are made.

     

    
      

      
        
          
             

          

          
            54

            
              

            

          

          
             

          

        

      

       

    

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

     

    (c)         Upon
the commencement of a Repurchase Offer, the Company shall send, by first class
mail, a notice to the Trustee and each of the Holders, with a copy to the
Trustee.  The notice shall contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Repurchase
Offer.  The Repurchase Offer shall be made to all
Holders.  The notice, which shall govern the terms of the Repurchase
Offer, shall state:

     

    (i)    that the
Repurchase Offer is being made pursuant to this Section 3.09 and either Section 4.06 or Section 4.08, and the length of time
the Repurchase Offer shall remain open;

     

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

     

    (iii)    that any Note
not tendered or accepted for payment shall continue to accrue interest and
Additional Interest (if any);

     

    (iv)    that, unless
the Company defaults in making such payment, any Note (or portion thereof)
accepted for payment pursuant to the Repurchase Offer shall cease to accrue
interest and Additional Interest (if any) after the Purchase
Date;

     

    (v)    that Holders
electing to have a Note purchased pursuant to a Repurchase Offer may elect to
have Notes purchased only in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof;

     

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

     

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

     

    (viii)    that, if the
aggregate amount of Notes surrendered by Holders exceeds the Offer Amount, the
Trustee shall, subject in the case of a Repurchase Offer made pursuant to Section 4.06 to the provisions of
Section 4.06, select the Notes
to be purchased on a pro rata
basis (with such adjustments as may be deemed appropriate by the Trustee so that
only Notes in denominations of $2,000, or integral multiples of $1,000 in excess
thereof, shall be purchased); and

     

    

    
      
        
           

        

        
          55

          
            

          

        

        
           

        

      

    

    

     

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

     

    (d)         On
the Purchase Date, the Company shall, to the extent lawful, subject in the case
of a Repurchase Offer made pursuant to Section 4.06 to the provisions of
Section 4.06, accept for payment
on a pro rata basis to the extent
necessary, the Offer Amount of Notes (or portions thereof) tendered pursuant to
the Repurchase Offer, or if less than the Offer Amount has been tendered, all
Notes tendered, and shall deliver to the Trustee an Officers’ Certificate
stating that such Notes (or portions thereof) were accepted for payment by the
Company in accordance with the terms of this Section 3.09.  The Company,
the Depositary or the Paying Agent, as the case may be, shall promptly (but in
any case not later than three days after the Purchase Date) mail or deliver to
each tendering Holder an amount equal to the purchase price of Notes tendered by
such Holder and accepted by the Company for purchase, and, if necessary, the
Company shall promptly issue a new Note or Notes representing any unpurchased
portion of the Note or Notes tendered.  The Trustee, upon written
request from the Company shall authenticate and mail or deliver such new Note or
Notes to such Holder, in a principal amount equal to any unpurchased portion of
the Note or Notes surrendered.  Any Note not so accepted shall be
promptly mailed or delivered by the Company to the respective Holder
thereof.  The Company shall publicly announce the results of the
Repurchase Offer on the Purchase Date.

     

    (e)         The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws
or regulations are applicable in connection with the repurchase of the Notes
pursuant to a Repurchase Offer.  To the extent that the provisions of
any securities laws or regulations conflict with Section 3.09, Section 4.06 or Section 4.08, the Company will comply
with the applicable securities laws and regulations and shall not be deemed to
have breached their obligations under Section 3.09, Section 4.06 or Section 4.08 by virtue of such
compliance.

     

    (f)         If
any of the Notes are in the form of a Global Note, then the Company shall modify
the notice set forth in Section
3.09(c) and the method of
delivery of such notice to the extent necessary to accord with the Applicable
Procedures that apply to the repurchase of Global Notes and beneficial interests
in Global Notes.

     

     

    ARTICLE
FOUR

    COVENANTS

     

    Section
4.01    Payment of Notes. The
Company agrees that it shall promptly pay or cause to be paid, on or prior to
10:00 a.m., New York City time, the principal of, premium (if any) and interest
on the Notes on the dates and in the manner provided in the Notes and in this
Indenture. An installment of principal, premium (if any) and interest shall be
considered paid on the date due if on such date the Paying Agent, if other than
the Company or one of its Wholly Owned Subsidiaries, holds as of 12:00 p.m. New
York City time money deposited by the Company in immediately available funds
sufficient to pay all principal, premium
(if any) and interest then due and the Paying Agent is not prohibited from
paying such money to the Holders on 

     

    
      

      
        
          
             

          

          
            56

            
              

            

          

          
             

          

        

      

      
that date
pursuant to the terms of this Indenture. The Company shall pay all Additional
Interest (if any) in the same manner on the dates and in the amounts set forth
in the Registration Rights Agreement.

    

     

    The
Company shall pay interest (including post petition interest in any proceeding
under any Bankruptcy Law) on overdue principal of the Notes at the rate
specified therefor in the Notes, and shall pay interest on the Notes at the rate
on overdue installments of interest and Additional Interest (if any) (without
regard to any applicable grace period) at the same rate borne by the Notes to
the extent lawful.

     

    Section
4.02    Reports.
(a)  Notwithstanding that the Company may not be subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise
report on an annual and quarterly basis on forms provided for such annual and
quarterly reporting pursuant to rules and regulations promulgated by the SEC,
the Company shall file with the SEC (and provide the Trustee and Holders with
copies thereof, without cost to the Trustee and each Holder, within 15 days
after it files them with the SEC),

     

    (i)    within the
time period specified in the SEC’s rules and regulations, annual reports on Form
10-K (or any successor or comparable form) containing the information required
to be contained therein (or required in such successor or comparable
form),

     

    (ii)    within the
time period specified in the SEC’s rules and regulations, reports on Form 10-Q
(or any successor or comparable form) containing the information required to be
contained therein (or required in such successor or comparable
form),

     

    (iii)    promptly from
time to time after the occurrence of an event required to be therein reported
(and in any event within the time period specified in the SEC’s rules and
regulations), such other eports on Form 8-K (or any successor or comparable
form), and

     

    (iv)    any other
information, documents and other reports which the Company would be required to
file with the SEC if it were subject to Section 13 or 15(d) of the Exchange
Act;

     

    provided,
however,
that the Company shall not be so obligated to file such reports with the SEC if
the SEC does not permit such filing, in which event the Company will put such
information on its website, in addition to providing such information to the
Trustee and the Holders, in each case within 15 days after the time the Company
would be required to file such information with the SEC if it were subject to
Section 13 or 15(d) of the Exchange Act.

     

    (b)         In
the event that:

     

    (i)    the rules and
regulations of the SEC permit the Company and any direct or indirect parent of
the Company to report at such parent entity’s level on a consolidated basis
and

    

      

      
        
          
             

          

          
            57

            
              

            

          

          
             

          

        

      

       

    

    (ii)    such parent
entity of the Company is not engaged in any business in any material respect
other than incidental to its ownership, directly or indirectly, of the Capital
Stock of the Company,

     

    such
consolidated reporting at such parent entity’s level in a manner consistent with
that described in this Section
4.02 for the Company shall satisfy this Section 4.02.

     

    (c)         The
Company shall make the information specified in this Section 4.02 available to prospective
investors in the Notes upon request. In addition, the Company shall, for so long
as any Notes remain outstanding during any period when it is not subject to
Section 13 or 15(d) of the Exchange Act, furnish to the Holders of the Notes and
to prospective investors in the Notes, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act
until such time as the Notes are freely tradeable under Rule 144.

     

    Notwithstanding
the foregoing, the Company will be deemed to have furnished such documents and
reports referred to in this Section
4.02 to the Trustee and the Holders if the Company has filed such reports
with the SEC via the EDGAR filing system and such reports are publicly
available.

     

    In the
event that any direct or indirect parent of the Company is or becomes a
Guarantor of the Notes, the Company may satisfy its obligations under this Section 4.02 with respect to financial
information relating to the Company by furnishing financial information relating
to such direct or indirect parent; provided
that the same is accompanied by consolidating information that explains in
reasonable detail the differences between the information relating to such
direct or indirect parent and any of its Subsidiaries other than the Company and
its Subsidiaries, on the one hand, and the information relating to the Company,
the Guarantors and the other Subsidiaries of the Company on a standalone basis,
on the other hand.

     

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

     

    Section
4.03    Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock. (a) (i)
The Company shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly, Incur any Indebtedness (including Acquired
Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Company
shall not permit any of its Restricted Subsidiaries to issue any shares of
Preferred Stock; provided,
however,
that the Company and any Restricted Subsidiary that is a Guarantor may Incur
Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified
Stock and any Restricted Subsidiary may issue shares of Preferred Stock, in each
case if the Fixed Charge Coverage Ratio of the Company for the most recently
ended four fiscal quarters for which internal financial statements are available
immediately preceding the date on which
such additional Indebtedness is Incurred or such Disqualified Stock or Preferred
Stock is issued would have been at least 2.00 to 1.00 determined on a pro forma
basis (including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness
had been Incurred, or the Disqualified Stock or Preferred Stock

     

    
      

      
        
          
             

          

          
            58

            
              

            

          

          
             

          

        

      

      
had been
issued, as the case may be, and the application of proceeds therefrom had
occurred at the beginning of such four-quarter period.

    

     

    (a)         The
limitations set forth in Section
4.03(a) shall not apply to:

     

    (i)    the
Incurrence by the Company or its Restricted Subsidiaries of Indebtedness under
Credit Facilities and the issuance and creation of letters of credit and
bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances
being deemed to have a principal amount equal to the face amount thereof) up to
an aggregate principal amount outstanding at any one time not to exceed the sum
of (x) $225.0 million and (y) to the extent the ABL Credit Facility outstanding
on the Issue Date is amended, modified, renewed, refunded, replaced, restated,
restructured, or refinanced after the Issue Date, the fees and transaction costs
in connection therewith;

     

    (ii)    Priority Lien
Debt of the Company or any Guarantor under any one or more indentures or other
Credit Facilities in an aggregate principal amount at any one time outstanding
under the provision described in this clause (ii) not to exceed (as of any date
of Incurrence of Indebtedness under the provision described in this clause (ii)
and after giving pro forma
effect to such Incurrence and the application of the net proceeds therefrom) the
Priority Lien Cap;

     

    (iii)    the Existing
Indebtedness of the Company and its Restricted Subsidiaries;

     

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

     

    (v)    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 a
Subsidiary of the Company in accordance with the terms of this
Indenture;

     

    (vi)    Indebtedness
of the Company to a Restricted Subsidiary; provided
that any such Indebtedness owed to a Restricted Subsidiary that is not a
Guarantor is subordinated in right of payment to the obligations of the Company
under the Notes; provided,
further,
that any subsequent issuance or transfer of any Capital Stock
or any other
event which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to
the 

     

     

    
      
        
          
             

          

          
            59

            
              

            

          

          
             

          

        

      

       

    

    
      
        Company
or another Restricted Subsidiary) shall be deemed, in each case, to be an
Incurrence of such Indebtedness;

      

    

     

    (vii)    shares of
Preferred Stock of a Restricted Subsidiary issued to the Company or another
Restricted Subsidiary; provided
that any subsequent issuance or transfer of any Capital Stock or any other event
which results in any Restricted Subsidiary that holds such shares of Preferred
Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or
any other subsequent transfer of any such shares of Preferred Stock (except to
the Company or another Restricted Subsidiary) shall be deemed, in each case, to
be an issuance of shares of Preferred Stock;

     

    (viii)    Indebtedness
of a Restricted Subsidiary to the Company or another Restricted Subsidiary;
provided
that if a Guarantor incurs such Indebtedness to a Restricted Subsidiary that is
not a Guarantor, such Indebtedness is subordinated in right of payment to the
Note Guarantee of such Guarantor; provided,
further,
that any subsequent issuance or transfer of any Capital Stock or any other event
which results in any Restricted Subsidiary holding such Indebtedness ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such
Indebtedness (except to the Company or another Restricted Subsidiary) shall be
deemed, in each case, to be an Incurrence of such
Indebtedness;

     

    (ix)   Hedging Obligations
of the Company or a Restricted Subsidiary that are Incurred in the ordinary
course of business and not Incurred for speculative
purposes;

     

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

     

    (xi)    any Guarantee
by the Company or a Guarantor of Indebtedness or other obligations of the
Company or any of its Restricted Subsidiaries so long as the Incurrence of such
Indebtedness is permitted under the terms of this Indenture (other than pursuant
to clause
(xviii) below); provided
that if such Indebtedness is by its express terms subordinated in right of
payment to the Notes or the Note Guarantee of such Restricted Subsidiary, as
applicable, any such Guarantee of the Company or such Guarantor with respect to
such Indebtedness shall be subordinated in right of payment to the Notes or such
Guarantor’s Note Guarantee with respect to the Notes, as applicable, to the same
extent as such Indebtedness is subordinated to the Notes or the Note Guarantee
of such Restricted Subsidiary, as applicable;

     

    (xii)    Indebtedness
of the Company or a Restricted Subsidiary arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument drawn
against insufficient funds in the ordinary course of business; provided
that such Indebtedness is extinguished within two (2) Business Days of its
Incurrence;

     

    (xiii)    the
Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
or the issuance of Disqualified Stock or Preferred Stock of a Restricted
Subsidiary of the Company which serves to extend, refund, refinance, renew,

     

    
       

      
        
          
            
               

            

            
              60

              
                

              

            

            
               

            

          

        

         

        replace
or defease any Indebtedness, Disqualified Stock or Preferred Stock of the
Company or any of its Restricted Subsidiaries issued as permitted in Section 4.03(a) and clauses
(ii), (iii),
(xiv)
and (xvi)
of this Section
4.03(b) or any Indebtedness Incurred or
Disqualified Stock or Preferred Stock issued to so refund or refinance such
Indebtedness, Disqualified Stock or Preferred Stock (subject to the following
proviso, “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that
such Refinancing Indebtedness:

      

    

     

    
      	
               
      

            	
              (1)

            	
              has
      a Weighted Average Life to Maturity at the time such Refinancing
      Indebtedness is Incurred which is not less than the shorter of (x) the
      remaining Weighted Average Life to Maturity of the Indebtedness,
      Disqualified Stock or Preferred Stock being refunded or refinanced and (y)
      the Weighted Average Life to Maturity that would result if all payments of
      principal on the Indebtedness, Disqualified Stock and Preferred Stock
      being refunded or refinanced that were due on or after the date one year
      following the last maturity date of any Notes then outstanding were
      instead due on such date one year following the last date of maturity of
      the Notes;

            

    

     

    
      	
               
      

            	
              (2)

            	
              has
      a Stated Maturity which is not earlier than the earlier of (x) the Stated
      Maturity of the Indebtedness being refunded or refinanced or (y) 91 days
      following the maturity date of the
Notes;

            

    

     

    
      	
               
      

            	
              (3)

            	
              to
      the extent such Refinancing Indebtedness refinances (a) Indebtedness
      junior to the Notes or the Note Guarantee of such Restricted Subsidiary,
      as applicable, such Refinancing Indebtedness is junior to the Notes or the
      Note Guarantees of such Restricted Subsidiary, as applicable, or (b)
      Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is
      Disqualified Stock or Preferred
Stock;

            

    

     

    
      	
               
      

            	
              (4)

            	
              is
      Incurred in an aggregate principal amount or face or liquidation amount
      (or if issued with original issue discount, an aggregate accreted price)
      that is equal to or less than the aggregate principal amount or face or
      liquidation amount (or if issued with original issue discount, the
      aggregate accreted value) then outstanding of the Indebtedness,
      Disqualified Stock or Preferred Stock being refunded, refinanced, renewed,
      replaced or defeased plus all accrued interest and premium, fees and
      expenses Incurred in connection with such refinancing, refunding,
      renewing, replacement or defeasance;
and

            

    

     

    
      	
               
      

            	
              (5)

            	
              shall
      not include (x) Indebtedness of a Restricted Subsidiary of the Company
      that is not a Guarantor that refinances Indebtedness of the Company or a
      Restricted Subsidiary that is a Guarantor, or (y) Indebtedness of the
      Company or a Restricted Subsidiary that refinances Indebtedness of an
      Unrestricted Subsidiary;

            

    

     

    

    
      
        
           

        

        
          61

          
            

          

        

        
           

        

      

    

    

    provided,
further,
that subclauses (1) and (2) of this clause
(xiii) will not apply to any refunding or refinancing of the Notes or any
other Priority Lien Debt;

     

    (xiv)    Indebtedness
of the Company or any of its Restricted Subsidiaries represented by Capital
Lease Obligations, mortgage financings or purchase money obligations, in each
case, Incurred for the purpose of financing all or any part of the purchase
price or cost of construction or improvement of property, plant or equipment
used in the business of the Company or any Restricted Subsidiary (where, in the
case of a purchase, such purchase may be effected directly or through the
purchase of the Capital Stock of the Person owning such property, plant and
equipment), in the aggregate principal amount, including all Refinancing
Indebtedness permitted to be Incurred under this Indenture to refund, refinance,
renew or defease or replace any Indebtedness Incurred pursuant to the provision
described in this clause (xiv), not to exceed the greater of (1) 5.0% of Total
Assets and (2) $25.0 million, at any one time outstanding;

     

    (xv)    Indebtedness
of the Company or any Restricted Subsidiary, to the extent the net proceeds
thereof are promptly (x) used to purchase Notes tendered pursuant to a Change of
Control Offer or (y) deposited to defease the Notes;

     

    (xvi)    the
Incurrence of Acquired Indebtedness by the Company or a Restricted Subsidiary;
provided
that, after giving effect to the transactions that result in the Incurrence or
issuance thereof, the Fixed Charge Coverage Ratio would be greater than
immediately prior to such transactions;

     

    (xvii)    Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that
is not recourse to the Company or any Restricted Subsidiary other than a
Receivables Subsidiary (except for Standard Securitization Undertakings);
and

     

    (xviii)    Indebtedness
or Disqualified Stock or Preferred Stock of the Company or any of its Restricted
Subsidiaries in an aggregate principal amount, accreted value or face amount and
with an aggregate liquidation preference not to exceed $50.0 million at any one
time outstanding.

     

    For
purposes of determining compliance with this Section 4.03, in the event that an
item, or a portion of such item, taken by itself, of Indebtedness, Disqualified
Stock or Preferred Stock meets the criteria of more than one of the categories
of permitted Indebtedness described in clauses
(i) through (xviii)
above or such item is (or portion, taken by itself, would be) entitled to be
Incurred pursuant to Section
4.03(a), the Company shall, in its sole discretion, classify or
reclassify, or later divide, classify or reclassify, such item of Indebtedness
in any manner that complies with this Section 4.03; provided
that all Indebtedness under the ABL Credit Facility outstanding on the Issue
Date shall be deemed to have been Incurred pursuant to clause
(i) of Section
4.03(b) and the Notes issued on the Issue Date (and any related Exchange
Notes) shall be deemed to have been Incurred pursuant to clause
(ii) of Section 4.03(b)
and, in each case, the Company shall not be permitted to reclassify all or any
portion of such Indebtedness under the ABL Credit Facility or Notes outstanding
on the Issue Date. Accrual of interest, the accretion of

     

    
      

      
        
          
             

          

          
            62

            
              

            

          

          
             

          

        

      

      
accreted value, the payment of interest in the form of
additional Indebtedness with the same terms, the payment of dividends on
Preferred Stock in the form of additional shares of Preferred Stock of the same
class, accretion of original issue discount or liquidation preference and
increases in the amount of Indebtedness outstanding solely as a result of
fluctuations in the exchange rate of currencies shall not be deemed to be an
Incurrence of Indebtedness for purposes of this Section 4.03. Guarantees of, or
obligations in respect of letters of credit relating to, Indebtedness which is
otherwise included in the determination of a particular amount of Indebtedness
shall not be included in the determination of such amount of Indebtedness; provided
that the Incurrence of the Indebtedness represented by such Guarantee or letter
of credit, as the case may be, was in compliance with this Section
4.03.

    

     

    Section
4.04    Limitation on Restricted
Payments.
(a)  The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly:

     

    (i)    declare or
pay any dividend or make any distribution on account of the Company’s or any of
its Restricted Subsidiaries’ Equity Interests, including any payment in
connection with any merger, amalgamation or consolidation involving the Company
(other than (A) dividends or distributions by the Company payable solely in
Equity Interests (other than Disqualified Stock) of the Company; or (B)
dividends or distributions by a Restricted Subsidiary so long as, in the case of
any dividend or distribution payable on or in respect of any class or series of
securities issued by a Restricted Subsidiary other than a Wholly Owned
Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least
its pro
rata share of such dividend or distribution in accordance with its Equity
Interests in such class or series of securities);

     

    (ii)    purchase or
otherwise acquire or retire for value any Equity Interests of the Company or any
direct or indirect parent company of the Company or any Restricted Subsidiary
held by Persons other than the Company or any Restricted Subsidiary of the
Company;

     

    (iii)    make any
principal payment on, or redeem, repurchase, defease or otherwise acquire or
retire for value, in each case prior to any scheduled repayment or scheduled
maturity, any Subordinated Lien Debt or any Indebtedness of the Company or any
Guarantor that is contractually subordinated to the Notes or to any Note
Guarantee (other than the payment, redemption, repurchase, defeasance,
acquisition or retirement of (A) Subordinated Lien Debt or any Indebtedness of
the Company or any Guarantor that or contractually subordinated to the Notes or
to any Note Guarantee in anticipation of satisfying a sinking fund obligation,
principal installment or final maturity, in each case due within one year of the
date of such payment, redemption, repurchase defeasance, acquisition or
retirement; or (B) Indebtedness permitted under clauses
(vi) and (viii)
of Section 4.03(b);
or

     

    (iv)    make any
Restricted Investment

     

    (all such
payments and other actions described in clauses
(i) through (iv)
above being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such
Restricted Payment:

     

    
      

      
        
          
             

          

          
            63

            
              

            

          

          
             

          

        

      

       

    

    
      	
               
      

            	
              (1)

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

            

    

     

    
      	
               
      

            	
              (2)

            	
              immediately
      after giving effect to such transaction on a pro forma basis, the Company could Incur
      $1.00 of additional Indebtedness under Section 4.03(a);
    and

            

    

     

    
      	
               
      

            	
              (3)

            	
              such
      Restricted Payment, together with the aggregate amount of all other
      Restricted Payments made by the Company and its Restricted Subsidiaries
      after the Issue Date (including Restricted Payments permitted by clauses
      (i), (vii),
      (xi)
      and (xii)
      of Section
      4.04(b), but
      excluding all other Restricted Payments permitted by Section
      4.04(b)), is less
      than the sum, without duplication,
of:

            

    

     

    (A)    50% of the
Consolidated Net Income of the Company for the period (taken as one accounting
period) from the fiscal quarter commencing July 1, 2009 to the end of the
Company’s most recently ended fiscal quarter for which internal financial
statements are available at the time of such Restricted Payment (or, if such
Consolidated Net Income for such period is a deficit, less 100% of such
deficit), plus

     

    (B)    100% of the aggregate
net proceeds, including cash and the Fair Market Value (as determined in
accordance with the next succeeding sentence) of property other than cash,
received by the Company since the Issue Date from the issue or sale of Equity
Interests of the Company (excluding Refunding Capital Stock, Disqualified Stock
and Equity Interests, the proceeds of which Equity Interests are used in the
manner described in clause
(ix) of Section
4.04(b)), including
Equity Interests issued upon conversion of Indebtedness or Disqualified Stock or
upon exercise of warrants or options (other than an issuance or sale to a
Restricted Subsidiary of the Company), plus

     

    (C)    100% of the aggregate
amount of contributions to the capital of the Company received in cash and the
Fair Market Value (as determined in accordance with the next succeeding
sentence) of property other than cash since the Issue Date (other than Refunding
Capital Stock and Disqualified Stock), plus

     

    (D)    100% of the
aggregate amount received by the Company or any Restricted Subsidiary in cash
and the Fair Market Value (as determined in accordance with the next succeeding
sentence) of property other than cash received by the Company or any of its
Restricted Subsidiaries from:

     

    
      

      
        
          
             

          

          
            64

            
              

            

          

          
             

          

        

      

       

    

    
      	
               
      

            	
              (I)

            	
              the
      sale or other disposition (other than to the Company or one of its
      Restricted Subsidiaries) of Restricted Investments made by the Company and
      its Restricted Subsidiaries and from repurchases and redemptions of such
      Restricted Investments from the Company and its Restricted Subsidiaries by
      any Person (other than the Company or any of its Subsidiaries) and from
      repayments of loans or advances which constituted Restricted Investments
      (other than in each case to the extent that the Restricted Investment was
      made pursuant to clause
      (xvii) of Section
      4.04(b)),

            

    

     

    
      	
               
      

            	
              (II)

            	
              the
      sale (other than to the Company or one of its Restricted Subsidiaries) of
      the Capital Stock of an Unrestricted Subsidiary,
  or

            

    

     

    
      	
               
      

            	
              (III)

            	
              a
      distribution or dividend from an Unrestricted Subsidiary,
    plus

            

    

     

    (E)    in the event
any Unrestricted Subsidiary of the Company has been redesignated as a Restricted
Subsidiary or has been merged, consolidated or amalgamated with or into, or
transfers or conveys its assets to, or is liquidated into, the Company or a
Restricted Subsidiary of the Company, the Fair Market Value (as determined in
accordance with the next succeeding sentence) of the Investment of the Company
in such Unrestricted Subsidiary at the time of such redesignation, combination
or transfer (or of the assets transferred or conveyed, as applicable), after
deducting any Indebtedness of the Unrestricted Subsidiary so designated or
combined or any Indebtedness associated with the assets so transferred or
conveyed (other than in each case to the extent that the Restricted Investment
was made pursuant to clause
(xvii) of Section
4.04(b)).

     

    The Fair
Market Value of property other than cash covered by clauses
(3)(B), (C),
(D)
and (E)
above shall be determined in good faith by the Company and

     

    
          (I)    in the
event of property with a Fair Market Value in excess of $5.0 million, shall be
set forth in an Officers’ Certificate; or

    

     

        (II)   in the event of property
with a Fair Market Value in excess of $30.0 million, shall be set forth in a
resolution approved by at least a majority of the Board of Directors of the
Company.

     

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

     

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

     

    
      

      
        
          
             

          

          
            65

            
              

            

          

          
             

          

        

      

       

    

    (ii)    either
of:

     

    
      	
               
      

            	
              (I)

            	
              the
      payment, repurchase, retirement, redemption, defeasance or other
      acquisition of any Equity Interests (“Retired Capital
      Stock”) of the Company or any direct or indirect parent company of
      the Company or any Subordinated Lien Debt or any Indebtedness of the
      Company or any Restricted Subsidiary that is unsecured or contractually
      subordinated to the Notes or to any Note Guarantee in exchange for, or out
      of the proceeds of the substantially concurrent sale of, Equity Interests
      of the Company or any direct or indirect parent company of the Company or
      contributions to the equity capital of the Company, other than
      Disqualified Stock or any Equity Interests sold to a Restricted Subsidiary
      (collectively, including such contributions, “Refunding Capital
      Stock”) and

            

    

     

    
      	
               
      

            	
              (II)

            	
              the
      declaration and payment of accrued dividends on the Retired Capital Stock
      out of the proceeds of the substantially concurrent sale, other than to a
      Restricted Subsidiary of the Company, of Refunding Capital
      Stock;

            

    

     

    (iii)    the payment,
redemption, repurchase, defeasance or other acquisition of any Indebtedness of
the Company or any Restricted Subsidiary that is contractually subordinated to
the Notes or to any Note Guarantee or any Subordinated Lien Debt made by
exchange for, or out of the proceeds of the substantially concurrent sale of,
new Indebtedness of the Company or a Restricted Subsidiary which is Incurred in
accordance with Section 4.03 so
long as

     

    
      	
               
      

            	
              (a)

            	
              such
      Indebtedness has a Weighted Average Life to Maturity at the time it is
      Incurred which is not less than the remaining Weighted Average Life to
      Maturity of the Indebtedness being so repaid, redeemed, repurchased,
      defeased or acquired,

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      Indebtedness has a Stated Maturity which is no earlier than the Stated
      Maturity of the Indebtedness being so repaid, redeemed, repurchased,
      defeased or acquired,

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      the extent such Indebtedness refinances Indebtedness pari passu with, or subordinated to, the
      right of payment of the Notes or the Note Guarantees, as applicable, such
      new Indebtedness is pari passu
      with, or subordinated, at least to the same extent as the
      Indebtedness being so repaid, redeemed, repurchased, defeased or acquired,
      to the right of payment of the Notes or the Note Guarantees, as
      applicable,

            

    

     

     

    
      
        
          
             

          

          
            66

            
              

            

          

          
             

          

        

      

       

    

    
      	
               
      

            	
              (d)

            	
              such
      Indebtedness is Incurred in an aggregate principal amount (or if issued
      with original issue discount, an aggregate accreted value) that is equal
      to or less than the aggregate principal amount (or if issued with original
      issue discount, the aggregate accreted value) then outstanding of the
      Indebtedness being so repaid, redeemed, repurchased, defeased or acquired
      plus all accrued interest and premiums, fees, expenses and prepayment
      penalties Incurred in connection with such repayment, redemption,
      repurchase, defeasance or acquisition,
and

            

    

     

    
      	
               
      

            	
              (e)

            	
              such
      Indebtedness is Incurred either by the Company or by the Restricted
      Subsidiary that is the obligor on the Indebtedness being so repaid,
      redeemed, repurchased, defeased or
acquired;

            

    

     

    (iv)    the payment
of cash in lieu of the issuance of fractional shares of Capital Stock upon
exercise or conversion of securities exercisable or convertible into Capital
Stock of the Company;

     

    (v)    any purchase
or acquisition from, or withholding on issuance to, any employee of the Company
or any Restricted Subsidiary of the Company of Equity Interests of the Company,
or Equity Interests of any direct or indirect parent of the Company in order to
satisfy any applicable Federal, state or local tax payments in respect of the
receipt of such Equity Interests;

     

    (vi)    the
repurchase of Equity Interests deemed to occur upon the exercise of options or
warrants if such Equity Interests represents all or a portion of the exercise
price thereof;

     

    (vii)    the
repurchase, retirement, redemption or other acquisition (or dividends to any
direct or indirect parent company of the Company to finance any such repurchase,
retirement or other acquisition) for value of Equity Interests of the Company or
any direct or indirect parent company of the Company held by any future, present
or former employee, director or consultant of the Company or any direct or
indirect parent company of the Company or any other Subsidiary of the Company
pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or other agreement or arrangement; provided,
however, that the aggregate amounts paid under this clause
(vii) do not exceed $3.0 million in any calendar year; provided, further,
that the Company or any of its Restricted Subsidiaries may carry over and make
in any subsequent calendar year, in addition to the amounts otherwise permitted
for such calendar year, the amount of purchases, retirements, redemptions, other
acquisitions for value and dividends permitted
to have been made but not made in any preceding calendar year, and any of this
amount not paid in any calendar year may be carried forward to a subsequent
calendar year;

     

    (viii)    the
declaration and payment of dividends or distributions to holders of any class or
series of Disqualified Stock of the Company or any Restricted Subsidiaries
Incurred in accordance with Section
4.03;

     

    
      

      
        
          
             

          

          
            67

            
              

            

          

          
             

          

        

      

      
 

       

      (ix)    Restricted
Investments acquired in exchange for, or out of the net proceeds of a
substantially concurrent issuance of Equity Interests, other than Disqualified
Stock, of the Company;

    

     

    (x)    the payment
of any dividend by a Restricted Subsidiary of the Company to the holders of its
Equity Interests on a pro rata
basis;

     

    (xi)    upon the
occurrence of a Change of Control and within 90 days after completion of the
offer to repurchase Notes pursuant to Section 4.08 (including the purchase
of all Notes tendered), any purchase or redemption of any Subordinated Lien Debt
or any Indebtedness of the Company or any Guarantor that is unsecured or
contractually subordinated to the Notes or to any Note Guarantee that is
required to be repurchased or redeemed pursuant to the terms thereof as a result
of such Change of Control, at a purchase price not greater than 101% of the
outstanding principal amount thereof (plus accrued and unpaid interest and
liquidated damages, if any);

     

    (xii)    within 90
days after completion of any offer to repurchase Notes pursuant Section 4.06 (including the purchase
of all Notes tendered), any purchase or redemption of any Subordinated Lien Debt
or any Indebtedness of the Company or any Guarantor that is unsecured or
contractually subordinated to the Notes or to any Note Guarantee that is
required to be repurchased or redeemed pursuant to the terms thereof as a result
of such Asset Sale, at a purchase price not greater than 100% of the outstanding
principal amount thereof (plus accrued and unpaid interest and liquidated
damages, if any);

     

    (xiii)    purchases of
receivables pursuant to a Receivables Repurchase Obligation in connection with a
Qualified Receivables Financing;

     

    (xiv)    the
redemption, repurchase, retirement, defeasance or other acquisition of any
Disqualified Stock of the Company in exchange for, or out of the net cash
proceeds of a substantially concurrent sale of, Disqualified Stock of the
Company or any Restricted Subsidiaries Incurred in accordance with Section 4.03;

     

    (xv)    the payment,
redemption, repurchase, defeasance or other acquisition of any Senior
Subordinated Notes, in each case if the Senior Secured Debt Ratio would not
exceed 2.50 to 1.00 determined on a pro forma
basis after giving effect to such payment, redemption, repurchase, defeasance or
other acquisition of such Senior Subordinated Notes pursuant to this clause
(xv);

     

    (xvi)    the payment,
redemption, repurchase, defeasance or other acquisition of any Senior
Subordinated Notes in an aggregate amount which, taken together
with all other Restricted Payments made pursuant to the provision described in
this clause
(xvi), do not exceed $25.0 million;

     

    (xvii)    other
Restricted Payments in an aggregate amount which, taken together with all other
Restricted Payments made pursuant to the provision described in this clause
(xvii), do not exceed $10.0 million; or

     

    
      

      
        
          
             

          

          
            68

            
              

            

          

          
             

          

        

      

       

    

    (xviii)    the
repurchase of any Senior Subordinated Notes in connection with the Refinancing
Transactions for an aggregate repurchase price not to exceed $25.0 million;
provided any such Restricted Payments made pursuant to the provision described
in this clause
(xviii) must be made within 30 Business Days of the Issue
Date;

     

    provided,
that in the case of clauses
(xi), (xii),
(xv),
(xvi),
(xvii)
and (xviii)
of this Section
4.04(b), no Default or
Event of Default has occurred and is continuing or would occur as a consequence
thereof.

