Document:

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                                                                     Exhibit 4.5

                         INTERNATIONAL STEEL GROUP INC.

                          6.500% SENIOR NOTES DUE 2014

                      UNCONDITIONALLY GUARANTEED AS TO THE

                         PAYMENT OF PRINCIPAL, PREMIUM,
                             IF ANY, AND INTEREST BY

                  THE GUARANTORS REFERRED TO IN ANNEX A HERETO

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

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                                  April 14, 2004

Goldman, Sachs & Co.,
UBS Securities LLC
Citigroup Global Markets Inc.
J.P. Morgan Securities Inc.
c/o Goldman, Sachs & Co.
    85 Broad Street
    New York, New York 10004

Ladies and Gentlemen:

         International Steel Group Inc., a Delaware corporation (the "Company"),
proposes to issue and sell to the Purchasers (as defined herein) upon the terms
set forth in the Purchase Agreement (as defined herein) its 6.500% Senior Notes
due 2014 (the "Senior Notes"), which are unconditionally guaranteed by the
Guarantors referred to in Annex A hereto. As an inducement to the Purchasers to
enter into the Purchase Agreement and in satisfaction of a condition to the
obligations of the Purchasers thereunder, the Company and the Guarantors,
jointly and severally, agree with the Purchasers for the benefit of holders (as
defined herein) from time to time of the Transfer Restricted Securities (as
defined herein) as follows:

                  1. Certain Definitions. For purposes of this Exchange and
Registration Rights Agreement, the following terms shall have the following
respective meanings:

                  "Base Interest" shall mean the interest that would otherwise
         accrue on the Securities under the terms thereof and the Indenture,
         without giving effect to the provisions of this Agreement.

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                  The term "broker-dealer" shall mean any broker or dealer
         registered with the Commission under the Exchange Act.

                  "Closing Date" shall mean the date on which the Securities are
         initially issued.

                  "Commission" shall mean the United States Securities and
         Exchange Commission, or any other federal agency at the time
         administering the Exchange Act or the Securities Act, whichever is the
         relevant statute for the particular purpose.

                  "Effective Time," in the case of (i) an Exchange Registration,
         shall mean the time and date as of which the Commission declares the
         Exchange Offer Registration Statement effective or as of which the
         Exchange Offer Registration Statement otherwise becomes effective and
         (ii) a Shelf Registration, shall mean the time and date as of which the
         Commission declares the Shelf Registration Statement effective or as of
         which the Shelf Registration Statement otherwise becomes effective.

                  "Electing Holder" shall mean any holder of Transfer Restricted
         Securities that has returned a completed and signed Notice and
         Questionnaire to the Company in accordance with Section 3(d)(ii) or
         3(d)(iii) hereof.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
         as amended, or any successor thereto, as the same shall be amended from
         time to time.

                  "Exchange Offer" shall have the meaning assigned thereto in
         Section 2(a) hereof.

                  "Exchange Registration" shall have the meaning assigned
         thereto in Section 3(c) hereof.

                  "Exchange Offer Registration Statement" shall have the meaning
         assigned thereto in Section 2(a) hereof.

                  "Exchange Securities" shall have the meaning assigned thereto
         in Section 2(a) hereof.

                  "Guarantors" shall have the meaning assigned thereto in the
         Indenture.

                  The term "holder" shall mean each of the Purchasers and other
         persons who acquire Transfer Restricted Securities from time to time
         (including any successors or assigns), in each case for so long as such
         person owns any Transfer Restricted Securities.

                  "Indenture" shall mean the Indenture, dated as of April 14,
         2004, between the Company, the Guarantors and The Bank of New York, as
         Trustee, as the same shall be amended from time to time.

                  "Notice and Questionnaire" means a Notice of Registration
         Statement and Selling Securityholder Questionnaire substantially in the
         form of Exhibit A hereto.

                  The term "person" shall mean a corporation, association,
         partnership, organization, business, individual, government or
         political subdivision thereof or governmental agency.

                  "Purchase Agreement" shall mean the Purchase Agreement, dated
         as of April 8, 2004, between the Purchasers, the Guarantors and the
         Company relating to the Securities.

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                  "Purchasers" shall mean the Purchasers named in Schedule I to
         the Purchase Agreement.

                  "Registration Default" shall have the meaning assigned thereto
         in Section 2(c) hereof.

                  "Registration Expenses" shall have the meaning assigned
         thereto in Section 4 hereof.

                  "Resale Period" shall have the meaning assigned thereto in
         Section 2(a) hereof.

                  "Restricted Holder" shall mean (i) a holder that is an
         affiliate of the Company within the meaning of Rule 405, (ii) a holder
         who acquires Exchange Securities outside the ordinary course of such
         holder's business, (iii) a holder who has arrangements or
         understandings with any person to participate in the Exchange Offer for
         the purpose of distributing Exchange Securities and (iv) a holder that
         is a broker-dealer, but only with respect to Exchange Securities
         received by such broker-dealer pursuant to an Exchange Offer in
         exchange for Transfer Restricted Securities acquired by the
         broker-dealer directly from the Company.

                  "Rule 144," "Rule 405" and "Rule 415" shall mean, in each
         case, such rule promulgated under the Securities Act (or any successor
         provision), as the same shall be amended from time to time.

                  "Securities" shall mean, collectively, the 6.500% Senior Notes
         due 2014 of the Company to be issued and sold to the Purchasers, and
         securities issued in exchange therefor or in lieu thereof pursuant to
         the Indenture. Each Security is entitled to the benefit of the
         guarantee provided for in the Indenture (the "Guarantee") and, unless
         the context otherwise requires, any reference herein to a "Security,"
         an "Exchange Security" or a "Transfer Restricted Security" shall
         include a reference to the related Guarantee.

                  "Securities Act" shall mean the Securities Act of 1933, as
         amended, or any successor thereto, as the same shall be amended from
         time to time.

                  "Senior Notes" shall have the meaning assigned thereto in the
         first paragraph of this agreement.

                  "Shelf Registration" shall have the meaning assigned thereto
         in Section 2(b) hereof.

                  "Shelf Registration Statement" shall have the meaning assigned
         thereto in Section 2(b) hereof.

                  "Special Interest" shall have the meaning assigned thereto in
         Section 2(c) hereof.

                  "Transfer Restricted Securities" means each Senior Note until
         the earliest to occur of (i) the date on which Senior Note has been
         exchanged by a Person other than a broker-dealer for an Exchange
         Security in the Exchange Offer; (ii) following the exchange by a
         broker-dealer in the Exchange Offer of a Senior Note for an Exchange
         Security, the date on which such Exchange Security is sold to a
         purchaser who receives from such broker-dealer on or prior to the date
         of such sale a copy of the prospectus contained in the Exchange Offer
         Registration Statement; (iii) the date on which such Senior Note has
         been effectively registered under the Securities Act and disposed of in
         accordance with the Shelf Registration Statement; (iv) the date on
         which such Senior Note is distributed to the public

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         pursuant to Rule 144 under the Securities Act; or (v) the date on which
         such Senior Note ceases to be outstanding.

                  "Trust Indenture Act" shall mean the Trust Indenture Act of
         1939, or any successor thereto, and the rules, regulations and forms
         promulgated thereunder, all as the same shall be amended from time to
         time.

                  Unless the context otherwise requires, any reference herein to
         a "Section" or "clause" refers to a Section or clause, as the case may
         be, of this Exchange and Registration Rights Agreement, and the words
         "herein," "hereof" and "hereunder" and other words of similar import
         refer to this Exchange and Registration Rights Agreement as a whole and
         not to any particular Section or other subdivision.

                  2.       Registration Under the Securities Act.

                  (a) Except as set forth in Section 2(b) below, the Company and
         the Guarantors agree to use commercially reasonable efforts to file
         under the Securities Act, no later than 150 days after the Closing
         Date, a registration statement relating to an offer to exchange (such
         registration statement, the "Exchange Offer Registration Statement",
         and such offer, the "Exchange Offer") any and all of the Transfer
         Restricted Securities for a like aggregate principal amount of debt
         securities issued by the Company and guaranteed by the Guarantors,
         which debt securities and guarantees are substantially identical to the
         Securities and the related Guarantees, respectively (and are entitled
         to the benefits of a trust indenture which is substantially identical
         to the Indenture or is the Indenture and which has been qualified under
         the Trust Indenture Act), except that they have been registered
         pursuant to an effective registration statement under the Securities
         Act and do not contain provisions for the additional interest
         contemplated in Section 2(c) below (such new debt securities
         hereinafter called "Exchange Securities"). The Company and the
         Guarantors agree to use all commercially reasonable efforts to cause
         the Exchange Offer Registration Statement to become effective under the
         Securities Act no later than 210 days after the Closing Date. The
         Exchange Offer will be registered under the Securities Act on the
         appropriate form and will comply with all applicable tender offer rules
         and regulations under the Exchange Act. The Company and the Guarantors
         further agree to use all commercially reasonable efforts to commence
         and complete the Exchange Offer no later than 40 business days after
         such registration statement has become effective, hold the Exchange
         Offer open for at least 20 business days and exchange Exchange
         Securities for all Transfer Restricted Securities that have been
         properly tendered and not withdrawn on or prior to the expiration of
         the Exchange Offer. The Exchange Offer will be deemed to have been
         "completed" only if the debt securities and related guarantee received
         by holders other than Restricted Holders in the Exchange Offer for
         Transfer Restricted Securities are, upon receipt, transferable by each
         such holder without restriction under the Securities Act and the
         Exchange Act and without material restrictions under the blue sky or
         securities laws of a substantial majority of the States of the United
         States of America. The Exchange Offer shall be deemed to have been
         completed upon the earlier to occur of (i) the Company having exchanged
         the Exchange Securities for all outstanding Transfer Restricted
         Securities pursuant to the Exchange Offer and (ii) the Company having
         exchanged, pursuant to the Exchange Offer, Exchange Securities for all
         Transfer Restricted Securities that have been properly tendered and not
         validly withdrawn before the expiration of the Exchange Offer, which
         shall be on a date that is at least 20 business days following the
         commencement of the Exchange Offer.

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         The Company agrees (x) to include in the Exchange Offer Registration
         Statement a prospectus for use in any resales by any holder of Exchange
         Securities that is a broker-dealer and (y) to keep such Exchange Offer
         Registration Statement effective for a period (the "Resale Period")
         beginning when Exchange Securities are first issued in the Exchange
         Offer and ending upon the earlier of the expiration of the 180th day
         after the Exchange Offer has been completed or such time as such
         broker-dealers no longer own any Transfer Restricted Securities. With
         respect to such Exchange Offer Registration Statement, such holders
         shall have the benefit of the rights of indemnification and
         contribution set forth in Sections 6(a), (c), (d) and (e) hereof.

                  (b) If (i) the Company is not permitted to file the Exchange
         Registration Statement or complete the Exchange Offer because the
         Exchange Offer is not permitted by applicable law or Commission policy,
         or (ii) any holder of Transfer Restricted Securities notifies the
         Company prior to the 20th business day following the consummation of
         the Exchange Offer that such holder (A) is prohibited by law or
         Commission policy from participating in the Exchange Offer, (B) may not
         resell the Exchange Securities acquired by it in the Exchange Offer
         without delivering a prospectus and the prospectus contained in the
         Exchange Registration Statement is not appropriate or available for
         such resales (it being understood that the requirement that a holder
         deliver a prospectus containing the information required by Item 507
         and/or Item 508 of Regulation S-K under the Securities Act shall not
         result in the prospectus contained in the Exchange Registration
         Statement being not appropriate or not available) or (C) is a
         broker-dealer and owns Exchange Securities acquired directly from the
         Company or an affiliate of the Company, then the Company shall, in lieu
         of (or, in the case of clause (ii), in addition to) conducting the
         Exchange Offer contemplated by Section 2(a), use all commercially
         reasonable efforts to file under the Securities Act no later than the
         later of 45 days after the time such obligation to file arises a
         "shelf" registration statement providing for the registration of, and
         the sale on a continuous or delayed basis by the holders of, all such
         Transfer Restricted Securities, pursuant to Rule 415 or any similar
         rule that may be adopted by the Commission (such filing, the "Shelf
         Registration" and such registration statement, the "Shelf Registration
         Statement"). The Company and the Guarantors agree to use all
         commercially reasonable efforts (x) to cause the Shelf Registration
         Statement to become or be declared effective no later than 120 days
         after the time such obligation to file the Shelf Registration Statement
         arises and to keep such Shelf Registration Statement continuously
         effective for a period ending on the earlier of the second anniversary
         of the Effective Time or such time as there are no longer any Transfer
         Restricted Securities outstanding, provided, however, that no holder
         shall be entitled to be named as a selling securityholder in the Shelf
         Registration Statement or to use the prospectus forming a part thereof
         for resales of Transfer Restricted Securities unless such holder is an
         Electing Holder, and (y) after the Effective Time of the Shelf
         Registration Statement, promptly upon the request of any holder of
         Transfer Restricted Securities that is not then an Electing Holder, to
         take any action reasonably necessary to enable such holder to use the
         prospectus forming a part thereof for resales of Transfer Restricted
         Securities, including, without limitation, any action necessary to
         identify such holder as a selling securityholder in the Shelf
         Registration Statement, provided, however, that nothing in this Clause
         (y) shall relieve any such holder of the obligation to return a
         completed and signed Notice and Questionnaire to the Company in
         accordance with Section 3(d)(iii) hereof. The Company and the
         Guarantors further agree to supplement or make amendments to the Shelf
         Registration Statement, as and when required by the rules, regulations
         or instructions

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         applicable to the registration form used by the Company and the
         Guarantors for such Shelf Registration Statement or by the Securities
         Act or rules and regulations thereunder for shelf registration, and the
         Company agrees to furnish to each Electing Holder copies of any such
         supplement or amendment prior to its being used or promptly following
         its filing with the Commission. Notwithstanding anything to the
         contrary in this Section 2(b), upon notice to the Electing Holders, the
         Company and the Guarantors may suspend use or the effectiveness of such
         Shelf Registration Statement, or extend the time period in which it is
         required to file the Shelf Registration Statement, for up to 90 days in
         the aggregate in any 12-month period (the "Suspension Period") if the
         Board of Directors of the Company determines that such registration
         would require (i) disclosure of an event at such time as could
         reasonably be expected to have a material adverse effect on the
         business, operations or prospects of the Company or the Guarantors or
         (ii) disclosure of material information relating to a pending corporate
         development; provided, that the Company and the Guarantors shall
         promptly notify the Electing Holders when the Shelf Registration
         Statement may once again be used or is effective. The exercise by the
         Company of its right to suspend or delay the use or effectiveness of
         the Shelf Registration Statement shall not give rise to any obligation
         to pay Special Interest (as defined below) pursuant to Section 2(c)
         during such Suspension Period.

                  (c) In the event that (i) the Company and the Guarantors have
         not filed the Exchange Offer Registration Statement or, if applicable,
         the Shelf Registration Statement on or before the date on which such
         registration statement is required to be filed pursuant to Section 2(a)
         or 2(b), respectively, or (ii) such Exchange Offer Registration
         Statement or, if applicable, the Shelf Registration Statement has not
         become effective or been declared effective by the Commission on or
         before the date on which such registration statement is required to
         become or be declared effective pursuant to Section 2(a) or 2(b),
         respectively, or (iii) the Exchange Offer has not been completed within
         40 business days after the initial effective date of the Exchange Offer
         Registration Statement relating to the Exchange Offer (if the Exchange
         Offer is then required to be made) or (iv) any Exchange Offer
         Registration Statement or, if applicable, the Shelf Registration
         Statement required by Section 2(a) or 2(b) hereof is filed and declared
         effective but shall thereafter either be withdrawn by the Company or
         shall become subject to an effective stop order issued pursuant to
         Section 8(d) of the Securities Act suspending the effectiveness of such
         registration statement (except as specifically permitted herein
         including, without limitation, during the Suspension Period) without
         being succeeded immediately by an additional registration statement
         filed and declared effective (each such event referred to in clauses
         (i) through (iv), a "Registration Default" and each period during which
         a Registration Default has occurred and is continuing, a "Registration
         Default Period"), then, as liquidated damages for such Registration
         Default, subject to the provisions of Section 9(b), special interest
         ("Special Interest"), in addition to the Base Interest, shall accrue at
         a per annum rate of $0.05 per week for the first 90 days of the
         Registration Default Period. The amount of the Special Interest will
         increase by an additional $0.05 per week per $1,000 principal amount of
         notes with respect to each subsequent 90-day period until all
         Registration Defaults have been cured, up to a maximum amount of
         Special Interest for all Registration Defaults of $0.50 per week per
         $1,000 principal amount of notes.

                  (d) The Company shall take, and shall cause each Guarantor to
         take, all actions necessary or advisable to be taken by it to ensure
         that the transactions contemplated herein are effected as so
         contemplated, including all actions necessary or desirable to register
         the

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         Guarantees under the registration statement contemplated in Section
         2(a) or 2(b) hereof, as applicable.

                  (e) Any reference herein to a registration statement as of any
         time shall be deemed to include any document incorporated, or deemed to
         be incorporated, therein by reference as of such time and any reference
         herein to any post-effective amendment to a registration statement as
         of any time shall be deemed to include any document incorporated, or
         deemed to be incorporated, therein by reference as of such time.

                  3. Registration Procedures.

                      If the Company and the Guarantors file a registration
statement pursuant to Section 2(a) or Section 2(b), the following provisions
shall apply:

                  (a) At or before the Effective Time of the Exchange Offer or
         the Shelf Registration, as the case may be, the Company shall qualify
         the Indenture under the Trust Indenture Act of 1939.

                  (b) In the event that such qualification would require the
         appointment of a new trustee under the Indenture, the Company shall
         appoint a new trustee thereunder pursuant to the applicable provisions
         of the Indenture.

                  (c) In connection with the Company's and the Guarantors'
         obligations with respect to the registration of Exchange Securities as
         contemplated by Section 2(a) (the "Exchange Registration"), if
         applicable, the Company and the Guarantors shall:

                           (i)      use all commercially reasonable efforts to
                  prepare and file with the Commission, no later than 150 days
                  after the Closing Date, an Exchange Offer Registration
                  Statement on any form which may be utilized by the Company and
                  the Guarantors and which shall permit the Exchange Offer and
                  resales of Exchange Securities by broker-dealers during the
                  Resale Period to be effected as contemplated by Section 2(a),
                  and use all commercially reasonable efforts to cause such
                  Exchange Offer Registration Statement to become effective no
                  later than 210 days after the Closing Date;

                           (ii)     as soon as practicable prepare and file with
                  the Commission such amendments and supplements to such
                  Exchange Offer Registration Statement and the prospectus
                  included therein as may be necessary to effect and maintain
                  the effectiveness of such Exchange Offer Registration
                  Statement for the periods and purposes contemplated in Section
                  2(a) hereof and as may be required by the applicable rules and
                  regulations of the Commission and the instructions applicable
                  to the form of such Exchange Offer Registration Statement, and
                  promptly provide each broker-dealer holding Exchange
                  Securities with such number of copies of the prospectus
                  included therein (as then amended or supplemented), in
                  conformity in all material respects with the requirements of
                  the Securities Act and the Trust Indenture Act and the rules
                  and regulations of the Commission thereunder, as such
                  broker-dealer reasonably may request prior to the expiration
                  of the Resale Period, for use in connection with resales of
                  Exchange Securities;

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                           (iii)    promptly notify each broker-dealer that has
                  requested or received copies of the prospectus included in
                  such registration statement, and confirm such advice in
                  writing, (A) when such Exchange Offer Registration Statement
                  or the prospectus included therein or any prospectus amendment
                  or supplement or post-effective amendment has been filed, and,
                  with respect to such Exchange Offer Registration Statement or
                  any post-effective amendment, when the same has become
                  effective, (B) of any comments by the Commission and by the
                  blue sky or securities commissioner or regulator of any state
                  with respect thereto or any request by the Commission for
                  amendments or supplements to such Exchange Offer Registration
                  Statement or prospectus or for additional information, (C) of
                  the issuance by the Commission of any stop order suspending
                  the effectiveness of such Exchange Offer Registration
                  Statement or the initiation or threatening of any proceedings
                  for that purpose, (D) if at any time the representations and
                  warranties of the Company contemplated by Section 5 cease to
                  be true and correct in all material respects, (E) of the
                  receipt by the Company of any notification with respect to the
                  suspension of the qualification of the Exchange Securities for
                  sale in any jurisdiction or the initiation or threatening of
                  any proceeding for such purpose, or (F) at any time during the
                  Resale Period when a prospectus is required to be delivered
                  under the Securities Act, that such Exchange Offer
                  Registration Statement, prospectus, prospectus amendment or
                  supplement or post-effective amendment does not conform in all
                  material respects to the applicable requirements of the
                  Securities Act and the Trust Indenture Act and the rules and
                  regulations of the Commission thereunder or contains an untrue
                  statement of a material fact or omits to state any material
                  fact required to be stated therein or necessary to make the
                  statements therein not misleading in light of the
                  circumstances then existing;

                           (iv)     in the event that the Company and the
                  Guarantors would be required, pursuant to Section 3(c)(iii)(F)
                  above, to notify any broker-dealers holding Exchange
                  Securities, and except as otherwise permitted during any
                  Suspension Period, without delay prepare and furnish to each
                  such holder a reasonable number of copies of a prospectus
                  supplemented or amended so that, as thereafter delivered to
                  purchasers of such Exchange Securities during the Resale
                  Period, such prospectus shall conform in all material respects
                  to the applicable requirements of the Securities Act and the
                  Trust Indenture Act and the rules and regulations of the
                  Commission thereunder and shall not contain an untrue
                  statement of a material fact or omit to state a material fact
                  required to be stated therein or necessary to make the
                  statements therein not misleading in light of the
                  circumstances then existing;

                           (v)      use all commercially reasonable efforts to
                  obtain the withdrawal of any order suspending the
                  effectiveness of such Exchange Offer Registration Statement or
                  any post-effective amendment thereto at the earliest
                  practicable date;

                           (vi)     use all commercially reasonable efforts to
                  (A) register or qualify the Exchange Securities under the
                  securities laws or blue sky laws of such jurisdictions as are
                  contemplated by Section 2(a) no later than the commencement of
                  the Exchange Offer, (B) keep such registrations or
                  qualifications in effect and comply with such laws so as to
                  permit the continuance of offers, sales and dealings therein
                  in such jurisdictions until the expiration of the Resale
                  Period and (C) take any and all other actions as may be
                  reasonably necessary or advisable to enable each broker-

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                  dealer holding Exchange Securities to consummate the
                  disposition thereof in such jurisdictions; provided, however,
                  that neither the Company nor the Guarantors shall be required
                  for any such purpose to (1) qualify as a foreign corporation
                  in any jurisdiction wherein it would not otherwise be required
                  to qualify but for the requirements of this Section 3(c)(vi),
                  (2) consent to general service of process in any such
                  jurisdiction, (3) make any changes to its certificate of
                  incorporation or by-laws or any agreement between it and its
                  stockholders;

                           (vii)    use all commercially reasonable efforts to
                  obtain the consent or approval of each governmental agency or
                  authority, whether federal, state or local, which may be
                  required to effect the Exchange Registration, the Exchange
                  Offer and the offering and sale of Exchange Securities by
                  broker-dealers during the Resale Period;

                           (viii)   provide a CUSIP number for all Exchange
                  Securities, not later than the applicable Effective Time; and

                           (ix)     comply with all applicable rules and
                  regulations of the Commission, and make generally available to
                  its securityholders as soon as practicable but no later than
                  eighteen months after the effective date of such Exchange
                  Offer Registration Statement, an earnings statement of the
                  Company and its subsidiaries complying with Section 11(a) of
                  the Securities Act (including, at the option of the Company,
                  Rule 158 thereunder).

