Document:

PROVIDENT BANCORP, INC.
                           DIVIDEND REINVESTMENT PLAN

1.   PURPOSE OF THE PLAN

     The purpose of the  Dividend  Reinvestment  Plan (the "Plan") is to provide
the  stockholders  of Provident  Bancorp,  Inc. with a convenient and economical
method of investing cash  dividends in additional  shares of the common stock of
Provident Bancorp, Inc.

2.   DEFINITIONS

     For purposes of the Plan,  the  following  words or phrases  shall have the
meanings assigned to them below:

     (a) "Authorization  Form" shall mean the form or other document  designated
by the  Plan  Administrator  as the  evidence  of a  stockholder's  election  to
participate in the Plan.

     (b) "Company" shall mean Provident Bancorp, Inc.

     (c)  "Dividend  Payment  Date"  shall mean the payment  date for  dividends
payable in cash by the Company on its Stock. If the Dividend  Payment Date falls
on a date when there is no trading,  the Dividend Payment Date shall be the next
trading day.

     (d)  "Investment  Date"  shall  mean the first  business  day  following  a
Dividend Payment Date or as soon as practicable thereafter.

     (e) "Participant" shall mean a stockholder of record of the Company who has
elected to participate in the Plan by delivering an executed  Authorization Form
to the Plan Administrator.

     (f) "Plan" shall mean the Provident  Bancorp,  Inc.  Dividend  Reinvestment
Plan.

     (g)  "Plan  Account"  shall  mean  the  account   maintained  by  the  Plan
Administrator for the benefit of a Participant.

     (h) "Plan Administrator" shall mean Registrar and Transfer Company, or such
other  independent  agent  as the  Company  may  from  time to time  appoint  to
administer the Plan.

     (i) "Plan  Shares" shall mean the shares of Stock that are held by the Plan
Administrator for the benefit of the Participants in the Plan.

     (j) "Stock" shall mean the common stock,  par value $0.01 per share, of the
Company.

<PAGE>

3.   ADMINISTRATION

     The Plan shall be administered by the Plan  Administrator.  All Plan Shares
will be registered in the name of the Plan  Administrator  (or its nominee),  as
agent of the respective Participants.

4.   PARTICIPATION

     Holders of record of no fewer than 100 shares of Stock of the  Company  are
eligible to participate in the Plan, except as otherwise determined by the Board
of Directors of the Company. The Board of Directors may refuse to offer the Plan
to  stockholders  of the  Company  residing  in any  state  which  requires  the
registration or qualification of the Stock to be issued pursuant to the Plan, or
exemption therefrom, if such registration, qualification or exemption results in
undue burden or expense to the Company,  as determined by the Board of Directors
in its sole discretion.

     A  beneficial  owner of Stock whose shares are  registered  in a name other
than his or her own may request their broker or nominee to transfer their shares
into their own name or request that the broker or nominee  enroll in the plan on
their behalf by completing and signing an Authorization Form.

5.   ENROLLMENT

     A stockholder of record may enroll in the Plan by completing and signing an
Authorization  Form  and  returning  it  to  the  Plan   Administrator.   If  an
Authorization Form requesting  reinvestment of dividends is received by the Plan
Administrator no fewer than five (5) business days before the record date for an
applicable Dividend Payment Date,  reinvestment will commence with that dividend
on the immediately  following  Investment Date. A stockholder of record may have
dividends  reinvested  in the Plan  with  respect  to less than all of the stock
owned by the stockholder.  However, a stockholder of record must enroll at least
100 shares in the Plan to become a Participant.

6.   PURCHASES

     Stock   needed  to  fund  the  Plan  may  be:  (i)  acquired  by  the  Plan
Administrator  on the open  market;  (ii) issued  directly  by the Company  from
authorized  but unissued  shares;  (iii) issued  directly by the Company from or
treasury  shares,  or (iv) through a combination  of (i) through  (iii),  above.
Participants will be credited for whole and fractional Plan Shares in their Plan
Accounts.

     Open market  purchases  under the Plan will be made  during  each  calendar
quarter  on  each  Investment  Date.  Purchases  of  Stock  will  be made at the
direction  of  the  Plan  Administrator  or  its  selected  broker/dealer.  Such
purchases  will  be  made  in  accordance  with  applicable  state  and  federal
securities  laws  and  regulations.  No  interest  will  be  paid  by  the  Plan
Administrator on dividend payments pending their investment in Stock.

     The number of shares that will be  purchased  for each  Participant  on any
Investment Date will depend on the amount of the Participant's cash dividend and
the purchase  price of the Stock.