     

    (c)         In
determining the extent to which any Restricted Payment may be limited or
prohibited by this Section 4.04,
the Company and its Restricted Subsidiaries may allocate all or any portion of
such Restricted Payment among the categories described in clauses
(i) through (xviii)
of Section
4.04(b) or among such
categories and the types described in Section 4.04(a); provided that, at the
time of such allocation, all such Restricted Payments, or allocated portions
thereof, would be permitted under the various provisions of this Section 4.04.

     

    (d)         As
of the Issue Date, all of the Company’s Subsidiaries will be Restricted
Subsidiaries.  The Company will not permit any Unrestricted Subsidiary
to become a Restricted Subsidiary except pursuant to the definition of
“Unrestricted Subsidiary.”  In the event of any designation of a
Restricted Subsidiary as an Unrestricted Subsidiary, the Company will be deemed
to have made an Investment in such Subsidiary in an amount determined as set
forth in the last sentence of the definition of “Investments.”  Such
designation will only be permitted if such Investment would be permitted by this
Section 4.04 at such time and if
such Subsidiary otherwise meets the definition of an Unrestricted
Subsidiary.

     

    Section
4.05    Dividend and Other Payment Restrictions
Affecting Restricted Subsidiaries. The
Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create or otherwise cause or suffer to exist or become
effective any consensual encumbrance or consensual restriction on the ability of
any Restricted Subsidiary to:

     

    (a)         (i)  pay
dividends or make any other distributions to the Company or any of its
Restricted Subsidiaries (1) on its Capital Stock; or (2) with respect to any
other interest or participation in, or measured by, its profits; or (ii) pay any
Indebtedness owed to the Company or any of its Restricted
Subsidiaries;

     

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

     

    (c)         sell,
lease or transfer any of its properties or assets to the Company or any of its
Restricted Subsidiaries;

     

    except in
each case for such encumbrances or restrictions existing under or by reason
of:

     

    (1)         contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to
the ABL Credit Facility and Existing Indebtedness, and any amendments,
modifications, restatements, renewals, increases, extensions, supplements,
refundings, replacements or refinancings thereof; provided that the

     

    
      
        

        
          
            
               

            

            
              69

              
                

              

            

            
               

            

          

        

         

      

    

    encumbrances
and restrictions in any such amendments, modifications, restatements, renewals,
increases, extensions, supplements, refundings, replacements or refinancings are
not materially more restrictive, taken as a whole, than those in effect on the
Issue Date;

     

    (2)         (A)
this Indenture or the indenture governing the Senior Subordinated Notes, (B) the
Notes (and any Exchange Notes related thereto) or the Senior Subordinated Notes,
(C) Guarantees of the Notes or the Senior Subordinated Notes and (D) the ABL
Debt Documents and the Secured Debt Documents;

     

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

     

    (4)         any
agreement or other instrument relating to Indebtedness of a Person acquired by
the Company or any Restricted Subsidiary which was in existence at the time of
such acquisition (but not created in contemplation thereof or to provide all or
any portion of the funds or credit support utilized to consummate such
acquisition), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person, other than the Person, or the
property or assets of the Person, so acquired;

     

    (5)         any
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;

     

    (6)         Secured
Debt otherwise permitted to be Incurred pursuant to Section 4.03 and Section 4.13 that limits the right of
the debtor to dispose of the assets securing such Indebtedness;

     

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

     

    (8)        
customary provisions with respect to dispositions or distributions of assets or
property in joint venture agreements, asset sale agreements, stock sale
agreements and other similar agreements entered into in the ordinary course of
business;

     

    (9)        
purchase money obligations for property acquired in the ordinary course of
business that impose restrictions of the nature discussed in clause
(c) above on the property so acquired;

     

    (10)      
customary provisions contained in leases, licenses and other similar agreements
entered into in the ordinary course of business that impose restrictions of the
type described in clause
(c) above on the property subject to such lease;

     

    (11)       other
Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary
of the Company (i) that is a Guarantor that is Incurred subsequent to the Issue
Date pursuant to the covenant described under Section 4.03 or (ii) 

     

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

       

    

    that is
Incurred by a Foreign Subsidiary of the Company subsequent to the Issue Date
pursuant to clause
(xiv) or (xviii)
of Section 4.03(b);

     

    (12)       Refinancing
Indebtedness permitted under the terms of this Indenture; provided, that the
restrictions contained in the agreements governing such Refinancing Indebtedness
are not materially more restrictive, taken as a whole, than those contained in
the agreements governing the Indebtedness being refinanced;

     

    (13)       any
encumbrance or restriction of a Receivables Subsidiary effected in connection
with a Qualified Receivables Financing; provided, however, that such restrictions
apply only to such Receivables Subsidiary; and

     

    (14)       any
encumbrances or restrictions of the type referred to in clauses
(a), (b)
and (c)
above imposed by any extensions, amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of
the contracts, instruments or obligations referred to in clauses
(1)
through (13)
above; provided that such extensions,
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are, in the good faith judgment of the
Company, no more restrictive with respect to such dividend and other payment
restrictions than those contained in the dividend or other payment restrictions
prior to such extension, amendment, modification, restatement, renewal,
increase, supplement, refunding, replacement or refinancing.

     

    Section
4.06          Asset Sales.  (a)  The
Company will not, and will not permit any of its Restricted Subsidiaries to,
cause or make an Asset Sale, unless (x) the Company or any of its Restricted
Subsidiaries, as the case may be, receives consideration at the time of such
Asset Sale at least equal to the Fair Market Value (as determined in good faith
by the Company) of the assets or Equity Interests issued or sold or otherwise
disposed of, (y) in the case of an Asset Sale that constitutes a Sale of Notes
Collateral or a Sale of a Guarantor, the Company (or the applicable Guarantor,
as the case may be) deposits the Net Proceeds therefrom (net of any Net Proceeds
received in receipt of or allocable to the ABL Collateral of such Guarantor, in
the case of a Sale of a Guarantor) as collateral in a segregated account or
accounts (each, a “Collateral
Proceeds Account”) held by or under the control of (for purposes of the
Uniform Commercial Code) the Collateral Trustee or its agent to secure all
Secured Obligations pursuant to arrangements reasonably satisfactory to the
Collateral Trustee or as
directed by the holders of the Secured Obligations; provided
that no such deposit will be required except to the extent the aggregate Net
Proceeds from all Sales of Notes Collateral and Sales of a Guarantor that are
not held in a Collateral Proceeds Account and have not previously been applied
in accordance with the provisions described in the next succeeding paragraph
exceed $10.0 million and (z) except in the case of Permitted Asset Swaps, at
least 75% of the consideration therefor received by the Company or such
Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents;
provided
that the amount of:

     

    (i)    any
liabilities (as shown on the Company’s or such Restricted Subsidiary’s most
recent balance sheet or in the notes thereto) of the Company or any Restricted
Subsidiary of the Company (other than liabilities that are by their terms

     

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

     

    subordinated
to the Notes or any Note Guarantee) that are assumed by the transferee of any
such assets, and

     

    (ii)    any notes or
other obligations or other securities or assets received by the Company or such
Restricted Subsidiary of the Company from such transferee that are converted by
the Company or such Restricted Subsidiary of the Company into cash within 180
days of the receipt thereof (to the extent of the cash received)

     

    shall be
deemed to be Cash Equivalents for the purposes of this Section 4.06(a).

     

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

     

    (i)    to repay,
repurchase or redeem Priority Lien Obligations (including Obligations under the
Notes, but excluding any open market purchases of Notes or privately negotiated
Note purchases) or ABL Debt Obligations;

     

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

     

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

     

    (iv)    to repay,
repurchase or redeem other Indebtedness of the Company or any Guarantor (other
than any Disqualified Stock or any Indebtedness that is contractually
subordinated in right of payment to the Notes), other than Indebtedness owed to
the Company or a Restricted Subsidiary of the Company; provided
that the Company shall equally and ratably redeem or repurchase the Notes as
described in ARTICLE Three
through open market purchases (to the extent such purchases are at or above 100%
of the principal amount thereof) or by making an offer (in accordance with the
procedures set forth below for an Asset Sale Offer) to all Holders to purchase
the Notes at 100% of the principal amount thereof, plus the amount of accrued
but unpaid interest, if any, on the amount of Notes that would otherwise be
prepaid;

     

    (v)    to make an
investment in any one or more businesses (provided that if such investment is in
the form of the acquisition of Capital Stock of a Person, such acquisition
results in such Person becoming a Restricted Subsidiary of the Company), assets,
or property or capital expenditures, in each case used or useful in a Similar
Business;

     

    (vi)    to make an
investment in any one or more businesses (provided that if such investment is in
the form of the acquisition of Capital Stock of a Person, such acquisition
results in such Person becoming a Restricted Subsidiary of the

     

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

     

    Company),
properties or assets that replace the properties and assets that are the subject
of such Asset Sale; or

     

    (vii)    any
combination of the foregoing;

     

    provided
that the Company will be deemed to have complied with the provision described in
clauses
(v) and (vi)
above of this Section 4.06(b),
as applicable, if, within 365 days of such Asset Sale, the Company shall have
entered into a definitive agreement covering such Investment which is thereafter
completed within 180 days after the first anniversary of such Asset
Sale.

     

    Within
365 days after the receipt of any Net Proceeds from an Asset Sale that
constitutes a Sale of Notes Collateral or a Sale of a Guarantor, the Company (or
the applicable Restricted Subsidiary, as the case may be) may apply an amount
equal to such Net Proceeds (net of any Net Proceeds received in receipt of the
ABL Collateral of such Guarantor, in the case of a Sale of a
Guarantor):

     

    
      
        	
                 
      

              	
                (I)

              	
                to
      purchase other assets that would constitute Notes
    Collateral;

              

      

       

    

    
      	
               
      

            	
              (II)

            	
              to
      purchase Capital Stock of another Similar Business if, after giving effect
      to such purchase, the Similar Business becomes a Guarantor or is merged
      into or consolidated with either the Company or any
    Guarantor;

            

    

     

    
      	
               
      

            	
              (III)

            	
              to
      make a capital expenditure with respect to assets that constitute Notes
      Collateral;

            

    

     

    
      	
               
      

            	
              (IV)

            	
              to
      repay Indebtedness secured by a Permitted Prior Lien on any Notes
      Collateral that was sold in such Asset Sale;
or

            

    

     

    
      
        
          	
                   
      

                	
                  (V)

                	
                  any
      combination of the
foregoing;

                

        

      

    

     

    provided
that the Company will be deemed to have complied with the provision described in
clauses
(I), (II)
and (III)
above of this Section 4.06(b),
as applicable, if, within 365 days of such Asset Sale, the Company has entered
into and not abandoned or rejected a binding agreement to purchase assets that
constitute Notes Collateral or Capital Stock of another Similar Business or to
make a capital expenditure with respect to assets that constitute Notes
Collateral in compliance with the provisions described in clauses
(I), (II)
and (III)
of this paragraph, and that purchase or capital expenditure is thereafter
completed within 180 days after the first anniversary of such Asset
Sale.

     

    (c)           Any
Net Proceeds from Asset Sales that are not applied or invested as described in
Section 4.06(b) will constitute “Excess
Proceeds.”  Within 10 days after the aggregate amount of Excess
Proceeds (including any Excess Proceeds held in the Collateral Proceeds Account)
exceeds $25.0 million, the Company will make an offer to all Holders of Notes
and all holders of other Priority Lien Debt containing provisions similar to
those set forth in this Indenture with respect to offers to purchase with the
proceeds of sales of assets, to purchase the maximum principal amount of Notes
and such other Priority Lien Debt that may be purchased out of the Excess
Proceeds (an “Asset Sale
Offer”).  The offer price for the Notes and any other

     

     

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

     

    Priority
Lien Debt in any Asset Sale Offer will be equal to 100% of the principal amount
of the Notes and such other Priority Lien Debt repurchased, plus accrued and
unpaid interest and Additional Interest (if any) on the Notes and any other
Priority Lien Debt to the date of purchase, and will be payable in
cash.  If any Excess Proceeds remain after consummation of an Asset
Sale Offer, the Company may use such Excess Proceeds for any purpose not
otherwise prohibited by this Indenture.  If the aggregate principal
amount of Notes and such other Priority Lien Debt tendered into such Asset Sale
Offer exceeds the amount of Excess Proceeds (including any Excess Proceeds held
in the Collateral Proceeds Account), the Notes and such other Priority Lien Debt
shall be purchased on a pro rata basis
based on the principal amount of Notes and such other Priority Lien Debt
tendered.  Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds shall be reset at zero.

     

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

     

    (e)         Not
later than the date upon which written notice of an Asset Sale Offer is
delivered to the Trustee as provided above, the Company shall deliver to the
Trustee an Officers’ Certificate as to (i) the amount of the Excess Proceeds,
(ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which
such Asset Sale Offer is being made and (iii) the compliance of such allocation
with the provisions of Section
4.06(b). On such date, the Company shall also irrevocably deposit with
the Trustee or with a paying agent (or, if the Company or a Wholly Owned
Restricted Subsidiary of the Company is acting as the Paying Agent, segregate
and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash
Equivalents, as directed in writing by the Company, and to be held for payment
in accordance with the provisions of this Section 4.06. Upon the expiration of
the period for which the Asset Sale Offer remains open (the “Asset Sale Offer
Period”), the Company shall deliver to the Trustee for cancellation the
Notes or portions thereof that have been properly tendered to and are to be
accepted by the Company. The Trustee (or the Paying Agent, if not the Trustee)
shall, on the date of purchase, mail or deliver payment to each tendering Holder
in the amount of the purchase price. In the event that the Excess Proceeds
delivered by the Company to the Trustee are greater than the purchase price of
the Notes tendered, the Trustee shall deliver the excess to the Company
immediately after the expiration of the Asset Sale Offer Period for application
in accordance with Section
4.06.

     

    (f)           Holders
electing to have a Note purchased shall be required to surrender the Note, with
an appropriate form duly completed, to the Company at the address specified
in the notice at least three (3) 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
telegram, telex, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Note which was delivered by the Holder for
purchase and a statement that such Holder is withdrawing his election to have
such Notes purchased.  If at the end of the Asset Sale Offer Period
more Notes (and such Priority Lien Debt) are tendered pursuant to an Asset Sale
Offer than the Company is required to purchase, selection of

     

     

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

    

     

    such
Notes for purchase shall be made by the Trustee in compliance with the
requirements of the principal national securities exchange, if any, on which
such Notes are listed, or if such Notes are not so listed, on a pro rata basis,
by lot or by such other method as the Trustee shall deem fair and appropriate
(and in such manner as complies with applicable legal requirements and the
requirements of the Depositary, if applicable); provided that no Notes of $2,000 or less shall
be purchased in part.  Selection of such Priority Lien Debt shall be
made pursuant to the terms of such Priority Lien Debt.

     

    (g)         Notices
of an Asset Sale Offer shall be mailed by first class mail, postage prepaid, at
least 30 but not more than 60 days before the purchase date to each Holder of
Notes at such Holder’s registered address. If any Note is to be purchased in
part only, any notice of purchase that relates to such Note shall state the
portion of the principal amount thereof that has been or is to be
purchased.

     

    (h)         A
new Note in principal amount equal to the unpurchased portion of any Note
purchased in part shall be issued in the name of the Holder upon cancellation of
the original Note.  On and after the purchase date, unless the Company
defaults in payment of the purchase price, interest shall cease to accrue on
Notes or portions thereof purchased.

     

    Section
4.07          Transactions with
Affiliates. (a) The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any
property or assets from, or enter into or make or amend any transaction or
series of transactions, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Company (each of the
foregoing, an “Affiliate
Transaction”) involving aggregate consideration in excess of $5.0
million, unless:

     

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

     

    (ii)    with respect
to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $30.0 million, the Company
delivers to the Trustee a resolution adopted in good faith by the majority of
the disinterested members of the Board of Directors of the Company, approving
such Affiliate Transaction and set forth in an Officers’ Certificate certifying
that such Affiliate Transaction complies with clause (i)
above.

     

                                        (b)           The
provisions of Section 4.07(a)
shall not apply to the following:

     

    (i)    (A)  transactions
between or among the Company and/or any of its Restricted Subsidiaries and (B)
any merger of the Company and any direct parent company of the Company; provided
that such parent company shall have no material liabilities and no material
assets other than cash, Cash Equivalents and the Capital Stock of the Company
and such merger is otherwise in compliance with the terms of this Indenture and
effected for a bona fide business purpose;

     

     

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

     

    (ii)    Restricted
Payments permitted by Section
4.04 and Permitted Investments;

     

     

    (iii)    the payment
of reasonable and customary fees and reimbursement of expenses paid to, and
indemnity provided on behalf of, officers, directors, employees or consultants
of the Company or any Restricted Subsidiary or any direct or indirect parent
company of the Company, as determined by the Board of Directors of the
Company;

     

    (iv)    any agreement
or arrangement as in effect as of the Issue Date or any amendment, modification
or supplement thereto or any replacement thereof so long as any such agreement
or arrangement as so amended, modified, supplemented or replaced, taken as a
whole, is not more disadvantageous to the Company and its Restricted
Subsidiaries in any material respect than the original agreement as in effect on
the Issue Date or any transaction contemplated by any of the foregoing
agreements or arrangements;

     

    (v)    (A)
transactions with customers, clients, suppliers or purchasers or sellers of
goods or services, in each case in the ordinary course of business and otherwise
in compliance with the terms of this Indenture, which are fair to the Company
and its Restricted Subsidiaries in the reasonable determination of the Board of
Directors or the senior management of the Company, and are on terms that, taken
as a whole, are not materially less favorable to the Company or the
relevant Restricted Subsidiary than those that might reasonably have been
obtained at such time from a Person that is not an Affiliate or (B) transactions
with joint ventures or Unrestricted Subsidiaries for the purchase or sale of
chemicals, equipment and services entered into in the ordinary course of
business and in a manner consistent with past practice;

     

    (vi)    the issuance
or sale of Equity Interests, other than Disqualified Stock, of the Company to
any Affiliate or to any director, officer, employee or consultant of the
Company, any direct or indirect parent company of the Company or any Subsidiary
of the Company;

     

    (vii)    the grant of
stock options or similar rights to officers, employees, consultants and
directors of the Company and, to the extent otherwise permitted under this
Indenture, any Restricted Subsidiary, pursuant to plans approved by the Board of
Directors of the Company and the issuance of securities pursuant
thereto;

     

    (viii)    advances to
employees for moving, entertainment and travel expenses, drawing accounts and
similar expenditures in the ordinary course of business;

     

    (ix)    any
transactions effected as part of a Qualified Receivables Transaction;
and

     

    (x)    any
employment, consulting, service or termination agreements, or reasonable and
customary indemnification arrangements, entered into by the Company or any of
its Restricted Subsidiaries with officers and employees of the Company or any of
its Restricted Subsidiaries and the payment of compensation to officers and
employees of the Company or any of its Restricted Subsidiaries, including
amounts 

     

     

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

     

    paid
pursuant to employee benefit plans, employee stock option or similar plans, in
each case in the ordinary course of business and approved by the Board of
Directors of the Company.

     

    Section
4.08          Change of Control. (a)
Upon the occurrence of a Change of Control, each Holder of Notes shall have the
right to require the Company to repurchase all or any part (equal to $2,000 or
an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a
purchase price in cash equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest and Additional Interest (if any) thereon, to
the date of purchase, subject to the rights of the Holders of Notes on the
relevant record date to receive interest due on the relevant interest payment
date, in accordance with the terms contemplated in this Section 4.08; provided,
however,
that notwithstanding the occurrence of a Change of Control, the Company shall
not be obligated to purchase Notes pursuant to this Section 4.08 in the event that the
Company has exercised its right to redeem such Notes in accordance with ARTICLE Three of this Indenture. In
the event that at the time of such Change of Control the terms of other senior
Indebtedness restrict or prohibit the repurchase of Notes pursuant to this Section 4.08, then prior to the
mailing of the notice to the Holders provided for in Section 4.08(b) but in any event
within 30 days following any Change of Control, the Company shall (i) repay in
full all other senior Indebtedness or, if doing so will allow the purchase of
Notes, offer to repay in full all such other senior Indebtedness, as the case
may be, and repay such senior Indebtedness of each lender who has accepted such
offer, or (ii) obtain the requisite consent under the agreements governing such
senior Indebtedness to permit the repurchase of the Notes as provided for in
Section
4.08(b).

     

    (b)         Within
30 days following any Change of Control, except to the extent the Company has
exercised its right to redeem Notes in accordance with ARTICLE Three of this Indenture, the
Company will mail a notice (a “Change of Control Offer”)
to each Holder of Notes with a copy to the Trustee stating:

     

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

     

    (ii)    the
circumstances and relevant facts and financial information regarding such Change
of Control;

     

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

     

    (iv)    the
instructions determined by the Company, consistent with this Section 4.08, that a Holder must
follow in order to have its Notes purchased.

     

    (c)         Holders
electing to have a Note purchased shall be required to surrender the Note, 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. The Holders
shall be 

     

     

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

    

     

    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 Note which was delivered for purchase by the Holder and a
statement that such Holder is withdrawing his election to have such Note
purchased. Holders whose Notes are purchased only in part shall be issued new
Notes equal in principal amount to the unpurchased portion of the Notes
surrendered.

     

    (d)         On
the purchase date, all Notes purchased by the Company under this Section shall
be delivered to the Trustee for cancellation, and the Company shall pay (or
cause to be paid) the purchase price plus accrued and unpaid interest, including
Additional Interest (if any) to the Holders entitled thereto.

     

    (e)         A
Change of Control Offer may be made in advance of a Change of Control, and
conditioned upon such Change of Control, if a definitive agreement is in place
for the Change of Control at the time of making the Change of Control
Offer.

     

    (f)         Notwithstanding
the foregoing provisions of this Section, 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 4.08 and elsewhere in this
Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer.

     

    (g)         Notes
repurchased by the Company pursuant to a Change of Control Offer will have the
status of Notes issued but not outstanding or will be retired and canceled at
the option of the Company. Notes purchased by a third party pursuant to the
preceding clause
(f) will have the status of Notes issued and outstanding.

     

    (h)         At
the time the Company delivers Notes to the Trustee which are to be accepted for
purchase, the Company shall also deliver an Officers’ Certificate stating that
such Notes are to be accepted by the Company pursuant to and in accordance with
the terms of this Section 4.08.
A Note shall be deemed to have been accepted for purchase at the time the
Trustee or Paying Agent, directly or through an agent, mails or delivers payment
therefor to the surrendering Holder.

     

    (i)         Prior
to any Change of Control Offer, the Company shall deliver to the Trustee an
Officers’ Certificate stating that all conditions precedent contained herein
regarding the right or obligation of the Company to make such Change of Control
Offer have been complied with.

     

    (i)         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 Notes pursuant to this Section. To the extent
that the provisions of any securities laws or regulations conflict with
provisions of this Section 4.08,
the Company shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under this Section by
virtue thereof.

     

    Section
4.09          Compliance Certificate.

     

     

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

    

     

    (a)         The
Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year, an Officers’ Certificate stating that a review of the activities of
the Company and its Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether
the Company has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such
certificate, that to his or her knowledge, the Company has kept, observed,
performed and fulfilled its obligations under this Indenture and is not in
Default in the performance or observance of any of the terms, provisions and
conditions of this Indenture (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she
may have knowledge and what action the Company is taking or proposes to take
with respect thereto) and that to his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of
or interest (if any) on the Notes is prohibited or if such event has occurred, a
description of the event and what action the Company is taking or proposes to
take with respect thereto. The Company also shall comply with Section 314(a)(4)
of the TIA.

     

    (b)         The
Company shall, so long as any of the Notes are outstanding, deliver to the
Trustee, within five Business Days after any Officer becomes aware of any
Default or Event of Default, an Officers’ Certificate specifying such Default or
Event of Default and what action the Company is taking or proposes to take with
respect thereto.

     

    Section
4.10         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.

     

    Section
4.11         Note Guarantees. (a) If
the Company or any of its Restricted Subsidiaries acquires or creates any other
Domestic Subsidiary or Subsidiaries (other than an Excluded Subsidiary) on or
after the date of this Indenture, then each such newly acquired or created
Domestic Subsidiary must become a Guarantor
and (i) execute a supplemental indenture, (ii) deliver an Opinion of Counsel to
the Trustee, (iii) execute any applicable joinders or supplements to, or
otherwise become party to, the Security Documents in order to grant a Lien to
the Collateral Trustee for the benefit of the holders of Secured Obligations on
the Collateral owned by such Domestic Subsidiary and (iv) execute a joinder or
supplement to, or otherwise become party to, the Intercreditor Agreement, in
each case within 30 days of the date of such acquisition or
creation.

     

    (b)         The
Company will not permit any of its Restricted Subsidiaries, directly or
indirectly, to Guarantee or pledge any assets to secure the payment of any other
Indebtedness of the Company or any Guarantor (including, but not limited to, any
Indebtedness under any Credit Facility) unless such Restricted Subsidiary is a
Guarantor or simultaneously executes and delivers a supplemental indenture
providing for the Guarantee of the payment of the Notes by such Restricted
Subsidiary, which Guarantee shall be senior in right of payment to or pari passu in right of payment with such
Subsidiary’s Guarantee of such other Indebtedness.  In addition, in
the event that any Restricted Subsidiary that is an Excluded Subsidiary ceases
to be an Excluded Subsidiary, then such Restricted Subsidiary must become a
Guarantor and execute a supplemental indenture and deliver an Opinion of Counsel
to the Trustee within 30 days of the date 

     

     

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

     

    of such
event.  The form of the Supplemental Indenture is attached as Exhibit
D and the form of the Note Guarantee is attached as Exhibit
E.

     

    (c)         Notwithstanding
Section
4.11(a), any Note
Guarantee may provide by its terms that it will be automatically and
unconditionally released and discharged under the circumstances described under
Section 12.08.

     

    Section
4.12         Maintenance of Intercompany
Receivables.  The
Company shall not permit the balance of Indebtedness owed to it and the
Guarantors by its Foreign Subsidiaries to be less than $30.0 million in the
aggregate at any time while any Notes are outstanding.

     

    Section
4.13         Liens. The
Company will not, and will not permit any of its Restricted Subsidiaries to,
create, incur, assume or otherwise cause or suffer to exist or become effective
any Lien of any kind (other than Permitted Liens) upon any of their property or
assets, now owned or hereafter acquired.

     

    Section
4.14         Maintenance of Office or
Agency. (a) The
Company shall maintain an office or agency (which may be an office of the
Trustee or Registrar or an affiliate of the Trustee or Registrar) where Notes
may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Company shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
corporate trust office of the Trustee as set forth in Section 13.02.

     

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

     

    (c)         The
Company hereby designates the corporate trust office of the Trustee or its
Paying Agent as such office or agency of the Company in accordance with Section 2.04.

     

    Section
4.15         Limitation on Business
Activities. The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
engage in any business other than Similar Businesses, except to
such extent as would not be material to the Company and its Restricted
Subsidiaries taken as a whole.

     

    Section
4.16         Further Assurances;
Insurance. (a) The
Company and each Guarantor will do or cause to be done all acts and things that
may be reasonably required, or that the Collateral Trustee from time to time may
reasonably request, to assure and confirm that the Collateral Trustee holds, for
the benefit of the holders of Secured Obligations, duly created and enforceable
and perfected Liens upon the Collateral (including any property or assets that
are 

     

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

     

    acquired
or otherwise become Collateral after the Notes are issued), in each case, as
contemplated by, and with the Lien priority required under, the Secured Debt
Documents.