                  (d) In connection with the Company's and the Guarantors'
         obligations with respect to the Shelf Registration, if applicable, the
         Company and the Guarantors shall, as soon as practicable (or as
         otherwise specified):

                           (i)      prepare and file with the Commission, within
                  the time period specified in Section 2(b), a Shelf
                  Registration Statement on any form which may be utilized by
                  the Company and which shall register all of the Transfer
                  Restricted Securities for resale by the holders thereof in
                  accordance with such method or methods of disposition as may
                  be specified by such of the holders as, from time to time, may
                  be Electing Holders and use all commercially reasonable
                  efforts to cause such Shelf Registration Statement to become
                  effective within the time period specified in Section 2(b);

                           (ii)     not less than 30 calendar days prior to the
                  Effective Time of the Shelf Registration Statement, mail the
                  Notice and Questionnaire to the holders of Transfer Restricted
                  Securities; no holder shall be entitled to be named as a
                  selling securityholder in the Shelf Registration Statement as
                  of the Effective Time, and no holder shall be entitled to use
                  the prospectus forming a part thereof for resales of Transfer
                  Restricted Securities at any time, unless such holder has
                  returned a completed and signed Notice and Questionnaire to
                  the Company by the deadline for response set forth therein;
                  provided, however, holders of Transfer Restricted Securities
                  shall have at least 15 calendar days from the date on which
                  the Notice and Questionnaire is first mailed to such holders
                  to return a completed and signed Notice and Questionnaire to
                  the Company;

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                           (iii)    after the Effective Time of the Shelf
                  Registration Statement, upon the request of any holder of
                  Transfer Restricted Securities that is not then an Electing
                  Holder, promptly send a Notice and Questionnaire to such
                  holder; provided that the Company shall not be required to
                  take any action to name such holder as a selling
                  securityholder in the Shelf Registration Statement or to
                  enable such holder to use the prospectus forming a part
                  thereof for resales of Transfer Restricted Securities until
                  such holder has returned a completed and signed Notice and
                  Questionnaire to the Company;

                           (iv)     as soon as practicable prepare and file with
                  the Commission such amendments and supplements to such Shelf
                  Registration Statement and the prospectus included therein as
                  may be necessary to effect and maintain the effectiveness of
                  such Shelf Registration Statement for the period specified in
                  Section 2(b) hereof and as may be required by the applicable
                  rules and regulations of the Commission and the instructions
                  applicable to the form of such Shelf Registration Statement,
                  and furnish to the Electing Holders copies of any such
                  supplement or amendment simultaneously with or prior to its
                  being used or filed with the Commission;

                           (v)      comply with the provisions of the Securities
                  Act with respect to the disposition of all of the Transfer
                  Restricted Securities covered by such Shelf Registration
                  Statement in accordance with the intended methods of
                  disposition by the Electing Holders provided for in such Shelf
                  Registration Statement;

                           (vi)     provide (A) the Electing Holders, (B) the
                  underwriters (which term, for purposes of this Exchange and
                  Registration Rights Agreement, shall include a person deemed
                  to be an underwriter within the meaning of Section 2(a)(11) of
                  the Securities Act), if any, thereof, (C) any sales or
                  placement agent therefor, (D) counsel for any such underwriter
                  or agent and (E) not more than one counsel for all the
                  Electing Holders the opportunity to participate in the
                  preparation of such Shelf Registration Statement, each
                  prospectus included therein or filed with the Commission and
                  each amendment or supplement thereto;

                           (vii)    for a reasonable period prior to the filing
                  of such Shelf Registration Statement, and throughout the
                  period specified in Section 2(b), make available at reasonable
                  times at the Company's principal place of business or such
                  other reasonable place for inspection by the persons referred
                  to in Section 3(d)(vi) who shall certify to the Company that
                  they have a current intention to sell the Transfer Restricted
                  Securities pursuant to the Shelf Registration such financial
                  and other information and books and records of the Company,
                  and cause the officers, employees, counsel and independent
                  certified public accountants of the Company to respond to such
                  inquiries, as shall be reasonably necessary, in the judgment
                  of the respective counsel referred to in such Section, to
                  conduct a reasonable investigation within the meaning of
                  Section 11 of the Securities Act; provided, however, that each
                  such party shall be required to maintain in confidence, not to
                  use as the basis for any market transactions in any securities
                  of the Company or for any other business purposes other than
                  in connection with a registration hereunder, and not to
                  disclose to any other person, any information or records
                  reasonably designated by the Company as being confidential,
                  until such time as (A) such information becomes a

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                  matter of public record (whether by virtue of its inclusion in
                  such registration statement or otherwise), (B) such person
                  shall be required so to disclose such information pursuant to
                  a subpoena or order of any court or other governmental agency
                  or body having jurisdiction over the matter (subject to the
                  requirements of such order, and only after such person shall
                  have given the Company prompt prior written notice of such
                  requirement), or (C) such information is required to be set
                  forth in such Shelf Registration Statement or the prospectus
                  included therein or in an amendment to such Shelf Registration
                  Statement or an amendment or supplement to such prospectus in
                  order that such Shelf Registration Statement, prospectus,
                  amendment or supplement, as the case may be, complies with
                  applicable requirements of the federal securities laws and the
                  rules and regulations of the Commission and does not contain
                  an untrue statement of a material fact or omit to state
                  therein a material fact required to be stated therein or
                  necessary to make the statements therein not misleading in
                  light of the circumstances then existing;

                           (viii)   promptly notify each of the Electing
                  Holders, any sales or placement agent therefor and any
                  underwriter thereof (which notification may be made through
                  any managing underwriter that is a representative of such
                  underwriter for such purpose) and confirm such advice in
                  writing, (A) when such Shelf Registration Statement or the
                  prospectus included therein or any prospectus amendment or
                  supplement or post-effective amendment has been filed, and,
                  with respect to such Shelf Registration Statement or any
                  post-effective amendment, when the same has become effective,
                  (B) of any comments by the Commission and by the blue sky or
                  securities commissioner or regulator of any state with respect
                  thereto or any request by the Commission for amendments or
                  supplements to such Shelf Registration Statement or prospectus
                  or for additional information, (C) of the issuance by the
                  Commission of any stop order suspending the effectiveness of
                  such Shelf Registration Statement or the initiation or
                  threatening of any proceedings for that purpose, (D) if at any
                  time the representations and warranties of the Company
                  contemplated by Section 3(d)(xvii) or Section 5 cease to be
                  true and correct in all material respects, (E) of the receipt
                  by the Company of any notification with respect to the
                  suspension of the qualification of the Transfer Restricted
                  Securities for sale in any jurisdiction or the initiation or
                  threatening of any proceeding for such purpose, or (F) if at
                  any time when a prospectus is required to be delivered under
                  the Securities Act, that such Shelf Registration Statement,
                  prospectus, prospectus amendment or supplement or
                  post-effective amendment does not conform in all material
                  respects to the applicable requirements of the Securities Act
                  and the Trust Indenture Act and the rules and regulations of
                  the Commission thereunder or contains an untrue statement of a
                  material fact or omits to state any material fact required to
                  be stated therein or necessary to make the statements therein
                  not misleading in light of the circumstances then existing;

                           (ix)     use all commercially reasonable efforts to
                  obtain the withdrawal of any order suspending the
                  effectiveness of such registration statement or any
                  post-effective amendment thereto at the earliest practicable
                  date;

                           (x)      if requested by any managing underwriter or
                  underwriters, any placement or sales agent or any Electing
                  Holder, promptly incorporate in a prospectus supplement or
                  post-effective amendment such information as is required by
                  the applicable

                                       11

<PAGE>

                  rules and regulations of the Commission and as such managing
                  underwriter or underwriters, such agent or such Electing
                  Holder specifies should be included therein relating to the
                  terms of the sale of such Transfer Restricted Securities,
                  including information with respect to the principal amount of
                  Transfer Restricted Securities being sold by such Electing
                  Holder or agent or to any underwriters, the name and
                  description of such Electing Holder, agent or underwriter, the
                  offering price of such Transfer Restricted Securities and any
                  discount, commission or other compensation payable in respect
                  thereof, the purchase price being paid therefor by such
                  underwriters and with respect to any other terms of the
                  offering of the Transfer Restricted Securities to be sold by
                  such Electing Holder or agent or to such underwriters; and
                  make all required filings of such prospectus supplement or
                  post-effective amendment promptly after notification of the
                  matters to be incorporated in such prospectus supplement or
                  post-effective amendment;

                           (xi)     promptly furnish to each Electing Holder,
                  each placement or sales agent, if any, therefor, each
                  underwriter, if any, thereof and the respective counsel
                  referred to in Section 3(d)(vi) an executed copy (or, in the
                  case of an Electing Holder, a conformed copy) of such Shelf
                  Registration Statement, each such amendment and supplement
                  thereto (in each case including all exhibits thereto (in the
                  case of an Electing Holder of Transfer Restricted Securities,
                  upon request) and documents incorporated by reference therein)
                  and such number of copies of such Shelf Registration Statement
                  (excluding exhibits thereto and documents incorporated by
                  reference therein unless specifically so requested by such
                  Electing Holder, agent or underwriter, as the case may be) and
                  of the prospectus included in such Shelf Registration
                  Statement (including each preliminary prospectus and any
                  summary prospectus), in conformity in all material respects
                  with the applicable requirements of the Securities Act and the
                  Trust Indenture Act and the rules and regulations of the
                  Commission thereunder, and such other documents, as such
                  Electing Holder, agent, if any, and underwriter, if any, may
                  reasonably request in order to facilitate the offering and
                  disposition of the Transfer Restricted Securities owned by
                  such Electing Holder, offered or sold by such agent or
                  underwritten by such underwriter and to permit such Electing
                  Holder, agent and underwriter to satisfy the prospectus
                  delivery requirements of the Securities Act; and the Company
                  hereby consents to the use of such prospectus (including such
                  preliminary and summary prospectus) and any amendment or
                  supplement thereto by each such Electing Holder and by any
                  such agent and underwriter, in each case in the form most
                  recently provided to such person by the Company, in connection
                  with the offering and sale of the Transfer Restricted
                  Securities covered by the prospectus (including such
                  preliminary and summary prospectus) or any supplement or
                  amendment thereto;

                           (xii)    use all commercially reasonable efforts
                  promptly to (A) register or qualify the Transfer Restricted
                  Securities to be included in such Shelf Registration Statement
                  under such securities laws or blue sky laws of such
                  jurisdictions as any Electing Holder and each placement or
                  sales agent, if any, therefor and underwriter, if any, thereof
                  shall reasonably request, (B) keep such registrations or
                  qualifications in effect and comply with such laws so as to
                  permit the continuance of offers, sales and dealings therein
                  in such jurisdictions during the period the Shelf Registration
                  is required to remain effective under Section 2(b) above and
                  for so long as may be necessary to enable any such Electing
                  Holder, agent or underwriter to complete its

                                       12

<PAGE>

                  distribution of Securities pursuant to such Shelf Registration
                  Statement, but not beyond the period the Shelf Registration
                  Statement is required to remain effective under Section 2(b)
                  above, and (C) take any and all other actions as may be
                  reasonably necessary or advisable to enable each such Electing
                  Holder, agent, if any, and underwriter, if any, to consummate
                  the disposition in such jurisdictions of such Transfer
                  Restricted Securities; provided, however, that neither the
                  Company nor the Guarantors shall be required for any such
                  purpose to (1) qualify as a foreign corporation in any
                  jurisdiction wherein it would not otherwise be required to
                  qualify but for the requirements of this Section 3(d)(xii),
                  (2) consent to general service of process in any such
                  jurisdiction, or (3) make any changes to its certificate of
                  incorporation or by-laws or any agreement between it and its
                  stockholders;

                           (xiii)   use all commercially reasonable efforts to
                  obtain the consent or approval of each governmental agency or
                  authority, whether federal, state or local, which may be
                  required to effect the Shelf Registration or the offering or
                  sale in connection therewith or to enable the selling holder
                  or holders to offer, or to consummate the disposition of,
                  their Transfer Restricted Securities;

                           (xiv)    unless any Transfer Restricted Securities
                  shall be in book-entry only form, cooperate with the Electing
                  Holders and the managing underwriters, if any, to facilitate
                  the timely preparation and delivery of certificates
                  representing Transfer Restricted Securities to be sold, which
                  certificates, if so required by any securities exchange upon
                  which any Transfer Restricted Securities are listed, shall be
                  penned, lithographed or engraved, or produced by any
                  combination of such methods, on steel engraved borders, and
                  which certificates shall not bear any restrictive legends;
                  and, in the case of an underwritten offering, enable such
                  Transfer Restricted Securities to be in such denominations and
                  registered in such names as the managing underwriters may
                  request at least two business days prior to any sale of the
                  Transfer Restricted Securities;

                           (xv)     provide a CUSIP number for all Transfer
                  Restricted Securities, not later than the applicable Effective
                  Time;

                           (xvi)    enter into one or more underwriting
                  agreements, engagement letters, agency agreements, "best
                  efforts" underwriting agreements or similar agreements, as
                  appropriate, including customary provisions relating to
                  indemnification and contribution, and take such other actions
                  in connection therewith as any Electing Holders aggregating at
                  least 20% in aggregate principal amount of the Transfer
                  Restricted Securities at the time outstanding shall request in
                  order to expedite or facilitate the disposition of such
                  Transfer Restricted Securities;

                           (xvii)   whether or not an agreement of the type
                  referred to in Section 3(d)(xvi) hereof is entered into and
                  whether or not any portion of the offering contemplated by the
                  Shelf Registration is an underwritten offering or is made
                  through a placement or sales agent or any other entity, (A)
                  make such representations and warranties to the Electing
                  Holders and the placement or sales agent, if any, therefor and
                  the underwriters, if any, thereof in form, substance and scope
                  as are customarily made in connection with an offering of debt
                  securities pursuant to any appropriate agreement or to a
                  registration statement filed on the form applicable to the
                  Shelf Registration;

                                       13

<PAGE>

                  (B) obtain an opinion of counsel to the Company in customary
                  form and covering such matters, of the type customarily
                  covered by such an opinion, as the managing underwriters, if
                  any, or as any Electing Holders of at least 20% in aggregate
                  principal amount of the Transfer Restricted Securities at the
                  time outstanding may reasonably request, addressed to such
                  Electing Holder or Electing Holders and the placement or sales
                  agent, if any, therefor and the underwriters, if any, thereof
                  and dated the effective date of such Shelf Registration
                  Statement (and if such Shelf Registration Statement
                  contemplates an underwritten offering of a part or all of the
                  Transfer Restricted Securities, dated the date of the closing
                  under the underwriting agreement relating thereto) (it being
                  agreed that the matters to be covered by such opinion shall
                  include the valid existence and good standing of the Company
                  and its subsidiaries; the qualification of the Company and its
                  subsidiaries to transact business as foreign corporations; the
                  due authorization, execution and delivery of the relevant
                  agreement of the type referred to in Section 3(d)(xvi) hereof;
                  the due authorization, execution, authentication and issuance,
                  and the validity and enforceability, of the Securities; the
                  absence of material legal or governmental proceedings
                  involving the Company; the absence of a breach by the Company
                  or any of its subsidiaries of, or a default under, specified
                  material agreements binding upon the Company or any subsidiary
                  of the Company; the absence of specified governmental
                  approvals required to be obtained in connection with the Shelf
                  Registration, the offering and sale of the Transfer Restricted
                  Securities, this Exchange and Registration Rights Agreement or
                  any agreement of the type referred to in Section 3(d)(xvi)
                  hereof, except such approvals as may be required under state
                  securities or blue sky laws; the material compliance as to
                  form of such Shelf Registration Statement and any documents
                  incorporated by reference therein and of the Indenture with
                  the requirements of the Securities Act and the Trust Indenture
                  Act and the rules and regulations of the Commission
                  thereunder, respectively; and, as of the date of the opinion
                  and of the Shelf Registration Statement or most recent
                  post-effective amendment thereto, as the case may be, the
                  absence from such Shelf Registration Statement and the
                  prospectus included therein, as then amended or supplemented,
                  and from the documents incorporated by reference therein (in
                  each case other than the financial statements and other
                  financial information contained therein) of an untrue
                  statement of a material fact or the omission to state therein
                  a material fact necessary to make the statements therein not
                  misleading (in the case of such documents, in the light of the
                  circumstances existing at the time that such documents were
                  filed with the Commission under the Exchange Act)); (C) obtain
                  a "cold comfort" letter or letters from the independent
                  certified public accountants of the Company addressed to the
                  selling Electing Holders, the placement or sales agent, if
                  any, therefor or the underwriters, if any, thereof, dated (i)
                  the effective date of such Shelf Registration Statement and
                  (ii) the effective date of any prospectus supplement to the
                  prospectus included in such Shelf Registration Statement or
                  post-effective amendment to such Shelf Registration Statement
                  which includes unaudited or audited financial statements as of
                  a date or for a period subsequent to that of the latest such
                  statements included in such prospectus (and, if such Shelf
                  Registration Statement contemplates an underwritten offering
                  pursuant to any prospectus supplement to the prospectus
                  included in such Shelf Registration Statement or
                  post-effective amendment to such Shelf Registration Statement
                  which includes unaudited or audited financial statements as of
                  a date or for a period subsequent to that of the latest such
                  statements included in such

                                       14

<PAGE>

                  prospectus, dated the date of the closing under the
                  underwriting agreement relating thereto), such letter or
                  letters to be in customary form and covering such matters of
                  the type customarily covered by letters of such type; (D)
                  deliver such documents and certificates, including officers'
                  certificates, as may be reasonably requested by any Electing
                  Holders of at least 20% in aggregate principal amount of the
                  Transfer Restricted Securities at the time outstanding or the
                  placement or sales agent, if any, therefor and the managing
                  underwriters, if any, thereof to evidence the accuracy of the
                  representations and warranties made pursuant to clause (A)
                  above or those contained in Section 5(a) hereof and the
                  compliance with or satisfaction of any agreements or
                  conditions contained in the underwriting agreement or other
                  agreement entered into by the Company or the Guarantors; and
                  (E) undertake such obligations relating to expense
                  reimbursement, indemnification and contribution as are
                  provided in Section 6 hereof;

                           (xviii)  notify in writing each holder of Transfer
                  Restricted Securities of any proposal by the Company to amend
                  or waive any provision of this Exchange and Registration
                  Rights Agreement pursuant to Section 9(h) hereof and of any
                  amendment or waiver effected pursuant thereto, each of which
                  notices shall contain the text of the amendment or waiver
                  proposed or effected, as the case may be;

                           (xix)    in the event that any broker-dealer
                  registered under the Exchange Act shall underwrite any
                  Transfer Restricted Securities or participate as a member of
                  an underwriting syndicate or selling group or "assist in the
                  distribution" (within the meaning of the Conduct Rules (the
                  "Conduct Rules) of the National Association of Securities
                  Dealers, Inc. ("NASD") or any successor thereto, as amended
                  from time to time) thereof, whether as a holder of such
                  Transfer Restricted Securities or as an underwriter, a
                  placement or sales agent or a broker or dealer in respect
                  thereof, or otherwise, assist such broker-dealer in complying
                  with the requirements of such Conduct Rules, including by (A)
                  if such Conduct Rules shall so require, engaging a "qualified
                  independent underwriter" (as defined in such Conduct Rules) to
                  participate in the preparation of the Shelf Registration
                  Statement relating to such Transfer Restricted Securities, to
                  exercise usual standards of due diligence in respect thereto
                  and, if any portion of the offering contemplated by such Shelf
                  Registration Statement is an underwritten offering or is made
                  through a placement or sales agent, to recommend the yield of
                  such Transfer Restricted Securities, (B) indemnifying any such
                  qualified independent underwriter to the extent of the
                  indemnification of underwriters provided in Section 6 hereof
                  (or to such other customary extent as may be requested by such
                  underwriter), and (C) providing such information to such
                  broker-dealer as may be required in order for such
                  broker-dealer to comply with the requirements of the Conduct
                  Rules; and

                           (xx)     comply with all applicable rules and
                  regulations of the Commission, and make generally available to
                  its securityholders as soon as practicable but in any event
                  not later than eighteen months after the effective date of
                  such Shelf Registration Statement, an earnings statement of
                  the Company and its subsidiaries complying with Section 11(a)
                  of the Securities Act (including, at the option of the
                  Company, Rule 158 thereunder).

                                       15

<PAGE>

                  (e) In the event that the Company would be required, pursuant
         to Section 3(d)(viii)(F) above, to notify the Electing Holders, the
         placement or sales agent, if any, therefor and the managing
         underwriters, if any, thereof, the Company shall without delay prepare
         and furnish to each of the Electing Holders, to each placement or sales
         agent, if any, and to each such underwriter, if any, a reasonable
         number of copies of a prospectus supplemented or amended so that, as
         thereafter delivered to purchasers of Transfer Restricted Securities,
         such prospectus shall conform in all material respects to the
         applicable requirements of the Securities Act and the Trust Indenture
         Act and the rules and regulations of the Commission thereunder and
         shall not contain an untrue statement of a material fact or omit to
         state a material fact required to be stated therein or necessary to
         make the statements therein not misleading in light of the
         circumstances then existing. Each Electing Holder agrees that upon
         receipt of any notice from the Company pursuant to Section
         3(d)(viii)(F) hereof, such Electing Holder shall forthwith discontinue
         the disposition of Transfer Restricted Securities pursuant to the Shelf
         Registration Statement applicable to such Transfer Restricted
         Securities until such Electing Holder shall have received copies of
         such amended or supplemented prospectus, and if so directed by the
         Company, such Electing Holder shall deliver to the Company (at the
         Company's expense) all copies, other than permanent file copies, then
         in such Electing Holder's possession of the prospectus covering such
         Transfer Restricted Securities at the time of receipt of such notice.

                  (f) In the event of a Shelf Registration, in addition to the
         information required to be provided by each Electing Holder in its
         Notice Questionnaire, the Company may require such Electing Holder to
         furnish to the Company such additional information regarding such
         Electing Holder and such Electing Holder's intended method of
         distribution of Transfer Restricted Securities as may be required in
         order to comply with the Securities Act. Each such Electing Holder
         agrees to notify the Company as promptly as practicable of any
         inaccuracy or change in information previously furnished by such
         Electing Holder to the Company or of the occurrence of any event in
         either case as a result of which any prospectus relating to such Shelf
         Registration contains or would contain an untrue statement of a
         material fact regarding such Electing Holder or such Electing Holder's
         intended method of disposition of such Transfer Restricted Securities
         or omits to state any material fact regarding such Electing Holder or
         such Electing Holder's intended method of disposition of such Transfer
         Restricted Securities required to be stated therein or necessary to
         make the statements therein not misleading in light of the
         circumstances then existing, and promptly to furnish to the Company any
         additional information required to correct and update any previously
         furnished information or required so that such prospectus shall not
         contain, with respect to such Electing Holder or the disposition of
         such Transfer Restricted Securities, an untrue statement of a material
         fact or omit to state a material fact required to be stated therein or
         necessary to make the statements therein not misleading in light of the
         circumstances then existing.

                  (g) Until the expiration of two years after the Closing Date,
         the Company will not, and will not permit any of its "affiliates" (as
         defined in Rule 144) to, resell any of the Securities that have been
         reacquired by any of them except pursuant to an effective registration
         statement under the Securities Act.

                  4. Registration Expenses.

                                       16

<PAGE>

           The Company agrees to bear and to pay or cause to be paid promptly
all expenses incident to the Company's performance of or compliance with this
Exchange and Registration Rights Agreement, including (a) all Commission and any
NASD registration, filing and review fees and expenses including fees and
disbursements of counsel for the placement or sales agent or underwriters in
connection with such registration, filing and review, (b) all fees and expenses
in connection with the qualification of the Securities for offering and sale
under the State securities and blue sky laws referred to in Section 3(d)(xii)
hereof and determination of their eligibility for investment under the laws of
such jurisdictions as any managing underwriters or the Electing Holders may
designate, including any fees and disbursements of counsel for the Electing
Holders or underwriters in connection with such qualification and determination,
(c) all expenses relating to the preparation, printing, production, distribution
and reproduction of each registration statement required to be filed hereunder,
each prospectus included therein or prepared for distribution pursuant hereto,
each amendment or supplement to the foregoing, the expenses of preparing the
Securities for delivery and the expenses of printing or producing any
underwriting agreements, agreements among underwriters, selling agreements and
blue sky or legal investment memoranda and all other documents in connection
with the offering, sale or delivery of Securities to be disposed of (including
certificates representing the Securities), (d) messenger, telephone and delivery
expenses relating to the offering, sale or delivery of Securities and the
preparation of documents referred in clause (c) above, (e) fees and expenses of
the Trustee under the Indenture, any agent of the Trustee and any counsel for
the Trustee and of any collateral agent or custodian, (f) internal expenses
(including all salaries and expenses of the Company's officers and employees
performing legal or accounting duties), (g) fees, disbursements and expenses of
counsel and independent certified public accountants of the Company (including
the expenses of any opinions or "cold comfort" letters required by or incident
to such performance and compliance), (h) the reasonable fees, disbursements and
expenses of any "qualified independent underwriter" engaged pursuant to Section
3(d)(xix) hereof, (i) the reasonable fees, disbursements and expenses of one
counsel for the Electing Holders retained in connection with a Shelf
Registration, as selected by the Electing Holders of at least a majority in
aggregate principal amount of the Transfer Restricted Securities held by
Electing Holders (which counsel shall be reasonably satisfactory to the
Company), (j) any fees charged by securities rating services for rating the
Securities, and (k) fees, expenses and disbursements of any other persons,
including special experts, retained by the Company in connection with such
registration (collectively, the "Registration Expenses"). To the extent that any
Registration Expenses are incurred, assumed or paid by any holder of Transfer
Restricted Securities or any placement or sales agent therefor or underwriter
thereof, the Company shall reimburse such person for the full amount of the
Registration Expenses so incurred, assumed or paid promptly after receipt of a
request therefor. Notwithstanding the foregoing, the holders of the Transfer
Restricted Securities being registered shall pay all agency fees and commissions
and underwriting discounts and commissions attributable to the sale of such
Transfer Restricted Securities and the fees and disbursements of any counsel or
other advisors or experts retained by such holders (severally or jointly), other
than the counsel and experts specifically referred to above.