     

    (b)         Upon
the reasonable request of the Collateral Trustee or any Secured Debt
Representative at any time and from time to time, the Company and each of the
Guarantors will promptly execute, acknowledge and deliver such security
documents, instruments, certificates, notices and other documents, and take such
other actions as may be reasonably required, or that the Collateral Trustee may
reasonably request, to create, perfect, protect, assure or enforce the Liens and
benefits intended to be conferred, in each case as contemplated by the Secured
Debt Documents for the benefit of the holders of Secured
Obligations.

     

    (c)         The
Company and the Guarantors are required to:

     

    (i)    keep their
properties adequately insured at all times by financially sound and reputable
insurers;

     

    (ii)    maintain such
other insurance, to such extent and against such risks (and with such
deductibles, retentions and exclusions), including fire and other risks insured
against by extended coverage, as is customary with companies in the same or
similar businesses operating in the same or similar locations, including public
liability insurance against claims for personal injury or death or property
damage occurring upon, in, about or in connection with the use of any properties
owned, occupied or controlled by them;

     

    (iii)    maintain such
other insurance as may be required by law; and

     

    (iv)    maintain such
other insurance as may be required by the Security
Documents.

     

    (d)         Upon
the request of the Collateral Trustee, the Company and the Guarantors will
furnish to the Collateral Trustee full information as to their property and
liability insurance carriers.  Holders of Secured Obligations, as a
class, will be named as additional insureds on all insurance policies of the
Company and the Guarantors, and the Collateral Trustee will be named as loss
payee as its interests may appear, with 30 days’ notice of cancellation or
material change, on all property and casualty insurance policies of the Company
and the Guarantors.

     

    (e)         Upon
reasonable request by the Collateral Trustee, the Company shall, within a
reasonable amount of time after receipt of such request, use their commercially
reasonable efforts (i) to correct any material defect or error that may be
discovered in the execution, acknowledgment, filing or recordation of any
document or instrument relating to any Collateral, and (ii) do, execute,
acknowledge, deliver, record, re-record, file, re-file, register and re-register
any and all such further acts, deeds, certificates, assurances and other
instruments as the Collateral Trustee may reasonably require from time to time
in order to carry out more effectively the purposes of the Security
Documents.

     

    (f)         Without
limiting any other provision in this Section 4.16 or in any Security
Document, if the Company or any Guarantor acquires or otherwise obtains any
property 

     

     

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

     

    or assets
(other than Excluded Assets and other than owned real property, which is the
subject of clause
(g) below) with a Fair Market Value, individually or in the aggregate, in
excess of $2.0 million, which are not subject to a perfected Lien in favor of
the Collateral Trustee on behalf of the holders of Secured Obligations, then the
Company or the applicable Guarantor shall deliver to the Collateral Trustee all
applicable documentation, and shall take all other actions as necessary or
advisable to grant a perfected Lien in favor of the Collateral Trustee on behalf
of the holders of Secured Obligations on such property or assets, in each case
at the expense of the Company or such Guarantor and within 30 days after
acquiring or otherwise obtaining such property or assets.

     

    (g)         Without
limiting any other provision in this Section 4.16 or in any Security
Document, if the Company or any Guarantor acquires or otherwise obtains any
owned real property (other than Excluded Assets) (“New Mortgaged Property”),
the Collateral Trustee shall have received within thirty (30) days of the
acquisition of such New Mortgaged Property, (i) a counterpart of a Mortgage to
be entered into with respect to such New Mortgaged Property duly executed by the
record owner or lessee, as applicable, of such New Mortgaged Property and
suitable for recording or filing, together with evidence that the same has been
delivered for recording in all recording offices necessary to create a perfected
first Lien on such New Mortgaged Property and that all recording fees, mortgage
taxes and other fees necessary to properly record such Mortgage have been paid,
(ii) an ALTA lender’s title insurance policy or an unconditional commitment
therefor, fully paid by the Company or such Guarantor, issued by First American
Title Insurance Company (or such other title insurance company as shall be
reasonably acceptable to the Collateral Trustee), with extended coverage, in a
coverage amount reasonably acceptable to the Collateral Trustee but in no event
greater than 110% of the appraised value of the New Mortgaged
Property and insuring the Lien of the Mortgage with respect to such New
Mortgaged Property as a valid first Lien thereon, free of any other Liens except
Permitted Liens, together with such customary endorsements thereto (including,
without limitation, a zoning endorsement, where available, or in any case where
a zoning endorsement is not available, a zoning report from the Planning and
Zoning Resource Corp., in form and substance reasonably acceptable to the
Collateral Trustee), coinsurance and reinsurance as the Collateral Trustee may
reasonably request, (iii) in the case of any such New Mortgaged Property that is
owned by the Company or such Guarantor (as opposed to any such New Mortgaged
Property that is leased by the Company or such Guarantor), a survey of such New
Mortgaged Property which, together with any affidavits required by the title
insurance company to be executed by the owner of such New Mortgaged Property,
permit the title insurance company to issue the title insurance policy
referenced in the foregoing clause (ii) with full coverage over survey matters
and all survey-related endorsements (to the extent available in the applicable
jurisdiction), (iv) evidence reasonably acceptable to the Collateral Trustee as
to whether such New Mortgaged Property is located in an area designated by the
Federal Emergency Management Agency as having special flood hazards, and, if so,
evidence of the flood insurance required by the terms of the Mortgage with
respect to such New Mortgaged Property, (v) if required by the Collateral
Trustee, a Uniform Commercial Code fixture financing statement covering the
fixtures located at such New Mortgaged Property, in form and substance
reasonably acceptable to the Collateral Trustee, (vi) an opinion of local
counsel for the Company in the jurisdiction in which such New Mortgaged Property
is located with respect to the enforceability of the applicable Mortgage and
such other matters as the Collateral Trustee shall reasonably request, in form
and substance reasonably acceptable to the Collateral Trustee, and (vii) such
other documents and other items, including, but not limited to, any consents,
agreements and confirmations of third parties, as the Collateral Trustee may
reasonably request with respect to any 

     

     

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

     

    such New
Mortgaged Property; provided, however,
that notwithstanding the above, in respect of any New Mortgaged Property that is
leasehold real property, the Company and the Guarantors shall not be required to
deliver such Mortgages and other documentation and materials if consent to the
applicable mortgage or deed of trust is required under the lease of such
leasehold property and the Company and the Guarantors have been unable to obtain
such consent after using commercially reasonable efforts to do so.  At
the Trustee’s request, the Company shall deliver to the Trustee an Officer’s
Certificate stating that any or all of the requirements or conditions of this
Section
4.16(g) have been met
prior to the Trustee taking any action with respect to any such New Mortgaged
Property.

     

    Section
4.17         Taxes. The
Company shall pay, and shall cause each of its Subsidiaries to pay, prior to
delinquency, any taxes, assessments, and governmental levies except such as are
contested in good faith and by appropriate proceedings or where the failure to
effect such payment is not adverse in any material respect to the Holders of the
Notes.  The obligations in this Section 4.17 shall survive any
termination, defeasance or satisfaction and discharge of the
Notes.

     

    ARTICLE
FIVE

    SUCCESSORS

     

    Section
5.01         Merger, Consolidation or Sale of
Assets. (a) The
Company will not, directly or indirectly: (1) consolidate or merge with or into
another Person (whether or not the Company is the surviving corporation) or (2)
sell, assign, transfer, convey or otherwise dispose of all or substantially all
of the properties and assets of the Company and its Restricted Subsidiaries
taken as a whole, in one or more related transactions, to another Person or
Persons, unless:

     

    (i)    either: (a)
the Company is the surviving corporation; or (b) the Person formed by or
surviving such consolidation or merger (if other than the Company) or to which
such sale, assignment, transfer, conveyance or other disposition shall have been
made (i) is a corporation, limited liability company or partnership organized or
existing under the laws of the United States, any state thereof or the District
of Columbia (provided
that if such Person is a limited liability company or partnership (A) a
corporate Wholly Owned Restricted Subsidiary of such Person organized or
existing under the laws of the United States, any state thereof or the District
of Columbia, or (B) a corporation of which such Person is a Wholly Owned
Restricted Subsidiary organized or existing under the laws of the United States,
any state thereof or the District of Columbia, is a co-issuer of the Notes or
becomes a co-issuer of the Notes in connection therewith) and (ii) assumes all
the obligations of the Company under the Notes, this Indenture, the Security
Documents and the Registration Rights Agreement pursuant to supplemental
indentures or agreements reasonably satisfactory to the Trustee (provided that,
at the Trustee’s request, the Company shall deliver to the Trustee an Officers’
Certificate stating that such consolidation, merger or sale of assets complies
with this ARTICLE
Five);

     

    (ii)    immediately
after giving effect to such transaction no Default or Event of Default
exists;

     

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

     

    (iii)    immediately
after giving effect to such transaction on a pro forma
basis, the Company or the Person formed by or surviving any such consolidation
or merger (if other than the Company), or to which such sale, assignment,
transfer, conveyance or other disposition shall have been made, will, on the
date of such transaction after giving pro forma
effect thereto and any related financing transactions as if the same had
occurred at the beginning of the applicable four-quarter period, be permitted to
Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.03(a);
and

     

    (iv)    each
Guarantor, unless such Guarantor is the Person with which the Company has
entered into a transaction under this Section 5.01, shall have by amendment
to its Note Guarantee confirmed that its Note Guarantee shall apply to the
obligations of the Company or the surviving Person in accordance with the Notes
and this Indenture.

     

    (b)         In
addition, neither the Company nor any Restricted Subsidiary of the Company may,
directly or indirectly, lease all or substantially all of the properties or
assets of the Company and its Restricted Subsidiaries, considered as one entity,
in one or more related transactions, to any other Person.  The
provision described in clause (iii) of Section 5.01(a) will not apply to any
merger, consolidation or sale, assignment, lease, transfer, conveyance or other
disposition of assets between or among the Company and any of its Restricted
Subsidiaries.

    
       

      Section
5.02         Successor Corporation
Substituted.  Upon
any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets of the
Company in accordance with Section
5.01, the successor Person formed by such consolidation or into or with
which the Company is merged or to which such sale, assignment, transfer, lease,
conveyance or other disposition is made shall succeed to, and be substituted for
(so that from and after the date of such consolidation, merger, sale,
assignment, transfer, lease, conveyance or other disposition, the provisions of
this Indenture referring to the “Company” shall refer instead to the successor
Person and not to the Company), and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein; provided, however, that the Company shall
not be relieved from the obligation to pay the principal of, and premium (if
any), interest and Additional Interest (if any) on, the Notes except in the case
of a sale, assignment, transfer, conveyance or other disposition of all of the
Company’s assets that meets the requirements of Section
5.01.

    

     

     

    ARTICLE
SIX

    DEFAULTS
AND REMEDIES

     

    Section
6.01         Events of Default.  Each
of the following is an event of default (an “Event
of Default”):

     

    (a)         a
Default for 30 consecutive days in any payment when due of interest, including
any Additional Interest, on the Notes,

     

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

     

    (b)         a
Default in the payment when due of principal of, or premium (if any) on, the
Notes,

     

    (c)         the
Company or any of its Restricted Subsidiaries fails to comply with its
obligations under ARTICLE
Five,

     

    (d)         the
Company or any of its Restricted Subsidiaries fails to comply with its
obligations under Section 3.09,
Section 4.03, Section 4.04, Section 4.06 and Section 4.08 and such failure
continues for 30 days after notice by the Trustee or by holders of at least 25%
in principal amount of the then-outstanding Notes,

     

    (e)         the
Company or any of its Restricted Subsidiaries fails to comply with any other
agreements in this Indenture, the Intercreditor Agreement or any other Security
Documents and such failure continues for 60 days after notice by the Trustee or
by holders of at least 25% in principal amount of the then-outstanding
Notes,

     

    (f)         Default
under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company or any of its Significant Subsidiaries (or the payment of which
is guaranteed by the Company or any of its Significant Subsidiaries) whether
such Indebtedness or Guarantee now exists, or is created after the date of this
Indenture (other than Indebtedness owing to the Company or a Significant
Subsidiary), if that Default:

     

                (i)    is caused by a
failure to make any payment when due at the final maturity (after any applicable
grace period) of such Indebtedness; or

     

    (ii)    results in
the acceleration of such Indebtedness prior to its express
maturity,

     

    and, in
each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Default under clause
(f)(i) of this Section
6.01, or the maturity of which has been so accelerated, aggregates $25.0
million or more,

     

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

     

    (i)    commences a
voluntary case;

     

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

     

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

     

    (iv)       
makes a general assignment for the benefit of its creditors or takes any
comparable action under any foreign laws relating to insolvency;
or

     

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

     

    (v)    admits it is
insolvent or admits in writing its inability to pay its debts as they become
due,

     

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

     

    (i)    is for relief
against the Company or any Restricted Subsidiary that is a Significant
Subsidiary in an involuntary case;

     

    (ii)    appoints a
Custodian of the Company or any Restricted Subsidiary that is a Significant
Subsidiary for all or substantially all of the property of the Company or for
any such Restricted Subsidiary; or

     

    (iii)    orders the
liquidation or winding up of the Company or any Restricted Subsidiary that is a
Significant Subsidiary;

     

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

     

    (i)         failure
by the Company or any Significant Subsidiary to pay final judgments aggregating
in excess of $25.0 million or its foreign currency equivalent (net of any
amounts which are covered by enforceable insurance policies issued by solvent
carriers, and for which the
carrier(s) have acknowledged coverage in writing), which judgments are not
discharged, waived or stayed for a period of 60 days,

     

    (j)         any
Note Guarantee of a Guarantor ceases to be in full force and effect (except as
contemplated by the terms thereof) or the Company or any Guarantor denies or
disaffirms its obligations under this Indenture or any Note Guarantee and such
event continues for ten (10) days,

     

    (k)         unless
all of the Collateral has been released from the Liens in accordance with the
provisions of the Secured Debt Documents, either the Company or any Guarantor
shall assert, in any pleading in any court of competent jurisdiction, that any
such security interest in the Collateral is invalid or unenforceable and, in the
case of any such Person that is a Subsidiary of the Company, the Company fails
to cause such Subsidiary to rescind such assertions within 30 days after the
Company has actual knowledge of such assertions,

     

    (l)         any
Secured Debt Document is held in any judicial proceeding to be unenforceable or
invalid or ceases for any reason to be in full force and effect, other than in
accordance with the terms of the relevant Secured Debt Document and this
Indenture; provided that it will not be an Event of Default under the provisions
described in this clause
(l) if the sole result of
the failure of one or more Security Documents to be fully enforceable is that
any Subordinated Lien purported to be granted under such Security Documents on
Collateral ceases to be enforceable and perfected, or

     

    (m)           except
as permitted by this Indenture, any Priority Lien purported to be granted under
any Secured Debt Document on Collateral, individually or in the aggregate,

     

     

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

    

     

    having a
fair market value in excess of $15.0 million ceases to be an enforceable and
perfected first-priority Lien, subject only to Permitted Prior
Liens.

     

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

     

    A Default
under clause
(d) or (e)
above shall not constitute an Event of Default until the Trustee notifies the
Company or the Holders of at least 25% in principal amount of the outstanding
Notes notify the Company and the Trustee of the Default and the Company does not
cure such Default within the time specified in clause
(d) and (e)
above 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 ten (10)
days after the occurrence thereof, written notice in the form of an Officers’
Certificate of any event which is, or with the giving of notice or the lapse of
time or both would become, an Event of Default, 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(g) or Section 6.01(h)) occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the then-outstanding Notes by notice to the Company may declare the principal
of, premium, if any, and accrued but unpaid interest (including Additional
Interest, if any) on all the Notes to be immediately due and payable (a “Declaration”).
Upon such a Declaration, such principal and interest shall be due and payable
immediately. If an Event of Default specified in Section 6.01(g) or Section 6.01(h) occurs, the principal
of, premium, if any, and interest (including Additional Interest, if any) on all
the Notes will become immediately due and payable without Declaration, Notice of
Default or other act on the part of the Trustee or any Holders. The Holders of a
majority in principal amount of the then-outstanding Notes (the “Majority
Holders”) by notice
to the Trustee may rescind an acceleration due to a Declaration 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 at law or in equity to collect the payment of principal of, or premium
(if any), interest, and Additional Interest (if any) on, the Notes or to enforce
the performance of any provision of the Notes or this Indenture.  The
Trustee shall be under no obligation to exercise any of its rights and powers
under this Indenture at the request of any Holders, unless each such Holder
shall have offered to the Trustee and the Trustee shall have received, if
requested, security, pre-funding and/or indemnity satisfactory to it against any
loss, costs, liability or expense that might be incurred by it in connection
with the request or direction.

     

     

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

     

    The
Trustee may maintain a proceeding even if it does not possess any of the Notes
or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder in exercising any right or remedy accruing upon 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. To the extent required by law, all available remedies are
cumulative.

     

    Section
6.04         Waiver of Past Defaults.
Provided the Notes are not then due and payable by reason of a Declaration, the
Majority Holders by written notice to the Trustee may, on behalf of the Holders
of all of the Notes, waive any existing Default or Event of Default and its
consequences except a continuing Default or Event of Default in the payment of
the principal of, or premium (if any), interest or Additional Interest (if any)
on, a Note. The Company shall deliver to the Trustee an Officers’ Certificate
stating that the requisite percentage of Holders have consented to such waiver
and attaching copies of such consents.  In case of any such waiver,
the Company, the Trustee and the Holders shall be restored to their former
positions and rights hereunder and under the Notes,
respectively.  This Section
6.04 shall be in lieu of TIA § 316(a)(1)(B), and TIA § 316(a)(1)(B) is
hereby expressly excluded from this Indenture and the Notes, as permitted by the
TIA.  Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured for
every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

     

    Section
6.05         Control by Majority. The
Majority Holders have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee. The Trustee, however,
may refuse to follow any direction that conflicts with law or this Indenture or,
subject to Section 7.01, that
the Trustee determines is unduly prejudicial to the rights of any other Holder
or that 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 under this
Indenture in relation to the Notes, the Trustee shall be entitled to
indemnification from the Holders 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. (a)
Except to enforce the right to receive payment of principal of, premium (if
any), interest or Additional Interest (if any) on any Notes on or after the due
date expressed in the Notes or this Indenture (which right shall not be impaired
or affected without the consent of the Holder), no Holder may pursue any remedy
with respect to this Indenture or the Notes unless:

     

    (i)    such Holder
has previously given the Trustee notice that an Event of Default is
continuing,

     

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

     

    (ii)   such Holder or
Holders have offered the Trustee reasonable security or indemnity to it against
any loss, liability or expense,

     

     

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

     

     (iv)       the
Trustee has not complied with such request within 60 days after the receipt of
the request and the offer of reasonable security or indemnity to it,
and

     

    (v)   the Majority
Holders have not given the Trustee a direction inconsistent with such request
within such 60-day period.

     

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

     

     

    Section
6.07         Rights of the Holders to Receive
Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder
of a Note to receive payment of the principal of, premium (if any), interest and
Additional Interest (if any) on, such Note or to bring suit for the enforcement
of any such payment, on or after the due date expressed in the Notes shall not
be impaired or affected without the consent of the Holder; provided
that a Holder shall not have the right to institute any such suit for the
enforcement of payment if and to the extent that the institution or prosecution
thereof or the entry of judgment therein
would, under applicable law, result in the surrender, impairment, waiver or loss
of the Lien of this Indenture upon any property subject to such
Lien.

     

    Section
6.08         Collection Suit by Trustee. If an
Event of Default specified in Section
6.01(a) or Section
6.01(b) occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company
or any other obligor on the Notes for the whole amount then due and owing
(together with interest on overdue principal and premium (if any) and on any
unpaid interest (to the extent lawful), including Additional Interest (if any)
at the rate provided for in Section
4.01 and the Notes) and the amounts provided for in Section 7.07.

     

    Section
6.09         Trustee May File Proofs of
Claim. The
Trustee is authorized to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for compensation, expenses, disbursements and advances of
the Trustee (including counsel, accountants, experts or such other professionals
as the Trustee deems necessary, advisable or appropriate)) and the Holders
allowed in any judicial proceedings relative to the Company or any Guarantor (or
any other obligor upon the Notes), their creditors or their property, shall be
entitled to participate as a member, voting or otherwise, of any official
committee of creditors appointed in such matters 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 compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee under
Section
7.07.

     

    Section
6.10         Priorities. If the
Trustee collects any money or property pursuant to this ARTICLE Six, it shall pay out the
money or property in the following order:

     

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

     

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

     

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

     

    THIRD: to
the Company or, to the extent the Trustee collects any amount for any Guarantor,
to such Guarantor or to such party as a court of competent jurisdiction shall
direct.

     

    The
Trustee may fix a record date and payment date for any payment to the Holders
pursuant to this Section. At least 15 days before such record date, the Trustee
shall mail to each Holder
and the Company 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 and expenses,
against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 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 aggregate principal amount of the then-outstanding
Notes.

     

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

     

    Section
6.13         Delay or Omission Not
Waiver.  No
delay or omission of the Trustee or of any Holder of any Note to exercise any
right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein.  Every right and remedy given by this ARTICLE Six or by
law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be.

     

    ARTICLE
SEVEN

    TRUSTEE

     

    Section
7.01         Duties of Trustee. Except
to the extent, if any, provided otherwise in the TIA (as from time to time in
effect):

     

    (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 

     

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

     

    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:

     

          (i)    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

     

    (ii)    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.

     

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

     

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

     

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

     

    (iii)    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 or exercising any trust
or power conferred upon the Trustee under this Indenture with respect to the
Notes; and

     

    (iv)    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 exercise of any of its rights or powers.

     

    (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)         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 and to the provisions of the TIA and the provisions of this ARTICLE Seven shall apply to the
Trustee in its role as Registrar, Paying Agent and Notes Custodian.

     

    Section
7.02         Rights of Trustee. (a) The
Trustee may conclusively 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.

     

    

    
      
        
           

        

        
          91

          
            

          

        

        
           

        

      

    

    

    (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.

     

    (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 the rights or powers
conferred upon it by this Indenture; provided,
however, that the Trustee’s conduct does not constitute willful
misconduct or negligence.

     

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

     

    (f)         The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, debenture, note or other paper
or document unless requested in writing to do so by the Holders of not less than
a majority in principal amount of the Notes at the time outstanding, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney,
at the expense of the Company and shall incur no liability of any kind by reason
of such inquiry or investigation.

     

    (g)         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 Holders
pursuant to this Indenture, unless such Holders shall have offered to the
Trustee and the Trustee shall have received, if requested, security or indemnity
satisfactory to the Trustee against the costs, expenses and liabilities
(including reasonable attorneys’ fees) which might be incurred by it in
compliance with such request or direction.

     

    (h)         The
rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable
by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder.

     

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

     

    (j)         The
permissive rights of the Trustee to do things enumerated in this Indenture shall
not be construed as a duty unless so specified herein.

     

    

    
      
        
           

        

        
          92

          
            

          

        

        
           

        

      

    

     

    (k)         In
no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of
action.

     

    Section
7.03         Individual Rights of
Trustee. The
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may become a creditor of, or otherwise deal with, the Company or
any of its Affiliates with the same rights it would have if it were not Trustee.
However, in the event that the Trustee acquires any conflicting interest as
described in the TIA (as in effect at such time), it must eliminate such
conflict within 90 days, apply to the SEC for permission to continue as trustee
or resign. Any Paying Agent or Registrar may do the same with like rights and
duties. The Trustee is subject to Section 7.10 and Section 7.11.

     

    Section
7.04         Trustee’s Disclaimer. The
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, any Note Guarantee or the Notes, it
shall not be accountable for the Company’s use of the proceeds from the Notes,
and it shall not be responsible for any statement of the Company or any
Guarantor in this Indenture or in any document issued in connection with the
sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication. The Trustee shall not be charged with knowledge of any Default
or Event of Default (except those Defaults or Events of Default described in
Section 6.01(a) or Section 6.01(b)) or of the identity of
any Significant Subsidiary of the Company unless either (a) a Responsible
Officer shall have actual knowledge thereof or (b) the Trustee shall have
received written notice thereof in accordance with Section 13.02 hereof from the Company,
any Guarantor or any Holder.  For purposes of this Indenture and in
relation to the Trustee, “actual knowledge” or “actually known” means the
receipt of written notice of such Default or Event of Default without any duty
to make any investigation with regard thereto.

     

    Section
7.05         Notice of Defaults. If a
Default or Event of Default occurs and is continuing and if it is actually known
to the Trustee, the Trustee shall mail to each Holder notice of the Default or
Event of Default within the earlier of 90 days after it occurs or 30 days after
it is actually known to a Responsible Officer or written notice of it is
received by the Trustee. Except in the case of a Default or Event of Default in
the payment of principal of, or premium (if any), interest or Additional
Interest (if any) on, any Note, the Trustee may withhold from the Holders of
Notes notice of any Default or Event of Default if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is
in the interests of the Holders.

     

    Section
7.06         Reports by Trustee to the
Holders. As
promptly as practicable after each September 30 beginning with the September 30
following the date of this Indenture, and in any event prior to September 30 in
each year for so long as the Notes remain outstanding, the Trustee shall mail to
each Holder a brief report dated as of such September 30 that complies with TIA
§ 313(a) if and to the extent required thereby. The Trustee shall
also comply with of the TIA § 313(b). The Trustee shall also transmit by mail
all reports as required by TIA § 313(c).

     

    A copy of
each report at the time of its mailing to the Holders shall be mailed to the
Company and filed with the SEC and each stock exchange (if any) on which the
Notes are listed in 

     

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

     

    accordance
with TIA § 313(d). The Company agrees to notify promptly the Trustee whenever
the Notes 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 reasonable compensation for
its acceptance of this Indenture and services hereunder in accordance with a
written schedule provided by the Trustee to the Company and/or as otherwise
agreed from time to time in writing. 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 out-of-pocket
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 and each Guarantor, jointly and
severally, shall indemnify the Trustee against any and all loss, liability,
claim, damage or expense (including reasonable attorneys’ fees and expenses)
incurred by or in connection with the acceptance or administration of this trust
and the performance of its duties hereunder, including the costs and expenses
(including reasonable attorneys’ fees and expenses) of enforcing this Indenture
or Note Guarantee against the Company or a Guarantor (including this Section 7.07) and defending itself
against or investigating any claim (whether asserted by the Company, any
Guarantor, any Holder or any other Person). The Trustee shall notify the Company
and/or the Guarantors, as the case may be, promptly of any claim for which it
may seek indemnity promptly upon obtaining actual knowledge thereof; provided,
however,
that any failure so to notify the Company and/or the Guarantors, as the case may
be, shall not relieve the Company or any such Guarantor of its indemnity
obligations hereunder unless and to the extent the failure to notify the Company
and/or the Guarantors materially impairs the Company or any Guarantor’s ability
to defend such claim. The Company shall defend the claim and the indemnified
party shall provide reasonable cooperation at the Company’s expense in the
defense. Such indemnified parties may have separate counsel and the Company and
the Guarantors, as applicable, shall pay the fees and expenses of such counsel;
provided,
however,
that the Company shall not be required to pay such fees and expenses if it
assumes such indemnified parties’ defense and, in such indemnified parties’
reasonable judgment, there is no conflict of interest between the Company and
the Guarantors, as applicable, and such parties in connection with such defense;
provided,
further,
that the Trustee may elect to defend such claim itself and any commercially
reasonable costs incurred shall be for the account of the Company. The Company
or and the Guarantors need not reimburse any expense or indemnify against any
loss, liability or expense incurred by an indemnified party through such party’s
own willful misconduct, negligence or bad faith.  The Company and the
Guarantors need not pay for any settlement made without their
consent.  All indemnifications and releases from liability granted
hereunder to the Trustee shall extend to its officers, directors, employees,
agents, successors and assigns.

     

    To secure
the Company’s and the Guarantors’ payment obligations in this Section, the
Trustee shall have a Lien prior to the Notes 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 Notes.

     

    The
Company’s and the Guarantors’ payment obligations pursuant to this Section shall
survive the satisfaction or discharge of this Indenture, any rejection or
termination of this Indenture under any bankruptcy law or the resignation or
removal of the Trustee. Without 

     

     

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

    

     

    prejudice
to any other rights available to the Trustee under applicable law, when the
Trustee incurs expenses or renders services after the occurrence of a Default or
Event of Default specified in Section
6.01(g) or Section
6.01(h) with respect to the Company, the expenses are intended to
constitute expenses of administration under the Bankruptcy Law.

     

    Section
7.08         Replacement of Trustee. (a) The
Trustee may resign at any time by so notifying the Company. The Holders of a
majority in principal amount of the then-outstanding Notes may remove the
Trustee by so notifying the Trustee and the Company in writing. The Company may
remove the Trustee if:

     

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

     

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

     

    (iii)    a Custodian
or other public officer takes charge of the Trustee or its property;
or

     

    (iv)    the Trustee
otherwise becomes incapable of acting.

     

    (b)         If
the Trustee resigns or is removed 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.
Within one year after the successor Trustee takes office, the Holders of a
majority in aggregate principal amount of the then-outstanding Notes may appoint
a successor Trustee to replace the successor Trustee appointed by the Company. A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section
7.08.

     

    (c)         A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Upon delivery of such acceptance, 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 the Holders. The retiring Trustee shall promptly transfer all
property held by it as Trustee under this Indenture and the Notes to the
successor Trustee, subject to the Lien provided for in Section 7.07.

     

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

     

    (e)         If
the Trustee fails to comply with Section 7.10, unless the Trustee’s
duty to resign is stayed as provided in TIA § 310(b), any Holder who has been a
bona fide holder of a Note for at least six months may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

     

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

     

    (f)         Notwithstanding
the replacement of the Trustee pursuant to this Section, the Company’s and the
Guarantors’ 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
Notes 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 Notes so authenticated; and in case at that time any of the
Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes 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 Notes or in
this Indenture provided that the certificate of the Trustee shall
have.

     

    Section
7.10         Eligibility;
Disqualification. There
shall at all times be a Trustee hereunder that is a corporation organized and
doing business under the laws of the United States of America or of any state
thereof that is authorized under such laws to exercise corporate trust powers,
that is subject to supervision or examination by federal or state authorities
and that has a combined capital and surplus of at least $100.0 million as set
forth in its most recent published annual report of condition. The Trustee shall
at all times satisfy the requirements of TIA § 310(a). The Trustee is subject to
TIA § 310(b).

     

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

     

    Section
7.12         Appointment of
Co-Trustee.

     

    (a)         Notwithstanding
any other provisions of this Indenture, at any time, solely for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the trust
may at the time be located, the Trustee shall, upon notifying the Company, have
the power and may execute and deliver all instruments necessary to appoint one
or more Persons to act as a co-trustee
or co-trustees, or separate trustee or separate trustees, of all or any part of
the trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the holders of the Secured Obligations, such title to the trust, or
any part hereof, and subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Trustee may consider
necessary or desirable.  Any appointment of a co-trustee or a separate
trustee pursuant to this Section
7.12 shall require the prior written consent of the
Company.  If such co-trustee or co-trustees, or separate trustee or
separate trustees, is or are appointed, the reasonable costs and expenses
incurred by the Trustee in connection with such appointment shall be for the
account of the Company.  Any co-trustee or separate trustee appointed
hereunder shall be required to meet the terms of eligibility

     

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

     

    as a
successor trustee under Section
7.10, unless such requirement is waived at the Company’s discretion, and
no notice to holders of the Secured Obligations of the appointment of any
co-trustee or separate trustee shall be required under Section 7.08.

     

    (b)         Every
separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and
conditions:

     

    (i)    all rights,
powers, duties and obligations conferred or imposed upon the Trustee shall be
conferred or imposed upon and exercised or performed by the Trustee and such
separate trustee or co-trustee jointly (it being understood that such separate
trustee or co-trustee is not authorized to act separately without the Trustee
joining in such act), except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed the Trustee
shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to
the Trust or any portion thereof in any such jurisdiction) shall be exercised
and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Trustee;

     

    (ii)    no trustee
hereunder shall be personally liable by reason of any act or omission of any
other trustee hereunder; and

     

    (iii)    the Trustee
may at any time accept the resignation of or remove any separate trustee or
co-trustee, subject to the Company’s prior consent.

     

    (c)         Any
notice, request or other writing given to the Trustee shall be deemed to have
been given to each of the then separate trustees and co-trustees, as effectively
as if given to each of them.  Every instrument appointing any separate
trustee or co-trustee shall refer to this Indenture and the conditions of this
ARTICLE Seven.  Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically including
every provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection or rights (including the rights to
compensation, reimbursement and indemnification hereunder) to, the
Trustee.  Every such instrument shall be filed with the Trustee with a
copy to the Company.

     

    (d)         Any
separate trustee or co-trustee may at any time constitute the Trustee, its agent
or attorney-in-fact with full power and authority, to the extent not prohibited
by law, to do any lawful act under or in respect of this Indenture on its behalf
and in its name.  If any separate
trustee or co-trustee shall become incapable of acting, resign or be removed,
all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

     

     

    ARTICLE
EIGHT

    DEFEASANCE

     

    Section
8.01         Option to Effect Legal Defeasance or Covenant
Defeasance. The
Company may, at the option of its Board of Directors evidenced by a Board
Resolution set forth in an Officers’ Certificate, at any time, elect to have
either Section 8.02 or Section 8.03 be applied to

     

     

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

     

    all
outstanding Notes upon compliance with the conditions set forth below in this
ARTICLE Eight. Notwithstanding
anything to the contrary in this ARTICLE Eight, the Company’s
obligations in this ARTICLE
Eight and Sections
2.04, 2.05,
2.06,
2.07,
2.08,
2.09
and 2.10
shall survive until the Notes have been paid in full.

     

    Section
8.02         Legal Defeasance and
Discharge. Upon
the Company’s exercise under Section
8.01 of the option applicable to this Section 8.02, the Company shall,
subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been
discharged from its obligations with respect to all Notes and Security Documents
and all obligations of the Guarantors shall be deemed to have been discharged
with respect to their obligations under the Note Guarantees and the Security
Documents on the date the conditions set forth below are satisfied (hereinafter,
“Legal
Defeasance”).  For this purpose, Legal Defeasance means that
the Company shall be deemed to have paid and discharged the entire Indebtedness
represented by the Notes and the Security Documents and the Guarantors shall be
deemed to have paid and discharged the entire Indebtedness represented by the
Note Guarantees and the Security Documents, which Notes and Note Guarantees
shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of
this Indenture referred to in clauses
(a) and (b)
of this Section 8.02, and to
have satisfied all their other obligations under the Notes, Note Guarantees,
Security Documents and this Indenture (and the Trustee, on demand of and at the
expense of the Company, shall execute proper instruments acknowledging the
same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder:  (a) the Company’s obligations to
pay (or cause to be paid from the trust fund described in Section 8.04) to Holders of
outstanding Notes and as more fully set forth in such Section, payments in
respect of the principal of, or premium (if any), interest and Additional
Interest (if any) on, such Notes when such amounts are due, (b) the Company’s
obligations with respect to the Notes under ARTICLE Two concerning temporary
Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the
Company’s obligations under Section
4.14, (c) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Company’s and the Guarantors’ obligations in
connection therewith and (d) this ARTICLE Eight.  Subject to
compliance with this ARTICLE
Eight, the Company may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section
8.03.  Upon the Company’s exercise under Section 8.01 of the option applicable
to this Section 8.02, subject to
the satisfaction of the conditions set forth in Section 8.04, payment of the Notes so
defeased may not be accelerated because of an Event of
Default.

     

               
Section 8.03         Covenant Defeasance. Upon
the Company’s exercise under Section
8.01 of the option applicable to this Section 8.03, the Company and the
Guarantors shall, subject to the satisfaction of the conditions set forth in
Section 8.04, be released from
their obligations under the covenants contained in Sections
4.02,
4.03,
4.04,
4.05,
4.06,
4.07,
4.08,
4.11,
4.13
and 4.15
and the operation of Section
5.01 and 12.03
of this Indenture with respect to the Notes on and after the date the conditions
set forth in Section 8.04 are
satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder
(it being understood that such Notes shall not be deemed outstanding for
accounting purposes).  For this purpose, Covenant Defeasance means
that, with respect to the outstanding Notes, the Company and the Guarantors may
omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether

     

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

     

    directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.01, but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected
thereby.  In addition, upon the Company’s exercise under Section 8.01
of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04, Sections
6.01(c), (d),
(e),
(f),
(i),
(j),
(k),
(l)
and (m)
shall not constitute Events of Default and shall not result in the related
acceleration of the payment of the Notes as a result thereof.

     

    Section
8.04         Conditions to Legal or Covenant
Defeasance. The
following shall be the conditions to the application of either Section 8.02 or Section 8.03 to the outstanding
Notes:

     

    (a)         the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the Notes, cash in U.S. dollars, Government Securities, or a
combination thereof, in such amounts as will be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay the
principal of, or premium (if any), interest and Additional Interest (if any) on,
the outstanding Notes on the Stated Maturity or on the applicable redemption
date, as the case may be, and the Company must specify whether the Notes are
being defeased to maturity or to a particular redemption date;

     

    (b)         in
the case of Legal Defeasance, 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 Issue
Date, there has been a change in the applicable U.S. federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall
confirm that, the Holders of the outstanding Notes will not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Legal
Defeasance and will be subject to U.S. federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such
Legal Defeasance had not occurred;

     

    (c)         in
the case of Covenant Defeasance, the Company shall have delivered to the Trustee
an Opinion of Counsel stating that the Holders of the outstanding Notes will not
recognize income, gain or loss for U.S. federal income tax purposes as a result
of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been
the case if such Covenant Defeasance had not occurred;

     

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

     

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

     

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

     

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

     

    (g)         if
the Notes are to be redeemed prior to their Stated Maturity, the Company must
deliver to the Trustee irrevocable instructions to redeem all of the Notes on
the specified redemption date; and

     

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

     

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

     

    (a)         Subject
to Section 8.06, all money and
Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to and in compliance with Section 8.04 in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all
sums due and to become due thereon in respect of principal, premium (if any),
interest and Additional Interest (if any), but such money need not be segregated
from other funds except to the extent required by law.

     

    (b)         The
Company shall pay and indemnify the Trustee against payment of any tax, fee or
other charge imposed on or assessed against the cash or Government Securities
deposited pursuant to Section
8.04 or the principal and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders
of the outstanding Notes.

     

    (c)         Notwithstanding
anything to the contrary in this ARTICLE Eight, the Trustee or Paying
Agent shall deliver or pay to the Company from time to time upon the request of
the Company any money or Government Securities held by it as provided in Section 8.04 which, in the opinion of
a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (which delivery shall
only be required if Government Securities have been so deposited), are in excess
of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

     

    (d)         Before
or after a deposit, the Company may make arrangements satisfactory to the
Trustee for the redemption of the Notes at a future date in accordance with
ARTICLE Three.

     

    Section
8.06         Repayment to Company. Subject
to any applicable escheat or other abandoned property law, the Trustee or Paying
Agent shall pay to the Company upon written request any money held by them for
the payment of principal of, premium (if any), interest or Additional Interest
(if any) on, any Note that remains unclaimed for two years after such amounts
have become due and payable, and, thereafter, Holders entitled to the money must
look to the

     

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

     

    Company
for payment as a general creditor, and the Trustee and each Paying Agent shall
have no further liability with respect to such monies.

     

    Section
8.07         Reinstatement. If the
Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with this ARTICLE
Eight 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, then the Company’s and the Guarantors’
obligations under this Indenture, the Notes and the Note Guarantees so
discharged or defeased shall be revived and reinstated as though no deposit had
occurred pursuant to this ARTICLE
Eight and, in the case of a Legal Defeasance, the Guarantors’ obligations
under their respective Note Guarantees shall be revived and reinstated as though
no deposit had occurred pursuant to this ARTICLE Eight, in each case until such
time as the Trustee or Paying Agent is permitted to apply all such money or
Government Securities in accordance with this ARTICLE Eight; provided,
however,
that, if the Company has made any payment of principal of, or premium (if any),
interest or Additional Interest (if any) on, any such Notes following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money or
Government Securities held by the Trustee or Paying Agent.

     

     

    ARTICLE
NINE

    AMENDMENTS,
SUPPLEMENTS AND WAIVERS

     

    Section
9.01         Without Consent of the
Holders.
(a)  Notwithstanding Section
9.02, the Company, the Guarantors, and the Trustee may amend or
supplement this Indenture, the Notes, the Note Guarantees or the Security
Documents without the consent of any Holder of a Note:

     

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

     

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

     

    (iii)    to provide
for the assumption of the Company’s or any Guarantor’s obligations to Holders of
Notes in the case of a merger or consolidation or sale of all or substantially
all of the Company’s or such Guarantor’s assets, in either case as permitted by
Section 4.11 or Section 5.01;

     

    (iv)    to make any
change that would provide any additional rights or benefits to the Holders of
Notes or that does not adversely affect the legal rights under this Indenture of
any such Holder;

     

    (v)    to comply
with requirements of the SEC in order to effect or maintain the qualification of
this Indenture under the TIA;

     

    (vi)    to comply
with Section
4.11;

     

    (vii)    to conform
the text of this Indenture, the Notes, the Note Guarantees or the Security
Documents to any provision of the section of the Offering Circular entitled
“Description of Notes” to the extent that such provision in the

     

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

     

    “Description
of Notes” was intended to be a verbatim recitation of a provision of this
Indenture, the Notes, the Note Guarantees or the Security
Documents;

     

    (viii)    to evidence
and provide for the acceptance of appointment by a successor Trustee (provided
that the successor Trustee is otherwise qualified and eligible to act as such
under this Indenture) or to provide for a successor or replacement Collateral
Trustee under the Security Documents;

     

    (ix)    to provide
for the issuance of Exchange Notes or Additional Notes in accordance with this
Indenture;

     

    (x)    to make,
complete or confirm any grant of Collateral permitted or required by this
Indenture or any of the Security Documents or any release, termination or
discharge of Collateral that becomes effective as set forth in this Indenture or
any of the Security Documents; or

     

    (xi)    to grant any
Lien for the benefit of the Holders of the Notes.

     

    (b)         In
addition, the Collateral Trustee and the Trustee will be authorized to amend the
Security Documents to add additional secured parties to the extent Liens
securing obligations held by such parties are permitted under the Indenture and
that after so securing any such additional secured parties, the amount of
Priority Lien Debt does not exceed the Priority Lien Cap and the amount of
Subordinated Lien Debt does not exceed the Subordinated Lien Cap, as evidenced
in an Officers’ Certificate.

     

    (c)         Upon
the request of the Company accompanied by a Board Resolution authorizing the
execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of any documents requested under Section 7.02(b), the Trustee shall
join with the
Company and the Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained;
provided, however, that the Trustee
shall not be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or
otherwise.

     

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

     

    Section
9.02         With Consent of the
Holders.

     

    (a)         Except
as otherwise provided in this Section
9.02, the Company, the Guarantors and the Trustee may amend or supplement
this Indenture, the Notes, the Note Guarantees or the related Security Documents
with the consent of the Holders of a majority in principal amount of the Notes
then outstanding (including, without limitation, consents obtained in connection
with a purchase of, or a tender offer or exchange offer for, Notes), and,
subject to Section 6.04 and
Section 6.07, any past Default
or Event of Default or non-compliance with, or requirement for future compliance
with, any provision of this Indenture, the Notes, the Note 

     

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

     

    Guarantees
or the Security Documents may be waived with the consent of the Holders of a
majority in principal amount of the Notes then outstanding (including Additional
Notes, if any) (including, without limitation, consents obtained in connection
with a purchase of, or a tender offer or exchange offer for,
Notes).  However, without the consent of each Holder of an outstanding
Note affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to
any Notes held by a non-consenting Holder):

     

    (i)    reduce the
principal amount of Notes whose Holders must consent to an amendment, supplement
or waiver;

     

    (ii)    reduce the
rate of or change the time for payment of interest on, any
Note;

     

    (iii)    reduce the
principal of or change the Stated Maturity of any Note;

     

    (iv)    waive or
reduce any payment or premium payable upon the redemption of any Note or change
the time at which any Note may be redeemed as described in Section 3.01;

     

    (v)    make any Note
payable in money or currency other than that stated in such
Note;

     

    (vi)    impair the
right of any Holder to receive payment of principal of, or premium (if any),
interest or Additional Interest (if any) on, such Holder’s Notes on or after the
due dates therefor (except a rescission of acceleration of the Notes by
the Holders
of at least a majority in aggregate principal amount of the Notes and a waiver
of the payment default that resulted from such acceleration) or the right to
institute suit for the enforcement of any payment on or with respect to such
Holder’s Notes;

     

    (vii)    make any
change in the provisions of this Indenture relating to waivers of past Defaults
or the rights of Holders of Notes to receive payments of principal of, or
premium (if any), interest or Additional Interest (if any) on, the
Notes;

     

    (viii)   make any change in
the amendment and waiver provisions herein which require each Holder’s
consent;

     

    (ix)    release any
Guarantor from any of its obligations under its Note Guarantee or this
Indenture, except in accordance with the terms of this
Indenture;

     

    (x)     expressly
subordinate such Note or any Note Guarantee to any other Indebtedness of the
Company or any Guarantor or make any other change in the ranking or priority of
any Note that would adversely affect the Holders;

     

    (xi)    amend, change
or modify the obligation of the Company to make and consummate an Asset Sale
Offer with respect to any Asset Sale in accordance with Section 4.06 after the obligation to
make such Asset Sale Offer has arisen, or the obligation of the Company to make
and consummate a Change of Control Offer in the 

     

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

     

    event of
a Change of Control in accordance with Section 4.08 after such Change of
Control has occurred, including, in each case, amending, changing or modifying
any definition relating thereto;

     

    (xii)    except as
otherwise permitted under Section
4.11 and Section 5.01,
consent to the assignment or transfer by the Company or any Guarantor of any of
their rights or obligations under this Indenture; or

     

    (xiii)    make any
change in the provisions of the Security Documents or the Indenture dealing with
the application of proceeds of Collateral that would adversely affect the
Holders of the Notes.

     

    (b)         The
Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to consent to any amendment, supplement or
waiver of this Indenture.  If a record date is fixed, the Holders on
such record date, or their duly designated proxies, and only such Persons, shall
be entitled to consent to such amendment, supplement or waiver, whether or not
such Holders remain Holders after such record date; provided that, unless such consent shall have
become effective by virtue of the requisite percentage having been obtained
prior to the date which is 90 days after such record date, any such consent
previously given shall automatically and without further action by any Holder be
cancelled and of no further effect.

     

    (c)         Upon
the request of the Company accompanied by a Board Resolution authorizing the
execution of any such amendment, supplement or waiver of this Indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent
of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the
documents described in Section
7.02(b), the Trustee shall join with the Company and the Guarantors in
the execution of such amendment, supplement or waiver unless such amendment,
supplement or waiver directly affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such amendment,
supplement or waiver.

     

    (d)         After
an amendment, supplement or waiver under this ARTICLE Nine becomes effective, the
Company shall mail to the Holders a notice briefly describing such amendment,
supplement or waiver. The failure to give such notice to all Holders, or any
defect therein, shall not impair or affect the validity of an amendment,
supplement or waiver under this ARTICLE
Nine.

     

    (e)         Subject
to Section 11.08, without the
consent of the Holders of at least two-thirds in aggregate principal amount of
the Notes then outstanding, no amendment to, or waiver of, the provisions of the
Indenture or the Security Documents that has the effect of releasing all or
substantially all of the Collateral from the Liens of the Indenture and the
Security Documents shall be effective (but only to the extent any such consent
is required under the Collateral Trust Agreement).

     

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

     

    (f)         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, supplement or waiver, but it shall be sufficient
if such consent approves the substance thereof.

     

    Section
9.03         Compliance with Trust Indenture
Act. From
the date on which this Indenture is qualified under the TIA, every amendment,
supplement or waiver to this Indenture or the Notes shall comply with the TIA as
then in effect.

     

    Section
9.04         Revocation and Effect of Consents and
Waivers. Subject
to Section 9.02(b), until an
amendment, supplement or waiver becomes effective, a consent to it by a Holder
of a Note is a continuing consent by the Holder of a Note and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent is not made on any
Note.  However, subject to Section 9.02(b), any such Holder of a
Note or subsequent Holder of a Note may revoke the consent as to its Note if the
Trustee receives written notice of revocation before the date the waiver,
supplement or amendment becomes effective.  An amendment, supplement
or waiver becomes effective in accordance with its terms and thereafter binds
every Holder. An amendment, supplement or waiver becomes effective upon the (i)
receipt by the Company, with copies of such consents provided to the Trustee, of
consents by the Holders of the requisite principal amount of securities, (ii)
satisfaction of conditions to effectiveness as set forth in this Indenture and
any indenture supplemental hereto containing such amendment, supplement or
waiver and (iii) execution of such amendment, supplement or waiver (or
supplemental indenture) by the Company and the Trustee.

     

    Section
9.05         Notation on or Exchange of
Notes. If an
amendment, supplement or waiver changes the terms of a Note, the Company may
require the Holder of the Note to deliver it to the Trustee. The Trustee may
place an appropriate notation on the Note 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 Note shall issue and, upon a written order of
the Company signed by an Officer, the Trustee shall authenticate a new Note that
reflects the changed terms. Failure to make the appropriate notation or to issue
a new Note shall not affect the validity of such amendment, supplement or
waiver.

     

    Section
9.06         Trustee to Sign Amendments. The
Trustee shall sign any amendment, supplement or waiver authorized pursuant to
this ARTICLE Nine if such
amendment, supplement or waiver 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, supplement or waiver, the Trustee shall
be entitled to receive and (subject to Section 7.01) shall be fully protected
in relying upon, (i) an Officers’ Certificate, (ii) and an Opinion of Counsel
stating that such amendment, supplement or waiver is authorized or permitted by
this Indenture and that such amendment, supplement or waiver is the legal, valid
and binding obligation of the Company and the Guarantors, enforceable against
them in accordance with its terms, subject to customary exceptions, and complies
with the provisions hereof (including Section 9.03), (iii) if requested by
the Trustee, a copy of the Board Resolution, certified by the Secretary or
Assistant Secretary of the Company, authorizing the execution of such amendment,
supplement or waiver and (iv) if such amendment, supplement or waiver is
executed pursuant to Section
9.02, evidence reasonably satisfactory to the Trustee of the consent of
the Holders required to consent thereto.

     

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

     

    Section
9.07         Additional Voting Terms; Calculation of
Principal Amount. All
Notes issued under this Indenture shall vote and consent together on all matters
(as to which any of such Notes may vote) as one class, and no right shall exist
under the Notes to vote or consent as a class separate from one another on any
matter. Determinations as to whether Holders of the requisite aggregate
principal amount of Notes have concurred in any direction, waiver or consent
shall be made in accordance with this ARTICLE Nine and Section 2.14.

     

    ARTICLE
TEN

    SATISFACTION
AND DISCHARGE

     

    Section
10.01       Satisfaction and Discharge.

     

    (a)         This
Indenture will be discharged and will cease to be of further effect (except as
to surviving rights and immunities of the Trustee and rights of registration or
transfer or exchange of Notes, as expressly provided for in this Indenture) as
to all outstanding Notes when:

     

    (i)    either:  (A)
all the Notes that have been authenticated (except lost, stolen or destroyed
Notes which have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust) and
have been
delivered to the Trustee for cancellation or (B) all of the Notes (I) have
become due and payable, (II) will become due and payable at their Stated
Maturity within one year or (III) if redeemable at the option of the Company,
are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the
name, and at the expense, of the Company, and the Company has irrevocably
deposited or caused to be deposited with the Trustee cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in an amount
sufficient, without consideration of any reinvestment of interest, to pay and
discharge the entire Indebtedness on the Notes not theretofore delivered to the
Trustee for cancellation, for principal of, premium, if any, Additional
Interest, if any, and interest on the Notes to the date of maturity or
redemption together with irrevocable instructions from the Company directing the
Trustee to apply such funds to the payment thereof at maturity or redemption, as
the case may be;

     

    (ii)    no Default or
Event of Default shall have occurred and be continuing on the date of such
deposit or shall occur as a result of such deposit and such deposit will not
result in a breach or violation of, or constitute a default under, any other
instrument to which the Company or any Guarantor is a party or by which the
Company or any Guarantor is bound;

     

    (iii)    the Company
and/or the Guarantors have paid all other sums payable under this Indenture;
and

     

    (iv)    the Company
has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel
stating that all conditions precedent under this Indenture relating to the
satisfaction and discharge of this Indenture have been complied
with.

     

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

     

    The Collateral will be released from the Lien securing
the Notes, as provided in Section
11.08, upon a satisfaction and discharge in accordance with the
provisions described above.

     

    (b)         Notwithstanding
the above, the Trustee shall pay to the Company from time to time upon its
request any cash or Government Securities held by it as provided in this Section 10.01 which, in the opinion of
a nationally recognized firm of independent public accountants expressed in a
written certification delivered to the Trustee, are in excess of the amount
thereof that would then be required to be deposited to effect a satisfaction and
discharge under this ARTICLE
Ten.

     

    (c)         After
the conditions to discharge contained in this ARTICLE Ten have been satisfied, and
the Company has paid or caused to be paid all other sums payable hereunder by
the Company, and delivered to the Trustee an Officers’ Certificate and Opinion
of Counsel, each stating that all conditions precedent to satisfaction and
discharge have been satisfied, the Trustee upon written request shall
acknowledge in writing the discharge of the obligations of the Company and the
Guarantors under this Indenture (except for those surviving obligations
specified in this Section
10.01).

     

               Section
10.02        Deposited Money and Government Securities to
Be Held in Trust; Other Miscellaneous Provisions.  Subject
to Section 10.03, all money and
non-callable Government Securities (including the proceeds thereof) deposited
with the Trustee pursuant to Section
10.01 in respect of the outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect
of principal of, and premium (if any), interest and Additional Interest (if any)
on, the Notes, but such money need not be segregated from other funds except to
the extent required by law.

     

    Section
10.03       Repayment to the Company.  Subject
to any applicable escheat or other abandoned property law, the Trustee or Paying
Agent shall pay to the Company upon written request any money held by them for
the payment of principal of, premium (if any), interest or Additional Interest
(if any) on, any Note that remains unclaimed for two years after such amounts
have become due and payable, and, thereafter, Holders entitled to the money must
look to the Company for payment as a general creditor, and the Trustee and each
Paying Agent shall have no further liability with respect to such
monies.

     

    ARTICLE
ELEVEN

    COLLATERAL
AND SECURITY

     

    Section
11.01       Security Documents. The
payment of the principal of and interest, premium, if any, and Additional
Interest, if any, on the Notes when and as the same shall become due and
payable, whether on an interest payment date, at maturity, by acceleration,
repurchase, redemption or otherwise and whether by the Company pursuant to the
Notes or by any Guarantor pursuant to its Note Guaranties, the payment of all
other Notes Obligations and the performance of all other obligations of the
Company and the Guarantors under this Indenture, the Notes, the Note Guaranties
and the Security Documents are secured as provided in the Security Documents
which the Company and the Guarantors have entered into simultaneously with the
execution of this 

     

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

     

    Indenture
and will be secured by Security Documents hereafter delivered as required or
permitted by this Indenture.

     

    The
Company and each of the Guarantors consents and agrees to be bound by the terms
of the Security Documents, as the same may be in effect from time to time, and
agrees to perform its obligations thereunder in accordance therewith. The
Company and each of the Guarantors will do or cause to be done all such acts and
things as may be required by the provisions of the Security Documents to assure
and confirm to the Collateral Trustee the security interest in the Collateral
contemplated by the Security Documents or any part thereof, as from time to time
constituted, so as to render the same available for the security and benefit of
this Indenture and of the Notes. The Company will take, and will cause its
Subsidiaries to take, any and all actions reasonably required to cause the
Security Documents to create and maintain, as security for the Priority Lien
Obligations and any Subordinated Lien Obligations, a valid and enforceable
perfected Lien in and on all the Collateral in favor of the Collateral Trustee
for the benefit of the Holders
of Notes, holders of other Priority Lien Obligations and any holders of
Subordinated Lien Obligations, to the extent required by, and with the Lien
priority required under, the Secured Debt Documents.

     

    Section
11.02       Collateral Trust Agreement and Intercreditor
Agreement. This
ARTICLE Eleven and the
provisions of each Security Document are subject to the terms, conditions and
benefits set forth in the Collateral Trust Agreement and the Intercreditor
Agreement. The Company and each of the Guarantors consents to, and agrees to be
bound by, the terms of the Collateral Trust Agreement and the Intercreditor
Agreement, in each case as the same may be in effect from time to time, and in
each case to perform its obligations thereunder in accordance with the terms
therewith.

     

    Section
11.03       Collateral Trustee. (a)
Subject to Section 7.01 and the
Collateral Trust Agreement, neither the Trustee nor the Collateral Trustee nor
any of their respective officers, directors, employees, attorneys or agents will
be responsible or liable for the existence, genuineness, value or protection of
any Collateral, for the legality, enforceability, effectiveness or sufficiency
of the Security Documents, for the creation, perfection, priority, sufficiency
or protection of any Priority Lien, or for any defect or deficiency as to any
such matters, or for any failure to demand, collect, foreclose or realize upon
or otherwise enforce any of the Priority Liens or Security Documents or any
delay in doing so.

     

    (b)         The
Collateral Trustee will be subject to such directions as may be given it by the
Trustee, by any Priority Lien Representative or by any Act of Required
Debtholders from time to time as required or permitted by this Indenture and any
other Priority Lien Document. Except as directed by the Trustee, by any Priority
Lien Representative or by any Act of Required Debtholders, the Collateral
Trustee will not be obligated:

     

    (i)    to act upon
directions purported to be delivered to it by any other
Person;

     

    (ii)    to foreclose
upon or otherwise enforce any Lien; or

     

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

     

    (iii)    to take any
other action whatsoever with regard to any or all of the Liens, the Security
Documents or the Collateral.

     

    (c)         Subject
to the provisions of Section
7.01 and Section 7.02,
the Trustee may, in its sole discretion and without the consent of the Holders,
direct, on behalf of the Holders, the Collateral Trustee to take all actions it
deems necessary or appropriate in order to:

     

    (i)    foreclose
upon or otherwise enforce any or all of the Priority Liens;

     

    (ii)    enforce any
of the terms of the Security Documents to which the Collateral Trustee or
Trustee is a party; or

     

    (iii)    collect and
receive payment of any and all Notes Obligations.

     

    (d)           The
Trustee is authorized and empowered to institute and maintain, or direct the
Collateral Trustee to institute and maintain, such suits and proceedings as it
may deem expedient to protect or enforce the Priority Liens or the Security
Documents to which the Collateral Trustee or Trustee is a party or to prevent
any impairment of Collateral by any acts that may be unlawful or in violation of
the Security Documents to which the Collateral Trustee or Trustee is a party or
this Indenture, and such suits and proceedings as the Trustee or the
Collateral Trustee may deem expedient (or as directed by an Act of Required
Debtholders) to preserve or protect its interests and the interests of the
Holders in the Collateral, including power to institute and maintain suits or
proceedings to restrain the enforcement of or compliance with any legislative or
other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the security interest hereunder or be prejudicial to
the interests of Holders, the Trustee or the Collateral
Trustee.

     

    (e)         The
Collateral Trustee will be accountable only for amounts that it actually
receives as a result of the enforcement of the Priority Liens, Subordinated
Liens or Security Documents.

     

    (f)         The
Collateral Trustee may rely upon and enforce each and all of the rights, powers,
immunities, indemnities and benefits of the Trustee under ARTICLE Seven hereof.

     

    (g)         Neither
the Company or any of its Affiliates nor any Secured Debt Representative may
serve as Collateral Trustee; provided
that the Trustee may serve as Collateral Trustee if the Notes are the only
Priority Lien Obligations or Subordinated Lien Obligations outstanding (other
than Hedging Obligations).

     

    (h)         At
all times when the Trustee is not itself the Collateral Trustee, the Company
will deliver to the Trustee copies of all Security Documents delivered to the
Collateral Trustee and copies of all documents delivered to the Collateral
Trustee pursuant to this Indenture and the Security Documents.

     

    Section
11.04       Authorization of Actions to Be
Taken. (a)
Each Holder, by its acceptance of Notes, consents and agrees to the terms of
each Security Document, as originally in 

     

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

     

    effect
and as amended, supplemented or replaced from time to time in accordance with
its terms or the terms of this Indenture, authorizes and directs the Trustee and
the Collateral Trustee to enter into the Security Documents to which it is a
party, and authorizes and empowers the Trustee and the Collateral Trustee to
hold all Liens on the Collateral created by the Security Documents for their
benefit and to bind the Holders and other holders of Notes Obligations as set
forth in the Security Documents to which it is a party and to perform its
obligations and exercise its rights and powers thereunder, in each case subject
to the provisions of the Intercreditor Agreement.

     

    (b)         The
Collateral Trustee and the Trustee are authorized and empowered to receive for
the benefit of the Holders any funds collected or distributed under the Security
Documents
to which the Collateral Trustee or Trustee is a party and to make further
distributions of such funds to the Holders according to the provisions of this
Indenture.