         5. Representations and Warranties.

           Each of the Company and the Guarantors, jointly and severally,
represents and warrants to, and agrees with, each Purchaser and each of the
holders from time to time of Transfer Restricted Securities that:

                                       17

<PAGE>

                  (a) Each registration statement covering Transfer Restricted
         Securities and each prospectus (including any preliminary or summary
         prospectus) contained therein or furnished pursuant to Section 3(d) or
         Section 3(c) hereof and any further amendments or supplements to any
         such registration statement or prospectus, when it becomes effective or
         is filed with the Commission, as the case may be, and, in the case of
         an underwritten offering of Transfer Restricted Securities, at the time
         of the closing under the underwriting agreement relating thereto, will
         conform in all material respects to the requirements of the Securities
         Act and the Trust Indenture Act and the rules and regulations of the
         Commission thereunder and will not contain an untrue statement of a
         material fact or omit to state a material fact required to be stated
         therein or necessary to make the statements therein not misleading; and
         at all times subsequent to the Effective Time when a prospectus would
         be required to be delivered under the Securities Act, other than (i)
         during any Suspension Period, or (ii) from (A) such time as a notice
         has been given to holders of Transfer Restricted Securities pursuant to
         Section 3(d)(viii)(F) or Section 3(c)(iii)(F) hereof until (B) such
         time as the Company furnishes an amended or supplemented prospectus
         pursuant to Section 3(e) or Section 3(c)(iv) hereof, each such
         registration statement, and each prospectus (including any summary
         prospectus) contained therein or furnished pursuant to Section 3(d) or
         Section 3(c) hereof, as then amended or supplemented, will conform in
         all material respects to the requirements of the Securities Act and the
         Trust Indenture Act and the rules and regulations of the Commission
         thereunder and will not contain an untrue statement of a material fact
         or omit to state a material fact required to be stated therein or
         necessary to make the statements therein not misleading in the light of
         the circumstances then existing; provided, however, that this
         representation and warranty shall not apply to any statements or
         omissions made in reliance upon and in conformity with information
         furnished in writing to the Company by a holder of Transfer Restricted
         Securities or any placement or sales agent or underwriter expressly for
         use therein.

                  (b) Any documents incorporated by reference in any prospectus
         referred to in Section 5(a) hereof, when they become or became
         effective or are or were filed with the Commission, as the case may be,
         will conform or conformed in all material respects to the requirements
         of the Securities Act or the Exchange Act, as applicable, and none of
         such documents will contain or contained an untrue statement of a
         material fact or will omit or omitted to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading; provided, however, that this representation and warranty
         shall not apply to any statements or omissions made in reliance upon
         and in conformity with information furnished in writing to the Company
         by a holder of Transfer Restricted Securities or any placement or sales
         agent or underwriter expressly for use therein.

                  (c) The compliance by the Company with all of the provisions
         of this Exchange and Registration Rights Agreement and the consummation
         of the transactions herein contemplated (i) will not conflict with or
         result in a breach of any of the terms or provisions of, or constitute
         a default under, any indenture, mortgage, deed of trust, loan agreement
         or other agreement or instrument to which the Company or any subsidiary
         of the Company is a party or by which the Company or any subsidiary of
         the Company is bound or to which any of the property or assets of the
         Company or any subsidiary of the Company is subject, (ii) will not
         result in any violation of the provisions of the certificate of
         incorporation, as amended, or the by-laws of the Company or the
         Guarantors, (iii) will not result in any violation of any statute or
         any order, rule or regulation of any court or governmental agency or
         body having jurisdiction over the Company or any subsidiary of the
         Company or any of

                                       18

<PAGE>

         their properties, and (iv) does not require any consent, approval,
         authorization, order, registration or qualification of or with any such
         court or governmental agency or body for the consummation by the
         Company and the Guarantors of the transactions contemplated by this
         Exchange and Registration Rights Agreement, except the registration
         under the Securities Act of the Securities, qualification of the
         Indenture under the Trust Indenture Act and such consents, approvals,
         authorizations, registrations or qualifications as may be required
         under State securities or blue sky laws in connection with the offering
         and distribution of the Securities, except in the case of clauses (i),
         (iii) and (iv), for such conflicts, breaches, defaults or violations,
         or the absence of such consents, approvals, authorizations, orders,
         registrations or qualifications, that would not reasonably be expected
         to, individually or in the aggregate, have a material adverse effect on
         the Company and its subsidiaries, taken as a whole.

                  (d) This Exchange and Registration Rights Agreement has been
         duly authorized, executed and delivered by the Company.

                  6. Indemnification.

                  (a) Indemnification by the Company and the Guarantors. Each of
         the Company and the Guarantors, jointly and severally, will indemnify
         and hold harmless each of the holders of Transfer Restricted Securities
         included in an Exchange Offer Registration Statement, each of the
         Electing Holders of Transfer Restricted Securities included in a Shelf
         Registration Statement and each person who participates as a placement
         or sales agent or as an underwriter in any offering or sale of such
         Transfer Restricted Securities against any losses, claims, damages or
         liabilities, joint or several, to which such holder, agent or
         underwriter may become subject under the Securities Act or otherwise,
         insofar as such losses, claims, damages or liabilities (or actions in
         respect thereof) arise out of or are based upon an untrue statement or
         alleged untrue statement of a material fact contained in any Exchange
         Offer Registration Statement or Shelf Registration Statement, as the
         case may be, under which such Transfer Restricted Securities were
         registered under the Securities Act, or any preliminary, final or
         summary prospectus contained therein or furnished by the Company to any
         such holder, Electing Holder, agent or underwriter, or any amendment or
         supplement thereto, or arise out of or are based upon the omission or
         alleged omission to state therein a material fact required to be stated
         therein or necessary to make the statements therein not misleading, and
         will reimburse such holder, such Electing Holder, such agent and such
         underwriter for any legal or other expenses reasonably incurred by them
         in connection with investigating or defending any such action or claim
         as such expenses are incurred; provided, however, that neither the
         Company nor the Guarantors shall be liable to any such person in any
         such case to the extent that any such loss, claim, damage or liability
         arises out of or is based upon an untrue statement or alleged untrue
         statement or omission or alleged omission made in such registration
         statement, or preliminary, final or summary prospectus, or amendment or
         supplement thereto, in reliance upon and in conformity with written
         information furnished to the Company by such person expressly for use
         therein.

                  (b) Indemnification by the Holders and any Agents and
         Underwriters. The Company may require, as a condition to including any
         Transfer Restricted Securities in any registration statement filed
         pursuant to Section 2(b) hereof and to entering into any underwriting
         agreement with respect thereto, that the Company shall have received an
         undertaking reasonably satisfactory to it from the Electing Holder of
         such Transfer Restricted Securities

                                       19

<PAGE>

         and from each underwriter named in any such underwriting agreement,
         severally and not jointly, to (i) indemnify and hold harmless the
         Company, the Guarantors, and all other holders of Transfer Restricted
         Securities, against any losses, claims, damages or liabilities to which
         the Company, the Guarantors or such other holders of Transfer
         Restricted Securities may become subject, under the Securities Act or
         otherwise, insofar as such losses, claims, damages or liabilities (or
         actions in respect thereof) arise out of or are based upon an untrue
         statement or alleged untrue statement of a material fact contained in
         such registration statement, or any preliminary, final or summary
         prospectus contained therein or furnished by the Company to any such
         Electing Holder, agent or underwriter, or any amendment or supplement
         thereto, or arise out of or are based upon the omission or alleged
         omission to state therein a material fact required to be stated therein
         or necessary to make the statements therein not misleading, in each
         case to the extent, but only to the extent, that such untrue statement
         or alleged untrue statement or omission or alleged omission was made in
         reliance upon and in conformity with written information furnished to
         the Company by such Electing Holder or underwriter expressly for use
         therein, and (ii) reimburse the Company and the Guarantors for any
         legal or other expenses reasonably incurred by the Company and the
         Guarantors in connection with investigating or defending any such
         action or claim as such expenses are incurred; provided, however, that
         no such Electing Holder shall be required to undertake liability to any
         person under this Section 6(b) for any amounts in excess of the dollar
         amount of the proceeds to be received by such Electing Holder from the
         sale of such Electing Holder's Transfer Restricted Securities pursuant
         to such registration.

                  (c) Notices of Claims, Etc. Promptly after receipt by an
         indemnified party under subsection (a) or (b) above of written notice
         of the commencement of any action, such indemnified party shall, if a
         claim in respect thereof is to be made against an indemnifying party
         pursuant to the indemnification provisions of or contemplated by this
         Section 6, notify such indemnifying party in writing of the
         commencement of such action; but the omission so to notify the
         indemnifying party shall not relieve it from any liability which it may
         have to any indemnified party otherwise than under the indemnification
         provisions of or contemplated by Section 6(a) or 6(b) hereof. In case
         any such action shall be brought against any indemnified party and it
         shall notify an indemnifying party of the commencement thereof, such
         indemnifying party shall be entitled to participate therein and, to the
         extent that it shall wish, jointly with any other indemnifying party
         similarly notified, to assume the defense thereof, with counsel
         reasonably satisfactory to such indemnified party (who shall not,
         except with the consent of the indemnified party, be counsel to the
         indemnifying party), and, after notice from the indemnifying party to
         such indemnified party of its election so to assume the defense
         thereof, such indemnifying party shall not be liable to such
         indemnified party for any legal expenses of other counsel or any other
         expenses, in each case subsequently incurred by such indemnified party,
         in connection with the defense thereof other than reasonable costs of
         investigation. No indemnifying party shall, without the written consent
         of the indemnified party, effect the settlement or compromise of, or
         consent to the entry of any judgment with respect to, any pending or
         threatened action or claim in respect of which indemnification or
         contribution may be sought hereunder (whether or not the indemnified
         party is an actual or potential party to such action or claim) unless
         such settlement, compromise or judgment (i) includes an unconditional
         release of the indemnified party from all liability arising out of such
         action or claim and (ii) does not include a statement

                                       20

<PAGE>

         as to or an admission of fault, culpability or a failure to act by or
         on behalf of any indemnified party.

                  (d) Contribution. If for any reason the indemnification
         provisions contemplated by Section 6(a) or Section 6(b) are unavailable
         to or insufficient to hold harmless an indemnified party in respect of
         any losses, claims, damages or liabilities (or actions in respect
         thereof) referred to therein, then each indemnifying party shall
         contribute to the amount paid or payable by such indemnified party as a
         result of such losses, claims, damages or liabilities (or actions in
         respect thereof) in such proportion as is appropriate to reflect the
         relative fault of the indemnifying party and the indemnified party in
         connection with the statements or omissions which resulted in such
         losses, claims, damages or liabilities (or actions in respect thereof),
         as well as any other relevant equitable considerations. The relative
         fault of such indemnifying party and indemnified party shall be
         determined by reference to, among other things, whether the untrue or
         alleged untrue statement of a material fact or omission or alleged
         omission to state a material fact relates to information supplied by
         such indemnifying party or by such indemnified party, and the parties'
         relative intent, knowledge, access to information and opportunity to
         correct or prevent such statement or omission. The parties hereto agree
         that it would not be just and equitable if contributions pursuant to
         this Section 6(d) were determined by pro rata allocation (even if the
         holders or any agents or underwriters or all of them were treated as
         one entity for such purpose) or by any other method of allocation which
         does not take account of the equitable considerations referred to in
         this Section 6(d). The amount paid or payable by an indemnified party
         as a result of the losses, claims, damages, or liabilities (or actions
         in respect thereof) referred to above shall be deemed to include any
         legal or other fees or expenses reasonably incurred by such indemnified
         party in connection with investigating or defending any such action or
         claim. Notwithstanding the provisions of this Section 6(d), no holder
         shall be required to contribute any amount in excess of the amount by
         which the dollar amount of the proceeds received by such holder from
         the sale of any Transfer Restricted Securities (after deducting any
         fees, discounts and commissions applicable thereto) exceeds the amount
         of any damages which such holder has otherwise been required to pay by
         reason of such untrue or alleged untrue statement or omission or
         alleged omission, and no underwriter shall be required to contribute
         any amount in excess of the amount by which the total price at which
         the Transfer Restricted Securities underwritten by it and distributed
         to the public were offered to the public exceeds the amount of any
         damages which such underwriter has otherwise been required to pay by
         reason of such untrue or alleged untrue statement or omission or
         alleged omission. No person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the Securities Act) shall be
         entitled to contribution from any person who was not guilty of such
         fraudulent misrepresentation. The holders' and any underwriters', sales
         agents' and placement agents' obligations in this Section 6(d) to
         contribute shall be several in proportion to the principal amount of
         Transfer Restricted Securities registered or underwritten, as the case
         may be, by them and not joint.

                  (e) The obligations of the Company and the Guarantors under
         this Section 6 shall be in addition to any liability which the Company
         or the Guarantors may otherwise have and shall extend, upon the same
         terms and conditions, to each officer, director and partner of each
         holder, agent and underwriter and each person, if any, who controls any
         holder, agent or underwriter within the meaning of the Securities Act;
         and the obligations of the holders and any agents or underwriters
         contemplated by this Section 6 shall be in addition to any liability
         which the respective holder, agent or underwriter may otherwise have
         and shall extend,

                                       21

<PAGE>

         upon the same terms and conditions, to each officer and director of the
         Company or the Guarantors (including any person who, with his consent,
         is named in any registration statement as about to become a director of
         the Company or the Guarantors) and to each person, if any, who controls
         the Company within the meaning of the Securities Act.

                  7. Underwritten Offerings.

                  (a) Selection of Underwriters. If any of the Transfer
         Restricted Securities covered by the Shelf Registration are to be sold
         pursuant to an underwritten offering, the managing underwriter or
         underwriters thereof shall be designated by Electing Holders holding at
         least a majority in aggregate principal amount of the Transfer
         Restricted Securities to be included in such offering, provided that
         such designated managing underwriter or underwriters is or are
         reasonably acceptable to the Company.

                  (b) Participation by Holders. Each holder of Transfer
         Restricted Securities hereby agrees with each other such holder that no
         such holder may participate in any underwritten offering hereunder
         unless such holder (i) agrees to sell such holder's Transfer Restricted
         Securities on the basis provided in any underwriting arrangements
         approved by the persons entitled hereunder to approve such arrangements
         and (ii) completes and executes all questionnaires, powers of attorney,
         indemnities, underwriting agreements and other documents reasonably
         required under the terms of such underwriting arrangements.

                  8. Rule 144.

                      So long as any Transfer Restricted Securities remain
outstanding, the Company covenants to the holders of Transfer Restricted
Securities that to the extent it shall be required to do so under the Exchange
Act, the Company shall timely file the reports required to be filed by it under
the Exchange Act or the Securities Act (including the reports under Section 13
and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144
adopted by the Commission under the Securities Act) and the rules and
regulations adopted by the Commission thereunder, and shall take such further
action as any holder of Transfer Restricted Securities may reasonably request,
all to the extent required from time to time to enable such holder to sell
Transfer Restricted Securities without registration under the Securities Act
within the limitations of the exemption provided by Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or any similar or
successor rule or regulation hereafter adopted by the Commission. Upon the
request of any holder of Transfer Restricted Securities in connection with that
holder's sale pursuant to Rule 144, the Company shall deliver to such holder a
written statement as to whether it has complied with such requirements.

                  9. Miscellaneous.

                  (c) No Inconsistent Agreements. The Company represents,
         warrants, covenants and agrees that it has not granted, and shall not
         grant, registration rights with respect to Transfer Restricted
         Securities or any other securities which would be inconsistent with the
         terms contained in this Exchange and Registration Rights Agreement.

                  (d) Specific Performance. The parties hereto acknowledge that
         there would be no adequate remedy at law if the Company fails to
         perform any of its obligations hereunder and that the Purchasers and
         the holders from time to time of the Transfer Restricted Securities

                                       22

<PAGE>

         may be irreparably harmed by any such failure, and accordingly agree
         that the Purchasers and such holders, in addition to any other remedy
         to which they may be entitled at law or in equity, shall be entitled to
         compel specific performance of the obligations of the Company under
         this Exchange and Registration Rights Agreement in accordance with the
         terms and conditions of this Exchange and Registration Rights
         Agreement, in any court of the United States or any State thereof
         having jurisdiction.

                  (e) Notices. All notices, requests, claims, demands, waivers
         and other communications hereunder shall be in writing and shall be
         deemed to have been duly given when delivered by hand, if delivered
         personally or by courier, or three days after being deposited in the
         mail (registered or certified mail, postage prepaid, return receipt
         requested) as follows: If to the Company, to it at 3250 Interstate
         Drive, Richfield, Ohio 44286, Attention: Secretary, and if to a holder,
         to the address of such holder set forth in the security register or
         other records of the Company, or to such other address as the Company
         or any such holder may have furnished to the other in writing in
         accordance herewith, except that notices of change of address shall be
         effective only upon receipt.

                  (f) Parties in Interest. All the terms and provisions of this
         Exchange and Registration Rights Agreement shall be binding upon, shall
         inure to the benefit of and shall be enforceable by the parties hereto
         and the holders from time to time of the Transfer Restricted Securities
         and the respective successors and assigns of the parties hereto and
         such holders. In the event that any transferee of any holder of
         Transfer Restricted Securities shall acquire Transfer Restricted
         Securities, in any manner, whether by gift, bequest, purchase,
         operation of law or otherwise, such transferee shall, without any
         further writing or action of any kind, be deemed a beneficiary hereof
         for all purposes and such Transfer Restricted Securities shall be held
         subject to all of the terms of this Exchange and Registration Rights
         Agreement, and by taking and holding such Transfer Restricted
         Securities such transferee shall be entitled to receive the benefits
         of, and be conclusively deemed to have agreed to be bound by all of the
         applicable terms and provisions of this Exchange and Registration
         Rights Agreement. If the Company shall so request, any such successor,
         assign or transferee shall agree in writing to acquire and hold the
         Transfer Restricted Securities subject to all of the applicable terms
         hereof.

                  (g) Survival. The respective indemnities, agreements,
         representations, warranties and each other provision set forth in this
         Exchange and Registration Rights Agreement or made pursuant hereto
         shall remain in full force and effect regardless of any investigation
         (or statement as to the results thereof) made by or on behalf of any
         holder of Transfer Restricted Securities, any director, officer or
         partner of such holder, any agent or underwriter or any director,
         officer or partner thereof, or any controlling person of any of the
         foregoing, and shall survive delivery of and payment for the Transfer
         Restricted Securities pursuant to the Purchase Agreement and the
         transfer and registration of Transfer Restricted Securities by such
         holder and the consummation of an Exchange Offer.

                  (h) GOVERNING LAW. THIS EXCHANGE AND REGISTRATION RIGHTS
         AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
         LAWS OF THE STATE OF NEW YORK.

                  (i) Headings. The descriptive headings of the several Sections
         and paragraphs of this Exchange and Registration Rights Agreement are
         inserted for convenience only, do not

                                       23

<PAGE>

         constitute a part of this Exchange and Registration Rights Agreement
         and shall not affect in any way the meaning or interpretation of this
         Exchange and Registration Rights Agreement.

                  (j) Entire Agreement; Amendments. This Exchange and
         Registration Rights Agreement and the other writings referred to herein
         (including the Indenture and the form of Securities) or delivered
         pursuant hereto which form a part hereof contain the entire
         understanding of the parties with respect to its subject matter. This
         Exchange and Registration Rights Agreement supersedes all prior
         agreements and understandings between the parties with respect to its
         subject matter. This Exchange and Registration Rights Agreement may be
         amended and the observance of any term of this Exchange and
         Registration Rights Agreement may be waived (either generally or in a
         particular instance and either retroactively or prospectively) only by
         a written instrument duly executed by the Company and the holders of at
         least a majority in aggregate principal amount of the Transfer
         Restricted Securities at the time outstanding. Each holder of any
         Transfer Restricted Securities at the time or thereafter outstanding
         shall be bound by any amendment or waiver effected pursuant to this
         Section 9(h), whether or not any notice, writing or marking indicating
         such amendment or waiver appears on such Transfer Restricted Securities
         or is delivered to such holder.

                  (k) Inspection. For so long as this Exchange and Registration
         Rights Agreement shall be in effect, this Exchange and Registration
         Rights Agreement and a complete list of the names and addresses of all
         the holders of Transfer Restricted Securities shall be made available
         for inspection and copying on any business day by any holder of
         Transfer Restricted Securities for proper purposes only (which shall
         include any purpose related to the rights of the holders of Transfer
         Restricted Securities under the Securities, the Indenture and this
         Agreement) at the offices of the Company at the address thereof set
         forth in Section 9(c) above and at the office of the Trustee under the
         Indenture.

                  (l) Counterparts. This agreement may be executed by the
         parties in counterparts, each of which shall be deemed to be an
         original, but all such respective counterparts shall together
         constitute one and the same instrument.

                  [Remainder of page intentionally left blank]

                                       24

<PAGE>

           If the foregoing is in accordance with your understanding, please
sign and return to us six (6) counterparts hereof, and upon the acceptance
hereof by you, on behalf of each of the Purchasers, this letter and such
acceptance hereof shall constitute a binding agreement between each of the
Purchasers, the Guarantors and the Company. It is understood that your
acceptance of this letter on behalf of each of the Purchasers is pursuant to the
authority set forth in a form of Agreement among Purchasers, the form of which
shall be submitted to the Company for examination upon request, but without
warranty on your part as to the authority of the signers thereof.

                         Very truly yours,

                         INTERNATIONAL STEEL GROUP INC.

                         By:  /s/ Lonnie A. Arnett
                              --------------------------------------------------
                              Name:  Lonnie A. Arnett
                              Title: Vice President, Chief
                                     Accounting Officer and Controller

                         ISG ACQUISITION INC.
                         ISG CLEVELAND INC.
                         ISG CLEVELAND WEST INC.
                         ISG CLEVELAND WEST PROPERTIES INC.
                         ISG CLEVELAND WORKS RAILWAY COMPANY
                         ISG HENNEPIN INC.
                         ISG INDIANA HARBOR INC.
                         ISG RIVERDALE INC.
                         ISG SOUTH CHICAGO & INDIANA HARBOR RAILWAY COMPANY
                         ISG WARREN INC.
                         ISG/EGL HOLDING COMPANY
                         ISG BURNS HARBOR LLC (FKA ISG BURNS HARBOR INC.)
                         ISG LACKAWANNA LLC (FKA ISG LACKAWANNA INC.)
                         ISG PIEDMONT LLC (FKA PIEDMONT INC.)
                         ISG PLATE LLC (FKA ISG PLATE INC.)
                         ISG RAILWAYS INC
                         ISG REAL ESTATE INC.
                         ISG SALES INC.
                         ISG SPARROWS POINT LLC (FKA ISG SPARROWS POINT INC.)
                         ISG STEELTON LLC (FKA ISG STEELTON INC.)
                         ISG STEELTON SERVICES LLC
                         ISG VENTURE INC.
                         ISG TECHNOLOGIES INC.