     

    Section
11.05       Equal and Ratable Sharing of Collateral by
Holders of Priority Lien Debt.
Notwithstanding:

     

    (i)    anything to
the contrary contained in the Security Documents;

     

    (ii)    the time of
incurrence of any Series of Priority Lien Debt;

     

    (iii)    the order or
method of attachment or perfection of any Liens securing any Series of Priority
Lien Debt;

     

    (iv)    the time or
order of filing or recording of financing statements or other documents filed or
recorded to perfect any Liens securing any Series of Priority Lien
Debt;

     

    (v)    the time of
taking possession or control over any Liens securing any Series of Priority Lien
Debt;

     

    (vi)    that any
Priority Lien may not have been perfected or may be or have become subordinated,
by equitable subordination or otherwise, to any other Lien;
or

     

    (vii)    the rules for
determining priority under any law governing relative priorities of
Liens,

     

    all
Priority Liens granted at any time by the Company or any Guarantor will secure,
equally and ratably, all present and future Priority Lien
Obligations.

     

    This
Section 11.05 is intended for
the benefit of, and shall be enforceable by, each present and future holder of
Priority Lien Obligations, each present and future Priority Lien Representative
and the Collateral Trustee, as holder of Priority Liens, in each case as a third
party beneficiary. No other Person shall be entitled to rely on, have the
benefit of or enforce those provisions.

    
       

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

       

    

    The
Priority Lien Representative of each future Series of Priority Lien Debt will be
required to deliver a Lien Sharing and Priority Confirmation to the Collateral
Trustee and the Trustee at the time of incurrence of such Series of Priority
Lien Debt.

     

    Section
11.06       Ranking of Priority Liens.
Notwithstanding:

     

    (i)    anything to
the contrary contained in the Security Documents;

     

    (ii)    the time of
incurrence of any Series of Secured Debt;

     

    (iii)    the order or
method of attachment or perfection of any Liens securing any Series of Secured
Debt;

     

    (iv)    the time or
order of filing or recording of financing statements or other documents filed or
recorded to perfect any Liens securing any Lien upon any
Collateral;

     

    (v)    the time of
taking possession or control over any Collateral;

     

    (vi)    that any
Priority Lien may not have been perfected or may be or have become subordinated,
by equitable subordination or otherwise, to any other Lien;
or

     

    (vii)    the rules for
determining priority under any law governing relative priorities of
Liens,

     

    all
Subordinated Liens granted at any time by the Company or any Guarantor will be
subject and subordinate to all Priority Liens securing Priority Lien Obligations
and all Liens securing ABL Debt Obligations.

     

    The
Subordinated Lien Documents, if any, shall provide that clauses
(i) through (vii)
of this Section 11.06 are
intended for the benefit of, and shall be enforceable by, each present and
future holder of Priority Lien Obligations and ABL Debt Obligations, each
present and future Priority Lien Representative, the ABL Collateral Agent or
other representative with respect to any ABL Debt Obligations and the Collateral
Trustee, as holder of Priority Liens, in each case as a third party
beneficiary.

     

    The
Subordinated Lien Representative of each future Series of Subordinated Lien Debt
will be required to deliver a Lien Sharing and Priority Confirmation to the
Collateral Trustee, the ABL Collateral Agent or other representative with
respect to any ABL Debt Obligations and each Priority Lien Representative at the
time of incurrence of such Series of Priority Lien Debt.

     

    Section
11.07       Relative Rights. Nothing
in the Note Documents shall:

     

    (i)    impair, as
between the Company and the Holders of the Notes, the obligation of the Company
to pay principal of and interest, premium, if any, or Additional Interest, if
any, on the Notes in accordance with their terms or any other obligation of the
Company or any Guarantor under the Note Documents;

     

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

     

    (ii)    affect the
relative rights of Holders of Notes as against any other creditors of the
Company or any Guarantor (other than holders of Subordinated Liens, Liens
securing ABL Debt Obligations, Permitted Prior Liens or other Priority
Liens);

     

    (iii)    restrict the
right of any Holder of Notes to sue for payments that are then due and owing
(but not the right to enforce any judgment in respect thereof
against
any Collateral to the extent specifically prohibited by Sections
2.02, 2.04
or 2.06
of the Intercreditor Agreement or Sections
2.8 or 3.3
of the Collateral Trust Agreement);

     

    (v)    restrict or
prevent any Holder of Notes or holder of other Priority Lien Obligations, the
Collateral Trustee or any other Person from exercising any of its rights or
remedies upon a Default or Event of Default not specifically restricted or
prohibited by Sections
2.02, 2.04,
or 2.06
of the Intercreditor Agreement or Sections
2.8 or 3.3
of the Collateral Trust Agreement; or

     

    (vi)    restrict or
prevent any Holder of Notes or holder of other Priority Lien Obligations, the
Trustee, the Collateral Trustee or any other Person from taking any lawful
action in an Insolvency or Liquidation Proceeding not specifically restricted or
prohibited by Section
2.06 of the Intercreditor Agreement or Sections
2.8 or 3.3
of the Collateral Trust Agreement.

     

    Section
11.08       Release of Liens. The
Collateral Trustee’s Liens upon the Collateral will no longer secure the Notes
outstanding under this Indenture or any other Obligations under this Indenture,
and the right of the Holders of the Notes and holders of such other Obligations
to the benefits and proceeds of the Collateral Trustee’s Liens on the Collateral
will terminate and be discharged:

     

    
      	
               
      

            	
              (1)

            	
              upon
      satisfaction and discharge of this Indenture in accordance with ARTICLE
  Ten;

            

    

     

    
      	
               
      

            	
              (2)

            	
              upon
      a Legal Defeasance or Covenant Defeasance of the Notes in accordance with
      ARTICLE
    Eight;

            

    

     

    
      	
               
      

            	
              (3)

            	
              upon
      payment in full and discharge of all Notes outstanding under this
      Indenture and all Obligations that are outstanding, due and payable under
      this Indenture at the time the Notes are paid in full and
      discharged;

            

    

     

    
      	
               
      

            	
              (4)

            	
              in
      whole or in part, with the consent of the Holders of the requisite
      percentage of Notes in accordance with ARTICLE Nine;
  or

            

    

     

    
      	
               
      

            	
              (5)

            	
              if
      and to the extent required by Section
      2.05 of the Intercreditor
Agreement.

            

    

     

    In
addition, the Collateral Trustee’s Liens on the Collateral will be released upon
the terms and subject to the conditions set forth in Section
4.1 of the Collateral Trust Agreement.

     

    Section
11.09       Filing, Recording and
Opinions. (a) The
Company will comply with the provisions of TIA §314(b) and 314(d), in each case
following qualification of this Indenture pursuant to the TIA. Any certificate
or opinion required by TIA §314(d) may be made by an 

     

     

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

     

    Officer
of the Company except in cases where TIA §314(d) requires that such certificate
or opinion be made by an independent engineer, appraiser or other expert, who
shall be reasonably satisfactory to the Trustee. Notwithstanding anything to the
contrary
herein, the Company and the Guarantors will not be required to comply with all
or any portion of TIA §314(d) if they determine, in good faith based on advice
of counsel (which may be internal counsel), that under the terms of that section
and/or any interpretation or guidance as to the meaning thereof of the
Commission and its staff, including “no action” letters or exemptive orders, all
or any portion of TIA §314(d) is inapplicable to the released Collateral.
Following such qualification, to the extent the Company is required to furnish
to the Trustee an Opinion of Counsel pursuant to TIA §314(b)(2), the Company
will furnish such opinion not more than 60 but not less than 30 days prior to
each September 30.

     

    Any
release of Collateral permitted by Section 11.08 hereof will be deemed
not to impair the Liens under the Indenture and the Security Documents in
contravention thereof and any Person that is required to deliver an Officers’
Certificate or Opinion of Counsel pursuant to TIA § 314(d) shall be entitled to
rely upon the foregoing as a basis for delivery of such certificate or opinion.
The Trustee may, to the extent permitted by Section 7.01 and Section 7.02 hereof, accept as
conclusive evidence of compliance with the foregoing provisions the appropriate
statements contained in such documents and Opinion of Counsel.

     

    (a)         If
any Collateral is released in accordance with this Indenture or any Security
Document at a time when the Trustee is not itself also the Collateral Trustee
and if the Company has delivered the certificates and documents required by the
Security Documents and Section
11.08, the Trustee will determine whether it has received all
documentation required by TIA § 314(d) in connection with such release and,
based on such determination and the Opinion of Counsel delivered pursuant to
Section 11.08, will, upon
request, deliver a certificate to the Collateral Trustee setting forth such
determination.

     

    ARTICLE
TWELVE

    NOTE
GUARANTEES

     

     

    Section
12.01       Guarantees. (a)
Subject to this ARTICLE Twelve,
each Guarantor hereby jointly and severally, irrevocably and unconditionally
guarantees, as a primary obligor and not merely as a surety, to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, regardless of the validity and enforceability of this
Indenture, (i) the full and punctual payment when due, whether at Stated
Maturity, by acceleration, by redemption or otherwise, of all obligations of the
Company under this Indenture (including obligations to the Trustee) and the
Notes, whether for payment of principal of, or premium (if any), interest and
Additional Interest (if any) on, the Notes and all other monetary obligations of
the Company under this Indenture (including interest on the overdue principal
of, premium (if any), interest and Additional Interest (if any) on, the Notes,
if lawful (subject in all cases to any applicable grace period provided herein))
and the Notes and (ii) the full and punctual performance within applicable grace
periods of all other obligations of the Company whether for fees, expenses,
indemnification or otherwise under this Indenture and the Notes (all the
foregoing being hereinafter collectively called the “Guaranteed
Obligations”). Each Guarantor further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice or
further assent from each such Guarantor, and that each such Guarantor shall
remain bound under this ARTICLE
Twelve notwithstanding any extension or renewal of any Guaranteed
Obligation.

     

    

    
      
        
           

        

        
          113

          
            

          

        

        
           

        

      

    

    

    (b)           Each
Guarantor waives presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company in relation to any of
the Guaranteed Obligations and also waives notice of protest for nonpayment.
Each Guarantor waives notice of any default under the Notes or the Guaranteed
Obligations. The obligations of each Guarantor hereunder shall not be affected
by (i) 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 Notes or any other agreement or otherwise; (ii) any
extension or renewal of this Indenture, the Notes or any other agreement; (iii)
any rescission, waiver, amendment or modification of any of the terms or
provisions of this Indenture, the Notes or any other agreement; (iv) the release
of any security held by any Holder or the Trustee for the Guaranteed Obligations
or any Guarantor; (v) the failure of any Holder or Trustee to exercise any right
or remedy against any other guarantor of the Guaranteed Obligations; (vi) the
recovery of any judgment against the Company; (vii) any change in the ownership
of such Guarantor, except as provided in Section 12.07 or Section 12.08 or (viii) any other
circumstance which might constitute a legal or equitable discharge or defense of
a Guarantor.

     

    (c)         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 any Guarantor by virtue
hereof, upon the failure of the Company to pay the principal of, premium (if
any), interest or Additional Interest (if any) on any Guaranteed 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 Guaranteed
Obligation, each Guarantor hereby promises to and shall, upon receipt of written
demand by the Trustee (or as directed by the Holders), forthwith pay, or cause
to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of
(i) the unpaid principal of and premium (if any) on such Guaranteed Obligations,
(ii) accrued and unpaid interest, including Additional Interest (if any), on
such Guaranteed Obligations (but only to the extent not prohibited by applicable
law) and (iii) all other monetary obligations of the Company to the Holders and
the Trustee.  Each Guarantor further agrees that its Note Guarantee
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 Guaranteed Obligations.

     

    (d)         Each
Guarantor hereby waives any right to which it may be entitled to have its
obligations hereunder divided among the Guarantors, such that such Guarantor’s
obligations would be less than the full amount claimed. Each Guarantor hereby
waives any right to which it may be entitled to have the assets of the Company
in respect of such Guaranteed Obligations first be used and depleted as payment
of the Company’s or such Guarantor’s obligations hereunder prior to any amounts
being claimed from or paid by such Guarantor hereunder. Each Guarantor hereby
waives any right to which it may be entitled to require that the Company be sued
prior to an action being initiated against such Guarantor.

     

    (e)         Except
as expressly set forth in ARTICLE
Eight, Section 12.02 and
Section 12.08, the obligations
of each 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 Guaranteed
Obligations or otherwise. Without limiting the generality of the foregoing,
the

     

    

    
      
        
           

        

        
          114

          
            

          

        

        
           

        

      

    

     

    obligations
of each 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 Notes 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 any Guarantor or would
otherwise operate as a discharge of any Guarantor as a matter of law or
equity.

     

    (f)         Each
Guarantor agrees that its Note Guarantee shall remain in full force and effect
until payment in full of all the Guaranteed Obligations. If any Holder or the
Trustee is required by any court or otherwise to return to the Company, the
Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Company or any Guarantor, any amount paid by
any of them to the Trustee or such Holder, this Note Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and
effect.

     

    (g)         Each
Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any Guaranteed Obligations guaranteed
hereby until payment in full of all Guaranteed Obligations. Each Guarantor
further agrees that, as between it, on the one hand, and the Holders and the
Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations
guaranteed hereby may be accelerated as provided in ARTICLE Six for the purposes of the
Note Guarantee of such Guarantor, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby, and (ii) in the event of any declaration of
acceleration of such Guaranteed Obligations as provided in ARTICLE Six, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and
payable by such Guarantor for the purposes of the Note Guarantee of such
Guarantor.  The Guarantors shall have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the Note Guarantee.

     

    (h)         Each
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder
in enforcing any of its rights under this Section 12.01.

     

    (i)         Upon
request of the Trustee, each Guarantor shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to
more effectively carry out the purpose of this Indenture.

     

    Section
12.02       Limitation on Guarantor
Liability. (a)
Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms
that it is the intention of all such parties that the Note Guarantee of such
Guarantor not constitute (i) a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law affecting the rights of
creditors generally to the extent applicable to its Note Guarantee or (ii) an
unlawful distribution under any applicable state law prohibiting stockholder
distributions by an insolvent subsidiary to the extent applicable to its Note
Guarantee.  To effectuate the foregoing intention, the Trustee, the
Holders and the Guarantors hereby irrevocably agree that the obligations of such
Guarantor
will be limited to the maximum amount as will, after giving effect to such
maximum amount and all other contingent 

     

     

    
      
        
        

      

      
        115

        
          

        

      

      
        
        

      

    

     

    and fixed
liabilities of such Guarantor that are relevant under such laws, and after
giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this ARTICLE Twelve, result in the
obligations of such Guarantor under its Note Guarantee not constituting a
fraudulent transfer or conveyance or such an unlawful stockholder
distribution.

     

    Section
12.03       Successors and Assigns. This
ARTICLE Twelve shall be binding
upon each Guarantor and its successors and assigns and shall inure 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
Notes shall automatically extend to and be vested in such transferee or
assignee, all subject to the terms and conditions of this
Indenture.

     

    Section
12.04       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 Twelve 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
Twelve at law, in equity, by statute or otherwise.

     

    Section
12.05       Modification. No
modification, amendment or waiver of any provision of this ARTICLE Twelve, nor the consent to any
departure by any 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 any Guarantor in any case shall entitle
such Guarantor to any other or further notice or demand in the same, similar or
other circumstances.

     

    Section
12.06       Execution and Delivery of Note Guarantees and
Supplemental Indentures.

     

    (a)         To
evidence its Note Guarantee set forth in Section 12.01, each Guarantor hereby
agrees that a notation of such Note Guarantee substantially in the form attached
as Exhibit
E shall be endorsed by an Officer of such Guarantor by manual or
facsimile signature on each Note authenticated and delivered by the Trustee and
that this Indenture shall be executed on behalf of such Guarantor by one of its
Officers.

     

    (b)         Each
Guarantor hereby agrees that its Note Guarantee set forth in Section 12.01 shall remain in full
force and effect notwithstanding any failure to endorse on each Note a notation
of such Note Guarantee.

     

    (c)         If
an Officer whose signature is on this Indenture or on the Note Guarantee no
longer holds that office at the time the Trustee authenticates the Note on which
a Note Guarantee is endorsed, the Note Guarantee shall be valid
nevertheless.

     

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

     

     

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

    

     

    (e)         In
the event that the Company or any of its Restricted Subsidiaries acquires or
creates another Domestic Subsidiary (other than an Excluded Subsidiary) on or
after the Issue Date, or in the event that any Restricted Subsidiary that is an
Excluded Subsidiary ceases to be an Excluded Subsidiary, if required by Section 4.11, the Company shall cause
such Domestic Subsidiary or Restricted Subsidiary to become a Guarantor in
accordance with Section 4.11 and
this ARTICLE Twelve, to the
extent applicable.

     

    Section
12.07       Merger and Consolidation of
Guarantors.

     

    (a)         A
Guarantor may not sell or otherwise dispose of all or substantially all of its
assets to, or consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person), another Person, other than the Company or
another Guarantor, unless:

     

    (i)    immediately
after giving effect to such transaction, no Default or Event of Default exists;
and

     

    (ii)    either:

     

    (1)         the
Person acquiring the property in any such sale or disposition or the Person
formed by or surviving any such consolidation or merger (if other than the
Guarantor) (A) is organized or existing under the laws of the United States, any
state thereof or the District of Columbia (provided that this Section 12.07(a)(ii)(1)(A)
shall not apply if such Guarantor is organized under the laws of a jurisdiction
other than the United States, any state thereof or the District of Columbia) and
(B) assumes all the obligations of such Guarantor under this Indenture, its Note
Guarantee and the Registration Rights Agreement pursuant to a supplemental
indenture reasonably satisfactory to the Trustee (provided that, at the
Trustee’s request, such Guarantor has delivered to the Trustee an Officers’
Certificate of such Guarantor stating that such consolidation, merger or sale of
assets and such supplemental indenture complies with this Section 12.07); or

     

    (2)         such
sale or other disposition or consolidation or merger complies with Section 4.06.

     

    (b)         In
case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note
Guarantee endorsed upon the Notes and the due and punctual performance of all of
the covenants and conditions of this Indenture to be performed by a Guarantor,
such successor Person shall succeed to and be substituted for a Guarantor with
the same effect as if it had been named herein as a Guarantor.  Such
successor Person thereupon may cause to be signed any or all of the Note
Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the
Trustee.  All the Note Guarantees so issued shall in all respects have
the same legal rank and benefit under this Indenture as the Note Guarantees
theretofore and

     

     

    
      
        
        

      

      
        117

        
          

        

      

      
        
        

      

    

     

    thereafter
issued in accordance with the terms of this Indenture as though all of such Note
Guarantees had been issued at the Issue Date.

     

    (c)         Except
as set forth in ARTICLE Five,
and notwithstanding clauses
(i) and (ii)
of Section 12.07(a), nothing
contained in this Indenture or in any of the Notes shall prevent any
consolidation or merger of a Guarantor with or into the Company or another
Guarantor, or shall prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to the Company or
another Guarantor.

     

    Section
12.08       Release of Guarantor.

     

    (a)         Any
Guarantor will be released and relieved of any obligations under its Note
Guarantee:

     

    (i)    in connection
with any sale or other transfer or disposition of Capital Stock of such
Guarantor to a Person that is not (either before or after giving effect to such
transaction) a Subsidiary of the Company, such that, immediately after giving
effect to such transaction, such Guarantor would no longer constitute a
Subsidiary of the Company, if the sale of such Capital Stock of that Guarantor
complies with Section 4.06 and
Section
4.04;

     

    (ii)    if the
Company properly designates any Restricted Subsidiary that is a Guarantor as an
Unrestricted Subsidiary under this Indenture; or

     

    (iii)    solely in the
case of a Note Guarantee created pursuant to the second sentence of Section 4.11(b), upon the release or
discharge of the Guarantee which resulted in the creation of such Note Guarantee
pursuant to Section 4.11(b),
except a discharge or release by or as a result of payment under such
Guarantee.

     

    Upon delivery by the Company to the Trustee of an
Officers’ Certificate to the effect that one of the foregoing requirements has
been satisfied and the conditions to the release of a Guarantor
under this Section 12.08 have
been met, the Trustee shall promptly execute any documents reasonably required
in order to evidence the release of such Guarantor from its obligations under
its Note Guarantee.

     

    (b)         Any
Guarantor not released from its obligations under its Note Guarantee as provided
in this Section 12.08 shall
remain liable for the full amount of principal of, and premium (if any),
interest and Additional Interest (if any) on, the Notes and for the other
obligations of any Guarantor under this Indenture as provided in this ARTICLE Twelve.

     

    ARTICLE
THIRTEEN

    MISCELLANEOUS

     

    Section
13.01       Trust Indenture Act
Controls. If any
provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA § 318(c), the imposed duties shall control.

     

     

    
      
        
        

      

      
        118

        
          

        

      

      
        
        

      

    

     

    Section
13.02       Notices. (a) Any
notice or communication required or permitted hereunder shall be in writing and
delivered in person, via facsimile or mailed by first-class mail (registered or
certified, return receipt requested) or overnight air courier guaranteeing next
day delivery, addressed as follows:

     

    if to the
Company or a Guarantor:

     

    ACCO
Brands Corporation

    300 Tower
Parkway

    Lincolnshire,
Illinois 60069

    Attention:
General Counsel

    Facsimile:
(847) 271-8547

     

    with a
copy to:

     

    Vedder
Price P.C.

    222 North
LaSalle Street

    Chicago,
Illinois 60601

     

    Facsimile:
(312) 609-5005

    Attention:
John T. Blatchford

     

    if to the
Trustee:

     

    U.S. Bank
National Association

    209 South
LaSalle Street, Suite 300

    Chicago,
Illinois  60604

     

    Facsimile:
(312) 325-8974

    Attention:  Corporate
Trust Services

     

    The Company, any Guarantor or the Trustee by notice to
the others may designate additional or different addresses for subsequent
notices or communications. All notices and communications (other than those sent
to Holders) 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 acknowledged, if
transmitted by facsimile; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day
delivery.

     

    (b)         Any
notice or communication to a Holder shall be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the
Registrar.  Any notice or communication shall also be so mailed to any
Person described in TIA § 313(c), to the extent required by the
TIA.  If the Company mails a notice or communication to Holders, it
shall mail a copy to the Trustee at the same time.

     

    (c)         Failure
to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or
communication is 

     

     

    
      
        
        

      

      
        119

        
          

        

      

      
        
        

      

    

     

    mailed in
the manner provided above, it is duly given, whether or not the addressee
receives it, except that notices to the Trustee are effective only if
received.

     

    (d)         Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action
taken in reliance on such waiver.

     

    (e)         In
case by reason of the suspension of regular mail service or by reason of any
other cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

     

    Section
13.03       Communication by the Holders with Other
Holders. Holders
may communicate pursuant to TIA § 312(b) with other Holders with respect to
their rights under this Indenture or the Notes.  The Company, the
Trustee, the Registrar and any other Person shall have the protection of TIA §
312(c).

     

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

     

    (a)         an
Officers’ Certificate in form reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 13.05) stating that, in the
opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been complied with;
and

     

    (b)         an
Opinion of Counsel (which shall include the statements set forth in Section 13.05) stating that, in the
opinion of such counsel, all such conditions precedent and covenants 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 (other than a certificate provided pursuant to
TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall
include:

     

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

     

    (b)         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;

     

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

     

     

    
      
        
        

      

      
        120

        
          

        

      

      
        
        

      

    

     

    (d)         a
statement as to whether or not, in the opinion of such Person, such covenant or
condition has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may
rely on an Officers’ Certificate or certificates of public
officials.

     

    Section
13.06       Treasury Notes Disregarded. In
determining whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company, any
Guarantor or by any Affiliate of the Company or of any Guarantor 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 Notes which the Trustee knows are so owned
shall be so disregarded. Subject to the foregoing, only Notes 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 the Holders. The
Registrar and Paying Agent may make reasonable rules for their
functions.

     

    Section
13.08       Legal Holidays. If a
payment date is not a Business Day, payment shall be made on the next succeeding
day that is a Business Day, and no interest shall accrue on any amount that
would have been otherwise payable on such payment date if it were a Business Day
for the intervening period. If a regular record date is not a Business Day, the
record date shall not be affected.

     

    Section
13.09       GOVERNING LAW. THIS
INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES WHICH WOULD HAVE THE EFFECT OF APPLYING THE LAWS OF
ANY OTHER JURISDICTION.

     

    Section
13.10       Consent to Jurisdiction.  Any
legal suit, action or proceeding arising out of or based upon this Indenture or
the transactions contemplated hereby may be instituted in the federal courts of
the United States of America located in the City of New York or the courts of
the State of New York in each case located in the City of New York
(collectively, the “Specified
Courts”), and each party irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or
proceeding.  Service of any process, summons, notice or document by
mail (to the extent allowed under any applicable statute or rule of court) to
such party’s address set forth above shall be effective service of process for
any suit, action or other proceeding brought in any such court.  The
parties irrevocably and unconditionally waive any objection to the laying of
venue of any suit, action or other proceeding in the Specified Courts and
irrevocably and unconditionally waive and agree not to plead or claim in any
such court has been brought in an inconvenient forum.

     

    Section
13.11       No Recourse Against Others. No
director, officer, employee, manager, incorporator or holder of any Equity
Interests in the Company or of any Guarantor or any direct or indirect parent
corporation, as such, shall have any liability for any obligations of the
Company or the Guarantors under the Notes, this Indenture, the Note Guarantees,
or the Security Documents for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Notes by accepting a Note
waives and releases all such liability. The waiver and 

     

     

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

     

    release
under this Section 13.11 are
part of the consideration for issuance of the Notes and the Note
Guarantees.

     

    Section
13.12       Successors. All
agreements of the Company and each Guarantor in this Indenture and the Notes
shall bind their respective successors. All agreements of the Trustee in this
Indenture shall bind its successors.

     

    Section
13.13       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
13.14       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.

     

    Section
13.15       Indenture Controls. If and
to the extent that any provision of the Notes limits, qualifies or conflicts
with a provision of this Indenture, such provision of this Indenture shall
control.

     

    Section
13.16       Severability. In case
any provision in this Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and such provision shall be ineffective
only to the extent of such invalidity, illegality or
unenforceability.

     

    Section
13.17       Benefit of Indenture.  Nothing
in this Indenture, the Notes or the Note Guarantees, express or implied, shall
give to any Person, other than the parties hereto, any Paying Agent, any
Registrar and its successors hereunder, and the Holders, any benefit or any
legal or equitable right, remedy or claim under this
Indenture.

     

    Section
13.18       Acts of Holders.

     

    (a)         Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by the Holders may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agents duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where it is hereby expressly required, to the Company.  Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments.  Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustee and the Company
if made in the manner provided in this Section 13.18.

     

    (b)         The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to such witness, 

     

     

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

    

     

    notary or
officer the execution thereof.  Where such execution is by a signer
acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of authority.  The
fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient.

     

    (c)         Notwithstanding
anything to the contrary contained in this Section 13.18, ownership of Notes
shall be proved by the register of the Notes maintained by the Registrar as
provided in Section
2.04.

     

    (d)         If
the Company shall solicit from the Holders of the Notes any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may,
at its option, by or pursuant to a Board Resolution, fix in advance a record
date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so.  Notwithstanding TIA § 316(c), such
record date shall be the record date specified in or pursuant to such
resolution, which shall be a date not earlier than the date 30 days prior to the
first solicitation of Holders generally in connection therewith or the date of
the most recent list of Holders forwarded to the Trustee prior to such
solicitation pursuant to Section
2.06 and not later than the date such solicitation is
completed.  If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of the then outstanding
Notes have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that
purpose the then outstanding Notes shall be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders on such
record date shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than 11 months after the record
date.

     

    (e)         Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Note shall bind every future Holder of the same Note and
the Holder of every Note issued upon the registration or transfer thereof or in
exchange therefor or in lieu thereof in respect of anything done, omitted or
suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Note.

     

    (f)         Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Note may do so itself with regard to all or any
part of the principal amount of such Note or by one or more duly appointed
agents each of which may do so pursuant to such appointment with regard to all
or any part of such principal amount.

     

    Section
13.19       No Adverse Interpretation of Other
Agreements.  This
Indenture may not be used to interpret any other indenture, loan or debt
agreement of the Company or any of its Subsidiaries or of any other
Person.  Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.

     

    Section
13.20       USA Patriot Act.  The
parties hereto acknowledge that in accordance with Section 326 of the USA
Patriot Act the Trustee, like all financial institutions and

     

     

    
      
        
        

      

      
        123

        
          

        

      

      
        
        

      

    

     

    in order
to help fight the funding of terrorism and money laundering, is required to
obtain, verify, and record information that identifies each person or legal
entity that establishes a relationship or opens an account with the
Trustee.  The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for the Trustee to
satisfy the requirements of the USA Patriot Act.

     

    Section
13.21       Force Majeure.  The
Trustee shall not incur any liability for not performing any act or fulfilling
any duty, obligation or responsibility hereunder by reason of any occurrence
beyond the control of the Trustee (including but not limited to any act or
provision of any present or future law or regulation or governmental authority,
any act of God or war, civil unrest, local or national disturbance or disaster,
any act of terrorism, or the unavailability of the Federal Reserve Bank wire or
facsimile or other wire or communication facility).

     

    [Remainder
of page intentionally left blank]

     

    

    
      
        
           

        

        
          124

          
            

          

        

        
           

        

      

    

    

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

     

    
      
        	 	
                ACCO
      BRANDS CORPORATION

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/Steven
      Rubin	 
	 	 	Name: 
      Steven Rubin	 
	 	 	
                Title:  Senior Vice
      President, Secretary and

                   General
    Counsel

              	 
	 	 	 	 

      

    

     

     

    
      
        
          
            
              	 	 GUARANTORS:	 
	 	 	 
	 	
                      ACCO
      BRANDS USA LLC

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

            

          

        

      

       

    

    
       

      
        
          	 	
                  DAY-TIMERS
      INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

        

      

       

    

    
       

      
        
          	 	
                  GENERAL
      BINDING CORPORATION

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

        

      

       

      
         

        
          
            	 	
                    GBC
      INTERNATIONAL, INC.

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

          

        

         

        
           

          
            
              	 	
                      ACCO
      INTERNATIONAL HOLDINGS, INC.

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

            

          

           

           

          [Signature
page to Indenture]

        

         

         

      

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        
          	 	
                  ACCO
      BRANDS INTERNATIONAL, INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

        

      

       

    

    
       

      
        
          	 	
                  ACCO
      EUROPE FINANCE HOLDINGS, LLC

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

        

      

       

      
         

        
          
            	 	
                    ACCO
      EUROPE INTERNATIONAL HOLDINGS LLC

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

          

        

         

      

    

    
       

      
        
          	 	
                  BOONE
      INTERNATIONAL, INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

        

      

       

      
         

        
          
            	 	
                    SWINGLINE
      INC.

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin 	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

          

        

         

      

    

    
       

      
        
          	 	
                  POLYBLEND
      CORPORATION

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title: 
      Vice President and Secretary	 
	 	 	 	 

        

      

       

    

    
       

      [Signature
page to Indenture]

       

       

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
       

      
        
          	 	
                  U.S.
      BANK NATIONAL ASSOCIATION, as Trustee

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Diane
      Swanson 	 
	 	 	Name:  
      Diane Swanson	 
	 	 	Title:  
      Vice President	 
	 	 	 	 

        

      

       

    

     

    
       

      [Signature
page to Indenture]

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    APPENDIX
A

     

    PROVISIONS
RELATING TO INITIAL SECURITIES,

    ADDITIONAL
SECURITIES AND EXCHANGE SECURITIES

     

    
      	
              1.

            	
              Definitions.

            

    

     

    1.1           Definitions.

     

    For the
purposes of this Appendix
A the following terms shall have the meanings indicated
below:

     

    “Definitive
Note” means a certificated Note (bearing the Restricted Notes Legend if
the transfer of such Note is restricted by applicable law) registered in the
name of the Holder thereof that does not include the Global Notes
Legend.

     

    “Notes
Custodian” means the custodian with respect to a Global Note (as
appointed by the Depositary) or any successor Person thereto, who shall
initially be the Trustee.

     

    “Purchase
Agreement” means (a) the Purchase Agreement dated September 21, 2009,
among the Company, the Guarantors and the Initial Purchasers and (b) any other
similar Purchase Agreement relating to Additional Notes.

     

    “Registration
Rights Agreement” means (a) the Registration Rights Agreement dated as of
September 30, 2009 among the Company, the Guarantors and the Initial Purchasers
relating to the Notes and (b) any other similar Registration Rights Agreement
relating to Additional Notes.

     

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

     

    “Regulation
S Legend” means the legend set forth in Section
2.2(g)(ii) herein.

     

    “Restricted
Definitive Note” means any Restricted Note that is a Definitive
Note.

     

    “Restricted
Global Note” means a Restricted Note that is a Global Note.

     

    “Restricted
Note” means any Note that bears or is required to bear or is subject to
the Restricted Notes Legend or the Regulation S Legend.

     

    “Restricted
Notes Legend” means the legend set forth in Section
2.2(g)(i) herein.

     

    “Unrestricted
Note” means Definitive Notes and any other Notes that are not required to
bear, or are not subject to, the Restricted Notes Legend or the Regulation S
Legend.

     

    “Unrestricted
Global Note” means an Unrestricted Note that is a Global
Note.

     

    1.2           Other Definitions.

     

    
      
        
        

      

      
        Appendix
A - 1

        
          

        

      

      
        
        

      

    

     

     

    
      	 
      	
              Defined
      Term in Section

            
	
              Agent
      Members

            	
              2.1(b)

            
	
              Restricted
      Period

            	
              2.1(c)

            

    

    
      	
              2.

            	
              The
      Notes.

            

    

     

    2.1           Form and Dating.

     

    (a)           The
Original Notes issued on the date hereof will be (i) offered and sold by the
Company pursuant to the Purchase Agreement and (ii) resold, initially only to
(1) QIBs as Regulation 144A Global Notes or (2) in offshore transactions in
reliance on Regulation S as Regulation S Global Notes (together with the Rule
144A Global Notes, the “Global Notes”). Subject to
compliance with the procedures set forth herein, such Original Notes may
thereafter be transferred to, among others, QIBs and purchasers in reliance on
Regulation S. Additional Notes offered after the date hereof may be offered and
sold by the Company from time to time pursuant to one or more Purchase
Agreements in accordance with applicable law.

     

    (b)           Global
Notes.

     

    
      (i)           
The Notes will be initially issued in the form of one or more Global Notes
registered in the name of the Depositary and shall be substantially in the form
of Exhibit
A (and shall include the Global Note Legend thereon and the “Schedule of
Exchanges of Interests in the Global Note” attached thereto), and will be
delivered the Trustee as Notes Custodian for the Depositary
thereafter.  Upon the issuance of a Global Note, the Depositary or its
nominee will credit the accounts of Persons holding through it with the
respective principal amounts of the Notes represented by such Global Note
purchased by such Persons in the offering. Such accounts shall be designated by
the Initial Purchasers. Ownership of beneficial interests in a Global Note will
be limited to Participants or Indirect Participants (collectively, the “Agent
Members”).
Ownership of beneficial interests in a Global Note will be shown on, and the
transfer of that ownership interest will be effected only through, records
maintained by the Depositary (with respect to Participants’ interests) and such
Participants (with respect to Indirect Participants’ interests). Each Global
Note shall represent such of the outstanding Notes as shall be specified therein
and each shall provide that it represents the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and
redemptions.  Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby shall be made by the Trustee or, if the
Notes Custodian and the Trustee are not the same Person, by the Notes Custodian
at the direction of the Trustee, in accordance with instructions given by
the Holder thereof as required by Section 2.07 of the Indenture and
Section
2.2 of this Appendix.

    

     

        (ii)           
So long the Depositary is the registered owner of such Global Note, such
Depositary will be considered the sole owner or Holder of the Notes represented
by such Global Note for all purposes whatsoever, including under the Indenture
and the Notes.

     

    

    
      
        
           

        

        
          Appendix
A - 2

          
            

          

        

        
           

        

      

    

    
       

          (iii)           Agent
Members (x) will not be considered to be the owners or Holders of any Notes
under this Indenture for any purpose and shall thus have no rights under this
Indenture with respect to any Global Note held on their behalf by the
Depositary, or the Trustee as its Notes Custodian, or under the Global Notes,
and (y) except as set forth in Section
2.2 of this Appendix, will neither be entitled to have the Notes
represented by such Global Note registered in their names nor will receive or be
entitled to receive Definitive Notes. Accordingly, each Person owning a
beneficial interest in a Global Note must rely on the procedures of the
Depositary and, if such Person is not a Participant, on the procedures of the
Participant through which such Person owns its interest, to exercise any rights
of a Holder under this Indenture.  Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee or any agent of the
Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary, or impair, as between the
Depositary and its Agent Members, the operation of customary practices governing
the exercise of the rights of a Holder of any Note. The Company understands that
under existing industry practices, in the event that the Company requests any
action of Holders or that an owner of a beneficial interest in a Global Note
desires to give or take any action which a holder is entitled to give or take
under the Indenture, the Depositary would authorize the Participants holding the
relevant beneficial interest to give or take such action and such Participants
would authorize Indirect Participants owning through such Participants to
give or take such action or would otherwise act upon the instructions of
beneficial owners owning through them.

    

     

    (c)           Regulation
S Global Notes.  Notes offered and sold in reliance on
Regulation S shall be issued initially in the form of the Regulation S Global
Note, which shall be deposited on behalf of the purchasers of the Notes
represented thereby with the Trustee, as Notes Custodian for the Depositary, and
registered in the name of the Depositary or the nominee of the Depositary, duly
executed by the Company and authenticated by the Trustee as provided in the
Indenture. The aggregate principal amount of the Regulation S Global Notes may
from time to time be increased or decreased by adjustments made on the records
of the Trustee and the Depositary or its nominee, as the case may be, in
connection with transfers of interest as hereinafter provided. Prior to the
expiration of the Restricted Period (as defined below), beneficial interests in
the Regulation S Global Note may be held only by persons who are not U.S.
persons for purposes of Rule 902 of Regulation S under the Securities Act,
unless exchanged for interests in the Rule 144A Global Note in accordance with
the transfer and certification requirements described below. “Restricted Period” means
the period through and including the 40th day after the latest of the
commencement of the offering described in the Offering Circular and the original
Issue Date of the Notes.  The Restricted Period shall be terminated
upon the receipt by the Trustee of an Officers’ Certificate certifying that the
Restricted Period may be terminated in accordance with Regulation
S.

     

    (d)           Definitive
Notes.  Notes issued in definitive form shall be substantially
in the form of Exhibit
A (but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached
thereto).  Definitive Notes will only be issued in compliance with,
and under the circumstances described in, Section 2.07 of the Indenture and Section
2.2 of this Appendix.

     

    

    
      
        
           

        

        
          Appendix
A - 3  

          
            

          

        

        
           

        

      

    

    

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

     

    2.2           Transfer and Exchange.

     

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

     

    (i)    the
Depositary notifies the Company that it is unwilling or unable to continue as a
depositary for such Global Note or if at any time the Depositary ceases to be a
clearing agency registered under the Exchange Act, and in either case, the
Company fails to appoint a successor depositary;

     

    (ii)    the Company
in its discretion at any time determines not to have any or all the Notes
represented by such Global Note; or

     

    (iii)    there shall
have occurred and be continuing a Default or an Event of Default with respect to
the Notes represented by such Global Note.

     

    Upon the
occurrence of any of the preceding events in clauses
(i), (ii)
or (iii)
of this Section
2.2(a), Definitive Notes (x) shall be issued in fully registered form in
such denominations and such names as the Depositary shall instruct the Trustee
in accordance with its customary procedures and (y) will bear the restrictive
legend referred to in Section
2.2(g) of this Appendix, unless that legend is not required by applicable
law.  In such circumstance, the Global Note or Notes shall be
deemed to be surrendered to the Trustee for cancellation, and the Company shall
execute, and, upon a written order of the Company signed by an Officer, the
Trustee shall authenticate and make available for delivery, to each beneficial
owner identified by the Depositary in writing in exchange for its beneficial
interest in such Global Note, an equal aggregate principal amount of Definitive
Notes of authorized denominations.  Payment of principal of, and
premium, if any, and interest (including Additional Interest, if any) on, the
Definitive Notes will be payable, and the transfer of the Definitive Notes
will be registrable, at the office or agency of the Company maintained for such
purposes; and no service charge will be made for any registration of transfer or
exchange of the Definitive Notes, although the Company may require payment of a
sum sufficient to cover any tax or governmental charge imposed in connection
therewith.

     

    Global
Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections
2.08 and 2.10
of the Indenture.  Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to Section
2.08 or 2.10
of the Indenture shall be authenticated and delivered in the form of, and shall
be, a Global Note.  A Global Note may not be exchanged for another
Note other than as provided in this Section
2.2(a); however,

     

    

    
      
        
           

        

        
          Appendix
A - 4  

          
            

          

        

        
           

        

      

    

     

    beneficial
interests in a Global Note may be transferred and exchanged as provided in Section
2.2(b), (c)
or (f)
of this Appendix.

     

    (b)           Transfer
and Exchange of Beneficial Interests in Global Notes. The transfer and
exchange of beneficial interests in the Global Notes shall be effected through
the Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures of the Depositary. Beneficial interests in Restricted
Global Notes shall be subject to restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Beneficial
interests in Global Notes shall be transferred or exchanged only for beneficial
interests in Global Notes, except in the circumstances described in Section
2.2(a) of this Appendix. Transfers and exchanges of beneficial interests
in the Global Notes also shall require compliance with either clause
(i) or (ii)
of this Section
2.2(b), as applicable, as well as one or more of the other following
clauses of this Section
2.2(b), as applicable:

     

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

     

        (ii)           
All Other
Transfers and Exchanges of Beneficial Interests
in Global Notes. In connection with all transfers and exchanges of
beneficial interests in any Global Note that are not subject to Section
2.2(b)(i) of this Appendix, the transferor of such beneficial interest
must deliver to the Registrar either:

     

    (A)    both (1) a
written order from the Participant given to the Depositary in accordance with
the Applicable Procedures of the Depositary directing the Depositary to credit
or cause to be credited a beneficial interest in another Global Note in an
amount equal to the beneficial interest to be transferred or exchanged and (2)
instructions given in accordance with the Applicable Procedures of the
Depositary containing information regarding the Participant account to be
credited with such increase; or

     

    (B)    provided that
such transfers are otherwise allowed pursuant to Section
2.2(a) of this Appendix, both (1) a written order from an Participant
given to the Depositary in accordance with the Applicable Procedures of the
Depositary directing the Depositary to cause to be issued a Definitive Note in
an amount equal to the beneficial interest to be transferred
or

     

    

    
      
        
           

        

        
          Appendix
A - 5  

          
            

          

        

        
           

        

      

    

    

     

    exchanged
and (2) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in subclause (1) of
this Section
2.2(b)(ii)(B).

     

    Upon
consummation of an Exchange Offer by the Company in accordance with Section
2.2(f) of this Appendix, the requirements of Section
2.2(b)(ii) of this Appendix shall be deemed to have been satisfied upon
receipt by the Registrar of the instructions contained in the Letter of
Transmittal delivered by the Holder of such beneficial interests in the
Restricted Global Notes.  Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in
this Indenture and the Notes or otherwise applicable under the Securities Act,
the Trustee shall adjust the principal amount of the relevant Global Note
pursuant to Section
2.2(h) of this Appendix.

     

        (iiii)           
Transfer of
Beneficial Interests to Another Restricted Global Note. A beneficial
interest in a Restricted Global Note may be transferred to a Person who takes
delivery thereof in the form of a beneficial interest in another Restricted
Global Note if the transfer complies with the requirements of Section
2.2(b)(ii) above and the Registrar receives from the transferor a
certificate in the form of Exhibit
F to the Indenture.

     

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

     

    (A) such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the holder of the beneficial interest
to be transferred, in the case of an exchange, or the transferee, in the case of
a transfer, certifies in the applicable Letter of Transmittal (1) it is not
a Person who is an affiliate (as defined in Rule 144) of the Company, (2) it is
not engaged in, and does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of the Exchange
Notes to be issued in the Exchange Offer and (3) it is acquiring the Exchange
Notes in its ordinary course of business;

     

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

     

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

     

    

    
      
        
           

        

        
          Appendix
A - 6

          
            

          

        

        
           

        

      

    

    

     

    (D)    the Registrar
receives the following:

     

    (I)           if
the Holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit
G to the Indenture; or

     

    (II)           if
the Holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in
the form of a beneficial interest in an Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit
F to the Indenture;

     

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

     

    If any such transfer or exchange is effected pursuant to
clause
(B) or (D)
of this Section
2.2(b)(iv) at a time when an Unrestricted Global Note has not yet been
issued, the Company shall issue and, upon receipt of an written order of the
Company signed by an Officer, the Trustee shall authenticate in accordance with
the requirements of the Indenture one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of beneficial
interests transferred or exchanged pursuant to clause
(B) or (D)
of this Section
2.2(b)(iv).

     

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

     

    (c)           Transfer
and Exchange of Beneficial Interests in Global Notes for Definitive
Notes. A beneficial interest in a Global Note may not be exchanged for a
Definitive Note except under the circumstances described in Section
2.2(a) of this Appendix. A beneficial interest in a Global Note may not
be transferred to a Person who takes delivery thereof in the form of a
Definitive Note except under the circumstances described in Section
2.2(a) of this Appendix. The Restricted Notes Legend shall be affixed to
Restricted Definitive Notes issued as required by law.

     

    (d)           Transfer
and Exchange of Definitive Notes for Beneficial Interests in Global
Notes. Transfers and exchanges of beneficial interests in the Global
Notes also shall require compliance with either subparagraph (i), (ii) or (ii)
below, as applicable:

     

    (i)    Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If
any Holder of a Restricted Definitive Note proposes to exchange such Restricted
Definitive Note for a beneficial interest in a Restricted Global Note or to
transfer such

     

    

    
      
        
           

        

        
          Appendix
A - 7  

          
            

          

        

        
           

        

      

    

    

    Restricted
Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in a Restricted Global Note, then, upon receipt by the
Registrar of the following documentation:

     

    (A)    if the
Holder of such Restricted Definitive Note proposes to exchange such Restricted
Definitive Note for a beneficial interest in a Restricted Global Note, a
certificate from such Holder in the form of Exhibit G
to the Indenture;

     

    (B)    if such Restricted
Definitive Note is being transferred to a QIB in accordance with Rule 144A, a
certificate from such Holder in the form of Exhibit
F to the Indenture;

     

    (C)    if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904 under the
Securities Act, a certificate from such Holder in the form of Exhibit
F to the Indenture;

     

    (D)    if such
Restricted Definitive Note is being transferred pursuant to an exemption from
the registration requirements of the Securities Act in accordance with Rule 144
under the Securities Act, a certificate from such Holder in the form of Exhibit
F to the Indenture;

     

    (E)    if such
Restricted Definitive Note is being transferred to the Company or any of its
Subsidiaries, a certificate from such Holder in the form of Exhibit
F to the Indenture;

     

    the
Trustee shall cancel the Restricted Definitive Note, and increase or cause to be
increased the aggregate principal amount of the appropriate Restricted Global
Note.

     

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

     

    (A)    such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that (1) it is not an affiliate (as defined in
Rule 144) of the Company, (2) it is not engaged in, and

     

    

    
      
        
           

        

        
          Appendix
A - 8  

          
            

          

        

        
           

        

      

    

    

     

    does not
intend to engage in, and has no arrangement or understanding
with any Person to participate in, a distribution of the Exchange Notes to be
issued in the Exchange Offer and (3) it is acquiring the Exchange Notes in its
ordinary course of business;

     

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

     

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

     

    (D)    the Registrar
receives the following:

     

    (I)           if
the Holder of such Restricted Definitive Note proposes to exchange such
Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note, a certificate from such Holder in the form of Exhibit
G to the Indenture; or

     

    (II)           if
the Holder of such Restricted Definitive Notes proposes to transfer such
Restricted Definitive Note to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate from
such Holder in the form of Exhibit
F to the Indenture,

     

    and, in
each such case set forth in this clause
(D), if the Company or the Registrar so requests or if the applicable
rules and procedures of the Depositary so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar and the Company to the effect that such
exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Restricted Notes Legend are
no longer required in order to maintain compliance with the Securities Act. Upon
satisfaction of the conditions of this subparagraph
(ii), the Trustee shall cancel the Restricted Definitive Notes and
increase or cause to be increased the aggregate principal amount of the
Unrestricted Global Note. If any such transfer or exchange is effected pursuant
to this subparagraph
(ii) at a time when an Unrestricted Global Note has not yet been issued,
the Company shall issue and, upon receipt of an written order of the Company
signed by an Officer, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal
amount of Restricted Definitive Notes transferred or exchanged pursuant to this
subparagraph
(ii).

     

    (iii)    Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of an Unrestricted Definitive Note may exchange such Unrestricted
Definitive Note for a beneficial interest in an Unrestricted Global Note or
transfer such Unrestricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note at
any time. Upon receipt of a request for

     

    

    
      
        
           

        

        
          Appendix
A - 9  

          
            

          

        

        
           

        

      

    

    

    such an
exchange or transfer, the Trustee shall cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes. If any such transfer or exchange
is effected pursuant to this subparagraph
(iii) at a time when an Unrestricted Global Note has not yet been issued,
the Company shall issue and, upon receipt of an written order of the Company
signed by an Officer, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate
principal amount of Unrestricted Definitive Notes transferred or exchanged
pursuant to this subparagraph
(iii).

     

    (iv)    Unrestricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. An
Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person
who takes delivery thereof in the form of, a beneficial interest in a Restricted
Global Note.

     

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

     

    (i)    Restricted
Definitive Notes to Restricted Definitive Notes. A Restricted Definitive
Note may be transferred to and registered in the name of a Person who takes
delivery thereof in the form of a Restricted Definitive Note if the Registrar
receives the following:

     

    (A)    if the
transfer will be made pursuant to Rule 144A, then the transferor must deliver a
certificate in the form of Exhibit
F to the Indenture;

     

    (B)    if the
transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must
deliver a certificate in the form of Exhibit
F to the Indenture;

     

    (C)    if the
transfer will be made pursuant to any other exemption from the registration
requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit
F to the Indenture;

     

    (D)    if such
transfer will be made to the Company or a Subsidiary thereof, a certificate in
the form of Exhibit
F to the Indenture.

     

    (ii)    Restricted
Definitive Notes to
Unrestricted Definitive Notes. Any Restricted Definitive Note may be
exchanged by the Holder thereof for an Unrestricted

     

    

    
      
        
           

        

        
          Appendix
A - 10  

          
            

          

        

        
           

        

      

    

    

    Definitive
Note or transferred to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note if:

     

    (A)    such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that (1) it is not an affiliate (as defined in
Rule 144) of the Company, (2) it is not engaged in, and does not intend to
engage in, and has no arrangement or understanding with any Person to
participate in, a distribution of the Exchange Notes to be issued in the
Exchange Offer and (3) it is acquiring the Exchange Notes in its ordinary course
of business;

     

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

     

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

     

    (D)    the Registrar
receives the following:

     

    (I)           if
the Holder of such Restricted Definitive Note proposes to exchange such
Restricted Definitive Note for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit
G to the Indenture; or

     

    (II)           if
the Holder of such Restricted Definitive Note proposes to transfer such
Restricted Definitive Note to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the
form of Exhibit
F to the Indenture,

     

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

     

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

     

    

    
      
        
           

        

        
          Appendix
A - 11  

          
            

          

        

        
           

        

      

    

    

    (iv)    Unrestricted
Definitive Notes to Restricted Definitive
Notes. An Unrestricted Definitive Note cannot be exchanged for, or
transferred to a Person who takes delivery thereof in the form of, a Restricted
Definitive Note.

     

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

     

    (f)           Exchange
Offer.  Upon the occurrence of the Exchange Offer in accordance
with the Registration Rights Agreement, the Company shall issue and, upon
receipt of an written order of the Company signed by an Officer as provided in
Section 2.03 of the Indenture,
the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (A) they are not
affiliates (as defined in Rule 144) of the Company, (B) they are not engaged in,
and do not intend to engage in, and have no arrangement or understanding with
any Person to participate in, a distribution of the Exchange Notes to be issued
in the Exchange Offer and (C) they are acquiring the Exchange Notes in their
ordinary course of business and (ii) Unrestricted Definitive Notes in an
aggregate principal amount equal to the principal amount of the Restricted
Definitive Notes accepted for exchange in the Exchange
Offer.  Concurrently with the issuance of such Notes, the Trustee
shall cause the aggregate principal amount of the applicable Restricted Global
Notes to be reduced accordingly, and the Company shall execute and the Trustee
shall authenticate and deliver to the Persons designated by the Holders of
Restricted Global Notes so accepted Unrestricted Global Notes in the appropriate
principal amount.

     

    (g)           Legend.

     

    (i)    Restricted
Note Legend.  Except as permitted by subparagraph
(b)(iv), (d)(ii),
(d)(iii),
(e)(ii),
(e)(iii),
(f),
(g)(vi),
(g)(vii),
(g)(viii)
or (g)(x)
of this Section
2.2, or unless otherwise agreed by the Company and the Holder, each Note
certificate evidencing the Global Notes and the Definitive Notes (and all Notes
issued in exchange therefor or in substitution thereof) issued otherwise than in
reliance on Regulation S shall bear a legend (the “Restricted
Notes
Legend”) in substantially the following form (each defined term in the
legend being defined as such for purposes of the legend
only):

     

    
      	
               
      

            	
              “THIS
      NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
      FROM REGISTRATION UNDER THE UNITED

            

    

     

    

    
      
        
           

        

        
          Appendix
A - 12  

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE
      MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
      REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH
      PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY
      BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
      SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

            

    

     

    
      	
               
      

            	
              THE
      HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS
      NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN
      THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
      QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
      SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
      (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE
      WITH RULE 903 OR 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN
      EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
      THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN
      ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
      STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
      TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
      REFERRED TO IN (A) ABOVE.”

            

    

     

    Each
Definitive Note shall bear the following additional legend:

     

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

     

    (ii)    Regulation
S Legend.  Except as permitted by subparagraph
(b)(iv), (d)(ii),
(d)(iii),
(e)(ii),
(e)(iii),
(f),
(g)(vii),
(g)(viii),
(g)(ix)
or (g)(x)
of this Section
2.2, or unless otherwise agreed by the Company and the Holder, each Note
certificate evidencing the Global Notes and the Definitive Notes (and all Notes
issued in exchange therefor or in substitution thereof) issued in reliance on
Regulation S shall bear a legend (the “Regulation
S Legend”) in substantially the following form (each defined term in the
legend being defined as such for purposes of the legend
only)

     

    THIS NOTE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT
FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN

     

    

    
      
        
           

        

        
          Appendix
A - 13  

          
            

          

        

        
           

        

      

    

    

    AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL
APPLICABLE STATE SECURITIES LAWS.  TERMS USED ABOVE HAVE THE MEANINGS
GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

     

        (iii)           Global Note
Legend.  Each Global Note shall bear an additional legend in
substantially the following form:

     

    “THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.07 OR SECTION 9.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(b) OF THE APPENDIX TO
THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.”

     

    (iv)    Regulation
S Global Note Legend. The Regulation S Global Note shall bear an
additional legend in substantially the following
form:

     

    “THE
RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN
THE INDENTURE (AS DEFINED HEREIN).”

     

    (v)    Original
Issue Discount Legend.  Each Note issued with original issue
discount shall bear a legend in substantially the following
form:

     

    “FOR THE
PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; FOR EACH
$1,000 PRINCIPAL AMOUNT OF THIS SECURITY, THE ISSUE PRICE IS $985.02, THE AMOUNT
OF ORIGINAL ISSUE DISCOUNT IS $14.98, THE ISSUE DATE IS SEPTEMBER 30, 2009 AND
THE YIELD TO MATURITY IS 11.00% PER ANNUM.”

     

    (vi)    Upon any sale
or transfer of a Restricted Note that is a Definitive Restricted Note, the
Registrar shall permit the Holder thereof to exchange such Restricted Note for a
Definitive Note that does not bear the legends set forth above and rescind any
restriction on the transfer of such Restricted Note if the Holder certifies in
writing to the Registrar that its request for such exchange was made in reliance
on Rule 144 (such certification to be in the form set forth on the reverse
of the Initial Note).

     

    (vii)    After a
transfer of any Initial Notes during the period of the effectiveness of a Shelf
Registration Statement with respect to such Initial Notes, all
requirements

     

    

    
      
        
           

        

        
          Appendix
A - 14  

          
            

          

        

        
           

        

      

    

    

    pertaining
to the Restricted Notes Legend or the Regulation S Legend on such Initial Notes
shall cease to apply and the requirements that any such Initial Notes be issued
in global form shall continue to apply.

     

    (viii)    Upon the
consummation of a Registered Exchange Offer with respect to the Initial Notes
pursuant to which Holders of such Initial Notes are offered Exchange Notes in
exchange for their Initial Notes, all requirements pertaining to Initial Notes
that Initial Notes be issued in global form shall continue to apply, and
Exchange Notes in global form without the Restricted Notes Legend or the
Regulation S Legend shall be available to Holders that exchange such Initial
Notes in such Registered Exchange Offer.

     

    (ix)    Upon
a sale or transfer after the expiration of the Restricted Period of any Initial
Note acquired pursuant to Regulation S, all requirements that such Initial Note
bear the Restricted Notes Legend shall cease to apply and the requirements
requiring any such Initial Note be issued in global form shall continue to
apply.

     

    (x)    Any
Additional Notes sold in a registered public offering shall not be required to
bear the Restricted Notes Legend or the Regulation S
Legend.

     

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

     

    (i)           No
Obligation of the Trustee.

     

    (i)    The Trustee shall
have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a Participant in the Depositary or any other Person with respect
to the accuracy of the records of the Depositary or its nominee or of any
Participant or member thereof, with respect to any ownership interest in the
Notes or with respect to the delivery to any Participant, member, Indirect
Participant or other Person (other than the Depositary) of any notice (including
any notice of redemption or repurchase) or the payment of any amount, under or
with respect to such Notes. All notices and communications to be given to the
Holders and all payments to be made to the Holders under the Notes shall be
given or made only to the registered Holders (which shall be the Depositary in
the case of a Global Note). The rights of beneficial owners in any Global Note
shall be exercised only through the Depositary subject to the applicable rules
and

     

     

    
      
        
           

        

        
          Appendix
A - 15  

          
            

          

        

        
           

        

      

    

    

    procedures
of the Depositary. The Trustee may rely and shall be fully protected in relying
upon information furnished by the Depositary with respect to its members,
Participants and Indirect Participants.

     

    (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 Note
(including any transfers between or among Depositary Participants, members or
Indirect Participants in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by, the terms of this Indenture, and
to examine the same to determine substantial compliance as to form with the
express requirements hereof.

     

    

    
      
        
           

        

        
          Appendix
A - 16  

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
A

     

    Mortgaged
Property

     

     

    
      	
              1.

            	
              712
      W. Winthrop Avenue, Addison, Illinois
(owned)

            

    

     

    
      	
              2.

            	
              941
      Acco Way, Ogdensburg, New York
(owned)

            

    

     

    
      	
              3.

            	
              One
      Willow Lane, East Texas, Pennsylvania
(owned)

            

    

     

    
      	
              4.

            	
              300
      Quartet Avenue, Booneville, Mississippi
(owned)

            

    

     

    
      	
              5.

            	
              300
      Quartet Avenue, Booneville, Mississippi
(leased)

            

    

     

    
      	
              6.

            	
              510
      E. Parker Drive, Booneville, Mississippi
  (leased)

            

    

     

    

    
      
        
           

        

        
          Schedule
A - 1

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A

     

     

    [FORM OF FACE OF
INITIAL NOTE]

     

    [Global
Note Legend]

     

    THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.07 OR SECTION 9.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(b) OF THE APPENDIX TO
THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.

     

    [Restricted
Note Legend]

     

    THIS NOTE
(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 NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM.  EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

     

     

    THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY
BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED
STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 UNDER THE
SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER
IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

     

     

    
      
        
           

        

        
          A-1 

          
            

          

        

        
           

        

      

    

    

    [Regulation
S Legend]

     

     

    THIS NOTE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT
FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL
APPLICABLE STATE SECURITIES LAWS.  TERMS USED ABOVE HAVE THE MEANINGS
GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

     

    Each
Regulation S Global Note shall bear the following additional legend (as
applicable):

     

    THE
RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN
THE INDENTURE (AS DEFINED HEREIN).

     

    Each
Definitive Note shall bear the following additional legend:

     

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

     

    Each Note
issued with original issue discount shall bear the following additional
legend:

     

    FOR THE
PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; FOR EACH
$1,000 PRINCIPAL AMOUNT OF THIS SECURITY, THE ISSUE PRICE IS $985.02, THE AMOUNT
OF ORIGINAL ISSUE DISCOUNT IS $14.98, THE ISSUE DATE IS SEPTEMBER 30, 2009 AND
THE YIELD TO MATURITY IS 11.00% PER ANNUM.

    

    
      
        
           

        

        
          A-2 

          
            

          

        

        
           

        

      

    

    

    [FORM OF INITIAL
NOTE]

     

    CUSIP
No.___________

                                                                                                                                              ISIN
No. ___________

     

    No.__________                                                                                 $__________

     

     

    ACCO
BRANDS CORPORATION

     10.625%
Senior Secured Notes due 2015

     

    ACCO
BRANDS CORPORATION, a Delaware corporation, for value received, promises to pay
to [            ],
or its registered assigns, the principal sum of
[            ]
Dollars [, or such other amount as is listed on the Schedule of Increases or
Decreases in Global Note attached hereto]1 on March 15, 2015.