                                       25

<PAGE>

                         ISG HIBBING INC.
                         HIBBING TACONITE HOLDING INC.
                         ISG LACKAWANNA SERVICES LLC
                         ISG SPARROWS POINT SERVICES LLC
                         ISG PLATE SERVICES LLC
                         ISG BURNS HARBOR SERVICES LLC

                         By: /s/ Lonnie A. Arnett
                             ---------------------------------------------------
                             Name:  Lonnie A. Arnett
                             Title: Vice President and Assistant
                                     Secretary

Accepted as of the date hereof:
Goldman, Sachs & Co.
UBS Securities LLC
Citigroup Global Markets Inc.
J.P. Morgan Securities Inc.

By: /s/ Goldman, Sachs & Co.
    ------------------------------
     (Goldman, Sachs & Co.)

                                       26

<PAGE>

                                                                       EXHIBIT A

                         INTERNATIONAL STEEL GROUP INC.

                         INSTRUCTION TO DTC PARTICIPANTS

                                (Date of Mailing)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                        DEADLINE FOR RESPONSE:  [DATE] *

The Depository Trust Company ("DTC") has identified you as a DTC Participant
through which beneficial interests in the International Steel Group Inc. (the
"Company") 6.500% Senior Notes due 2014 (the "Securities") are held.

The Company is in the process of registering the Securities under the Securities
Act of 1933 for resale by the beneficial owners thereof. In order to have their
Securities included in the registration statement, beneficial owners must
complete and return the enclosed Notice of Registration Statement and Selling
Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights to have the Securities
included in the registration statement depend upon their returning the Notice
and Questionnaire by [Deadline For Response]. Please forward a copy of the
enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact International Steel
Group Inc., International Steel Group, Inc., 3250 Interstate Drive, Richfield,
Ohio 44286, (330) 659-9100, Attention: [Investor Relations].

--------
*Not less than 15 calendar days from date of mailing.

                                      A-1

<PAGE>

                         International Steel Group Inc.

                        Notice of Registration Statement
                                       and

                      Selling Securityholder Questionnaire

                                     (Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the
"Exchange and Registration Rights Agreement") between International Steel Group
Inc. (the "Company"), the Guarantors named therein and the Purchasers named
therein. Pursuant to the Exchange and Registration Rights Agreement, the Company
has filed with the United States Securities and Exchange Commission (the
"Commission") a registration statement on Form S-4 (the "Shelf Registration
Statement") for the registration and resale under Rule 415 of the Securities Act
of 1933, as amended (the "Securities Act"), of the Company's 6.500% Senior Notes
due 2014 (the "Securities"). A copy of the Exchange and Registration Rights
Agreement is attached hereto. All capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Exchange and Registration Rights
Agreement.

Each beneficial owner of Transfer Restricted Securities (as defined below) is
entitled to have the Transfer Restricted Securities beneficially owned by it
included in the Shelf Registration Statement. In order to have Transfer
Restricted Securities included in the Shelf Registration Statement, this Notice
of Registration Statement and Selling Securityholder Questionnaire ("Notice and
Questionnaire") must be completed, executed and delivered to the Company's
counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for
Response]. Beneficial owners of Transfer Restricted Securities who do not
complete, execute and return this Notice and Questionnaire by such date (i) will
not be named as selling securityholders in the Shelf Registration Statement and
(ii) may not use the Prospectus forming a part thereof for resales of Transfer
Restricted Securities.

Certain legal consequences arise from being named as a selling securityholder in
the Shelf Registration Statement and related Prospectus. Accordingly, holders
and beneficial owners of Transfer Restricted Securities are advised to consult
their own securities law counsel regarding the consequences of being named or
not being named as a selling securityholder in the Shelf Registration Statement
and related Prospectus.

The term "Transfer Restricted Securities" is defined in the Exchange and
Registration Rights Agreement.

                                      A-2

<PAGE>

                                    ELECTION

The undersigned holder (the "Selling Securityholder") of Transfer Restricted
Securities hereby elects to include in the Shelf Registration Statement the
Transfer Restricted Securities beneficially owned by it and listed below in Item
(3). The undersigned, by signing and returning this Notice and Questionnaire,
agrees to be bound with respect to such Transfer Restricted Securities by the
terms and conditions of this Notice and Questionnaire and the Exchange and
Registration Rights Agreement, including, without limitation, Section 6 of the
Exchange and Registration Rights Agreement, as if the undersigned Selling
Securityholder were an original party thereto.

Upon any sale of Transfer Restricted Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver
to the Company and Trustee the Notice of Transfer set forth in Appendix A to the
Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the
Company and represents and warrants that such information is accurate and
complete:

                                      A-3

<PAGE>

                                  QUESTIONNAIRE

(1)      (a)      Full Legal Name of Selling Securityholder:

         (b)      Full Legal Name of Registered Holder (if not the same as in
                  (a) above) of Transfer Restricted Securities Listed in Item
                  (3) below:

         (c)      Full Legal Name of DTC Participant (if applicable and if not
                  the same as (b) above) Through Which Transfer Restricted
                  Securities Listed in Item (3) below are Held:

(2)               Address for Notices to Selling Securityholder:

                  _______________________

                  _______________________

                  _______________________

                  Telephone:       _____________________________________________

                  Fax:             _____________________________________________

                  Contact Person:  _____________________________________________

(3)               Is the Selling Securityholder a broker-dealer?

                     Yes [ ]                        No [ ]

(4)               Is the Selling Securityholder an affiliate of a broker-dealer?

                     Yes [ ]                        No [ ]

(5)               If the Selling Securityholder is an affiliate of a
                  broker-dealer, will the Selling Securityholder certify that
                  the Transfer Restricted Securities were bought in the ordinary
                  course of business, and at the time of the purchase of the
                  Transfer Restricted Securities to be resold, no agreements or
                  understandings, directly or indirectly, with any person to
                  distribute the Transfer Restricted Securities existed?

                     Yes [ ]                        No [ ]

(6)               Beneficial Ownership of Securities:

                  Except as set forth below in this Item (3), the undersigned
                  does not beneficially own any Securities.

         (a)      Principal amount of Transfer Restricted Securities
                  beneficially owned: _____________

                  CUSIP No(s). of such Transfer Restricted Securities: _________

                                      A-4

<PAGE>

         (b)      Principal amount of Securities other than Transfer Restricted
                  Securities beneficially owned:

                  ______________________________________________________________
                  CUSIP No(s). of such other Securities: _______________________

         (c)      Principal amount of Transfer Restricted Securities which the
                  undersigned wishes to be included in the Shelf Registration
                  Statement:____________________________________________________

                  CUSIP No(s). of such Transfer Restricted Securities to be
                  included in the Shelf Registration Statement: ________________

(7)               Beneficial Ownership of Other Securities of the Company:

                  Except as set forth below in this Item (4), the undersigned
                  Selling Securityholder is not the beneficial or registered
                  owner of any other securities of the Company, other than the
                  Securities listed above in Item (3).

                  State any exceptions here:

(8)               Relationships with the Company:

                  Except as set forth below, neither the Selling Securityholder
                  nor any of its affiliates, officers, directors or principal
                  equity holders (5% or more) has held any position or office or
                  has had any other material relationship with the Company (or
                  its predecessors or affiliates) during the past three years.

                  State any exceptions here:

(9)               Plan of Distribution:

         Except as set forth below, the undersigned Selling Securityholder
intends to distribute the Transfer Restricted Securities listed above in Item
(3) only as follows (if at all): Such Transfer Restricted Securities may be sold
from time to time directly by the undersigned Selling Securityholder or,
alternatively, through underwriters, broker-dealers or agents. Such Transfer
Restricted Securities may be sold in one or more transactions at fixed prices,
at prevailing market prices at the time of sale, at varying prices determined at
the time of sale, or at negotiated prices. Such sales may be effected in
transactions (which may involve crosses or block transactions) (i) on any
national securities exchange or quotation service on which the Registered
Securities may be listed or quoted at the time of sale, (ii) in the
over-the-counter market, (iii) in transactions otherwise than on such exchanges
or services or in the over-the-counter market, or (iv) through the writing of
options. In connection with sales of the Transfer Restricted Securities or
otherwise, the Selling Securityholder may enter into hedging transactions with
broker-dealers, which may in turn engage in short sales of the Transfer
Restricted Securities in the course of hedging the positions they assume. The
Selling Securityholder may also sell Transfer Restricted Securities short and
deliver Transfer Restricted

                                      A-5

<PAGE>

Securities to close out such short positions, or loan or pledge Transfer
Restricted Securities to broker-dealers that in turn may sell such securities.

                                      A-6

<PAGE>

                                                                     EXHIBIT A-1

             State any exceptions here:

By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

In the event that the Selling Securityholder transfers all or any portion of the
Transfer Restricted Securities listed in Item (3) above after the date on which
such information is provided to the Company, the Selling Securityholder agrees
to notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and
related Prospectus. The Selling Securityholder understands that such information
will be relied upon by the Company in connection with the preparation of the
Shelf Registration Statement and related Prospectus.

In accordance with the Selling Securityholder's obligation under Section 3(d) of
the Exchange and Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Company of any inaccuracies
or changes in the information provided herein which may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains in
effect. All notices hereunder and pursuant to the Exchange and Registration
Rights Agreement shall be made in writing, by hand-delivery, first-class mail,
or air courier guaranteeing overnight delivery as follows:

             (i) To the Company:

                                    International Steel Group Inc.
                                    3250 Interstate Drive,
                                    Richfield, Ohio 44286

             (ii) With a copy to:

                                    _______________________

                                    _______________________

                                    _______________________

                                    _______________________

                                    _______________________

                                      A-7

<PAGE>

Once this Notice and Questionnaire is executed by the Selling Securityholder and
received by the Company's counsel, the terms of this Notice and Questionnaire,
and the representations and warranties contained herein, shall be binding on,
shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives, and assigns of the Company and the
Selling Securityholder (with respect to the Transfer Restricted Securities
beneficially owned by such Selling Securityholder and listed in Item (3) above.
This Agreement shall be governed in all respects by the laws of the State of New
York.

                  [Remainder of page intentionally left blank]

                                      A-8

<PAGE>

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated: _____________________

                  ______________________________________________________________
                  Selling Securityholder
                  (Print/type full legal name of beneficial owner of Transfer
                  Restricted Securities)

                  By: __________________________________________________________
                  Name:
                  Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY'S COUNSEL AT:

                                    _______________________

                                    _______________________

                                    _______________________

                                    _______________________

                                    _______________________

                                      A-9

<PAGE>

                                                                       EXHIBIT B

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

The Bank of New York
International Steel Group Inc.
c/o The Bank of New York
      Corporate Trust Administration
      101 Barclay Street, Floor 8W
      New York, NY  10286

Attention: Trust Officer

           Re:       International Steel Group Inc. (the "Company")
                     6.500% Senior Notes due 2014

Dear Sirs:

Please be advised that __________________ has transferred $ ___________________
aggregate principal amount of the above-referenced Notes pursuant to an
effective Registration Statement on Form S__ (File No. 333- ____________ ) filed
by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied and that the above-named
beneficial owner of the Notes is named as a "Selling Holder" in the Prospectus
dated [date] or in supplements thereto, and that the aggregate principal amount
of the Notes transferred are the Notes listed in such Prospectus opposite such
owner's name.

Dated:

                                               Very truly yours,

                                                 _______________________________
                                                 (Name)

                                              By: ______________________________
                                                  (Authorized Signature)

                                      B-1<PAGE>

                                                                     Exhibit 4.6

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

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

                         INTERNATIONAL STEEL GROUP INC.
                          6.500% SENIOR NOTES DUE 2014

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

                                    INDENTURE
                           Dated as of April 14, 2004

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

                              The Bank of New York
                                     Trustee

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

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

<PAGE>

                        CROSS-REFERENCE TABLE*
<TABLE>
<CAPTION>
Trust Indenture Act Section                                                                                     Indenture Section
---------------------------                                                                                     -----------------
<S>                                                                                                            <C>
         310(a)(1)    ....................................................................................            7.10
          (a)(2)      ....................................................................................            7.10
          (a)(3)      ....................................................................................            N.A.
          (a)(4)      ....................................................................................            N.A.
          (a)(5)      ....................................................................................            7.10
            (b)       ....................................................................................            7.10
            (c)       ....................................................................................            N.A.
          311(a)      ....................................................................................            7.11
            (b)       ....................................................................................            7.11
            (c)       ....................................................................................            N.A.
          312(a)      ....................................................................................            2.05
            (b)       ....................................................................................            12.03
            (c)       ....................................................................................            12.03
          313(a)      ....................................................................................            7.06
          (b)(1)      ....................................................................................            N.A.
          (b)(2)      ....................................................................................         7.06; 7.07
            (c)       ....................................................................................         7.06; 12.02
            (d)       ....................................................................................            7.06
          314(a)      ....................................................................................     4.03; 12.02; 12.05
            (b)       ....................................................................................            N.A.
          (c)(1)      ....................................................................................            12.04
          (c)(2)      ....................................................................................            12.04
          (c)(3)      ....................................................................................            N.A.
            (d)       ....................................................................................            N.A.
            (e)       ....................................................................................            12.05
            (f)       ....................................................................................            N.A.
          315(a)      ....................................................................................            7.01
            (b)       ....................................................................................         7.05; 12.02
            (c)       ....................................................................................            7.01
            (d)       ....................................................................................            7.01
            (e)       ....................................................................................            6.11
  316(a) (last sentence) .................................................................................            2.09
         (a)(1)(A)    ....................................................................................            6.05
         (a)(1)(B)    ....................................................................................            6.04
          (a)(2)      ....................................................................................            N.A.
            (b)       ....................................................................................            6.07
            (c)       ....................................................................................            2.12
         317(a)(1)    ....................................................................................            6.08
          (a)(2)      ....................................................................................            6.09
            (b)       ....................................................................................          2.04, 403
          318(a)      ....................................................................................            11.01
            (b)       ....................................................................................            N.A.
            (c)       ....................................................................................            12.01
</TABLE>

N.A. means not applicable.

* This Cross Reference Table is not part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                              Page
                                                                                                                              ----
<S>                                                                                                                           <C>
ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE .....................................................................     1
           Section 1.01          Definitions ..............................................................................     1
           Section 1.02          Other Definitions ........................................................................    10
           Section 1.03          Incorporation by Reference of Trust Indenture Act ........................................    10
           Section 1.04          Rules of Construction ....................................................................    11

ARTICLE 2. THE NOTES ......................................................................................................    11
           Section 2.01          Form and Dating ..........................................................................    11
           Section 2.02          Execution and Authentication .............................................................    12
           Section 2.03          Registrar and Paying Agent ...............................................................    12
           Section 2.04          Paying Agent to Hold Money in Trust ......................................................    13
           Section 2.05          Holder Lists .............................................................................    13
           Section 2.06          Transfer and Exchange ....................................................................    13
           Section 2.07          Replacement Notes ........................................................................    27
           Section 2.08          Outstanding Notes ........................................................................    27
           Section 2.09          Treasury Notes ...........................................................................    28
           Section 2.10          Temporary Notes ..........................................................................    28
           Section 2.11          Cancellation .............................................................................    28
           Section 2.12          Defaulted Interest .......................................................................    28
           Section 2.13          CUSIP Numbers ............................................................................    29

ARTICLE 3. REDEMPTION AND PREPAYMENT ......................................................................................    29
           Section 3.01          Notices to Trustee .......................................................................    29
           Section 3.02          Selection of Notes to Be Redeemed or Purchased ...........................................    29
           Section 3.03          Notice of Redemption .....................................................................    30
           Section 3.04          Effect of Notice of Redemption ...........................................................    31
           Section 3.05          Deposit of Redemption or Purchase Price ..................................................    31
           Section 3.06          Notes Redeemed or Purchased in Part ......................................................    31
           Section 3.07          Optional Redemption ......................................................................    31
           Section 3.08          Mandatory Redemption .....................................................................    32

ARTICLE 4. COVENANTS ......................................................................................................    32
           Section 4.01          Payment of Notes .........................................................................    32
           Section 4.02          Maintenance of Office or Agency ..........................................................    33
           Section 4.03          Reports ..................................................................................    33
           Section 4.04          Compliance Certificate ...................................................................    34
           Section 4.05          Taxes ....................................................................................    34
           Section 4.06          Stay, Extension and Usury Laws ...........................................................    34
           Section 4.07          Limitation on Liens ......................................................................    35
           Section 4.08          Limitation on Sale and Leaseback .........................................................    36
           Section 4.09          Exemption from Limitation on Liens and Sale and Leaseback ................................    37
           Section 4.10          Corporate Existence                                                                           37
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                                         <C>
           Section 4.11          Future Guarantees by Domestic Subsidiaries .............................................   37

ARTICLE 5. SUCCESSORS ...................................................................................................   38
           Section 5.01          Company May Consolidate, Etc., on Certain Terms ........................................   38
           Section 5.02          Successor Corporation Substituted ......................................................   38
           Section 5.03          Securities to Be Secured in Certain Events .............................................   38
           Section 5.04          No Consolidation, Etc., Shall Result in Event of Default ...............................   39
           Section 5.05          Opinion of Counsel to Be Given to Trustee ..............................................   39

ARTICLE 6. DEFAULTS AND REMEDIES ........................................................................................   39
           Section 6.01          Events of Default ......................................................................   39
           Section 6.02          Acceleration of Maturity; Rescission and Annulment .....................................   40
           Section 6.03          Other Remedies .........................................................................   41
           Section 6.04          Waiver of Past Defaults ................................................................   41
           Section 6.05          Control by Majority ....................................................................   42
           Section 6.06          Limitation on Suits ....................................................................   42
           Section 6.07          Rights of Holders of Notes to Receive Payment ..........................................   42
           Section 6.08          Collection Suit by Trustee .............................................................   42
           Section 6.09          Trustee May File Proofs of Claim .......................................................   43
           Section 6.10          Priorities .............................................................................   43
           Section 6.11          Undertaking for Costs ..................................................................   44

ARTICLE 7. TRUSTEE ......................................................................................................   44
           Section 7.01          Duties of Trustee ......................................................................   44
           Section 7.02          Rights of Trustee ......................................................................   45
           Section 7.03          Individual Rights of Trustee ...........................................................   46
           Section 7.04          Trustee's Disclaimer ...................................................................   46
           Section 7.05          Notice of Defaults .....................................................................   46
           Section 7.06          Reports by Trustee to Holders of the Notes .............................................   47
           Section 7.07          Compensation and Indemnity .............................................................   47
           Section 7.08          Replacement of Trustee .................................................................   48
           Section 7.09          Successor Trustee by Merger, etc .......................................................   49
           Section 7.10          Eligibility; Disqualification ..........................................................   49
           Section 7.11          Preferential Collection of Claims Against Company ......................................   49

ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE .....................................................................   49
           Section 8.01          Option to Effect Legal Defeasance or Covenant Defeasance ...............................   49
           Section 8.02          Legal Defeasance and Discharge .........................................................   49
           Section 8.03          Covenant Defeasance ....................................................................   50
           Section 8.04          Conditions to Legal or Covenant Defeasance .............................................   51
           Section 8.05          Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
                                 Provisions .............................................................................   52
           Section 8.06          Repayment to Company ...................................................................   53
           Section 8.07          Reinstatement ..........................................................................   53

ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER .............................................................................   53
           Section 9.01          Without Consent of Holders of Notes ....................................................   53
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                                          <C>
           Section 9.02          With Consent of Holders of Notes ........................................................   54
           Section 9.03          Compliance with Trust Indenture Act .....................................................   56
           Section 9.04          Revocation and Effect of Consents .......................................................   56
           Section 9.05          Notation on or Exchange of Notes ........................................................   56
           Section 9.06          Trustee to Sign Amendments, etc. ........................................................   56

ARTICLE 10. SUBSIDIARY GUARANTEES ........................................................................................   56
           Section 10.01         Guarantee ...............................................................................   56
           Section 10.02         Ranking of Subsidiary Guarantees ........................................................   58
           Section 10.03         Execution and Delivery of Subsidiary Guarantee ..........................................   58
           Section 10.04         [INTENTIONALLY OMITTED.] ................................................................   59
           Section 10.05         Releases ................................................................................   59

ARTICLE 11. SATISFACTION AND DISCHARGE ...................................................................................   60
           Section 11.01         Satisfaction and Discharge ..............................................................   60
           Section 11.02         Application of Trust Money ..............................................................   61

ARTICLE 12. MISCELLANEOUS ................................................................................................   61
           Section 12.01         Trust Indenture Act Controls ............................................................   61
           Section 12.02         Notices. ................................................................................   61
           Section 12.03         Communication by Holders of Notes with Other Holders of Notes ...........................   62
           Section 12.04         Certificate and Opinion as to Conditions Precedent ......................................   62
           Section 12.05         Statements Required in Certificate or Opinion ...........................................   63
           Section 12.06         Rules by Trustee and Agents .............................................................   63
           Section 12.07         No Personal Liability of Directors, Officers, Employees and Stockholders ................   63
           Section 12.08         Governing Law ...........................................................................   64
           Section 12.09         No Adverse Interpretation of Other Agreements ...........................................   64
           Section 12.10         Successors ..............................................................................   64
           Section 12.11         Severability ............................................................................   64
           Section 12.12         Counterpart Originals ...................................................................   64
           Section 12.13         Table of Contents, Headings, etc. .......................................................   64
</TABLE>

                                    EXHIBITS

Exhibit A  FORM OF NOTE

Exhibit B  FORM OF CERTIFICATE OF TRANSFER

Exhibit C  FORM OF CERTIFICATE OF EXCHANGE

Exhibit D  FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Exhibit E  FORM OF NOTATION OF GUARANTEE

                                       iii

<PAGE>

                     INDENTURE dated as of April 14, 2004, among International
Steel Group Inc., a Delaware corporation, the Guarantors (as defined) and The
Bank of New York, a New York banking corporation, as trustee.

                     The Company, the Guarantors and the Trustee agree as
follows for the benefit of each other and for the equal and ratable benefit of
the Holders (as defined) of the 6.500% Senior Notes due 2014 (the "Notes"):

                                   ARTICLE 1.

                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

         Section 1.01 Definitions.

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

                     "Additional Notes" means additional notes (other than the
Initial Notes and other than issuances pursuant to Sections 2.06, 2.07, 2.10,
3.06 or 9.05 of this Indenture and other than Exchange Notes) issued from time
to time under this Indenture in accordance with Section 2.02 hereof, as part of
the same series as the Initial Notes.

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

                     "Affiliate" of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition,
"control," as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person shall be deemed to be control. For purposes of this
definition, the terms "controlling," "controlled by" and "under common control
with" have correlative meanings.

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

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

<PAGE>

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

                     "Board of Directors" means:

                     (1)       with respect to a corporation, the board of
directors of the corporation or any committee thereof duly authorized to act on
behalf of such board;

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

                     (3)       with respect to a limited liability company, the
managing member or members or any controlling committee of managing members
thereof; and

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

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

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

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

                     "Capital Stock" means:

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

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

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

                     (4)       any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person, but excluding from all of the
foregoing any debt securities convertible into Capital Stock, whether or not
such debt securities include any right of participation with Capital Stock.

                     "Clearstream" means Clearstream Banking, S.A.

                     "Company" means International Steel Group Inc., a Delaware
corporation, and any and all successors thereto.

                     "Company Request" or "Company Order" means a written
request or order signed in the name of the Company by an Officer.

                                       2

<PAGE>

                     "Comparable Treasury Issue" means the U.S. Treasury
security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the Notes being redeemed that would be utilized, at the time
of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of the Notes.

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

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

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

                     "Corporate Trust Office of the Trustee" will be at the
address of the Trustee specified in Section 12.02 hereof or such other address
as to which the Trustee may give notice to the Company.

                     "Credit Agreement" means that certain Credit and Guaranty
Agreement, dated as of May 7, 2003, as amended on August 6, 2003, as further
amended on September 30, 2003, and as further amended on March 19, 2004, by and
among International Steel Group Inc., as Guarantor, ISG Acquisition Inc., ISG
Cleveland Inc., ISG Hennepin Inc., ISG Indiana Harbor Inc., ISG Warren Inc., ISG
Riverdale Inc., ISG Plate LLC, ISG Piedmont LLC, ISG Burns Harbor LLC, ISG
Sparrows Point LLC, ISG Steelton LLC, and ISG Lackawanna LLC, as Borrowers,
certain Subsidiaries of the Company, as Guarantors, the Lenders party thereto
from time to time, UBS Securities LLC (f.k.a. UBS Warburg LLC), as Joint Lead
Arranger and Joint Bookrunner, UBS AG Stamford Branch, as Administrative Agent,
Goldman Sachs Credit Partners L.P., as Joint Lead Arranger, Joint Bookrunner and
Syndication Agent, The CIT Group/Business Credit, Inc., as Collateral Agent,
Fleet Capital Corporation, as Co-Documentation Agent, and LaSalle Bank National
Association, as Co-Documentation Agent, providing for up to $1,000,000,000 of
revolving credit and term loan borrowings (including any related notes,
guarantees, collateral documents, instruments and agreements executed in
connection therewith) and including any successor or replacement to the
foregoing, and in each case as such agreement may be amended, restated, amended
and restated, supplemented, modified, renewed, including adding additional
Subsidiaries as borrowers or guarantors), modified, renewed, refunded, replaced
(whether upon or after termination or otherwise) or refinanced (including by
means of sales of debt securities to institutional investors) in whole or in
part from time to time, whether in one agreement or more than one agreement,
whether with the same or different lenders, and whether including the same or
different borrowers or guarantors, and specifically including any increase in
the principal amount thereof.

                                       3

<PAGE>

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

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

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

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

                     "Depositary" means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section 2.03
hereof as the Depositary with respect to the Notes, and any and all successors
thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture.

                     "Domestic Subsidiary" means any Subsidiary of the Company
that was formed under the laws of the United States or any state of the United
States or the District of Columbia and that guarantees, or is a borrower under,
any Credit Facilities, other than a Subsidiary that is formed as a special
purpose entity in connection with a receivables, inventory or other asset
securitization or project financing.

                     "Equity Offering" means an offer and sale of Capital Stock
of the Company.

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

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

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

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

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

                     "GAAP" means generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified

                                       4

<PAGE>

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 date of this Indenture.

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

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

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

                     "Guarantee" means a guarantee other than by endorsement of
negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

                     "Guarantors" means each of:

                     (1)       the Domestic Subsidiaries; and

                     (2)       any other subsidiary that executes a Subsidiary
Guarantee in accordance with the provisions of the Indenture, but only for as
long as any Domestic Subsidiary guarantees the Credit Agreement; and their
respective successors and assigns.

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

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

                     "Indebtedness" means, with respect to any specified Person,
any indebtedness of such Person, whether or not contingent and without
duplication:

                     (1)       in respect of borrowed money;

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

                                       5

<PAGE>

                     (3)       in respect of bankers' acceptances; or

                     (4)       representing Capital Lease Obligations;

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

                     The amount of any Indebtedness outstanding as of any date
shall be: (1) the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount; and (2) the principal amount
of the Indebtedness, in the case of any other Indebtedness.

                     Notwithstanding the foregoing, "Indebtedness" shall not
include (a) advance payments by customers in the ordinary course of business for
services or products to be provided or delivered in the future or (b) deferred
taxes.

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

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

                     "Initial Notes" means the first $600.0 million aggregate
principal amount of Notes issued under this Indenture on the date hereof.

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

                     "ISG Columbus Coatings Agreement" means the Amended and
Restated Loan and Security Agreement among ISG Columbus Coatings LLC, as
borrower, General Electric Capital Corporation and Boeing Capital Corporation,
as lenders, the other several lenders from time to time parties thereto and
General Electric Capital Corporation, as administrative agent, dated as of
August 5, 2003.

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

                     "Net Tangible Assets" means, at any date, the aggregate
amount of assets (less applicable reserves and other properly deductible items)
after deducting therefrom (1) all current liabilities and (2) all goodwill,
trade names, trademarks, patents, unamortized debt discount and expense and
other like intangibles, all of the foregoing as set forth on the then most
recent consolidated balance sheet of the Company and computed in accordance with
generally accepted accounting principles.

                                       6

<PAGE>

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

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

                     "Officers' Certificate" means a certificate signed on
behalf of the Company by an Officer of the Company, who must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company, that meets the requirements of
Section 12.05 hereof.

                     "Opinion of Counsel" means an opinion from legal counsel
that meets the requirements of Section 12.05 hereof. The counsel may be an
employee of or counsel to the Company or any Subsidiary of the Company.

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

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

                     "Principal Property" means any facility, together with the
land on which it is erected and fixtures comprising a part thereof, used
primarily for manufacturing, processing, research, warehousing or distribution
(other than any facility or portion thereof that is a pollution control facility
that is financed by state or local government obligations), owned or leased by
the Company or a Subsidiary of the Company and having a net book value in excess
of 3% of Net Tangible Assets.

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

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

                     "Quotation Agent" means the Reference Treasury Dealer
appointed by the Trustee to act as the Quotation Agent after consultation with
the Company.

                     "Reference Treasury Dealer" means Goldman, Sachs & Co. and
its respective successors and, at the option of the Company, other primary U.S.
government securities dealers in New York City selected by the Company.

                                       7

<PAGE>

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

                     "Registration Rights Agreement" means the Exchange and
Registration Rights Agreement, dated as of April 14, 2004, among the Company and
the other parties named on the signature pages thereof, relating to the Notes,
as such agreement may be amended, modified or supplemented from time to time,
and, with respect to any Additional Notes, one or more registration rights
agreements among the Company and the other parties thereto, as such agreement(s)
may be amended, modified or supplemented from time to time, relating to rights
given by the Company to the purchasers of Additional Notes to register such
Additional Notes, or participate in an exchange offer for such Additional Notes,
under the Securities Act.

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

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

                     "Responsible Officer," when used with respect to the
Trustee, means any officer within the corporate trust department of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

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

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

                     "Restricted Period" means the 40-day distribution
compliance period as defined in Regulation S.

                     "Restricted Subsidiary" means any Domestic Subsidiary of
the Company that owns or leases a Principal Property or properties which in the
aggregate would constitute a Principal Property or owns or controls stock which
under ordinary circumstances has the voting power to elect a majority of the
Board of Directors of Restricted Subsidiary.

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

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

                                       8

<PAGE>

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

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

                     "Sale and Leaseback Transaction" means any arrangement with
any Person providing for the leasing by the Company or any Restricted Subsidiary
of any properties or assets of the Company and/or such Restricted Subsidiary
(except for leases between the Company and any Restricted Subsidiary, between
any Restricted Subsidiary and the Company or between Restricted Subsidiaries),
which properties or assets, within 12 months of the start of such lease, have
been or are to be sold or transferred by the Company or such Subsidiary to such
Person with the intention of taking back a lease of such properties or assets.

                     "SEC" means the Securities and Exchange Commission.

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

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

                     "Special Interest" means interest payable on the Notes in
the event of a Registration Default, the amount of which shall be determined as
provided in the Registration Rights Agreement.

                     "Subsidiary" means any corporation, association or other
business entity, a majority of the outstanding Voting Stock of which is owned or
controlled by the Company or by one or more other Subsidiaries and which is
consolidated in full in the Company's accounts.

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

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

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

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

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

                                       9

<PAGE>

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

                     "Value" means, with respect to a Sale and Leaseback
Transaction, as of any particular time, the amount equal to the greater of (i)
the net proceeds of the sale or transfer of the property leased pursuant to such
Sale and Leaseback Transaction or (ii) the fair value in the opinion of the
Board of Directors of such property at the time of entering into such Sale and
Leaseback Transaction, in either case divided first by the number of full years
of the term of the lease and then multiplied by the number of full years of such
term remaining at the time of determination without regard to any renewal or
extension options contained in the lease.

                     "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.

         Section 1.02 Other Definitions.

<TABLE>
<CAPTION>
       Term                                          Defined in Section
       ----                                          ------------------
<S>                                                  <C>
"Authentication Order"                                     2.02
"Covenant Defeasance"                                      8.03
"DTC"                                                      2.03
"Event of Default"                                         6.01
"Funded Debt"                                              4.08
"Legal Defeasance"                                         8.02
"lien"                                                     4.07
"Outstanding Notes"                                        2.08
"Paying Agent"                                             2.03
"Registrar"                                                2.03
</TABLE>

         Section 1.03 Incorporation by Reference of Trust Indenture Act.

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

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

                     "Commission" means the SEC;

                     "indenture securities" means the Notes;

                     "indenture security Holder" means a Holder;

                     "indenture to be qualified" means this Indenture;

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

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

                                       10

<PAGE>

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

         Section 1.04 Rules of Construction.

                     Unless the context otherwise requires:

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

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

                     (3)       "or" is not exclusive;

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

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

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

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

                                   ARTICLE 2.

                                    THE NOTES

         Section 2.01 Form and Dating.

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

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

         (b)      Global Notes. Notes issued in global form will be
substantially in the form of Exhibit A attached hereto (including the Global
Note Legend thereon and the "Schedule of Exchanges of Interests in the Global
Note" attached thereto). Notes issued in definitive form will be substantially
in the form of Exhibit A attached hereto (but without the Global Note Legend
thereon and without the "Schedule of Exchanges of Interests in the Global Note"
attached

                                       11

<PAGE>

thereto). Each Global Note will represent such of the outstanding Notes as will
be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and
that the aggregate principal amount of outstanding Notes represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any
increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder
thereof as required by Section 2.06 hereof.

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

         Section 2.02 Execution and Authentication.

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

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

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

                     On the date of this Indenture, the Trustee will, upon
receipt of a written order of the Company signed by an Officer (an
"Authentication Order"), authenticate the Initial Notes for original issue up to
$600,000,000 in aggregate principal amount and, upon delivery of any
Authentication Order at any time and from time to time thereafter, the Trustee
shall authenticate Additional Notes and Exchange Notes for original issue in an
aggregate principal amount specified in such Authentication Order. The aggregate
principal amount of Notes outstanding at any time may not exceed the aggregate
principal amount of Notes authorized for issuance by the Company pursuant to one
or more Authentication Orders, except as provided in Section 2.07 hereof.

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

         Section 2.03 Registrar and Paying Agent.

                     The Company will maintain an office or agency where Notes
may be presented for registration of transfer or for exchange ("Registrar") and
an office or agency where Notes may be presented for payment ("Paying Agent").
The Registrar will keep a register of the Notes

                                       12

<PAGE>

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

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

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

         Section 2.04 Paying Agent to Hold Money in Trust.The Company will
require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders or the Trustee all
money held by the Paying Agent for the payment of principal, premium or Special
Interest, if any, or interest on the Notes, and will notify the Trustee of any
default by the Company in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to
the Trustee. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent
(if other than the Company or a Subsidiary) will have no further liability for
the money. If the Company or a Subsidiary acts as Paying Agent, it will
segregate and hold in a separate trust fund for the benefit of the Holders all
money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee will serve as Paying Agent for
the Notes.

         Section 2.05 Holder Lists.

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

         Section 2.06 Transfer and Exchange.

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

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

                                       13

<PAGE>

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

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

                  (3)      there has occurred and is continuing a Default or
         Event of Default with respect to notes.

                  Upon the occurrence of any of the preceding events in (1), (2)
or (3) above, Definitive Notes shall be issued in such names as the Depositary
shall instruct the Trustee. Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof,
shall be authenticated and delivered in the form of, and shall be, a Global
Note. A Global Note may not be exchanged for another Note other than as provided
in this Section 2.06(a), however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof.

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

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

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

                           (A)      both:

                                       14

<PAGE>

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

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

                           (B)      both:

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

                                    (ii)     instructions given by the
                           Depositary to the Registrar containing information
                           regarding the Person in whose name such Definitive
                           Note shall be registered to effect the transfer or
                           exchange referred to in (1) above.

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

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

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

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

                           (C)      if the transferee will take delivery in the
                  form of a beneficial interest in the IAI Global Note, then the
                  transferor must deliver a certificate in the

                                       15

<PAGE>

                  form of Exhibit B hereto, including the certifications,
                  certificates and Opinion of Counsel required by item (3)
                  thereof, if applicable.

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

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

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

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

                           (D)      the Registrar receives the following:

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

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

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

                                       16

<PAGE>

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

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

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

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

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

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

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

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

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

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

                                       17

<PAGE>

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

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

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

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

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

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

                           (D)      the Registrar receives the following:

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

                                    (ii)     if the holder of such beneficial
                           interest in a Restricted Global Note proposes to
                           transfer such beneficial interest to a Person who

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<PAGE>

                           shall take delivery thereof in the form of a
                           Definitive Note that does not bear the Private
                           Placement Legend, a certificate from such holder in
                           the form of Exhibit B hereto, including the
                           certifications in item (4) thereof;

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

                  (3)      Beneficial Interests in Unrestricted Global Notes to
         Unrestricted Definitive Notes. If any holder of a beneficial interest
         in an Unrestricted Global Note proposes to exchange such beneficial
         interest for a Definitive Note or to transfer such beneficial interest
         to a Person who takes delivery thereof in the form of a Definitive
         Note, then, upon satisfaction of the conditions set forth in Section
         2.06(b)(2) hereof, the Trustee will cause the aggregate principal
         amount of the applicable Global Note to be reduced accordingly pursuant
         to Section 2.06(h) hereof, and the Company will execute and the Trustee
         will authenticate and deliver to the Person designated in the
         instructions a Definitive Note in the appropriate principal amount. Any
         Definitive Note issued in exchange for a beneficial interest pursuant
         to this Section 2.06(c)(3) will be registered in such name or names and
         in such authorized denomination or denominations as the holder of such
         beneficial interest requests through instructions to the Registrar from
         or through the Depositary and the Participant or Indirect Participant.
         The Trustee will deliver such Definitive Notes to the Persons in whose
         names such Notes are so registered. Any Definitive Note issued in
         exchange for a beneficial interest pursuant to this Section 2.06(c)(3)
         will not bear the Private Placement Legend.

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

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

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

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

                           (C)      if such Restricted Definitive Note is being
                  transferred to a Non-U.S. Person in an offshore transaction in
                  accordance with Rule 903 or Rule 904, a

                                       19

<PAGE>

                  certificate to the effect set forth in Exhibit B hereto,
                  including the certifications in item (2) thereof;

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

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

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

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

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

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

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

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

                                       20

<PAGE>

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

                           (D)      the Registrar receives the following:

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

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

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

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

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

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

         (e)      Transfer and Exchange of Definitive Notes for Definitive
Notes. Upon request by a Holder of Definitive Notes and such Holder's compliance
with the provisions of this Section 2.06(e), the Registrar will register the
transfer or exchange of Definitive Notes. Prior to such registration of transfer
or exchange, the requesting Holder must present or surrender to the

                                       21

<PAGE>

Registrar the Definitive Notes duly endorsed or accompanied by a written
instruction of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder must provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of
this Section 2.06(e).

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

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

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

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

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

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

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

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

                           (D)      the Registrar receives the following:

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

                                       22

<PAGE>

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

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

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

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

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

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

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

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

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

                  (1)      Private Placement Legend.

                                       23

<PAGE>

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

                           (B)      "THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
                  U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
                  AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR
                  OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR
                  THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH
                  IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
                  BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A)
                  IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE
                  144A UNDER THE SECURITIES ACT) (A "QIB"), (B) IT IS NOT A U.S.
                  PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT
                  OF A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
                  TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE
                  SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL "ACCREDITED
                  INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF
                  REGULATION D UNDER THE SECURITIES ACT) (AN "IAI"), (2) AGREES
                  THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER
                  RULE 144(k) (TAKING INTO ACCOUNT THE PROVISIONS OF RULE 144(d)
                  UNDER THE SECURITIES ACT, IF APPLICABLE) UNDER THE SECURITIES
                  ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS NOTE,
                  RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE
                  COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE
                  HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN
                  ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE
                  144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES
                  IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER
                  THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM
                  REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
                  AVAILABLE), (E) TO AN IAI THAT, PRIOR TO SUCH TRANSFER,
                  FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
                  REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF
                  TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE
                  OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
                  OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES AT THE TIME OF
                  TRANSFER OF LESS THAN $250,000, AN OPINION OF COUNSEL
                  ACCEPTABLE TO INTERNATIONAL STEEL GROUP INC. THAT SUCH
                  TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (F)
                  PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
                  SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH
                  APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT WILL
                  DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN
                  IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS

                                       24

<PAGE>

                  LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY
                  INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE
                  HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE
                  HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS
                  CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS
                  "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE
                  THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER
                  THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION
                  REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF
                  THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS."

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

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

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

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

                                       25

<PAGE>

         REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
         OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
         DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
         BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
         HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

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

         (i)      General Provisions Relating to Transfers and Exchanges.

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

                  (2)      No service charge will be made to a Holder of a
         Global Note or to a Holder of a Definitive Note for any registration of
         transfer or exchange, but the Company may require payment of a sum
         sufficient to cover any transfer tax or similar governmental charge
         payable in connection therewith (other than any such transfer taxes or
         similar governmental charge payable upon exchange or transfer pursuant
         to Sections 2.10, 3.06 and 9.05 hereof).

                  (3)      The Registrar will not be required to register the
         transfer of or exchange any Note selected for redemption in whole or in
         part, except the unredeemed portion of any Note being redeemed in part.

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

                  (5)      Neither the Registrar nor the Company will be
         required:

                           (A)      to issue, to register the transfer of or to
                  exchange any Notes during a period beginning at the opening of
                  business 15 days before the day of any

                                       26

<PAGE>

                  selection of Notes for redemption under Section 3.02 hereof
                  and ending at the close of business on the day of selection;

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

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

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

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

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

         Section 2.07 Replacement Notes.

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

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

         Section 2.08 Outstanding Notes.

                  The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Note effected
by the Trustee in accordance with the provisions hereof, and those described in
this Section as not outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be outstanding because the Company or an Affiliate of the
Company holds the Note; however, Notes held by the Company or a Subsidiary of
the Company shall not be deemed to be outstanding for purpose of Section 3.07(a)
hereof.

                                       27

<PAGE>

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

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

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

         Section 2.09 Treasury Notes.

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

         Section 2.10 Temporary Notes.

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

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

         Section 2.11 Cancellation.

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

         Section 2.12 Defaulted Interest.

                  If the Company defaults in a payment of interest on the Notes,
it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are
Holders on a subsequent special record date, in each

                                       28
<PAGE>

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

         Section 2.13 CUSIP Numbers.

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

                                   ARTICLE 3.

                            REDEMPTION AND PREPAYMENT

         Section 3.01 Notices to Trustee.

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

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

                  (2)      the redemption date;

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

                  (4)      the redemption price.

         Section 3.02 Selection of Notes to Be Redeemed or Purchased.

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

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

                                       29
<PAGE>

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

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

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

         Section 3.03 Notice of Redemption.

                  At least 30 days but not more than 60 days before a redemption
date, the Company will mail or cause to be mailed, by first class mail, a notice
of redemption to each Holder whose Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior to
a redemption date if the notice is issued in connection with a defeasance of the
Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8
or 11 of this Indenture.

                  The notice will identify the Notes to be redeemed and will
state:

                  (1)      the redemption date;

                  (2)      the redemption price;

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

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

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

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

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

                                       30
<PAGE>

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

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

         Section 3.04 Effect of Notice of Redemption.

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

         Section 3.05 Deposit of Redemption or Purchase Price.

                  One Business Day prior to the redemption or purchase date, the
Company will deposit with the Trustee or with the Paying Agent money sufficient
to pay the redemption or purchase price of and accrued interest and Special
Interest, if any, on all Notes to be redeemed or purchased on that date. The
Trustee or the Paying Agent will promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption or purchase price of, and accrued
interest and Special Interest, if any, on, all Notes to be redeemed or
purchased.

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

         Section 3.06 Notes Redeemed or Purchased in Part.

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

         Section 3.07 Optional Redemption.

         (a)      At any time, the Company may at its option redeem all or part
of the Notes upon not less than 30 nor more than 60 days' prior notice at a
redemption price equal to the greater of (1) 100% of the principal amount of the
Notes being redeemed and (2) as determined by the

                                       31
<PAGE>

Quotation Agent, the sum of the present values of 100% of the principal amount
of the Notes being redeemed, plus all scheduled payments of interest on such
Notes to and including April 15, 2014 (but not including accrued and unpaid
interest to the redemption date), in each case discounted to the redemption date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate plus 50 basis points, together in each
case with accrued and unpaid interest and Special Interest, if any, to the
applicable redemption date.

         (b)      At any time prior to April 15, 2007, the Company may on one or
more occasions redeem up to 35% of the aggregate principal amount of Notes
issued under this Indenture at a redemption price of 106.500% of the principal
amount, plus accrued interest and Special Interest, if any, to the redemption
date, with the net cash proceeds of one or more Equity Offerings; provided that:

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

                  (2)      the redemption occurs within 90 days after the
         consummation of such Equity Offering.

         Section 3.08 Mandatory Redemption.

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

                                   ARTICLE 4.

                                    COVENANTS

         Section 4.01 Payment of Notes.

                  The Company shall pay or cause to be paid the principal of,
premium, if any, and interest and Special Interest, if any, on the Notes on the
dates and in the manner provided in this Indenture and the Notes. Principal,
premium, if any, and interest and Special Interest, if any will be considered
paid on the date due if the Paying Agent, if other than the Company or a
Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and
sufficient to pay all principal, premium, if any, and interest then due. The
Company will pay all Special 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 at the
rate equal to 1% per annum in excess of the then applicable interest rate on the
Notes to the extent lawful; it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Special Interest (without regard to any applicable grace period) at
the same rate to the extent lawful.

                                       32
<PAGE>

         Section 4.02 Maintenance of Office or Agency.

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

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

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

         Section 4.03 Reports

         (a)      Whether or not the Company is then subject to Section 13(a) or
15(d) of the Exchange Act, so long as any Notes are outstanding, the Company,
within the time periods specified in the SEC's rules and regulations if the
Company were subject to Section 13(a) or 15(d), file the following reports with
the SEC, even if it is not required by the SEC to do so:

                  (1)      all quarterly and annual reports that would be
         required to be filed with the SEC on Forms 10-Q and 10-K if the Company
         were required to file reports pursuant to Section 13(a) or 15(d),
         including a "Management's Discussion and Analysis of Financial
         Condition and Results of Operations" and, with respect to the annual
         information only, a report thereon by the Company's certified
         independent accountants; and

                  (2)      all current reports that would be required to be
         filed with the SEC on Form 8-K if the Company were required to file
         such reports pursuant to Section 13(a) or 15(d).

                  The Company will not take any action for the purpose of
causing the SEC not to accept any such filings. If, notwithstanding the
foregoing, the SEC will not accept the Company's filings for any reason, the
Company will post the reports referred to in the preceding paragraph on its
website within the time periods that would apply if the Company were required to
file those reports with the SEC pursuant to Section 13(a) or 15(d) of the
Exchange Act.

                  If such filings with the SEC are not then permitted by the
SEC, and such filings are not generally available on the Internet free of charge
within the time periods in which the Company would be required to file a report
if it were subject to Section 13(a) or 15(d) of the

                                       33
<PAGE>

Exchange Act, the Company will, without charge to the Holders, furnish the
Holders with a copies of any such reports.

                  The Company will at all times comply with TIA Section 314(a).

         (b)      For so long as any Notes remain outstanding and constitute
"restricted securities" under Rule 144, if at any time it is not required to
file with the SEC the reports required by paragraph (a) of this Section 4.03,
the Company will furnish to the Holders and to securities analysts and
prospective investors, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act.

         Section 4.04 Compliance Certificate.

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

         (b)      So long as any of the Notes are outstanding, the Company will
deliver to the Trustee, within 30 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 4.05 Taxes.

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

         Section 4.06 Stay, Extension and Usury Laws.

                  The Company and each of the Guarantors covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, that may affect the covenants or the performance of this Indenture;
and the Company and each of the Guarantors (to the extent that it may lawfully
do so) hereby

                                       34
<PAGE>

expressly waives all benefit or advantage of any such law, and covenants that it
will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been enacted.

         Section 4.07 Limitation on Liens.