     

    Interest Payment Dates: March 15 and
September 15, commencing March 15, 2010.2

     

    Record
Dates: March 1 and September 1.

     

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

     

    IN
WITNESS WHEREOF, the parties have caused this instrument to be duly
executed.

     

    
      
        	 	
                ACCO
      BRANDS CORPORATION

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

      

    

     

    Dated:_______________________

     

     

    [Attach
Notation of Note Guarantee for each Guarantor]

     

     

    
      

        

      

        
        
          	
                  1

                	
                  Use
      the Schedule of Increases and Decreases language if Note is in Global
      Form.

                

        

         

      

      
        
          	
                  2
      

                	
                  Applicable to Initial Notes
      only.

                

        

         

      

    

     

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

     

     

    U.S. Bank
National Association, as Trustee,

      certifies
that this is one of the

      Notes
referred to in the Indenture

     

     

     

    By:                                                      

               
Authorized Signatory

     

    Dated:                                                

     

     

    
      	
              *
      /

            	
              If
      the Note is to be issued in global form, add the Global Notes Legend and
      the applicable attachment from Exhibit
      A captioned “TO BE ATTACHED TO GLOBAL NOTES – SCHEDULE OF INCREASES
      OR DECREASES IN GLOBAL NOTES”.

            

    

     

    
 

    
      
        
           

        

        
          A-4 

          
            

          

        

        
           

        

      

    

    
       

      [FORM OF REVERSE SIDE OF INITIAL
NOTE]

       

      ACCO BRANDS
CORPORATION

       

      
        10.625%
Senior Secured Notes due 2015

      

    

     

    Capitalized terms used herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise
indicated.

     

    
      	
              1.

            	
              Interest

            

    

     

    (a)           The
Company promises to pay interest on the principal amount of this Note at the
rate per annum shown above from the date
hereof until maturity and shall pay the Additional Interest (if any) payable
pursuant to Section
6 of the Registration Rights Agreement referred to below. The Company
shall pay interest and Additional Interest (if any) semiannually in arrears on
March 15 and September 15 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each an “Interest Payment Date”),
commencing March 15, 2010. Interest on the Notes shall accrue from the most
recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from September 30, 2009 until the
principal hereof is due. Interest shall be computed on the basis of a 360-day
year of twelve 30-day months. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal at a rate equal to 1% per annum
in excess of the then applicable interest rate on the Notes to the extent
lawful; the Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Additional Interest (if any) (without regard to any applicable grace period)
from time to time at the same rate to the extent lawful.

     

    (b)           Registration
Rights Agreement. The Holder of this Note is entitled to the benefits of
a Registration Rights Agreement, dated as of September 30, 2009, among the
Company, the Guarantors and the Initial Purchasers.

     

    
      	
              2.

            	
              Method
      of Payment

            

    

     

    The
Company shall pay interest on the Notes (except defaulted interest) and
Additional Interest (if any) to the Persons who are registered Holders at the
close of business on the March 1 or September 1 immediately preceding the
Interest Payment Date even if Notes are canceled after the record date and on or
before the Interest Payment Date, except as provided in Section 2.12 of the Indenture with
respect to defaulted interest. The Company shall pay principal, premium, if any,
and interest (including Additional Interest, if any) on the Notes in money of
the United States of America that at the time of payment is legal tender for
payment of public and private debts. The Company will make payments in respect
of the Notes represented by the Global Notes, including principal, premium, if
any, and interest (including Additional Interest, if any), by wire transfer of
immediately available funds to the accounts specified by the Global Note Holder.
The Company will make all payments of principal, interest (including Additional
Interest, if any) and premium, if any, with respect to Definitive Notes by wire
transfer of immediately available funds to the accounts specified by the Holders
of the Definitive Notes or, if no such account is specified, by mailing a check
to each such Holder’s registered address. All other payments on

     

    

    
      
        
           

        

        
          A-5 

          
            

          

        

        
           

        

      

    

    

    Notes
shall be made at the office or agency of the Paying Agent and Registrar within
the City and State of New York unless the Company elects to make interest
payments by check mailed to the Holders at their addresses set forth in the
register of Holders.

     

    
      	
              3.

            	
              Paying
      Agent and Registrar

            

    

     

    Initially,
U.S. Bank National Association (the “Trustee”)
will act as Paying Agent and Registrar. The Company may appoint and change any
Paying Agent or Registrar without notice to any Holder. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

     

    
      	
              4.

            	
              Indenture

            

    

     

    The
Company issued the Notes under an Indenture dated as of September 30, 2009 (the
“Indenture”),
among the Company, the Guarantors and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in
effect on the date of the Indenture (the “TIA”).
The Notes are subject to all such terms and provisions of the Indenture, and the
Holders (as defined in the Indenture) are referred to the Indenture and the TIA
for a statement of such terms and provisions.  To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling.  The
Indenture pursuant to which this Note is issued provides that an unlimited
aggregate principal amount of Additional Notes may be issued
thereunder.

     

    
      	
              5.

            	
              Optional
      Redemption

            

    

     

    (a)         Except
as set forth in subparagraph
(b) of this paragraph
5, the Company shall not have the option to redeem the Notes pursuant to
this Section prior to September 15, 2012.  On or after September 15,
2012, the Company may redeem the Notes, in whole at any time or in part from
time to time, upon not less than 30 nor more than 60 days’ notice, at the
redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest and Additional Interest (if any)
thereon, to the applicable redemption date, if redeemed during the 12-month
period beginning on September 15 of the years indicated below, subject to the
rights of Holders of Notes on the relevant record date to receive interest on
the relevant Interest Payment Date:

     

    
      
        
          
            
              
                
                  	
                          Year

                        	
                          Percentage

                        
	 
      	 
      
	
                          2012                                                                               

                        	
                          105.313%

                        
	
                          2013

                        	
                          102.657%

                        
	
                          2014
      and  thereafter

                        	
                          100.000%

                        

                

              

            

          

        

      

    

     

    (b)         At
any time and from time to time on or prior to September 15, 2012, the Company
may redeem in the aggregate up to 35% of the aggregate principal amount of the
Notes issued under the Indenture (calculated after giving effect to any issuance
of Additional Notes) with the net cash proceeds of one or more Equity Offerings
(1) by the Company or (2) by any direct or indirect parent of the Company to the
extent the net cash proceeds of such Equity Offering by such direct or indirect
parent company of the Company are contributed to the common

     

    

    
      
        
           

        

        
          A-6 

          
            

          

        

        
           

        

      

    

    

    equity
capital of the Company or used to purchase Capital Stock (other than
Disqualified Stock) of the Company from it, at a redemption price (expressed as
a percentage of principal amount thereof) of 110.625%, plus accrued and unpaid
interest and Additional Interest, if any, on the Notes redeemed to the
redemption date; provided, however, that (i) at least 65% of the original
aggregate principal amount of the Notes (calculated after giving effect to any
issuance of Additional Notes) remains outstanding after each such redemption;
and (ii) any such redemption shall occur within 90 days after the date on which
any such Equity Offering is consummated and otherwise in accordance with the
procedures set forth in the Indenture.

     

    
      	
              6.

            	
              Mandatory
      Redemption

            

    

     

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

     

    
      	
              7.

            	
              Notice
      of Redemption

            

    

     

    Notice of
redemption will be mailed by first-class mail at least 30 days but not more than
60 days before the redemption date to each Holder of Notes to be redeemed at
his, her or its registered address, except that redemption notices may be mailed
more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction and discharge of the
Indenture. Notes in denominations larger than $2,000 may be redeemed in part but
only in whole multiples of $1,000. On or after the redemption date interest
ceases to accrue on Notes or portions thereof called for
redemption.

     

    
      	
              8.

            	
              Repurchase
      of Notes at the Option of the Holders upon Change of Control and Asset
      Sales

            

    

     

    Upon the
occurrence of a Change of Control, each Holder shall have the right, subject to
certain conditions specified in the Indenture, to cause the Company to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000)
of that Holder’s Notes at a purchase price in cash equal to 101% of the
aggregate principal amount thereof, plus accrued and unpaid interest and
Additional Interest, if any, to the date of purchase (subject to the right of
the Holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date), as provided in, and subject to the terms of,
the Indenture.

     

    In
accordance with Section 4.06 of
the Indenture, the Company will be required to offer to purchase Notes and other
Priority Lien Debt (if any) upon the occurrence of certain events related to
sales of Company assets.  If such an event occurs, the offer price for
the Notes and any other Priority Lien Debt in any Asset Sale Offer will be equal
to 100% of the principal amount of the Notes and such other Priority Lien Debt
repurchased, plus accrued and unpaid interest and Additional Interest, if any,
on the Notes and any other Priority Lien Debt to the date of purchase, as
provided in, and subject to the terms of, the Indenture.

     

    
      	
              9.

            	
              Denominations;
      Transfer; Exchange

            

    

     

    The Notes
are in registered form, without coupons, in denominations of $2,000 and any
integral multiple of $1,000 in excess of $2,000. The transfer of Notes may be
registered and Notes may be exchanged in accordance with the Indenture. Upon any
registration of transfer or exchange, the Registrar and the Trustee may require
a Holder, among other things, to furnish

     

    

    
      
        
           

        

        
          A-7 

          
            

          

        

        
           

        

      

    

    

    appropriate
endorsements or transfer documents and the Company may require a Holder to pay
any taxes required by law or permitted by the Indenture. The Registrar need not
register the transfer of or exchange any Notes selected for redemption (except,
in the case of a Note to be redeemed in part, the portion of the Note not to be
redeemed) or to transfer or exchange any Notes (i) for a period of 15 days prior
to a selection of Notes to be redeemed or (ii) tendered and not withdrawn in
connection with a Change of Control Offer or an Asset Sale
Offer.  Transfer may be restricted as provided in the
Indenture.

     

    
      	
              10.

            	
              Persons
      Deemed Owners

            

    

     

    The
registered Holder of this Note shall be treated as its owner for all
purposes.

     

    
      	
              11.

            	
              Unclaimed
      Money

            

    

     

    Subject
to any applicable escheat or other abandoned property law, the Trustee or Paying
Agent shall pay to the Company upon written request any money held by them for
the payment of principal of, premium (if any), interest or Additional Interest
(if any) on, any Note that remains unclaimed for two years after such amounts
have become due and payable, and, thereafter, Holders entitled to the money must
look to the Company for payment as a general creditor, and the Trustee and each
Paying Agent shall have no further liability with respect to such
monies.

     

    
      	
              12.

            	
              Discharge
      and Defeasance

            

    

     

    Subject
to certain conditions, the Company at any time may terminate some of or all its
obligations under the Notes and the Indenture if, among other things, the
Company deposits with the Trustee, in trust, for the benefit of the Holders of
the Notes, cash in U.S. dollars, Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of, or
premium (if any), interest and Additional Interest (if any) on, the outstanding
Notes.

     

    
      	
              13.

            	
              Amendment,
      Supplement and Waiver

            

    

     

    (a)         Subject
to certain exceptions, the Indenture, the Notes, the Note Guarantees or the
related Security Documents may be amended or supplemented with the consent of
the Holders of at least a majority in aggregate principal amount of the Notes
then outstanding (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes), and any past
default or non-compliance with, or requirement for future compliance with, any
provision of the Indenture, the Notes, the Note Guarantees or the Security
Documents may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes).

     

    (b)         Without
the consent of any Holder of a Note, the Indenture, the Notes, the Note
Guarantees or the Security Documents may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption of
the Company’s or any Guarantor’s obligations to Holders of Notes in the case of
a merger or consolidation or sale of all or substantially all of the Company’s
or such Guarantor’s assets, to make any change that would provide any
additional

     

    

    
      
        
           

        

        
          A-8 

          
            

          

        

        
           

        

      

    

    

     

    rights or
benefits to the Holders of Notes or that does not adversely affect the legal
rights under the Indenture of any such Holder, to comply with requirements of
the SEC in order to effect or maintain the qualification of the Indenture under
the TIA, to comply with Section
4.11 of the Indenture, to conform the text of the Indenture, the Notes,
the Note Guarantees or the Security Documents to any provision of the section of
the Offering Circular entitled “Description of Notes” to the extent that such
provision in the “Description of Notes” was intended to be a verbatim recitation
of a provision of the Indenture, the Notes, the Note Guarantees or the Security
Documents, to evidence and provide for the acceptance of appointment by a
successor Trustee (provided that the successor Trustee is otherwise qualified
and eligible to act as such under the Indenture or to provide for a successor or
replacement Collateral Trustee under the Security Documents), to provide for the
issuance of Exchange Notes or Additional Notes in accordance with the Indenture,
to make, complete or confirm any grant of Collateral permitted or required by
the Indenture or any of the Security Documents or any release, termination or
discharge of Collateral that becomes effective as set forth in the Indenture or
any of the Security Documents, or to grant any Lien for the benefit of the
Holders of the Notes.  Any amendment to, or waiver of, the provisions
of the Indenture or any Security Document that has the effect of releasing all
or substantially all of the Collateral from the Liens securing the Notes will
require the consent of the Holders of at least 662⁄3% in aggregate principal
amount of the Notes then outstanding (but only to the extent any such consent is
required under the Collateral Trust Agreement).

     

    
      	
              14.

            	
              Defaults
      and Remedies

            

    

     

    In the
case of an Event of Default arising from events of bankruptcy or insolvency
specified in Section 6.01(g) or
Section 6.01(h) of the Indenture
with respect to the Company, all outstanding Notes will become due and payable
immediately without further action or notice.  If any other Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then-outstanding Notes may declare all the Notes to be
due and payable immediately by notice in writing to the Company specifying the
Event of Default; provided,
however,
that a Default under Section
6.01(d) or Section
6.01(e) of the Indenture shall not constitute an Event of Default until
the Trustee notifies the Company or the Holders of at least 25% in principal
amount of the outstanding Notes notify the Company and the Trustee of the
Default and the Company does not cure such Default within the time specified in
Section 6.01(d) or Section 6.01(e) after receipt of such
notice.  Holders of the Notes may not enforce the Indenture or the
Notes except as provided in the Indenture.  Subject to certain
limitations, Holders of a majority in principal amount of the then-outstanding
Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from Holders of the Notes notice of
any Default or Event of Default (except a Default or Event of Default relating
to the payment of principal or interest or premium, if any, or Additional
Interest, if any) if and so long as a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of the
Holders of the Notes.  Holders of a majority in aggregate principal
amount of the Notes then outstanding by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default
and its consequences under the Indenture, except a continuing Default or Event
of Default in the payment of interest or Additional Interest, if any, on,
premium, if any, on, or the principal of, the Notes; provided,
however,
that the Holders of a majority in principal amount of the then outstanding Notes
may rescind an acceleration and its consequences, except a Default or Event of
Default in the payment of the principal of, or premium (if any), interest or
Additional Interest (if any) on, a Note.

     

    

    
      
        
           

        

        
          A-9 

          
            

          

        

        
           

        

      

    

    

    
       

      
        	
                15.

              	
                Trustee
      Dealings with the Company

              

      

       

    

    Subject
to certain limitations imposed by the TIA, the Trustee, in its individual or any
other capacity, may become the owner or pledgee of Notes and may become a
creditor of, or otherwise deal with, the Company or its Affiliates with the same
rights it would have if it were not Trustee.

     

    
      	
              16.

            	
              No
      Recourse Against Others

            

    

     

    No
director, officer, employee, manager, incorporator or holder of any Equity
Interests in the Company or of any Guarantor or any direct or indirect parent
corporation, as such, shall have any liability for any obligations of the
Company or the Guarantors under the Notes, the Indenture, the Note Guarantees,
or the Security Documents for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Notes by accepting a Note
waives and releases all such liability. The waiver and release under are part of
the consideration for issuance of the Notes and the Note
Guarantees.

     

    
      	
              17.

            	
              Authentication

            

    

     

    This Note
shall not be valid until authenticated by the manual signature of the Trustee or
an authenticating agent.

     

    
      	
              18.

            	
              Abbreviations

            

    

     

    Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act).

     

    
      	
              19.

            	
              GOVERNING
      LAW

            

    

     

    THIS SECURITY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES WHICH WOULD HAVE THE EFFECT OF APPLYING THE LAWS
OF ANY OTHER JURISDICTION.

     

    
      	
              20.

            	
              CUSIP
      Numbers; ISINs

            

    

     

    The
Company has caused CUSIP numbers and ISINs to be printed on the Notes and has
directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as
a convenience to the Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.

     

    
      	
              21.

            	
              Guarantee

            

    

     

    The
Company’s obligations under the Notes are fully and unconditionally guaranteed,
jointly and severally, by the Guarantors.

     

    

    
      
        
           

        

        
          A-10 

          
            

          

        

        
           

        

      

    

     

     

    
       

      
        	
                22.

              	
                Copies
      of Documents

              

      

       

    

    The Company will furnish to any Holder of
Notes upon written request and without charge to the Holder a copy of the
Indenture which has in it the text of this Note.

     

    

    
      
        
           

        

        
          A-11 

          
            

          

        

        
           

        

      

    

    
Assignment
Form

    
       

    

    To assign
this Note, fill in the form below:

     

    (I) or (we) assign and transfer this Note to:                                                                                                                            

    (Insert assignee’s legal
name)

     

     

                                                                                          

     

                                (Insert assignee’s soc.
sec. or tax I.D. no.)

     

    

                                                                                            
 

    
                                                                                            

    

    

                                                                                            

       

                                                                                            

    

     

                                (Insert assignee’s address
and zip code)

     

    and irrevocably appoint                                                                                                                                                         

     

    as agent
to transfer this Note on the books of the Company.  The agent may
substitute another to

     

    act for
him or her.

     

    Date:                                

     

    Your Signature:                                                                                              

    (Sign
exactly as your name appears on the face of this Note)

     

    Signature Guarantee*:                                                                       

     

    *  Participant
in a recognized Signature

    Guarantee
Medallion Program (or other 

    signature
guarantor acceptable to the Trustee).

     

    

    
      
        
           

        

        
          A-12 

          
            

          

        

        
           

        

      

    

    

    [To
be inserted for Rule 144A Global Note]

     

    SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    The
following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been
made:

     

    
      
        	
                Date of
      Exchange

              	
                Amount
      of Decrease in

                Principal
      Amount at Maturity

                of this Global
      Note

              	
                Amount
      of Increase in

                Principal
      Amount at Maturity

                of this Global
      Note

              	
                Principal
      Amount

                of
      this Global Note

                Following
      such

                decrease (or
      increase)

              	
                Signature
      of

                Authorized
      Officer

                of
      Trustee or Notes

                Custodian

              
	 
      	 
      	 
      	 
      	 
      

      

    

     

     

     

     

    [To
be inserted for Regulation S Global Note]

     

    SCHEDULE
OF EXCHANGES OF INTERESTS IN THE REGULATION S GLOBAL NOTE

     

    The
following exchanges of a part of this Regulation S Global Note for an interest
in another Global Note or of other Restricted Global Notes for an interest in
this Regulation S Global Note, have been made:

     

    
      
        	
                Date of
      Exchange

              	
                Amount
      of Decrease in

                Principal
      Amount at Maturity

                of this Global
      Note

              	
                Amount
      of Increase in

                Principal
      Amount at Maturity

                of this Global
      Note

              	
                Principal
      Amount

                of
      this Global Note

                Following
      such

                decrease (or
      increase)

              	
                Signature
      of

                Authorized
      Officer

                of
      Trustee or Notes

                Custodian

              
	 
      	 
      	 
      	 
      	 
      

      

    

     

     

    

    
      
        
           

        

        
          A-13 

          
            

          

        

        
           

        

      

    

    

    OPTION
OF HOLDER TO ELECT PURCHASE

     

    If you
want to elect to have this Note purchased by the Company pursuant to Section 4.06 (Asset Sale) or Section 4.08 (Change of Control) of
the Indenture, check the box:

     

    Asset Sale    o                                           Change
of Control     o

     

    If you
want to elect to have only part of this Note purchased by the Company pursuant
to Section 4.06 (Asset Sale)
or  Section 4.08
(Change of Control) of the Indenture, state the amount ($2,000 or an integral
multiple of $1,000 in excess of $2,000):

     

    $______________

     

     

    Date:                                                      Your
Signature:                                                                                                     

    
                                                                                                        
(Sign exactly as your name appears on the face of this Note

    

     

    Tax Identification No.:                                                                           

     

    Signature Guarantee*:                                                                

     

    
      	
              *

            	
              Participant
      in a recognized Signature Guarantee Medallion Program (or other signature
      guarantor acceptable to the
Trustee).

            

    

     

     

    

    
      
        
           

        

        
          A-14 

          
            

          

        

        
           

        

      

    

     

    EXHIBIT
B

     

    [FORM OF FACE OF
EXCHANGE NOTE]3

    [Global
Note Legend]

     

    THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.07 OR SECTION 9.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(b) OF THE APPENDIX TO
THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.

     

    Each
Regulation S Global Note shall bear the following additional legend (as
applicable):

     

    THE
RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN
THE INDENTURE (AS DEFINED HEREIN).

     

    Each
Definitive Note shall bear the following additional legend:

     

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

     

    Each Note
issued with original issue discount shall bear the following additional
legend:

     

    FOR THE
PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; FOR EACH
$1,000 PRINCIPAL AMOUNT OF THIS SECURITY, THE ISSUE PRICE IS $985.02, THE AMOUNT
OF ORIGINAL ISSUE DISCOUNT IS $14.98, THE ISSUE DATE IS SEPTEMBER 30, 2009 AND
THE YIELD TO MATURITY IS 11.00% PER ANNUM.

     

    

      

    

      
      
        	
                 
      

              	
                3 If
      “Private Exchange Securities” as defined in the Registration Rights
      Agreement are to be issued instead of Exchange Notes, the Restricted Notes
      Legend should be included on the face of such Private Exchange
      Securities.

              

      

       

    

    

    
      
        
           

        

        
          B-1 

          
            

          

        

        
           

        

      

    

    

    [FORM OF EXCHANGE
NOTE]

    
       

      CUSIP
No.___________

                                                                                                                                                ISIN
No. ___________

       

      No.__________                                                                                 $_________

    

     

     

    ACCO
BRANDS CORPORATION

     10.625%
Senior Secured Notes due 2015

     

    ACCO
BRANDS CORPORATION, a Delaware corporation, for value received, promises to pay
to [            ],
or its registered assigns, the principal sum of
[            ]
Dollars [, or such other amount as is listed on the Schedule of Increases or
Decreases in Global Note attached hereto]4 on March 15, 2015.

     

    Interest
Payment Dates: March 15 and September 15.

     

    Record
Dates: March 1 and September 1.

     

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

     

    IN
WITNESS WHEREOF, the parties have caused this instrument to be duly
executed.

     

    
       

      
        
          	 	
                  ACCO
      BRANDS CORPORATION

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

        

      

    

     

    Dated:_______________________

     

     

     

     

     

    [Attach
Notation of Note Guarantee for each Guarantor]

     

     

     

     

     

    
      

        
        
          	
                  4

                	
                  Use
      the Schedule of Increases and Decreases language if Note is in Global
      Form.

                

        

         

      

      

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

    

     

    TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

     

    U.S. Bank
National Association, as Trustee,

      certifies
that this is one of the

      Notes
referred to in the Indenture

    
       

       

       

      By:                                                      

                 
Authorized Signatory

       

      Dated:                                                

                                                           

    

     

     

    
      	
              *
      /

            	
              If
      the Note is to be issued in global form, add the Global Notes Legend and
      the applicable attachment from Exhibit
      B captioned “TO BE ATTACHED TO GLOBAL NOTES – SCHEDULE OF INCREASES
      OR DECREASES IN GLOBAL NOTES”.

            

    

    
 

    
      
        
           

        

        
          B-3 

          
            

          

        

        
           

        

      

    

    

     

    [FORM
OF REVERSE SIDE OF EXCHANGE NOTE]

     

    ACCO
BRANDS CORPORATION

     

    10.625%
Senior Secured Notes due 2015

     

    Capitalized terms used herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise
indicated.

     

    
      	
              1.

            	
              Interest

            

    

     

    The
Company promises to pay interest on the principal amount of this Note at the
rate per
annum shown above from the date hereof until maturity. The Company shall
pay interest semiannually in arrears on March 15 and September 15 of each year,
or if any such day is not a Business Day, on the next succeeding Business Day
(each an “Interest
Payment Date”), commencing March 15, 2010. Interest on the Notes shall
accrue from the most recent date to which interest has been paid or duly
provided for or, if no interest has been paid or duly provided for, from
September 30, 2009 until the principal hereof is due. Interest shall be computed
on the basis of a 360-day year of twelve 30-day months. The Company shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at a rate equal to 1% per annum in
excess of the then applicable interest rate on the Notes to the extent lawful;
the Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period) from time to time at the same
rate to the extent lawful.

     

    
      	
              2.

            	
              Method
      of Payment

            

    

     

    The
Company shall pay interest on the Notes (except defaulted interest) to the
Persons who are registered Holders at the close of business on the March 1 or
September 1 immediately preceding the Interest Payment Date even if Notes are
canceled after the record date and on or before the Interest Payment Date,
except as provided in Section
2.12 of the Indenture with respect to defaulted interest. The Company
shall pay principal, premium, if any, and interest on the Notes in money of the
United States of America that at the time of payment is legal tender for payment
of public and private debts. The Company will make payments in respect of the
Notes represented by the Global Notes, including principal, premium, if any, and
interest, by wire transfer of immediately available funds to the accounts
specified by the Global Note Holder. The Company will make all payments of
principal, interest, and premium, if any, with respect to Definitive Notes by
wire transfer of immediately available funds to the accounts specified by the
Holders of the Definitive Notes or, if no such account is specified, by mailing
a check to each such Holder’s registered address. All other payments on Notes
shall be made at the office or agency of the Paying Agent and Registrar within
the City and State of New York unless the Company elects to make interest
payments by check mailed to the Holders at their addresses set forth in the
register of Holders.

     

    

    
      
        
           

        

        
          B-4 

          
            

          

        

        
           

        

      

    

    

    
      
        
          	
                  3. 

                	
                  Paying
      Agent and Registrar

                

        

      

    

     

    Initially,
U.S. Bank National Association (the “Trustee”)
will act as Paying Agent and Registrar. The Company may appoint and change any
Paying Agent or Registrar without notice to any Holder. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

     

    
      	
              4.

            	
              Indenture

            

    

     

    The
Company issued the Notes under an Indenture dated as of September 30, 2009 (the
“Indenture”),
among the Company, the Guarantors and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in
effect on the date of the Indenture (the “TIA”).
The Notes are subject to all such terms and provisions of the Indenture, and the
Holders (as defined in the Indenture) are referred to the Indenture and the TIA
for a statement of such terms and provisions.  To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling.  The
Indenture pursuant to which this Note is issued provides that an unlimited
aggregate principal amount of Additional Notes may be issued
thereunder.

     

    
      	
              5.

            	
              Optional
      Redemption

            

    

     

    (a)         Except
as set forth in subparagraph
(b) of this paragraph
5, the Company shall not have the option to redeem the Notes pursuant to
this Section prior to September 15, 2012.  On or after September 15,
2012, the Company may redeem the Notes, in whole at any time or in part from
time to time, upon not less than 30 nor more than 60 days’ notice, at the
redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest thereon, to the applicable redemption
date, if redeemed during the 12-month period beginning on September 15 of the
years indicated below, subject to the rights of Holders of Notes on the relevant
record date to receive interest on the relevant Interest Payment
Date:

     

    
      
        
          
            
              	
                      Year

                    	
                      Percentage

                    
	 
      	 
      
	
                      2012                                                                               

                    	
                      105.313%

                    
	
                      2013

                    	
                      102.657%

                    
	
                      2014
      and thereafter

                    	
                      100.000%

                    

            

          

        

      

    

     

    (b)         At
any time and from time to time on or prior to September 15, 2012, the Company
may redeem in the aggregate up to 35% of the aggregate principal amount of the
Notes issued under the Indenture (calculated after giving effect to any issuance
of Additional Notes) with the net cash proceeds of one or more Equity Offerings
(1) by the Company or (2) by any direct or indirect parent company of the
Company to the extent the net cash proceeds of such Equity Offering by such
direct or indirect parent of the Company are contributed to the common equity
capital of the Company or used to purchase Capital Stock (other than
Disqualified Stock) of the Company from it, at a redemption price (expressed as
a percentage of principal amount thereof) of 110.625%, plus accrued and unpaid
interest on the Notes redeemed to the redemption date; provided, however, that (i) at least 65% of
the original aggregate principal amount of the Notes

     

    

    
      
        
           

        

        
          B-5 

          
            

          

        

        
           

        

      

    

    

    (calculated
after giving effect to any issuance of Additional Notes) remains outstanding
after each such redemption; and (ii) any such redemption shall occur within 90
days after the date on which any such Equity Offering is consummated and
otherwise in accordance with the procedures set forth in the
Indenture.

     

    
      	
              6.

            	
              Mandatory
      Redemption

            

    

     

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

     

    
      	
              7.

            	
              Notice
      of Redemption

            

    

     

    Notice of
redemption will be mailed by first-class mail at least 30 days but not more than
60 days before the redemption date to each Holder of Notes to be redeemed at
his, her or its registered address, except that redemption notices may be mailed
more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction and discharge of the
Indenture. Notes in denominations larger than $2,000 may be redeemed in part but
only in whole multiples of $1,000. On or after the redemption date interest
ceases to accrue on Notes or portions thereof called for
redemption.

     

    
      	
              8.

            	
              Repurchase
      of Notes at the Option of the Holders upon Change of Control and Asset
      Sales

            

    

     

    Upon the
occurrence of a Change of Control, each Holder shall have the right, subject to
certain conditions specified in the Indenture, to cause the Company to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000)
of that Holder’s Notes at a purchase price in cash equal to 101% of the
aggregate principal amount thereof, plus accrued and unpaid interest to the date
of purchase (subject to the right of the Holders of record on the relevant
record date to receive interest due on the relevant Interest Payment Date), as
provided in, and subject to the terms of, the Indenture.

     

    In
accordance with Section 4.06 of
the Indenture, the Company will be required to offer to purchase Notes and other
Priority Lien Debt (if any) upon the occurrence of certain events related to
sales of Company assets.  If such an event occurs, the offer price for
the Notes and any other Priority Lien Debt in any Asset Sale Offer will be equal
to 100% of the principal amount of the Notes and such other Priority Lien Debt
repurchased, plus accrued and unpaid interest on the Notes and any other
Priority Lien Debt to the date of purchase, as provided in, and subject to the
terms of, the Indenture.

     

    
      	
              9.