                  The Company shall not create or assume, and shall not permit
any Restricted Subsidiary to create or assume, any mortgage, security interest,
pledge or lien (collectively in this Article 4 referred to as "lien") upon any
Principal Property or upon the shares of stock or Indebtedness of any Restricted
Subsidiary to secure Indebtedness without equally and ratably securing the
Outstanding Notes and the Subsidiary Guarantees for so long as such Indebtedness
is secured. However, this restriction does not apply to:

                  (1)      liens of the Company and any Restricted Subsidiary
         securing obligations under the Credit Agreement;

                  (2)      liens on any Principal Property existing at the time
         of its acquisition and liens created contemporaneously with or within
         180 days after (or created pursuant to firm commitment financing
         arrangements obtained within that period) the later of (a) the
         completion of the acquisition, improvement or construction of such
         property to secure payment of the purchase price of such property or
         the cost of such construction or improvement, and (b) the date such
         property was placed in operation after the acquisition or completion of
         any such construction or substantial improvement;

                  (3)      liens on property or shares of stock or Indebtedness
         of a corporation existing at the time it is merged into or its assets
         are acquired by the Company or a Restricted Subsidiary or arising
         thereafter pursuant to contractual commitments entered into prior to
         and not in contemplation of those assets being acquired by the Company
         or a Restricted Subsidiary;

                  (4)      liens on property or shares of stock or Indebtedness
         of a corporation existing at the time it becomes a Restricted
         Subsidiary or arising thereafter pursuant to contractual commitments
         entered into prior to and not in contemplation of that entity becoming
         a Restricted Subsidiary;

                  (5)      liens securing debts of a Restricted Subsidiary to
         the Company and/or one or more of its Subsidiaries;

                  (6)      liens in favor of any customer arising in respect of
         and not exceeding the amount of performance deposits and partial,
         progress, advance or other payments by that customer for goods produced
         or services rendered to that customer in the ordinary course of
         business;

                  (7)      liens in favor of governmental authorities, or any
         trustee or mortgagee acting on behalf, or for the benefit of any
         governmental authorities, to secure partial, progress, advance or other
         payments pursuant to any contract or statute or to secure any
         Indebtedness incurred for the purpose of financing all or any part of
         the purchase price

                                       35
<PAGE>

         or the cost of construction of property subject to the liens, and any
         other liens incurred or assumed in connection with pollution control,
         industrial revenue, private activity or similar bonds issued by a
         governmental authority on behalf of the Company or a Restricted
         Subsidiary;

                  (8)      pledges or deposits under worker's compensation laws,
         unemployment insurance laws or similar legislation;

                  (9)      mechanics', workmen's and similar liens;

                  (10)     liens arising out of litigation or judgments being
         contested;

                  (11)     liens for taxes not yet due, or being contested,
         landlords' liens, tenants' rights under leases, easements, and similar
         liens not impairing the use or value of the property involved; and

                  (12)     liens to extend, renew or replace any liens referred
         to in clauses (1) through (11) or this clause (12) or any lien existing
         on the date of this Indenture.

         Section 4.08 Limitation on Sale and Leaseback.

                  The Company shall not, nor shall it permit any Restricted
Subsidiary to, enter into any Sale and Leaseback Transaction with respect to a
Principal Property and with a lease exceeding three years unless:

                  (1)      the Company and/or such Restricted Subsidiary or
         Restricted Subsidiaries would be entitled to incur Indebtedness secured
         by a lien on that property without securing the Notes pursuant to the
         provisions of Section 4.07; or

                  (2)      an amount equal to the Value of the Sale and
         Leaseback Transaction is applied within 270 days to:

                           (A)      the retirement of Indebtedness for borrowed
                  money of the Company or any Restricted Subsidiary maturing
                  more than one year after the date incurred and which is senior
                  to or equal with the Notes or the Subsidiary Guarantees in
                  right of payment ("Funded Debt");

                           (B)      the purchase of other property that will
                  constitute Principal Property having a value at least equal to
                  the net proceeds of the sale; or

                           (C)      capital expenditures with respect to any
                  existing Principal Property; or

                  (3)      the Company and/or a Restricted Subsidiary shall
         repay, repurchase, redeem or otherwise retire Funded Debt (including
         the Notes) in an aggregate principal amount at least equal to the net
         proceeds of the sale; or

                                       36
<PAGE>

                  (4)      the Sale and Leaseback Transaction is entered into in
         connection with pollution control, industrial revenue, private activity
         or similar bonds issued by a governmental authority.

         Section 4.09 Exemption from Limitation on Liens and Sale and Leaseback.

                  Notwithstanding the provisions of Sections 4.07 and 4.08, the
Company and any one or more of its Restricted Subsidiaries are permitted to
create or assume liens or enter into Sale and Leaseback Transactions that would
not otherwise be permitted without securing the Notes under or otherwise
complying with said provisions, provided that the sum of the aggregate amount of
all Indebtedness secured by these liens (not including Indebtedness otherwise
permitted under the exceptions described in clauses (1) through (12) of Section
4.07), and the Value of all these Sale and Leaseback Transactions (not including
those that are for less than three years or as described in clauses (2) through
(4) of Section 4.08) will not exceed 10% of the Net Tangible Assets of the
Company.

         Section 4.10 Corporate Existence.

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

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

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

         Section 4.11 Future Guarantees by Domestic Subsidiaries.

                  If the Company or any of its Subsidiaries acquires or creates
another Domestic Subsidiary after the date of this Indenture that guarantees any
Credit Facilities, or if an existing Domestic Subsidiary becomes a guarantor
under any Credit Facilities, then the Company shall cause, within 10 Business
Days of the date on which it guaranteed such Indebtedness, such Domestic
Subsidiary to execute a Subsidiary Guarantee pursuant to a supplemental
indenture in form and substance reasonably satisfactory to the Trustee and
deliver an Opinion of Counsel to the Trustee to the effect that such
supplemental indenture has been duly authorized, executed and delivered by such
Domestic Subsidiary and constitutes a valid and binding agreement of such
Domestic Subsidiary, enforceable in accordance with its terms (subject to
customary exceptions). The form of such Subsidiary Guarantee is attached as
Exhibit E hereto.

                                       37
<PAGE>

                                   ARTICLE 5.

                                   SUCCESSORS

         Section 5.01 Company May Consolidate, Etc., on Certain Terms.

                  Subject to the provisions of Sections 5.02 and 5.04, nothing
contained in this Indenture shall prevent any consolidation or merger of the
Company with or into any other corporation or corporations (whether or not
affiliated with the Company), or successive consolidations or mergers in which
the Company or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance or lease of all or substantially all the properties
and assets of the Company, to any other corporation (whether or not affiliated
with the Company) authorized to acquire and operate the same; provided, however,
and the Company hereby covenants and agrees, that, if the surviving corporation
is other than the Company, upon any such consolidation, merger, sale, conveyance
or lease, the due and punctual payment of the principal of and interest on all
of the Notes, according to their tenor, and the due and punctual performance and
observance of all of the covenants and conditions of this Indenture to be
performed by the Company, shall be expressly assumed by supplemental indenture
reasonably satisfactory in form to the Trustee, executed and delivered to the
Trustee by the corporation formed by such consolidation, or into which the
Company shall have been merged, or by the corporation which shall have acquired
or leased such property.

         Section 5.02 Successor Corporation Substituted.

                  Upon any consolidation or merger, or any sale, conveyance or
lease of all or substantially all of the properties and assets of the Company in
a transaction that is subject to, and that complies with the provisions of,
Section 5.01 hereof, the successor corporation (if other than the Company)
formed by such consolidation or into which the Company is merged or to which
such sale, conveyance or lease is made shall succeed to, and be substituted for
(so that from and after the date of such consolidation, merger, sale, conveyance
or lease, the provisions of this Indenture referring to the "Company" shall
refer instead to the successor corporation and not to the Company), and may
exercise every right and power of the Company under this Indenture with the same
effect as if such successor Person had been named as the Company herein. In the
event of any such merger, sale, or conveyance, but not any such lease, that is
subject to, and complies with the provisions of, Section 5.01 hereof, the
predecessor shall be discharged from all obligations and covenants under the
Notes and the Indenture.

         Section 5.03 Securities to Be Secured in Certain Events.

                  If, upon any merger, sale or lease referred to in Section
5.01, any Principal Property of the Company or of any Restricted Subsidiary or
any shares of stock or Indebtedness of any Restricted Subsidiary owned
immediately prior thereto would thereupon become subject to any mortgage,
security interest, pledge, lien or encumbrance, other than liens permitted under
Section 4.07 or 4.09, without securing the Notes and the Subsidiary Guarantees,
the Company, prior to such merger, sale or lease, will by indenture supplemental
hereto secure the due and punctual payment of the principal of and interest on
the Notes and the Subsidiary Guarantees (equally and ratably with any other
Indebtedness of the Company then, or as a result thereof to

                                       38
<PAGE>

be, secured thereby) by a direct lien on such Principal Property, shares of
stock or Indebtedness, prior to all liens other than any then existing thereon
and then so permitted by Section 4.07 or Section 4.09.

         Section 5.04 No Consolidation, Etc., Shall Result in Event of Default.

                  Any consolidation, merger, sale, conveyance or lease referred
to in Section 5.01 shall not be permitted under this Indenture unless
immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing.

         Section 5.05 Opinion of Counsel to Be Given to Trustee.

                  The Trustee shall be provided with and, subject to Sections
7.01 and 7.02, shall be fully protected in relying upon, an Opinion of Counsel
as conclusive evidence that any such consolidation, merger, sale, conveyance or
lease and any such assumption complies with the provisions of this Article 5.

                                   ARTICLE 6.

                              DEFAULTS AND REMEDIES

         Section 6.01 Events of Default.

         (a)      Each of the following events constitutes an "Event of
Default":

                  (1)      the Company fails to pay any interest or Special
         Interest, if any, upon the Notes when due, and that failure continues
         for 30 days;

                  (2)      the Company fails to pay the principal of, or
         premium, if any, on, the Notes when due (at maturity, upon redemption
         or acceleration, or otherwise);

                  (3)      the Company defaults in the performance, or breach,
         of any covenant or warranty of the Company in this Indenture (other
         than a covenant or warranty a default in whose performance or whose
         breach is elsewhere in this Section specifically dealt with) and
         continuance of such default or breach for a period of 90 days after
         there has been given, by registered or certified mail, to the Company
         by the Trustee or to the Company and the Trustee by the Holders of at
         least 25% in principal amount of the Outstanding Notes a written notice
         specifying such default or breach and requiring it to be remedied and
         stating that such notice is a "Notice of Default" hereunder;

                  (4)      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 Restricted Subsidiaries (or the payment of which is guaranteed by
         the Company or any of its Restricted Subsidiaries), whether such
         Indebtedness or Guarantee now exists, or is created after the date of
         this Indenture, if that default results in the acceleration of such
         Indebtedness prior to its express maturity and the then outstanding
         principal amount of any such Indebtedness, together with the principal
         amount of any other such Indebtedness the maturity of which has been so

                                       39
<PAGE>

         accelerated, aggregates $40.0 million or more and the acceleration is
         not discharged within 10 days after notice had properly been given
         under such mortgage, indenture or instrument;

                  (5)      the Company pursuant to or within the meaning of
         Bankruptcy Law:

                           (A)      commences a voluntary case,

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

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

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

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

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

                           (A)      is for relief against the Company;

                           (B)      appoints a custodian of the Company for all
                  or substantially all of the property of the Company; or

                           (C)      orders the liquidation of the Company;

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

         Section 6.02 Acceleration of Maturity; Rescission and Annulment.

                  If an Event of Default with respect to the Outstanding Notes
occurs and is continuing, then and in every such case the Trustee or the Holders
of not less than 25% in aggregate principal amount of the Outstanding Notes may
declare the principal amount of all the Notes to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by Holders),
and upon any such declaration such principal amount shall become immediately due
and payable.

                  At any time after such a declaration of acceleration with
respect to the Notes has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article
provided, the Holders of a majority in principal amount of the Outstanding
Notes, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if:

                  (1)      the Company has paid or deposited with the Trustee a
         sum sufficient to pay:

                           (A)      all overdue interest on all the Notes,

                                       40
<PAGE>

                           (B)      the principal of (and premium, if any, on)
                  any Notes which have become due otherwise than by such
                  declaration of acceleration and interest thereon at the rate
                  or rates prescribed therefor in such Notes, and

                           (C)      to the extent that payment of such interest
                  is lawful, interest upon overdue interest at the rate or rates
                  prescribed therefor in such Notes, and

                           (D)      all sums paid or advanced by the Trustee
                  hereunder and the reasonable compensation, expenses,
                  disbursements and advances of the Trustee, its agents and
                  counsel; or

                  (2)      all Events of Default with respect to the Notes,
         other than the non-payment of the principal of Notes which have become
         due solely by such declaration of acceleration, have been waived as
         provided in Section 6.04.

                  No such rescission shall affect any subsequent default or
impair any right consequent thereon.

         Section 6.03 Other Remedies.

                  If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal, premium or
Special Interest, if any, and interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

                  The Trustee may maintain a proceeding even if it does not
possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder of a Note in exercising any right
or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies
are cumulative to the extent permitted by law.

         Section 6.04 Waiver of Past Defaults.

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

                                       41
<PAGE>

         Section 6.05 Control by Majority.

                  Holders of not less than a majority in principal amount of the
then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any
trust or power conferred on it. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture that the Trustee determines
may be prejudicial to the rights of other Holders of Notes or that may involve
the Trustee in personal liability.

         Section 6.06 Limitation on Suits.

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

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

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

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

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

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

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

         Section 6.07 Rights of Holders of Notes to Receive Payment.

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

         Section 6.08 Collection Suit by Trustee.

                  If an Event of Default specified in Section 6.01(a)(1) or (2)
occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company for the whole
amount of principal of, premium and Special Interest, if any, and interest
remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover
the costs and

                                       42
<PAGE>

expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

         Section 6.09 Trustee May File Proofs of Claim.

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

         Section 6.10 Priorities.

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

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

                  Second: to Holders of Notes for amounts due and unpaid on the
                  Notes for principal, premium, if any, interest and Special
                  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 Special
                  Interest, if any; and

                  Third: to the Company or any other obligors on the Notes,
                  including the Guarantors, 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 Holders of Notes pursuant to this Section 6.10.

                                       43
<PAGE>

         Section 6.11 Undertaking for Costs.

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

                                   ARTICLE 7.

                                     TRUSTEE

         Section 7.01 Duties of Trustee.

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

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

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

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

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

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

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

                                       44
<PAGE>

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

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

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

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

         Section 7.02 Rights of Trustee.

                  Subject to Section 315(a) through (d) of the TIA:

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

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

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

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

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

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

                                       45
<PAGE>

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

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

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

         Section 7.03 Individual Rights of Trustee.

                  The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee (to the extent permitted by Section 3.10(b) of
the TIA) or resign. Any Agent may do the same with like rights and duties. The
Trustee is also subject to Sections 7.10 and 7.11 hereof.

         Section 7.04 Trustee's Disclaimer.

                  The Trustee will not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it
shall not be accountable for the Company's use of the proceeds from the Notes or
any money paid to the Company or upon the Company's direction under any
provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee,
and it will not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of authentication
and the Statement of Eligibility and Qualification on Form T-1 to be supplied to
the Company in connection with the Exchange Offer.

         Section 7.05 Notice of Defaults

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

                                       46
<PAGE>

         Section 7.06 Reports by Trustee to Holders of the Notes.

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

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

         Section 7.07 Compensation and Indemnity.

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

         (b)      The Company and the Guarantors will, jointly and severally,
indemnify each of the Trustee and any predecessor Trustee against any and all
losses, claims, damages, liabilities or expenses incurred by it arising out of
or in connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against
the Company and the Guarantors (including this Section 7.07) and defending
itself against any claim (whether asserted by the Company, the Guarantors, or
any Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any
such loss, liability or expense is determined to have been caused by its own
negligence or willful misconduct. The Trustee will notify the Company promptly
of any claim of which a Responsible Officer receives written notice or for which
it may seek indemnity. Failure by the Trustee to so notify the Company will not
relieve the Company or any of the Guarantors of their obligations hereunder
unless such failure prejudices the Company or any of the Guarantors in any
material respect. The Company or such Guarantor will defend the claim and the
Trustee will cooperate in the defense. The Trustee may have separate counsel if
it determines in good faith that an actual or potential conflict of interest
makes joint representation by the Company's counsel inappropriate, and the
Company will pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent, which consent will not
be unreasonably withheld.

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

                                       47
<PAGE>

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

         (e)      When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(a)(4) or (5) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses
of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law.

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

         Section 7.08 Replacement of Trustee.

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

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

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

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

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

                  (4)      the Trustee becomes incapable of acting.

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

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

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

                                       48
<PAGE>

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

         Section 7.09 Successor Trustee by Merger, etc.

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

         Section 7.10 Eligibility; Disqualification.

                  There will at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise
corporate trustee power, that is subject to supervision or examination by
federal or state authorities and that has a combined capital and surplus of at
least $50.0 million as set forth in its most recent published annual report of
condition.

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

         Section 7.11 Preferential Collection of Claims Against Company.

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

                                   ARTICLE 8.

                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

         Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

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

         Section 8.02 Legal Defeasance and Discharge.

                  Upon the Company's exercise under Section 8.01 hereof of the
option applicable to this Section 8.02, the Company and each of the Guarantors
will, subject to the satisfaction of

                                       49
<PAGE>

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

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

                  (2)      the Company's obligations with respect to the Notes
         concerning issuing temporary Notes, registration of Notes, mutilated,
         destroyed, lost or stolen Notes and the maintenance of an office or
         agency for payment and money for security payments held in trust;

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

                  (4)      this Section 8.02.

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

         Section 8.03 Covenant Defeasance.

                  Upon the Company's exercise under Section 8.01 hereof of the
option applicable to this Section 8.03, the Company and each of the Guarantors
will, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from each of their obligations under the covenants contained
in Sections 4.07, 4.08, 4.10, 4.11 and Article 5 hereof with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.04
hereof are satisfied (hereinafter, "Covenant Defeasance"), and the Notes will
thereafter be deemed not "outstanding" for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but will continue to be deemed
"outstanding" for all other purposes hereunder (it being understood that such
Notes will not be deemed outstanding for accounting purposes). For this purpose,
Covenant Defeasance means that, with respect to the outstanding Notes and
Subsidiary Guarantees, the Company and the Guarantors may omit to comply with
and will have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in
any such covenant to any other provision herein or in any other document and
such omission to comply

                                       50
<PAGE>

will not constitute a Default or an Event of Default under Section 6.01 hereof,
but, except as specified above, the remainder of this Indenture and such Notes
and Subsidiary Guarantees will be unaffected thereby. In addition, upon the
Company's exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 hereof, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, the events described in Sections 6.01(a)(3) and 6.01(a)(4)
hereof will not constitute Events of Default.

                  In the event of either Legal Defeasance or Covenant
Defeasance, the Holders of the Notes will be able to look only to such trust for
payment of, and any interest on, the Notes.

         Section 8.04 Conditions to Legal or Covenant Defeasance.

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

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

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

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

                           (B)      since the date of this Indenture, there has
                  been a change in the applicable federal income tax law,

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

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

                                       51
<PAGE>

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

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

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

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

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

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

                  The Company will pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.04 hereof or the principal
and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

                  Notwithstanding anything in this Article 8 to the contrary,
the Trustee will deliver or pay to the Company from time to time upon the
request of the Company any money or non-callable Government Securities held by
it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(1) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance.

                                       52
<PAGE>

         Section 8.06 Repayment to Company.

                  Any money deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of, premium
or Special Interest, if any, or interest on any Note and remaining unclaimed for
two years after such principal, premium or Special Interest, if any, or interest
has become due and payable shall be paid to the Company on its request or (if
then held by the Company) will be discharged from such trust; and the Holder of
such Note will thereafter be permitted to look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, will
thereupon cease.

         Section 8.07 Reinstatement.

                  If the Trustee or Paying Agent is unable to apply any United
States dollars or non-callable Government Securities in accordance with Section
8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company's and the Guarantors' obligations
under this Indenture and the Notes and Subsidiary Guarantees will be revived and
reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03
hereof until such time as the Trustee or Paying Agent is permitted to apply all
such money in accordance with Section 8.02 or 8.03 hereof, as the case may be;
provided, however, that, if the Company makes any payment of principal of,
premium or Special Interest, if any, or interest on any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the
Trustee or Paying Agent.

                                   ARTICLE 9.

                        AMENDMENT, SUPPLEMENT AND WAIVER

         Section 9.01 Without Consent of Holders of Notes.

                  Notwithstanding Section 9.02 of this Indenture, the Company,
the Guarantors and the Trustee may amend or supplement this Indenture, or the
Notes or the Subsidiary Guarantees without the consent of any Holder of a Note:

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

                  (2)      to provide for uncertificated Notes in addition to or
         in place of certificated Notes, or to alter the provisions of Article 2
         hereof (including the related definitions) in a manner that does not
         materially adversely affect any Holder;

                  (3)      to provide for the assumption of the Company's or a
         Guarantor's obligations to the Holders of the Notes and Subsidiary
         Guarantees by a successor to the Company or such Guarantor pursuant to
         Article 5 hereof;

                                       53
<PAGE>

                  (4)      to make any change that would provide any additional
         rights or benefits to the Holders of the Notes or that does not
         adversely affect the legal rights under this Indenture of any Holder;

                  (5)      to conform the text of this Indenture, the Notes or
         the Subsidiary Guarantees to any provision of the "Description of
         Notes" section of the Company's Offering Circular dated April 8, 2004,
         relating to the initial offering of the Notes, to the extent that such
         provision in that "Description of Notes" was intended to be a verbatim
         recitation of a provision of this Indenture, the Subsidiary Guarantees
         or the Notes;

                  (6)      to comply with requirements of the SEC in order to
         effect or maintain the qualification of this Indenture under the TIA;
         or

                  (7)      to provide for the issuance of Additional Notes in
         accordance with the limitations set forth in this Indenture as of the
         date hereof.

                  Upon the request of the Company accompanied by a resolution of
its Board of Directors authorizing the execution of any such amended or
supplemental Indenture, and upon receipt by the Trustee of the documents
described in Section 7.02 hereof, the Trustee will join with the Company in the
execution of any amended or supplemental Indenture authorized or permitted by
the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee will not be
obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.

         Section 9.02 With Consent of Holders of Notes.

                  Except as provided below in this Section 9.02, the Company and
the Trustee may amend or supplement this Indenture and the Notes and the
Subsidiary Guarantees with the consent of the Holders of at least a majority in
principal amount of the Notes (including, without limitation, Additional Notes,
if any) then outstanding voting as a single class (including, without
limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07
hereof, any existing Default or Event of Default (other than a Default or Event
of Default in the payment of the principal of, premium or Special Interest, if
any, or interest on the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this
Indenture or the Notes or the Subsidiary Guarantees may be waived with the
consent of the Holders of a majority in principal amount of the then outstanding
Notes, including Additional Notes, if any, voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes.) Section 2.08 hereof shall determine which Notes are
considered to be "outstanding" for purposes of this Section 9.02.

                  Upon the request of the Company accompanied by a resolution of
its Board of Directors authorizing the execution of any such amended or
supplemental Indenture, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid,
and upon receipt by the Trustee of the documents described in Section 7.02
hereof, the Trustee will join with the Company and the Guarantors in the
execution of such

                                       54
<PAGE>

amended or supplemental Indenture unless such amended or supplemental Indenture
directly affects the Trustee's own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but
will not be obligated to, enter into such amended or supplemental Indenture.

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

                  After an amendment, supplement or waiver under this Section
9.02 becomes effective, the Company will mail to the Holders of Notes affected
thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to mail such notice, or any defect therein, will not,
however, in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the
Holders of a majority in aggregate principal amount of the Notes then
outstanding voting as a single class may waive compliance in a particular
instance by the Company with any provision of this Indenture or the Notes or the
Subsidiary Guarantees. However, without the consent of each Holder affected, an
amendment or waiver under this Section 9.02 may not (with respect to any Notes
held by a non-consenting Holder):

                  (1)      reduce the principal amount of Notes whose Holders
         must consent to an amendment, supplement or waiver;

                  (2)      reduce the principal of or change the fixed maturity
         of any Note or alter or waive any of the provisions with respect to the
         redemption of the Notes;

                  (3)      reduce the rate of or change the time for payment of
         interest, including default interest, on any Note;

                  (4)      waive a Default or Event of Default in the payment of
         principal of or premium, if any, or Special Interest, if any, or
         interest on the Notes (except a rescission of acceleration of the Notes
         by the Holders of at least a majority in aggregate principal amount of
         the then outstanding Notes and a waiver of the payment default that
         resulted from such acceleration);

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

                  (6)      make any change in the provisions of this Indenture
         relating to waivers of past Defaults or the rights of Holders of Notes
         to receive payments of principal of, or interest or premium, if any, or
         Special Interest, if any, on the Notes;

                  (7)      waive a redemption payment with respect to any Note;

                  (8)      release any Guarantor from any of its obligations
         under its Subsidiary Guarantee or the Indenture, except in accordance
         with the terms of this Indenture; or

                  (9)      make any change in Section 6.04 or 6.07 hereof or in
         the foregoing amendment and waiver provisions in this Section 9.02.