            	
              Denominations;
      Transfer; Exchange

            

    

     

    The Notes
are in registered form, without coupons, in denominations of $2,000 and any
integral multiple of $1,000 in excess of $2,000. The transfer of Notes may be
registered and Notes may be exchanged in accordance with the Indenture. Upon any
registration of transfer or exchange, the Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements or transfer
documents and the Company may require a Holder to pay any taxes required by law
or permitted by the Indenture. The Registrar need not register the transfer of
or exchange any Notes selected for redemption (except, in the case of a Note to
be redeemed in part, the portion of the Note not to be redeemed) or to transfer
or exchange any Notes

     

    

    
      
        
           

        

        
          B-6 

          
            

          

        

        
           

        

      

    

    

    (i) for a
period of 15 days prior to a selection of Notes to be redeemed or (ii) tendered
and not withdrawn in connection with a Change of Control Offer or an Asset Sale
Offer.  Transfer may be restricted as provided in the
Indenture.

     

    
      	
              10.

            	
              Persons
      Deemed Owners

            

    

     

    The
registered Holder of this Note shall be treated as its owner for all
purposes.

     

    
      	
              11.

            	
              Unclaimed
      Money

            

    

     

    Subject
to any applicable escheat or other abandoned property law, the Trustee or Paying
Agent shall pay to the Company upon written request any money held by them for
the payment of principal of, or premium (if any) on, any Note that remains
unclaimed for two years after such amounts have become due and payable, and,
thereafter, Holders entitled to the money must look to the Company for payment
as a general creditor, and the Trustee and each Paying Agent shall have no
further liability with respect to such monies.

     

    
      	
              12.

            	
              Discharge
      and Defeasance

            

    

     

    Subject
to certain conditions, the Company at any time may terminate some of or all its
obligations under the Notes and the Indenture if, among other things, the
Company deposits with the Trustee, in trust, for the benefit of the Holders of
the Notes, cash in U.S. dollars, Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of, or
premium (if any) and interest on, the outstanding Notes.

     

    
      	
              13.

            	
              Amendment,
      Supplement and Waiver

            

    

     

    (a)         Subject
to certain exceptions, the Indenture, the Notes, the Note Guarantees or the
related Security Documents may be amended or supplemented with the consent of
the Holders of at least a majority in aggregate principal amount of the Notes
then outstanding (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes), and any past
default or non-compliance with, or requirement for future compliance with, any
provision of the Indenture, the Notes, the Note Guarantees or the Security
Documents may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes).

     

    (b)         Without
the consent of any Holder of a Note, the Indenture, the Notes, the Note
Guarantees or the Security Documents may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption of
the Company’s or any Guarantor’s obligations to Holders of Notes in the case of
a merger or consolidation or sale of all or substantially all of the Company’s
or such Guarantor’s assets, to make any change that would provide any additional
rights or benefits to the Holders of Notes or that does not adversely affect the
legal rights under the Indenture of any such Holder, to comply with requirements
of the SEC in order to effect or maintain the qualification of the Indenture
under the TIA, to comply with Section
4.11 of the Indenture, to conform the text of the Indenture, the Notes,
the Note Guarantees or the Security

     

    

    
      
        
           

        

        
          B-7 

          
            

          

        

        
           

        

      

    

    

     

    Documents
to any provision of the section of the Offering Circular entitled “Description
of Notes” to the extent that such provision in the “Description of Notes” was
intended to be a verbatim recitation of a provision of the Indenture, the Notes,
the Note Guarantees or the Security Documents, to evidence and provide for the
acceptance of appointment by a successor Trustee (provided that the successor
Trustee is otherwise qualified and eligible to act as such under the Indenture
or to provide for a successor or replacement Collateral Trustee under the
Security Documents), to provide for the issuance of Exchange Notes or Additional
Notes in accordance with the Indenture, to make, complete or confirm any grant
of Collateral permitted or required by the Indenture or any of the Security
Documents or any release, termination or discharge of Collateral that becomes
effective as set forth in the Indenture or any of the Security Documents, or to
grant any Lien for the benefit of the Holders of the Notes.  Any
amendment to, or waiver of, the provisions of the Indenture or any Security
Document that has the effect of releasing all or substantially all of the
Collateral from the Liens securing the Notes will require the consent of the
Holders of at least 662⁄3% in aggregate principal amount of the Notes then
outstanding (but only to the extent any such consent is required under the
Collateral Trust Agreement).

     

    
      	
              14.

            	
              Defaults
      and Remedies

            

    

     

    In the
case of an Event of Default arising from events of bankruptcy or insolvency
specified in Section 6.01(g) or
Section 6.01(h) of the Indenture
with respect to the Company, all outstanding Notes will become due and payable
immediately without further action or notice.  If any other Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately by notice in writing to the Company specifying the
Event of Default; provided,
however,
that a Default under Section
6.01(d) or Section
6.01(e) of the Indenture shall not constitute an Event of Default until
the Trustee notifies the Company or the Holders of at least 25% in principal
amount of the outstanding Notes notify the Company and the Trustee of the
Default and the Company does not cure such Default within the time specified in
Section 6.01(d) or Section 6.01(e) after receipt of such
notice.  Holders of the Notes may not enforce the Indenture or the
Notes except as provided in the Indenture.  Subject to certain
limitations, Holders of a majority in principal amount of the then-outstanding
Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from Holders of the Notes notice of
any Default or Event of Default (except a Default or Event of Default relating
to the payment of principal, interest or premium, if any) if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.  Holders
of a majority in aggregate principal amount of the Notes then outstanding by
notice to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture,
except a continuing Default or Event of Default in the payment of interest on,
premium, if any, on, or the principal of, the Notes; provided,
however,
that the Holders of a majority in principal amount of the then outstanding Notes
may rescind an acceleration and its consequences, except a Default or Event of
Default in the payment of the principal of, or premium (if any) or interest on,
a Note.

     

    
      	
              15.

            	
              Trustee
      Dealings with the Company

            

    

     

    Subject
to certain limitations imposed by the TIA, the Trustee, in its individual or any
other capacity, may become the owner or pledgee of Notes and may become a
creditor of, or

     

    

    
      
        
           

        

        
          B-8 

          
            

          

        

        
           

        

      

    

    

    otherwise
deal with, the Company or its Affiliates with the same rights it would have if
it were not Trustee.

     

    
      	
              16.

            	
              No
      Recourse Against Others

            

    

     

    No
director, officer, employee, manager, incorporator or holder of any Equity
Interests in the Company or of any Guarantor or any direct or indirect parent
corporation, as such, shall have any liability for any obligations of the
Company or the Guarantors under the Notes, the Indenture, the Note Guarantees,
or the Security Documents for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Notes by accepting a Note
waives and releases all such liability. The waiver and release under are part of
the consideration for issuance of the Notes and the Note
Guarantees.

     

    
      	
              17.

            	
              Authentication

            

    

     

    This Note
shall not be valid until authenticated by the manual signature of the Trustee or
an authenticating agent.

     

    
      	
              18.

            	
              Abbreviations

            

    

     

    Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act).

     

    
      	
              19.

            	
              GOVERNING
      LAW

            

    

     

    THIS SECURITY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES WHICH WOULD HAVE THE EFFECT OF APPLYING THE LAWS
OF ANY OTHER JURISDICTION.

     

    
      	
              20.

            	
              CUSIP
      Numbers; ISINs

            

    

     

    The
Company has caused CUSIP numbers and ISINs to be printed on the Notes and has
directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as
a convenience to the Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.

     

    
      	
              21.

            	
              Guarantee

            

    

     

    The
Company’s obligations under the Notes are fully and unconditionally guaranteed,
jointly and severally, by the Guarantors.

     

    

    
      
        
           

        

        
          B-9 

          
            

          

        

        
           

        

      

    

    

    
      	
              22. 

            	
              Copies
      of Documents

            

    

     

    The Company will furnish to any Holder of
Notes upon written request and without charge to the Holder a copy of the
Indenture which has in it the text of this Note.

     

    

    
      
        
           

        

        
          B-10 

          
            

          

        

        
           

        

      

    

    
      
        
Assignment
Form

        
           

        

      

      To assign
this Note, fill in the form below:

       

      (I) or (we) assign and transfer this Note to:                                                                                                          

      (Insert assignee’s legal
name)

       

       

                                                                          

       

                                  (Insert assignee’s soc.
sec. or tax I.D. no.)

       

      

                                                                            
 

      
                                                                            

      

      

                                                                            

         

                                                                            

      

       

                                  (Insert assignee’s address
and zip code)

       

      and irrevocably appoint                                                                                                                                       

       

      as agent
to transfer this Note on the books of the Company.  The agent may
substitute another to

       

      act for
him or her.

       

      Date:                                

       

      Your Signature:                                                                           

      (Sign
exactly as your name appears on the face of this Note)

       

      Signature Guarantee*:                                                                       

       

      *  Participant
in a recognized Signature

      Guarantee
Medallion Program (or other 

      signature
guarantor acceptable to the Trustee).

     

    

    
      
        
           

        

        
          B-11 

          
            

          

        

        
           

        

      

    

    

    [To
be inserted for Rule 144A Global Note]

     

    SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    The
following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global
Note or Definitive Note for an interest in this Global Note, have been
made:

     

    
      
        	
                Date of
      Exchange

              	
                Amount
      of Decrease in

                Principal
      Amount at Maturity

                of this Global
      Note

              	
                Amount
      of Increase in

                Principal
      Amount at Maturity

                of this Global
      Note

              	
                Principal
      Amount

                of
      this Global Note

                Following
      such

                decrease (or
      increase)

              	
                Signature
      of

                Authorized
      Officer

                of
      Trustee or Notes

                Custodian

              
	 
      	 
      	 
      	 
      	 
      

      

    

     

     

     

     

    [To
be inserted for Regulation S Global Note]

     

    SCHEDULE
OF EXCHANGES OF INTERESTS IN THE REGULATION S GLOBAL NOTE

     

    The
following exchanges of a part of this Regulation S Global Note for an interest
in another Global Note for an interest in this Regulation S Global Note, have
been made:

     

    
      
        	
                Date of
      Exchange

              	
                Amount
      of Decrease in

                Principal
      Amount at Maturity

                of this Global Note

              	
                Amount
      of Increase in

                Principal
      Amount at Maturity

                of this Global
      Note

              	
                Principal
      Amount

                of
      this Global Note

                Following
      such

                decrease (or
      increase)

              	
                Signature
      of

                Authorized
      Officer

                of
      Trustee or Notes

                Custodian

              
	 
      	 
      	 
      	 
      	 
      

      

    

     

     

    

    
      
        
           

        

        
          B-12 

          
            

          

        

        
           

        

      

    

    

    OPTION
OF HOLDER TO ELECT PURCHASE

     

    If you
want to elect to have this Note purchased by the Company pursuant to Section
4.06 (Asset Sale) or Section 4.08 (Change of Control) of the Indenture, check
the box:

     

    Asset
Sale      o                                                   Change
of Control        o

     

    If you
want to elect to have only part of this Note purchased by the Company pursuant
to Section 4.06 (Asset Sale) or
Section 4.08 (Change of Control)
of the Indenture, state the amount ($2,000 or an integral multiple of $1,000 in
excess of $2,000):

     

    
      $______________

       

       

      Date:                                                      Your
Signature:                                                                                                     

      
                                                                                                          
(Sign exactly as your name appears on the face of this Note

      

       

      Tax Identification No.:                                                                           

       

      Signature Guarantee*:                                                                

       

      
        	
                *

              	
                Participant
      in a recognized Signature Guarantee Medallion Program (or other signature
      guarantor acceptable to the
Trustee).

              

      

       

    

    

    
      
        
           

        

        
          B-13 

          
            

          

        

        
           

        

      

    

     

    EXHIBIT D

    
FORM
OF SUPPLEMENTAL INDENTURE

    TO
BE DELIVERED BY SUBSEQUENT GUARANTORS

     

    SUPPLEMENTAL
INDENTURE, dated as of _____________, among  __________________
(the “Guaranteeing
Subsidiary”), a subsidiary of ACCO Brands Corporation, a Delaware
corporation (or its permitted successor) (the “Company”),
the Company,  the Guarantors listed on the signature pages hereto and
U.S. Bank National Association (or its permitted successor), a nationally
chartered banking association, as trustee under the Indenture referred to below
(the “Trustee”).

     

    W
I T N E S S E T H

     

    WHEREAS, the
Company and the other Guarantors party thereto have heretofore executed and
delivered to the Trustee an indenture (the “Indenture”),
dated as of September 30, 2009 providing for the issuance of the Company’s
10.625% senior secured notes due 2015 (the “Notes”);

     

    WHEREAS,
Section 4.11 of the Indenture
provides that under certain circumstances the Company is required to cause the
Guaranteeing Subsidiary to execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall, subject to ARTICLE Twelve of the Indenture,
jointly and severally with all of the other Guarantors, fully and
unconditionally guarantee all the Company’s obligations under the Notes pursuant
to a Note Guarantee on the terms and conditions set forth herein (the “Note
Guarantee”); and

     

    WHEREAS,
pursuant to Section 9.01 of the
Indenture, the Trustee, the Company and the existing Guarantors are authorized
to execute and deliver this Supplemental
Indenture;

     

    NOW
THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary, the Company and the Trustee mutually covenant and agree
as follows for the equal and ratable benefit of the Holders of the
Notes:

     

    1.           Defined
Terms. As used in this Supplemental Indenture, terms defined in the
Indenture or in the preamble or recital hereto are used herein as therein
defined. The words “herein,” “hereof” and “hereby” and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture
as a whole and not to any particular section hereof.

     

    2.           Agreement
to Guarantee.

     

    (a)         Subject
to ARTICLE Twelve of the
Indenture, the Guaranteeing Subsidiary, jointly and severally with all other
Guarantors, fully and unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of the Indenture,
the Notes or the obligations of the Company hereunder or thereunder,
that:

     

    (i)    the principal
of, premium (if any), interest and Additional Interest (if any) on, the Notes
will be promptly paid in full when due, whether at maturity,

     

    

    
      
        
           

        

        
          D-1 

          
            

          

        

        
           

        

      

    

     

     by
acceleration, redemption or otherwise, and interest on the overdue principal of,
premium (if any), interest and Additional Interest (if any) on, the Notes, if
lawful (subject in all cases to any applicable grace period provided herein),
and all other obligations of the Company to the Holders or the Trustee hereunder
or thereunder will be promptly paid in full, all in accordance with the terms
hereof and thereof, and

     

    (ii)    in case of
any extension of time of payment or renewal of any Notes or any of such other
obligations, the same will be promptly paid in full when due in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.  Failing payment when due of any amount so
guaranteed for whatever reason, the Guarantors shall be jointly and severally
obligated to pay the same immediately.  The Guaranteeing Subsidiary
agrees that this is a guarantee of payment and not a guarantee of
collection.

     

    (b)         The
Guaranteeing Subsidiary hereby agrees that, to the maximum extent permitted
under applicable law, its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or the
Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof, the
recovery of any judgment against the Company, any action to enforce the same or
any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor.

     

    (c)         The
Guaranteeing Subsidiary, subject to Section
6.06 of the Indenture, hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that this Note
Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes and the Indenture.

     

    (d)         If
any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors, or any custodian, trustee, liquidator or other similar
official acting in relation to the Company or any Guarantor, any amount paid by
any of them to the Trustee or such Holder, this Note Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and
effect.

     

    (e)         The
Guaranteeing Subsidiary agrees that it shall not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby.

     

    (f)         The
Guaranteeing Subsidiary agrees that, as between the Guarantors, on the one hand,
and the Holders and the Trustee, on the other hand, (i) the maturity of the
obligations guaranteed hereby may be accelerated as provided in ARTICLE Six of the Indenture for the
purposes of the Note Guarantee of such Guaranteeing Subsidiary, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed hereby, and (ii) in the event of any
declaration of acceleration of such obligations as provided in ARTICLE Six of the Indenture, such
obligations (whether or not due and payable) shall forthwith become due and
payable by the Guarantors for the purpose of the Note Guarantee.

     

    

    
      
        
           

        

        
          D-2 

          
            

          

        

        
           

        

      

    

     

    (g)         The
Guaranteeing Subsidiary shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Note Guarantee.

     

    (h)         The
Guaranteeing Subsidiary confirms, pursuant to Section 12.02 of the Indenture, that
it is the intention of such Guaranteeing Subsidiary that the Note Guarantee not
constitute (i) a fraudulent transfer or conveyance for purposes of Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar federal or state law to the extent applicable to the Note
Guarantee or (ii) an unlawful distribution under any applicable state law
prohibiting shareholder distributions by an insolvent subsidiary to the extent
applicable to the Note Guarantee.  To effectuate the foregoing
intention, the Guaranteeing Subsidiary and the Trustee hereby irrevocably agree
that the obligations of the Guaranteeing Subsidiary will be limited to the
maximum amount as will, after giving effect to all other contingent and fixed
liabilities of such Guaranteeing Subsidiary that are relevant under such laws,
and after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under ARTICLE Twelve of the Indenture,
result in the obligations of the Guaranteeing Subsidiary under the Note
Guarantee not constituting a fraudulent transfer or conveyance or such an
unlawful shareholder distribution.

     

    3.           Notices.
All notices or other communications to the Guaranteeing Subsidiary shall be
given as provided in Section
13.02 of the Indenture.

     

    4.           Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby.

     

    5.           GOVERNING
LAW. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES WHICH
WOULD HAVE THE EFFECT OF APPLYING THE LAWS OF ANY OTHER
JURISDICTION.

     

    6.           Trustee
Makes No Representation. The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

     

    7.           Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

     

    8.           Effect of
Headings. The Section headings herein are for convenience only and shall
not effect the construction thereof.

     

    9.           Execution
and Delivery.  The
Guaranteeing Subsidiary agrees that the Note Guarantee shall remain in full
force and effect notwithstanding any failure to endorse on each Note a notation
of the Note Guarantee.

     

    

    
      
        
           

        

        
          D-3 

          
            

          

        

        
           

        

      

    

    

    10.           No Recourse
Against Others.  No director, officer, employee, incorporator
or stockholder of the Guaranteeing Subsidiary, as such, shall have any liability
for any obligations of the Guaranteeing Subsidiary under the Notes, the
Indenture, this Supplemental Indenture, the Note Guarantees, or any document
related to any of the foregoing or for any claim based on, in respect of, or by
reason of, such obligations or their creation.  The waiver and release
under this Section
10 are part of the consideration for the Note Guarantees.

     

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

     

    
      
         

        
          
            	 	
                    [NEW
      GUARANTOR]

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

          

        

         

      

    

     

    
      
        
          	 	
                  ACCO
      BRANDS CORPORATION

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

        

      

       

       

      
        
          
            
              
                
                  	 	 GUARANTORS:	 
	 	
                          [NAMES OF EXISTING
      GUARANTORS]

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                

              

            

          

        

         

      

      
         

        
          
            	 	
                    U.S.
      BANK NATIONAL ASSOCIATION, AS TRUSTEE

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

          

        

         

      

       

    

    

    
      
        
           

        

        
          D-4 

          
            

          

        

        
           

        

      

    

     

    EXHIBIT E

    
FORM
OF NOTATION OF GUARANTEE

     

    For value
received, each Guarantor (which term includes any successor Person under the
Indenture) has, jointly and severally, unconditionally guaranteed, to the extent
set forth in and subject to the provisions in the Indenture, dated as of
September 30, 2009 (the “Indenture”),
among ACCO Brands Corporation, a Delaware corporation (the “Company”),
the Guarantors and U.S. Bank National Association, a nationally chartered
banking association, as trustee (the “Trustee”),
(a) the full and punctual payment when due, whether at Stated Maturity, by
acceleration, by redemption or otherwise, of all obligations of the Company
under the Indenture (including obligations to the Trustee) and the Notes,
whether for payment of principal of, or premium (if any), interest and
Additional Interest (if any) on, the Notes and all other monetary obligations of
the Company under the Indenture (including interest on the overdue principal of,
premium (if any), interest and Additional Interest (if any) on, the Notes, if
lawful (subject in all cases to any applicable grace period provided in the
Indenture)) and the Notes and (b) the full and punctual performance within
applicable grace periods of all other obligations of the Company whether for
fees, expenses, indemnification or otherwise under this Indenture and the Notes
(all the foregoing being hereinafter collectively called the “Guaranteed
Obligations”). Each Guarantor further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice or
further assent from each such Guarantor, and that each such Guarantor shall
remain bound under ARTICLE
Twelve of the Indenture notwithstanding any extension or renewal of any
Guaranteed Obligation.  The obligations of the Guarantors to the
Holders of Notes and to the Trustee pursuant to the Note Guarantee and the
Indenture are expressly set forth in ARTICLE Twelve of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Note
Guarantee.  Each Holder of a Note, by accepting the same, (a) agrees
to and shall be bound by such provisions and (b) appoints the Trustee
attorney-in-fact of such Holder for such purpose.

     

    [SIGNATURE
PAGE FOLLOWS]

     

    

    
      
        
           

        

        
          E-1 

          
            

          

        

        
           

        

      

    

    

    IN WITNESS
HEREOF, each Guarantor has caused this Notation of Guarantee to be signed
manually or by facsimile by its duly authorized
officer.

     

    
      
         

      

    

     

                        [NAME OF
GUARANTOR]

     

     

     

    

    
      
        
           

        

        
          E-2 

          
            

          

        

        
           

        

      

    

     

    EXHIBIT
F

     

    FORM
OF CERTIFICATE OF TRANSFER

     

    ACCO
Brands Corporation

    300 Tower
Parkway

    Lincolnshire,
Illinois  60069

    Attention:  Chief
Financial Officer

     

    U.S. Bank
National Association

    209 South
LaSalle Street, Suite 300

    Chicago,
Illinois  60604

    Facsimile:
(312) 325-8974

    Attention:  Corporate
Trust Services

     

    Re:  10.625%
Senior Secured Notes due 2015

     

    Reference
is hereby made to the Indenture, dated as of September 30, 2009 (the “Indenture”),
among ACCO Brands Corporation, a Delaware corporation (the “Company”),
the Guarantors and U.S. Bank National Association, a nationally chartered
banking association, as trustee.  Capitalized terms used but not
defined herein shall have the meanings given to them in the
Indenture.

     

    ___________________
(the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified
in Annex A hereto, in the principal amount of $___________ in such Note[s] or
interests (the “Transfer”),
to  ___________________________ (the “Transferee”),
as further specified in Annex A hereto.  In connection with the
Transfer, the Transferor hereby certifies that:

     

    [CHECK
ALL THAT APPLY]

     

    o
1.          Check if
Transferee will take delivery of a beneficial interest in the 144A Global Note
or a Definitive Note Pursuant to Rule 144A.  The Transfer is
being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the
Transferor reasonably believed and believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a “qualified institutional buyer” within the
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and
such Transfer is in compliance with any applicable blue sky securities laws of
any state of the United States.  Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Restricted Notes Legend printed on the 144A Global
Note and/or the Restricted Definitive Note and in the Indenture and the
Securities Act.

     

    o
2.          Check if
Transferee will take delivery of a beneficial interest in a Regulation S Global
Note or a Definitive Note pursuant to Regulation S.  The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and, accordingly, the Transferor hereby further
certifies that (i) the Transfer is not being made to a

     

    

    
      
        
           

        

        
          F-1 

          
            

          

        

        
           

        

      

    

    

    Person in
the United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (y) the transaction was executed in, on or through
the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act, (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) the transfer is not being made to a U.S. Person or for
the account or benefit of a U.S. Person (other than an Initial
Purchaser).  Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on Transfer enumerated in
the Regulation S Legend printed on the Regulation S Global Note and/or the
Definitive Note and in the Indenture and the Securities Act.

     

    o 3.          Transferee
will take delivery of a Restricted Definitive Note pursuant to any provision of
the Securities Act other than Rule 144, Rule 144A or Regulation
S.  The Transfer is being effected in compliance with the
transfer restrictions applicable to beneficial interests in Restricted Global
Notes and Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act and any applicable blue sky securities laws of any state of the
United States, and accordingly the Transferor hereby further certifies that such
Transfer is being effected to the Company or a Subsidiary
thereof.

     

    4.           Transferee
will take delivery of a beneficial interest in an Unrestricted Global Note or of
an Unrestricted Definitive Note.

     

    o (a)         Check if
Transfer is pursuant to Rule 144.  (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Restricted
Notes Legend or the Regulation S Legend are not required in order to maintain
compliance with the Securities Act.  Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Restricted Notes Legend printed on
the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture.

     

    o (b)         Check if
Transfer is Pursuant to Regulation S.  (i) The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United
States and, in the case of a transfer from a Restricted Global Note or a
Restricted Definitive Note, the Transferor hereby further certifies that (a) the
Transfer is not being made to a person in the United States and (x) at the time
the buy order was originated, the Transferee was outside the United States or
such Transferor and any Person acting on its behalf reasonably believed and
believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on
its behalf knows that the transaction was prearranged with a buyer in the United
States, (b) no 

     

    

    
      
        
           

        

        
          F-2 

          
            

          

        

        
           

        

      

    

    

    directed
selling efforts have been made in contravention of the requirements of Rule
903(b) or Rule 904(b) of Regulation S under the Securities Act, (c) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (d) the transfer is not being made to a
U.S. Person or for the account or benefit of a U.S. Person, and (ii) the
restrictions on transfer contained in the Indenture, the Restricted Notes Legend
or the Regulation S Legend are not required in order to maintain compliance with
the Securities Act.  Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will no longer be subject to the restrictions on transfer
enumerated in the Regulation S Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

     

    o (c)         Check if
Transfer is Pursuant to Other Exemption.  (i) The Transfer is
being effected pursuant to and in compliance with an exemption from the
registration requirements of the Securities Act other than Rule 144, Rule 903 or
Rule 904 and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the
Restricted Notes or Regulation S Legend are not required in order to maintain
compliance with the Securities Act.  Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Restricted Notes Legend or Regulation S Legend
printed on the Restricted Global Notes or Restricted Definitive Notes and in the
Indenture.

     

    

    
      
        
           

        

        
           F-3

          
            

          

        

        
           

        

      

    

    

    This
certificate and the statements contained herein are made for your benefit and
the benefit of the Company.

     

    
      
         

        
          
            	 	
                    Dated: 
      ______________________________

                  	 
	 	 	
                     

                     

                  	 
	
                     

                  	
                     

                  	 	 
	 	 	
                                        
      [Insert Name of Transferor]

                  	 
	 	 	 	 
	 	 	 	 

          

        

         

        
          
             

            
              
                
                  
                    
                      	 	 	 	 
	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                

              

            

             

          

        

      

    

     

    

    
      
        
           

        

        
          F-4 

          
            

          

        

        
           

        

      

    

    

    ANNEX A
TO CERTIFICATE OF TRANSFER

     

    1.           The
Transferor owns and proposes to transfer the following:

     

     

    [CHECK
ONE OF (a) OR (b)]

     

           o 
(a)           a
beneficial interest in the:

     

    (i)           144A
Global Note (CUSIP: 00081T AC2); or

    
       

      (ii)           Regulation
S Global Note (CUSIP: U00445 AB9); or

       

    

           o 
(b)           a
Restricted Definitive Note.

     

    2.           After
the Transfer the Transferee will hold:

     

     

    [CHECK
ONE]

           o 
(a)           a
beneficial interest in the:

     

    (i)           144A
Global Note (CUSIP: 00081T AC2); or

     

    (ii)           Regulation
S Global Note (CUSIP: U00445 AB9); or

     

    (iii)           Unrestricted
Global Note (CUSIP: 00081T AD0); or

     

           o 
(b)           a
Restricted Definitive Note; or

     

           o 
(c)           an
Unrestricted Definitive Note,

     

    in
accordance with the terms of the Indenture.

     

    

    
      
        
           

        

        
          F-5 

          
            

          

        

        
           

        

      

    

     

    EXHIBIT G

    
FORM OF
CERTIFICATE OF EXCHANGE

     

    ACCO
Brands Corporation

    300 Tower
Parkway

    Lincolnshire,
Illinois  60069

    Attention:  Chief
Financial Officer

     

    U.S. Bank
National Association

    209 South
LaSalle Street, Suite 300

    Chicago,
Illinois  60604

    Facsimile:
(312) 325-8974

    Attention:  Corporate
Trust Services

     

    Re:  10.625%
Senior Secured Notes due 2015

     

    Reference
is hereby made to the Indenture, dated as of September 30, 2009 (the “Indenture”),
among ACCO Brands Corporation, a Delaware corporation (the “Company”),
the Guarantors and U.S. Bank National Association, a nationally chartered
banking association, as trustee.  Capitalized terms used but not
defined herein shall have the meanings given to them in the
Indenture.

     

    __________________________
(the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified
herein, in the principal amount of $____________ in such Note[s] or interests
(the “Exchange”).  In
connection with the Exchange, the Owner hereby certifies that:

     

    [CHECK
ALL THAT APPLY]

     

    1.           Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an
Unrestricted Global Note

     

    o
(a)           
Check
if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a beneficial interest in an Unrestricted Global Note in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the
Global Notes and pursuant to and in accordance with the Securities Act of 1933,
as amended (the “Securities
Act”), (iii) the restrictions on transfer contained in the Indenture and
the Restricted Notes Legend or Regulation S Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in
an Unrestricted Global Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United
States.

     

    o
(b)           Check if
Exchange is from beneficial interest in a Restricted Global Note to Unrestricted
Definitive Note.  In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby 

     

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Restricted Notes
Legend or Regulation S Legend are not required in order to maintain compliance
with the Securities Act and (iv) the Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

     

    o
(c)           Check if
Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note.  In connection with the Owner’s
Exchange of a Restricted Definitive Note for a beneficial interest in an
Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Restricted Notes Legend or the Regulation S Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky
securities laws of any state of the United
States.

     

    o
(d)           Check if
Exchange is from Restricted Definitive Note to Unrestricted Definitive
Note.  In connection with the Owner’s Exchange of a Restricted
Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Restricted Notes Legend or the
Regulation S Legend are not required in order to maintain compliance with the
Securities Act and (iv) the Unrestricted Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

     

    2.           Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes

     

    o
(a)           Check if
Exchange is from beneficial interest in a Restricted Global Note to Restricted
Definitive Note.  In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a Restricted
Definitive Note with an equal principal amount, the Owner hereby certifies that
the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer.  Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in
the Restricted Notes Legend or Regulation S Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities
Act.

     

    o
(b)           Check if
Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note.  In connection with the Exchange of the
Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]
:

     

     

    
      
        
        

      

      
        F-2

        
          

        

      

      
        
        

      

    

     

    o  144A Global
Note, :

     

    o  Regulation S Global Note,
:

     

    with an
equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner’s own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States.  Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in
the Restricted Notes Legend or the Regulation S Legend, as applicable, printed
on the relevant Restricted Global Note and in the Indenture and the Securities
Act.

     

    This
certificate and the statements contained herein are made for your benefit and
the benefit of the Company.

     

    
      
         

        
          
            	 	
                    Dated: 
      ______________________________

                  	 
	 	 	
                     

                     

                  	 
	
                     

                  	
                     

                  	 	 
	 	 	
                                        
      [Insert Name of Transferor]

                  	 
	 	 	 	 
	 	 	 	 

          

        

         

        
          
             

            
              
                
                  
                    
                      	 	 	 	 
	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                

              

            

             

             

             

            
              
                
                

              

              
                F-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]