                                       55
<PAGE>

         Section 9.03 Compliance with Trust Indenture Act.

                  Every amendment or supplement to this Indenture or the Notes
will be set forth in an amended or supplemental Indenture that complies with the
TIA as then in effect.

         Section 9.04 Revocation and Effect of Consents.

                  Until an amendment, supplement or waiver becomes effective, a
consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences
the same debt as the consenting Holder's Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder
of a Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

         Section 9.05 Notation on or Exchange of Notes.

                  The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter authenticated.
Alternatively, the Company in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that
reflect the amendment, supplement or waiver.

                  Failure to make the appropriate notation or issue a new Note
will not affect the validity and effect of such amendment, supplement or waiver.

         Section 9.06 Trustee to Sign Amendments, etc.

                  The Trustee will sign any amended or supplemental Indenture
authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Company may not sign an amendment or supplemental Indenture until the Board
of Directors approves it. In executing any amended or supplemental indenture,
the Trustee will be fully protected in relying upon (subject to Section 7.01
hereof), in addition to the documents required by Section 11.04 hereof, an
Officers' Certificate and an Opinion of Counsel stating that the execution of
such amended or supplemental Indenture is authorized or permitted by this
Indenture.

                                   ARTICLE 10.

                              SUBSIDIARY GUARANTEES

         Section 10.01 Guarantee.

         (a)      Subject to this Article 10, each of the Guarantors hereby,
jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture,
the Notes or the obligations of the Company hereunder or thereunder, that:

                                       56
<PAGE>

                  (1)      the principal of, premium, if any, and Special
         Interest, if any, and interest on, the Notes will be promptly paid in
         full when due, whether at maturity, by acceleration, redemption or
         otherwise, and interest on the overdue principal of and interest on the
         Notes, if any, if lawful, and all other obligations of the Company to
         the Holders or the Trustee hereunder or thereunder will be promptly
         paid in full or performed, all in accordance with the terms hereof and
         thereof; and

                  (2)      in case of any extension of time of payment or
         renewal of any Notes or any of such other obligations, that same will
         be promptly paid in full when due or performed in accordance with the
         terms of the extension or renewal, whether at stated maturity, by
         acceleration or otherwise.

                  Failing payment when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Guarantors will be jointly
and severally obligated to pay the same immediately. Each Guarantor agrees that
this is a guarantee of payment and not a guarantee of collection.

         (b)      The Guarantors hereby agree that, to the fullest extent
permitted by applicable law, their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof, the
recovery of any judgment against the Company, any action to enforce the same or
any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. Each Guarantor hereby waives, to the
fullest extent permitted by applicable law, diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenant that this Subsidiary
Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture.

         (c)      If any Holder or the Trustee is required by any court or
otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or
the Guarantors, any amount paid either to the Trustee or such Holder, this
Subsidiary Guarantee, to the extent theretofore discharged, will be reinstated
in full force and effect.

         (d)      It is the intention of each Guarantor and the Company that the
obligations of each Guarantor hereunder shall be in, but not in excess of, the
maximum amount permitted by applicable law. Accordingly, if the obligations in
respect of any Subsidiary Guarantee would be annulled, avoided or subordinated
to the creditors of any Guarantor by a court of competent jurisdiction in a
proceeding actually pending before such court as a result of a determination
both that such Guarantee was made by such Guarantor without fair consideration
and, immediately after giving effect thereto, such Guarantor was insolvent or
unable to pay its debts as they mature or left with an unreasonably small
capital, then the obligations of such Guarantor under such Guarantee shall be
reduced by such court if and to the extent such reduction would result in the
avoidance of such annulment, avoidance or subordination; provided, however, that
any reduction pursuant to this paragraph shall be made in the smallest amount
necessary as is necessary to

                                       57
<PAGE>

reach such result. For purposes of this paragraph, "fair consideration,"
"insolvency," "unable to pay its debts as they mature," "unreasonably small
capital," and the effective times of reductions, if any, required by this
paragraph shall be determined in accordance with the applicable Bankruptcy Law.

         (e)      Each Guarantor agrees that it will not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.
Each Guarantor further agrees that, as between the Guarantors, on the one hand,
and the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof
for the purposes of this Subsidiary Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (2) in the event of any declaration of
acceleration of such obligations as provided in Article 6 hereof, such
obligations (whether or not due and payable) will forthwith become due and
payable by the Guarantors for the purpose of this Subsidiary Guarantee. The
Guarantors will have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the Subsidiary Guarantee.

         Section 10.02 Ranking of Subsidiary Guarantees.

                  The Obligations of each Guarantor under its Subsidiary
Guarantee pursuant to this Article 10 will be a general unsecured obligation of
the Guarantor, will be equal in right of payment with any existing and future
senior unsecured Indebtedness of that Guarantor and will be senior in right of
payment to any existing or future subordinated Indebtedness of that Guarantor.

         Section 10.03 Execution and Delivery of Subsidiary Guarantee.

                  To evidence its Subsidiary Guarantee set forth in Section
10.01 hereof, each Guarantor hereby agrees that a notation of such Subsidiary
Guarantee substantially in the form attached as Exhibit E hereto will be
endorsed by an Officer of such Guarantor on each Note authenticated and
delivered by the Trustee and that this Indenture will be executed on behalf of
such Guarantor by one of its Officers.

                  Each Guarantor hereby agrees that its Subsidiary Guarantee set
forth in Section 10.01 hereof will remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such
Subsidiary Guarantee.

                  If an Officer whose signature is on this Indenture or on the
Subsidiary Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which a Subsidiary Guarantee is endorsed, the
Subsidiary Guarantee will be valid nevertheless.

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

                  In the event that the Company or any of its Restricted
Subsidiaries creates or acquires any Domestic Subsidiary after the date of this
Indenture that guarantees any Credit

                                       58
<PAGE>

Facilities, or if an existing Domestic Subsidiary becomes a guarantor under any
Credit Facilities, if required by Section 4.11 hereof, the Company shall cause
such Domestic Subsidiary to, within 10 Business Days of the date on which such
Domestic Subsidiary guaranteed such Indebtedness, execute a Subsidiary Guarantee
pursuant to a supplemental indenture in form and substance reasonably
satisfactory to the Trustee and deliver an Opinion of Counsel to the Trustee to
the effect that such supplemental indenture has been duly authorized, executed
and delivered by such Domestic Subsidiary and constitutes a valid and binding
agreement of that Domestic Subsidiary, enforceable in accordance with its terms
(subject to customary exceptions). Additionally, any Subsidiary of the Company
at any time may execute a Subsidiary Guarantee pursuant to a supplemental
indenture in form and substance reasonably satisfactory to the Trustee and
deliver an Opinion of Counsel to the effect that such supplemental indenture has
been duly authorized, executed and delivered by such Subsidiary and constitutes
a valid and binding guarantee of that Subsidiary, enforceable in accordance with
its terms (subject to customary exceptions).

         Section 10.04 [INTENTIONALLY OMITTED.]

         Section 10.05 Releases.

                  In the event of (i) any sale, transfer or other disposition of
all or substantially all of the assets of any Guarantor, by way of merger,
consolidation or otherwise, (ii) a sale or other disposition of all of the
Capital Stock of any Guarantor, (iii) upon legal defeasance of the notes as
provided in Article 8 or satisfaction and discharge of the Notes as provided in
Article 11, (iv) such Guarantor ceases to guarantee any Credit Facilities, or
(v) with respect to any Guarantor that became a Guarantor pursuant to clause (2)
of the definition of "Guarantor," when the Credit Agreement is no longer
guaranteed by any Domestic Subsidiary, then such Guarantor and the corporation
acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of such Guarantor) will be released and relieved
of any obligations under its Subsidiary Guarantee. Upon delivery by the Company
to the Trustee of an Officers' Certificate and an Opinion of Counsel to the
effect that such sale or other disposition was made by the Company in accordance
with the provisions of this Indenture, the Trustee will execute any documents
reasonably required in order to evidence the release of any Guarantor from its
obligations under its Subsidiary Guarantee.

                  Upon Legal Defeasance in accordance with Article 8 hereof or
satisfaction and discharge of this Indenture in accordance with Article 11
hereof, each Guarantor will be released and relieved of any obligations under
its Subsidiary Guarantee.

                  Any Guarantor not released from its obligations under its
Subsidiary Guarantee as provided in this Section 10.05 will remain liable for
the full amount of principal of and interest and premium, if any, and Special
Interest, if any, on the Notes and for the other obligations of any Guarantor
under this Indenture as provided in this Article 10.

                                       59
<PAGE>

                                   ARTICLE 11.

                           SATISFACTION AND DISCHARGE

         Section 11.01 Satisfaction and Discharge.

                  This Indenture will be discharged and will cease to be of
further effect as to all Notes issued hereunder, when:

                  (1)      either:

                                    (a) all Notes that have been authenticated
(except lost, stolen or destroyed Notes that have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust and
thereafter repaid to the Company or discharged from the trust) have been
delivered to the Trustee for cancellation; or

                                    (b) all Notes that have not been delivered
to the Trustee for cancellation have become due and payable by reason of the
making of a notice of redemption or otherwise or will become due and payable
within one year and the Company has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders, cash in U.S. dollars, non-callable Government Securities, or a
combination thereof, in such amounts as will be sufficient without consideration
of any reinvestment of interest, to pay and discharge the entire Indebtedness on
the Notes not delivered to the Trustee for cancellation for principal, premium,
if any, and Special Interest, if any, and accrued interest to the date of
maturity or redemption;

                  (2)      no Default or Event of Default has occurred and is
         continuing on the date of such deposit or will occur as a result of
         such deposit and such deposit will not result in a breach or violation
         of, or constitute a default under, any other material instrument to
         which the Company or any Guarantor is a party or by which the Company
         or any Guarantor is bound;

                  (3)      the Company or any Guarantor has paid or caused to be
         paid all sums payable by it under this Indenture; and

                  (4)      the Company has delivered irrevocable instructions to
         the Trustee under this Indenture to apply the deposited money toward
         the payment of the Notes at maturity or the redemption date, as the
         case may be.

                  In addition, the Company must deliver an Officers' Certificate
and an Opinion of Counsel to the Trustee stating that all conditions precedent
to satisfaction and discharge have been satisfied.

                  Notwithstanding the satisfaction and discharge of this
Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section, the provisions of Section 8.06 will survive.
In addition, nothing in this Section 11.01 will be deemed to discharge those
provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

                                       60
<PAGE>

         Section 11.02 Application of Trust Money.

                  Subject to the provisions of Section 8.06, all money deposited
with the Trustee pursuant to Section 11.01 shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose
payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law.

                  If the Trustee or Paying Agent is unable to apply any money or
Government Securities in accordance with Section 11.01 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01; provided
that if the Company has made any payment of principal of, premium, if any, or
interest on any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or Government Securities held by the Trustee
or Paying Agent.

                                   ARTICLE 12.

                                  MISCELLANEOUS

         Section 12.01 Trust Indenture Act Controls.

                  If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by TIA Section 318(c), the imposed duties will
control.

         Section 12.02 Notices.

                  Any notice or communication by the Company or the Trustee to
the others is duly given if in writing and delivered in Person or mailed by
first class mail (registered or certified, return receipt requested), telex,
telecopier or overnight air courier guaranteeing next day delivery, to the
others' address:

                  If to the Company:

                                       International Steel Group Inc.
                                       3250 Interstate Drive
                                       Richfield, Ohio 44286
                                       Telecopier No.: (330) 659-9132
                                       Attention: Corporate Secretary

                  With a copy to:

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<PAGE>

                                       Jones Day
                                       901 Lakeside Avenue
                                       Cleveland, Ohio 44144
                                       Telecopier No.: (216) 579-0212
                                       Attention: Christopher M. Kelly, Esq.

                  If to the Trustee:

                                       The Bank of New York
                                       101 Barclay Street, Floor 8W
                                       New York, New York 10286
                                       Telecopier No.: (212) 815-5707
                                       Attention: Corporate Trust Administration

                  The Company or the Trustee, by notice to the others may
designate additional or different addresses for subsequent notices or
communications.

                  All notices and communications (other than those sent to
Holders) will be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to
the courier, if sent by overnight air courier guaranteeing next day delivery.

                  Any notice or communication to a Holder will be mailed by
first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on the
register kept by the Registrar. Any notice or communication will also be so
mailed to any Person described in TIA Section 313(c), to the extent required by
the TIA. Failure to mail a notice or communication to a Holder or any defect in
it will not affect its sufficiency with respect to other Holders.

                  If a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the addressee
receives it.

                  If the Company mails a notice or communication to Holders, it
will mail a copy to the Trustee and each Agent at the same time.

         Section 12.03 Communication by Holders of Notes with Other Holders of
Notes.

                  Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or the Notes.
The Company, the Trustee, the Registrar and anyone else shall have the
protection of TIA Section 312(c).

         Section 12.04 Certificate and Opinion as to Conditions Precedent.

                  Except as otherwise provided in this Section 12.04, upon any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

                                       62
<PAGE>

                  (1)      an Officers' Certificate in form and substance
         reasonably satisfactory to the Trustee (which must include the
         statements set forth in Section 12.05 hereof) stating that, in the
         opinion of the signers, all conditions precedent and covenants, if any,
         provided for in this Indenture relating to the proposed action have
         been satisfied; and

                  (2)      an Opinion of Counsel in form and substance
         reasonably satisfactory to the Trustee (which must include the
         statements set forth in Section 12.05 hereof) stating that, in the
         opinion of such counsel, all such conditions precedent and covenants
         have been satisfied.

                  Notwithstanding any provision in this Indenture to the
contrary, the Company shall not be required to furnish to the Trustee an Opinion
of Counsel in connection with the issuance of the Notes on the date hereof or
the issuance of the Exchange Notes in connection with the consummation of the
Exchange Offer.

         Section 12.05 Statements Required in Certificate or Opinion.

                  Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA Section 314(a)(4)) must comply with the provisions of
TIA Section 314(e) and must include:

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

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

                  (3)      a statement that, in the opinion of such Person, he
         or she has made such examination or investigation as is necessary,
         which may include reliance on certifications or representations
         provided or made by others, to enable him or her to express an informed
         opinion as to whether or not such covenant or condition has been
         satisfied; and

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

         Section 12.06 Rules by Trustee and Agents.

                  The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

         Section 12.07 No Personal Liability of Directors, Officers, Employees
and Stockholders.

                  No past, present or future director, officer, employee,
incorporator or stockholder of the Company or any Guarantor, as such, will have
any liability for any obligations of the Company or the Guarantors under the
Notes, this Indenture, the Subsidiary Guarantees or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of

                                       63
<PAGE>

Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. The waiver may
not be effective to waive liabilities under the federal securities laws.

         Section 12.08 Governing Law.

                  THIS INDENTURE AND THE NOTES WILL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

         Section 12.09 No Adverse Interpretation of Other Agreements.

                  This Indenture may not be used to interpret any other
indenture, loan or debt agreement of the Company or its Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.

         Section 12.10 Successors.

                  All agreements of the Company in this Indenture and the Notes
will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors.

         Section 12.11 Severability.

                  In case any provision in this Indenture or in the Notes is
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions will not in any way be affected or impaired thereby.

         Section 12.12 Counterpart Originals.

                  The parties may sign any number of copies of this Indenture.
Each signed copy will be an original, but all of them together represent the
same agreement.

         Section 12.13 Table of Contents, Headings, etc.

                  The Table of Contents, Cross-Reference Table and Headings of
the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part of this Indenture and will in
no way modify or restrict any of the terms or provisions hereof.

                         [Signatures on following page]

                                       64
<PAGE>

                                   SIGNATURES

Dated as of April 14, 2004

                                           INTERNATIONAL STEEL GROUP INC.

                                           By: /s/ Lonnie A. Arnett
                                               ---------------------------------
                                               Name:Lonnie A. Arnett
                                               Title: Vice President, Chief
                                                      Accounting Officer and
                                                      Controller

                                           Each Guarantor Listed on Schedule
                                           I Hereto

                                           By: /s/ Lonnie A. Arnett
                                               ---------------------------------
                                               Name: Lonnie A. Arnett
                                               Title: Vice President and
                                                      Assistant Secretary

Attest: /s/ Jennifer L. Burress
        -------------------------------
        Name: Jennifer L. Burress
        Title: Executive Assistant

                                           THE BANK OF NEW YORK

                                           By: /s/ Van K. Brown
                                               -------------------------------
                                               Name: Van K. Brown
                                               Title: Vice President

                                       65
<PAGE>

                                                                       EXHIBIT A

                                 [Face of Note]

                                                                      CUSIP/CINS

                          6.500% Senior Notes due 2014

                                        $

                                       No.

                         INTERNATIONAL STEEL GROUP INC.

promises to pay to CEDE & CO. or registered assigns, the principal sum of
Dollars on April 15, 2014 or such greater or lesser amount as may be indicated
in Schedule A hereto.

Interest Payment Dates: April 15 and October 15

Record Dates: April 1 and October 1

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

Dated:

                                       1
<PAGE>

Dated: April 14, 2004

                                           INTERNATIONAL STEEL GROUP INC.

                                           By: _______________________________
                                               Name:
                                               Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

THE BANK OF NEW YORK,
as Trustee

By: _______________________________
         Authorized Signatory

                                       2
<PAGE>

                                [Reverse of Note]

                          6.500% Senior Notes due 2014

                  [Insert the Global Note Legend, if applicable pursuant to the
provisions of the Indenture]

                  [Insert the Private Placement Legend, if applicable pursuant
to the provisions of the Indenture]

                  Capitalized terms used herein have the meanings assigned to
them in the Indenture referred to below unless otherwise indicated.

                  (1)      INTEREST. International Steel Group Inc., a Delaware,
corporation (the "Company"), promises to pay interest on the principal amount of
this Note at 6.500% per annum from April 14, 2004 until maturity and shall pay
the Special Interest, if any, payable pursuant to the Registration Rights
Agreement referred to below. The Company will pay interest and Special Interest,
if any, semi-annually in arrears on April 15 and October 15 of each year, or if
any such day is not a Business Day, on the next succeeding Business Day (each,
an "Interest Payment Date"). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from the date of issuance; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided,
further, that the first Interest Payment Date shall be October 15, 2004. The
Company will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to
time on demand at a rate that is 1% per annum in excess of the rate then in
effect; it will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest and Special
Interest, if any (without regard to any applicable grace periods), from time to
time on demand at the same rate to the extent lawful. Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.

                  (2)      METHOD OF PAYMENT. The Company will pay interest on
the Notes (except defaulted interest) and Special Interest, if any, to the
Persons who are registered Holders of Notes at the close of business on the
April 1 or October 1 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. The Notes will be payable as to principal, premium, if any,
and Special Interest, if any, and interest at the office or agency of the
Company maintained for such purpose within or without the City and State of New
York, or, at the option of the Company, payment of interest and Special
Interest, if any, may be made by check mailed to the Holders at their addresses
set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and
interest, premium, if any, and Special Interest, if any, on, all Global Notes
and all other Notes the Holders of which will have provided wire transfer
instructions to the Company or the Paying Agent. Such payment will be in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

                                       3
<PAGE>

                  (3)      PAYING AGENT AND REGISTRAR. Initially, The Bank of
New York, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company or any of its Subsidiaries may act in any such
capacity.

                  (4)      INDENTURE. The Company issued the Notes under an
Indenture dated as of April 14, 2004 (the "Indenture") among the Company, the
Guarantors and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). The
Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. The Notes are unsecured
obligations of the Company.

                  (5)      OPTIONAL REDEMPTION.

                  (a)      At any time, the Company may at its option redeem all
or part of the Notes upon not less than 30 nor more than 60 days' prior notice
at a redemption price equal to the greater of (1) 100% of the principal amount
of the Notes being redeemed and (2) as determined by the Quotation Agent, the
sum of the present values of 100% of the principal amount of the Notes being
redeemed, plus all scheduled payments of interest on such Notes to and including
April 14, 2014 (but not including accrued and unpaid interest to the redemption
date), in each case discounted to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate plus 50 basis points, together in each case with accrued and
unpaid interest and Special Interest, if any, to the applicable redemption date.

                  (b)      At any time prior to April 15, 2007, the Company may
on one or more occasions redeem up to 35% of the aggregate principal amount of
notes issued under this Indenture at a redemption price of 106.500% of the
principal amount, plus accrued interest and Special Interest, if any, to the
redemption date, with the net cash proceeds of one or more Equity Offerings;
provided that (1) at least 65% of the aggregate principal amount of Notes issued
under this Indenture (excluding Notes held by the Company and its Subsidiaries)
remains outstanding immediately after the occurrence of such redemption, and (2)
the redemption occurs within 90 days after the consummation of such Equity
Offering.

                  (6)      MANDATORY REDEMPTION. The Company will not be
required to make mandatory redemption or sinking fund payments with respect to
the Notes.

                  (7)      NOTICE OF REDEMPTION. Notice of redemption will be
mailed at least 30 days but not more than 60 days before the redemption date to
each Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on Notes or
portions thereof called for redemption.

                                       4
<PAGE>

                  (8)      DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $1,000 and integral
multiples of $1,000. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture. The Company need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes
for a period of 15 days before a selection of Notes to be redeemed or during the
period between a record date and the corresponding Interest Payment Date.

                  (9)      PERSONS DEEMED OWNERS. The registered Holder of a
Note may be treated as its owner for all purposes.

                  (10)     AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
exceptions, the Indenture or the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the then
outstanding Notes and Additional Notes, if any, voting as a single class, and
any existing default or compliance with any provision of the Indenture or the
Notes may be waived (other than, in some circumstances, a waiver of failure to
pay the principal of, premium or Special Interest, if any, or interest on the
Notes) with the consent of the Holders of a majority in principal amount of the
then outstanding Notes and Additional Notes, if any, voting as a single class.
Without the consent of any Holder of a Note, the Indenture or the Notes may be
amended or supplemented to cure any ambiguity, defect, omission 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 obligations
to Holders of the Notes in case of a merger or consolidation or sale of all or
substantially all of the Company's assets, to make any change that would provide
any additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights under the Indenture of any such Holder, to
conform the text of the Indenture or the Notes to the "Description of Notes"
included in the offering circular utilized in the initial issuance and sale of
the Notes to the extent that such description was intended to be a verbatim
recitation of the provisions of the Indenture or Notes, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act or to provide for the issuance of
Additional Notes in accordance with the limitations set forth in the Indenture.

                  (11)     DEFAULTS AND REMEDIES. Events of Default include: (i)
failure by the Company to pay any interest or Special Interest, if any, upon the
Notes when due, and that failure continues for 30 days; (ii) failure by the
Company to pay the principal of, or premium, if any, on, the Notes when due (at
maturity, upon redemption or acceleration, or otherwise); (iii) default in the
performance, or breach, of any covenant or warranty of the Company in the
Indenture (other than a covenant or warranty a default in whose performance or
whose breach is elsewhere in Section 6.01 of the Indenture specifically dealt
with) and continuance of such default or breach for a period of 90 days after
there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in
principal amount of the Outstanding Notes a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a "Notice of Default"

                                       5
<PAGE>

hereunder; and (iv) the occurrence of certain events of bankruptcy or insolvency
with respect to the Company. If an Event of Default with respect to the Notes at
the time outstanding occurs and is continuing, either the Trustee or the Holders
of at least 25% in aggregate principal amount of the then outstanding Notes may
declare the principal amount of all Notes due and payable immediately. Subject
to certain limitations, Holders of at least a majority in aggregate principal
amount of the then outstanding Notes may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Holders of the Notes notice of
any continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest) if it determines that
withholding notice is in their interest. The Holders of at least 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 premium, if
any, and Special Interest, if any, on, or the principal of, the Notes. The
Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required upon becoming aware
of any Default or Event of Default, to deliver to the Trustee a statement
specifying such Default or Event of Default.

                  (12)     TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with
the Company or its Affiliates, as if it were not the Trustee.

                  (13)     NO RECOURSE AGAINST OTHERS. A director, officer,
employee, incorporator or stockholder, of the Company or any of the Guarantors,
as such, will not have any liability for any obligations of the Company or the
Guarantors under the Notes, the Subsidiary Guarantees or the Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Notes.

                  (14)     AUTHENTICATION. This Note will not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent.

                  (15)     ABBREVIATIONS. Customary abbreviations may be used in
the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN
ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (=
Uniform Gifts to Minors Act).

                  (16)     ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL
NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to
Holders of Notes under the Indenture, Holders of Restricted Global Notes and
Restricted Definitive Notes will have all the rights set forth in the
Registration Rights Agreement, dated as of April 14, 2004, among the Company,
the Guarantors and the other parties named on the signature pages thereof or, in
the case of Additional Notes, Holders of Restricted Global Notes and Restricted
Definitive Notes will have the rights set forth in one or more registration
rights agreements, if any, among the Company, the Guarantors and the other
parties thereto, relating to

                                       6
<PAGE>

rights given by the Company and the Guarantors to the purchasers of any
Additional Notes (collectively, the "Registration Rights Agreement").

                  (17)     CUSIP NUMBERS. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes and the Trustee may
use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed
only on the other identification numbers placed thereon.

                  The Company will furnish to any Holder upon written request
and without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to:

                           International Steel Group Inc.
                           3250 Interstate Drive
                           Richfield, Ohio 44286
                           Telecopier No.: (330) 659-9132
                           Attention: Corporate Secretary

                  THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAW OF THE STATE OF NEW YORK.

                                       7
<PAGE>

                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

                  (I) or (we) assign and transfer this Note to:

         _______________________________________________________________
                         (Insert assignee's legal name)

         _______________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)

         _______________________________________________________________

         _______________________________________________________________

         _______________________________________________________________

         (Print or type assignee's name, address and zip code)
         and irrevocably appoint
         _______________________________________________________________

to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

Date:

         Your Signature:__________________________________________________
                        (Sign exactly as your name appears on the face
                        of this Note)

Signature Guarantee*:

* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

                                       8
<PAGE>

                                                                      Schedule A

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

                  The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note,
have been made:

<TABLE>
<CAPTION>
                                                               Principal Amount
                       Amount of             Amount in        of this Global Note      Signature of
                      decrease in           increase in         following such      authorized officer
                   Principal Amount       Principal Amount        decrease or          of Trustee or
Date of Exchange  of this Global Note   of this Global Note        increase              Custodian
----------------  -------------------   -------------------   -------------------   ------------------
<S>               <C>                   <C>                   <C>                   <C>
</TABLE>

                                       9
<PAGE>

                                                                       EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

International Steel Group Inc.
3250 Interstate Drive
Richfield, Ohio  44286

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York 10286

                  Re: 6.500% Senior Notes due 2014

Reference is hereby made to the Indenture, dated as of April 14, 2004 (the
"Indenture"), between International Steel Group, Inc., as issuer (the
"Company"), and The Bank of New York, as trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture.

                           , (the "Transferor") owns and proposes to transfer

the Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of $     in such Note[s] or interests (the "Transfer"),
to    (the "Transferee"), as further specified in Annex A hereto. In connection
with the Transfer, the Transferor hereby certifies that:

                             [CHECK ALL THAT APPLY]

1.       [ ] Check if Transferee will take delivery of a beneficial interest in
the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is
being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the "Securities Act"), and, accordingly, the Transferor
hereby further certifies that the beneficial interest or Definitive Note is
being transferred to a Person that the Transferor reasonably believed and
believes is purchasing the beneficial interest or Definitive Note for its own
account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a
"qualified institutional buyer" within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and the Securities Act.

2.       [ ] Check if Transferee will take delivery of a beneficial interest in
the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and, accordingly, the Transferor hereby further
certifies that (i) the Transfer is not being made to a Person in the United
States and (x) at the time the buy order was originated, the Transferee was
outside the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was

                                       1
<PAGE>

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) if the proposed transfer is being
made prior to the expiration of the Restricted Period, 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 Private Placement Legend printed on the Regulation S Global Note and/or the
Definitive Note and in the Indenture and the Securities Act.

3.       [ ]Check and complete if Transferee will take delivery of a beneficial
interest in the IAI Global Note or a Definitive Note pursuant to any provision
of the Securities Act other than Rule 144A or Regulation S. The Transfer is
being effected in compliance with the transfer restrictions applicable to
beneficial interests in Restricted Global Notes and Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act and any applicable
blue sky securities laws of any state of the United States, and accordingly the
Transferor hereby further certifies that (check one):

         (a)      [ ]such Transfer is being effected pursuant to and in
                  accordance with Rule 144 under the Securities Act;

                                       or

         (b)      [ ]such Transfer is being effected to the Company or a
                  subsidiary thereof;

                                       or

         (c)      [ ]such Transfer is being effected pursuant to an effective
                  registration statement under the Securities Act and in
                  compliance with the prospectus delivery requirements of the
                  Securities Act;

                                       or

         (d)      [ ]such Transfer is being effected to an Institutional
                  Accredited Investor and pursuant to an exemption from the
                  registration requirements of the Securities Act other than
                  Rule 144A, Rule 144 or Rule 904, and the Transferor hereby
                  further certifies that it has not engaged in any general
                  solicitation within the meaning of Regulation D under the
                  Securities Act and the Transfer complies with the transfer
                  restrictions applicable to beneficial interests in a
                  Restricted Global Note or Restricted Definitive Notes and the
                  requirements of the exemption claimed, which certification is
                  supported by (1) a certificate executed by the Transferee in
                  the form of Exhibit D to the Indenture and (2) if such
                  Transfer is in respect of a principal amount of Notes at the
                  time of transfer of less than $250,000, an Opinion of Counsel
                  provided by the Transferor or the Transferee (a copy of which
                  the Transferor has attached to this certification), to the
                  effect that such Transfer is

                                       2
<PAGE>

                  in compliance with the Securities Act. Upon consummation of
                  the proposed transfer in accordance with the terms of the
                  Indenture, the transferred beneficial interest or Definitive
                  Note will be subject to the restrictions on transfer
                  enumerated in the Private Placement Legend printed on the IAI
                  Global Note and/or the Definitive Notes and in the Indenture
                  and the Securities Act.

4        [ ]Check if Transferee will take delivery of a beneficial interest in
an Unrestricted Global Note or of an Unrestricted Definitive Note.

         (a)      [ ]Check if Transfer is pursuant to Rule 144. (i) The Transfer
                  is being effected pursuant to and in accordance with Rule 144
                  under the Securities Act and in compliance with the transfer
                  restrictions contained in the Indenture and any applicable
                  blue sky securities laws of any state of the United States and
                  (ii) the restrictions on transfer contained in the Indenture
                  and the Private Placement Legend are not required in order to
                  maintain compliance with the Securities Act. Upon consummation
                  of the proposed Transfer in accordance with the terms of the
                  Indenture, the transferred beneficial interest or Definitive
                  Note will no longer be subject to the restrictions on transfer
                  enumerated in the Private Placement Legend printed on the
                  Restricted Global Notes, on Restricted Definitive Notes and in
                  the Indenture.

         (b)      [ ]Check if Transfer is Pursuant to Regulation S. (i) The
                  Transfer is being effected pursuant to and in accordance with
                  Rule 903 or Rule 904 under the Securities Act and in
                  compliance with the transfer restrictions contained in the
                  Indenture and any applicable blue sky securities laws of any
                  state of the United States and (ii) the restrictions on
                  transfer contained in the Indenture and the Private Placement
                  Legend are not required in order to maintain compliance with
                  the Securities Act. Upon consummation of the proposed Transfer
                  in accordance with the terms of the Indenture, the transferred
                  beneficial interest or Definitive Note will no longer be
                  subject to the restrictions on transfer enumerated in the
                  Private Placement Legend printed on the Restricted Global
                  Notes, on Restricted Definitive Notes and in the Indenture.

         (c)      [ ]Check if Transfer is Pursuant to Other Exemption. (i) The
                  Transfer is being effected pursuant to and in compliance with
                  an exemption from the registration 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 Private Placement
                  Legend are not required in order to maintain compliance with
                  the Securities Act. Upon consummation of the proposed Transfer
                  in accordance with the terms of the Indenture, the transferred
                  beneficial interest or Definitive Note will not be subject to
                  the restrictions on transfer enumerated in the Private
                  Placement Legend printed on the Restricted Global Notes or
                  Restricted Definitive Notes and in the Indenture.

                                       3
<PAGE>

This certificate and the statements contained herein are made for your benefit
and the benefit of the Company.

                                       ___________________________________
                                       [Insert Name of Transferor]

                                       By: ___________________________________
                                           Name:
                                           Title:

                                       4
<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

1.       The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

         (a)      [ ]a beneficial interest in the:

         (i)      [ ]144A Global Note (CUSIP            ), or

         (ii)     [ ]Regulation S Global Note (CUSIP            ), or

         (iii)    [ ]IAI Global Note (CUSIP         ); or

                           (b)      ... a Restricted Definitive Note.

2.       After the Transfer the Transferee will hold:

[CHECK ONE]

         (a)      [ ]a beneficial interest in the:

         (i)      [ ]144A Global Note (CUSIP            ), or

         (ii)     [ ]Regulation S Global Note (CUSIP            ), or

         (iii)    [ ]IAI Global Note (CUSIP           ); or

         (iv)     [ ]Unrestricted Global Note (CUSIP            ); or

         (b)      [ ]a Restricted Definitive Note; or

         (c)      [ ]an Unrestricted Definitive Note,

in accordance with the terms of the Indenture.

                                       5
<PAGE>

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

International Steel Group Inc.
3250 Interstate Drive
Richfield, Ohio  44286

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York 10286

                  Re: 6.500% Senior Notes due 2014
                      (CUSIP            )

Reference is hereby made to the Indenture, dated as of April 14, 2004 (the
"Indenture"), between International Steel Group, as issuer (the "Company"), and
The Bank of New York, as trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

                           , (the "Owner") owns and proposes to exchange the
Note[s] or interest in such Note[s] specified herein, in the principal amount of
$      in such Note[s] or interests (the "Exchange"). In connection with the
Exchange, the Owner hereby certifies that:

1.       Exchange of Restricted Definitive Notes or Beneficial Interests in a
Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests
in an Unrestricted Global Note

         (a)      [ ] Check if Exchange is from beneficial interest in a
                  Restricted Global Note to beneficial interest in an
                  Unrestricted Global Note. In connection with the Exchange of
                  the Owner's beneficial interest in a Restricted Global Note
                  for a beneficial interest in an Unrestricted Global Note in an
                  equal principal amount, the Owner hereby certifies (i) the
                  beneficial interest is being acquired for the Owner's own
                  account without transfer, (ii) such Exchange has been effected
                  in compliance with the transfer restrictions applicable to the
                  Global Notes and pursuant to and in accordance with the
                  Securities Act of 1933, as amended (the "Securities Act"),
                  (iii) the restrictions on transfer contained in the Indenture
                  and the Private Placement Legend are not required in order to
                  maintain compliance with the Securities Act and (iv) the
                  beneficial interest in an Unrestricted Global Note is being
                  acquired in compliance with any applicable blue sky securities
                  laws of any state of the United States.

         (b)      [ ] Check if Exchange is from beneficial interest in a
                  Restricted Global Note to Unrestricted Definitive Note. In
                  connection with the Exchange of the Owner's beneficial
                  interest in a Restricted Global Note for an Unrestricted
                  Definitive Note, the Owner hereby certifies (i) the Definitive
                  Note is being acquired for the Owner's own account without
                  transfer, (ii) such Exchange has been effected in compliance
                  with the transfer restrictions applicable to the Restricted
                  Global Notes

                                       1
<PAGE>

                  and pursuant to and in accordance with the Securities Act,
                  (iii) the restrictions on transfer contained in the Indenture
                  and the Private Placement Legend are not required in order to
                  maintain compliance with the Securities Act and (iv) the
                  Definitive Note is being acquired in compliance with any
                  applicable blue sky securities laws of any state of the United
                  States.

         (c)      [ ]Check if Exchange is from Restricted Definitive Note to
                  beneficial interest in an Unrestricted Global Note. In
                  connection with the Owner's Exchange of a Restricted
                  Definitive Note for a beneficial interest in an Unrestricted
                  Global Note, the Owner hereby certifies (i) the beneficial
                  interest is being acquired for the Owner's own account without
                  transfer, (ii) such Exchange has been effected in compliance
                  with the transfer restrictions applicable to Restricted
                  Definitive Notes and pursuant to and in accordance with the
                  Securities Act, (iii) the restrictions on transfer contained
                  in the Indenture and the Private Placement Legend are not
                  required in order to maintain compliance with the Securities
                  Act and (iv) the beneficial interest is being acquired in
                  compliance with any applicable blue sky securities laws of any
                  state of the United States.

         (d)      [ ]Check if Exchange is from Restricted Definitive Note to
                  Unrestricted Definitive Note. In connection with the Owner's
                  Exchange of a Restricted Definitive Note for an Unrestricted
                  Definitive Note, the Owner hereby certifies (i) the
                  Unrestricted Definitive Note is being acquired for the Owner's
                  own account without transfer, (ii) such Exchange has been
                  effected in compliance with the transfer restrictions
                  applicable to Restricted Definitive Notes and pursuant to and
                  in accordance with the Securities Act, (iii) the restrictions
                  on transfer contained in the Indenture and the Private
                  Placement Legend are not required in order to maintain
                  compliance with the Securities Act and (iv) the Unrestricted
                  Definitive Note is being acquired in compliance with any
                  applicable blue sky securities laws of any state of the United
                  States.

2.       Exchange of Restricted Definitive Notes or Beneficial Interests in
Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes

         (a)      [ ]Check if Exchange is from beneficial interest in a
                  Restricted Global Note to Restricted Definitive Note. In
                  connection with the Exchange of the Owner's beneficial
                  interest in a Restricted Global Note for a Restricted
                  Definitive Note with an equal principal amount, the Owner
                  hereby certifies that the Restricted Definitive Note is being
                  acquired for the Owner's own account without transfer. Upon
                  consummation of the proposed Exchange in accordance with the
                  terms of the Indenture, the Restricted Definitive Note issued
                  will continue to be subject to the restrictions on transfer
                  enumerated in the Private Placement Legend printed on the
                  Restricted Definitive Note and in the Indenture and the
                  Securities Act.

         (b)      [ ]Check if Exchange is from Restricted Definitive Note to
                  beneficial interest in a Restricted Global Note. In connection
                  with the Exchange of the Owner's Restricted Definitive Note
                  for a beneficial interest in the [CHECK ONE] 144A Global Note,
                  Regulation S Global Note, IAI Global Note with an equal
                  principal

                                       2
<PAGE>

                  amount, the Owner hereby certifies (i) the beneficial interest
                  is being acquired for the Owner's own account without transfer
                  and (ii) such Exchange has been effected in compliance with
                  the transfer restrictions applicable to the Restricted Global
                  Notes and pursuant to and in accordance with the Securities
                  Act, and in compliance with any applicable blue sky securities
                  laws of any state of the United States. Upon consummation of
                  the proposed Exchange in accordance with the terms of the
                  Indenture, the beneficial interest issued will be subject to
                  the restrictions on transfer enumerated in the Private
                  Placement Legend printed on the relevant Restricted Global
                  Note and in the Indenture and the Securities Act.

This certificate and the statements contained herein are made for your benefit
and the benefit of the Company.

                                       ________________________________________
                                       [Insert Name of Transferor]

                                       By: ____________________________________
                                           Name:
                                           Title:
Dated:

                                       3
<PAGE>

                                                                       EXHIBIT D

                            FORM OF CERTIFICATE FROM

                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

International Steel Group Inc.
3250 Interstate Drive
Richfield, Ohio 44286

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York 10286

                  Re: 6.500% Senior Notes due 2024

Reference is hereby made to the Indenture, dated as of April 14, 2004 (the
"Indenture"), between International Steel Group Inc., as issuer (the "Company"),
and The Bank of New York, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

In connection with our proposed purchase of $     aggregate principal amount of:

         (a)      [ ] a beneficial interest in a Global Note, or

         (b)      [ ] a Definitive Note,

we confirm that:

1.       We understand that any subsequent transfer of the Notes or any interest
therein is subject to certain restrictions and conditions set forth in the
Indenture and the undersigned agrees to be bound by, and not to resell, pledge
or otherwise transfer the Notes or any interest therein except in compliance
with, such restrictions and conditions and the Securities Act of 1933, as
amended (the "Securities Act").

2.       We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes and any interest therein
may not be offered or sold except as permitted in the following sentence. We
agree, on our own behalf and on behalf of any accounts for which we are acting
as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Company or any subsidiary thereof, (B) in
accordance with Rule 144A under the Securities Act to a "qualified institutional
buyer" (as defined therein), (C) to an institutional "accredited investor" (as
defined below) that, prior to such transfer, furnishes (or has furnished on its
behalf by a U.S. Broker-Dealer) to you and to the Company a signed letter
substantially in the form of this letter and, if such transfer is in respect of
a principal amount of Notes, at the time of transfer of less than $250,000, an
Opinion of Counsel in form reasonably acceptable to the Company to the effect
that such transfer is in compliance with the Securities Act, (D) outside the
United States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or

                                       1
<PAGE>

(F) pursuant to an effective registration statement under the Securities Act,
and we further agree to provide to any Person purchasing the Definitive Note or
beneficial interest in a Global Note from us in a transaction meeting the
requirements of clauses (A) through (E) of this paragraph a notice advising such
purchaser that resales thereof are restricted as stated herein.

3.       We understand that, on any proposed resale of the Notes or beneficial
interest therein, we will be required to furnish to you and the Company such
certifications, legal opinions and other information as you and the Company may
reasonably require to confirm that the proposed sale complies with the foregoing
restrictions. We further understand that the Notes purchased by us will bear a
legend to the foregoing effect.

4.       We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we and
any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

5.       We are acquiring the Notes or beneficial interest therein purchased by
us for our own account or for one or more accounts (each of which is an
institutional "accredited investor") as to each of which we exercise sole
investment discretion.

You and the Company are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                        _____________________________________
                                       [Insert Name of Accredited Investor]

                                       By: __________________________________
                                           Name:
                                           Title:

Dated:

                                       2
<PAGE>

                                                                       EXHIBIT E

                          FORM OF NOTATION OF GUARANTEE

                  For value received, each Guarantor (which term includes any
successor Person under the Indenture) has, jointly and severally,
unconditionally guaranteed, to the extent set forth in the Indenture and subject
to the provisions in the Indenture dated as of April 14, 2004 (the "Indenture")
among International Steel Group Inc., (the "Company"), the Guarantors party
thereto and The Bank of New York, as trustee (the "Trustee"), (a) the due and
punctual payment of the principal of, premium, if any, and Special Interest, if
any, and interest on, the Notes, whether at maturity, by acceleration,
redemption or otherwise, the due and punctual payment of interest on overdue
principal of and interest on the Notes, if any, if lawful, and the due and
punctual performance of all other obligations of the Company to the Holders or
the Trustee all in accordance with the terms of the Indenture and (b) in case of
any extension of time of payment or renewal of any Notes or any of such other
obligations, that the same will be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. The obligations of the Guarantors to the
Holders of Notes and to the Trustee pursuant to the Subsidiary Guarantee and the
Indenture are expressly set forth in Article 10 of the Indenture and reference
is hereby made to the Indenture for the precise terms of the Subsidiary
Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall
be bound by such provisions (b) authorizes and directs the Trustee, on behalf of
such Holder, to take such action as may be necessary or appropriate to
effectuate the subordination as provided in the Indenture and (c) appoints the
Trustee attorney-in-fact of such Holder for such purpose; provided, however,
that the Indebtedness evidenced by this Subsidiary Guarantee shall cease to be
so subordinated and subject in right of payment upon any defeasance of this Note
in accordance with the provisions of the Indenture.

                  Capitalized terms used but not defined herein have the
meanings given to them in the Indenture.

                                       [NAME OF GUARANTOR(S)]

                                       By: __________________________________
                                           Name:
                                           Title:

                                       1
<PAGE>

                                                                       EXHIBIT F

                         FORM OF SUPPLEMENTAL INDENTURE

                    TO BE DELIVERED BY SUBSEQUENT GUARANTORS

                  SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated
as of ________________, 200__, among __________________ (the "Guaranteeing
Subsidiary"), a subsidiary of International Steel Group Inc. (or its permitted
successor), a Delaware corporation (the "Company"), the Company, the other
Guarantors (as defined in the Indenture referred to herein) and
____________________, as trustee under the Indenture referred to below (the
"Trustee").

                               W I T N E S S E T H

                  WHEREAS, the Company has heretofore executed and delivered to
the Trustee an indenture (the "Indenture"), dated as of April 14, 2004 providing
for the issuance of 6.500% Senior Notes due 2014 (the "Notes");

                  WHEREAS, the Indenture provides that, under certain
circumstances, the Guaranteeing Subsidiary shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary
shall unconditionally guarantee all of the Company's Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the "Subsidiary
Guarantee"); and

                  WHEREAS, pursuant to Section 9.01 of the Indenture, the
Trustee is authorized to execute and deliver this Supplemental Indenture.

                  NOW, THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt of which is hereby
acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and
agree for the equal and ratable benefit of the Holders of the Notes as follows:

                  1.       CAPITALIZED TERMS. Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture.

                  2.       AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary
hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Subsidiary Guarantee and in the Indenture
including but not limited to Article 10 thereof.

                  4.       NO RECOURSE AGAINST OTHERS. No past, present or
future director, officer, employee, incorporator, stockholder or agent of the
Guaranteeing Subsidiary, as such, shall have any liability for any obligations
of the Company or any Guaranteeing Subsidiary under the Notes, any Subsidiary
Guarantees, the Indenture or this Supplemental Indenture or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each
Holder of the Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.
Such waiver may not be effective to waive liabilities under the federal
securities laws and it is the view of the SEC that such a waiver is against
public policy.

                                       1
<PAGE>

                  5.       NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE
OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

                  6.       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.

                  7.       EFFECT OF HEADINGS. The Section headings herein are
for convenience only and shall not affect the construction hereof.

                  8.       THE TRUSTEE. The Trustee shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Guaranteeing Subsidiary and the
Company.

                                       2
<PAGE>

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

                  Dated:  _______________, 20___

                                             [GUARANTEEING SUBSIDIARY]

                                             By: _____________________________
                                                  Name:
                                                  Title:

                                             INTERNATIONAL STEEL GROUP, INC.

                                             By: _____________________________
                                                  Name:
                                                  Title:

                                             [EXISTING GUARANTORS]

                                             By: _____________________________
                                                  Name:
                                                  Title:

                                             THE BANK OF NEW YORK
                                               as Trustee

                                             By: _____________________________
                                                  Authorized Signatory

                                       3
<PAGE>

                                   SCHEDULE I

                                   GUARANTORS

ISG Acquisition Inc.
ISG Cleveland Inc.
ISG Hennepin Inc.
ISG Indiana Harbor Inc.
ISG Warren Inc.
ISG Riverdale Inc.
ISG Plate LLC
ISG Piedmont LLC
ISG Burns Harbor LLC
ISG Sparrows Point LLC
ISG Steelton LLC
ISG Lackawanna LLC
ISG Railways Inc.
ISG/EGL Holding Company
ISG Cleveland Works Railway Company
ISG South Chicago & Indiana Harbor Railway Company
ISG Venture Inc.
ISG Sales Inc.
ISG Cleveland West Inc.
ISG Cleveland West Properties Inc.
ISG Technologies Inc.
ISG Real Estate Inc.
ISG Hibbing Inc.
Hibbing Taconite Holding Inc.
ISG Plate Services LLC
ISG Sparrows Point Services LLC
ISG Burns Harbor Services LLC
ISG Lackawanna Services LLC
ISG Steelton Services LLC

                                       1

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