                                       2

<PAGE>

Each  Participant's  account  will be  credited  with that number of Plan Shares
(including fractional shares computed to four decimal places) equal to the total
amount to be invested,  divided by the applicable  purchase price (also computed
to four decimal places).

     In making  purchases of Plan Shares for a Participant  associated with each
Investment Date, the Plan Administrator  will commingle the Participant's  funds
with  those  of  other  Participants.  The  price  of the  Stock  purchased  for
Participants with reinvested dividends on Stock for each Investment Date will be
equal to the average price of all Stock  purchased on the Investment Date by the
Plan Administrator on behalf of the Plan. The Plan  Administrator  shall have no
responsibility  with respect to the market value of the Stock acquired under the
Plan for Participants.

     To the extent the Company funds the Plan with Stock issued  directly by the
Company from authorized but unissued shares or shares,  or treasury shares,  the
dividends   payable  to  Participants   will  be  retained  by  the  Company  as
consideration for such Stock.

     Participants  shall not be entitled to receive  certificates for fractional
shares of Stock.  If after the  issuance  of a  certificate,  a  Participant  is
entitled to fractional shares,  that amount of cash equal to the market value of
the fractional shares shall be returned to the Participant from the Company.

7.   DIVIDENDS

     Except as  provided  in  Section 6,  above  with  respect  to Stock  issued
directly  by the Company  from  authorized  but  unissued  shares or shares,  or
treasury  shares,  as record  holder of the Plan Shares held in a  Participant's
account under the Plan, the Plan  Administrator  will: (i) receive  dividends on
all Plan  Shares  held by it on each  dividend  record  date,  (ii)  credit such
dividends to each Participant's  account in proportion to the number of whole or
fractional  shares held in each account,  and (iii)  automatically  reinvest the
dividends in shares of Stock in the manner as described in Section 6, above.

8.   COSTS

     Participants  shall  be  responsible  for  all  fees  charged  by the  Plan
Administrator  relating to withdrawal  from the Plan. If a Participant  requests
the Plan Administrator to sell his or her Plan Shares in the event of his or her
withdrawal from the Plan or otherwise,  the Participant  will pay the applicable
brokerage  commission  associated  with the sale of such  shares,  any  required
transfer tax, and applicable  service charges.  The Company shall be responsible
for paying all other fees charged by the Plan  Administrator  to administer  the
Plan. A Fee  Schedule is attached  hereto as Exhibit A; such fees may be changed
from time to time without further notice.

9.   REPORTS TO PARTICIPANTS

     As soon as practicable after each purchase of Stock, the Plan Administrator
will mail to each  Participant for whose Plan Account a transaction has occurred
under the Plan, a statement showing:

     (a)  the amount of any dividend applied toward such investment;

                                       3

<PAGE>

     (b)  the taxes withheld, if any;

     (c)  the net amount invested;

     (d)  the number of Plan Shares purchased;

     (e)  the purchase price per share; and

     (f)  the total Plan Shares accumulated under the Plan, computed to four (4)
          decimal places.

     Participants will also receive,  from time to time,  communications sent to
all record holders of the shares of common stock.

     Each   Participant   will  receive   annually,   Internal  Revenue  Service
information for reporting  dividend and other income received.  Participants are
urged to consult with their tax advisor.

10.  VOTING OF SHARES

     Shares credited to the account of a Participant  under the Plan (other than
fractional  shares)  will be  automatically  added to the shares  covered by the
proxy sent to the  stockholder  with  respect to his or her other  shares in the
Company  and may be  voted  by such  holder  pursuant  to such  proxy.  The Plan
Administrator  will forward any proxy  solicitation  materials  relating to Plan
Shares to the participating stockholder.

     Where no  instructions  are received from a  Participant  with respect to a
Participant's  Plan Shares, or otherwise,  such shares shall not be voted unless
the Participant votes such shares in person.

11.  WITHDRAWAL OF SHARES IN PLAN ACCOUNTS BY ISSUANCE OF CERTIFICATES

     All Plan Shares will be registered in the name of the Plan Administrator or
its nominee,  as agent for the  Participants.  Certificates in exchange for Plan
Shares  will  not  be  issued  to  Participants  unless  requested  in  writing.
Participants  may withdraw all or a portion of the Plan Shares in their accounts
by notifying the Plan  Administrator in writing to that effect and by specifying
in the notice the number of shares to be withdrawn.  Certificates for any number
of whole  Plan  Shares  will be  issued to a  Participant  within  fifteen  (15)
calendar days of receipt of a written request to the Plan  Administrator  signed
by the  Participant.  Any remaining  Plan Shares will continue to be held by the
Plan Administrator as the agent for the Participant. Certificates for fractional
shares  will not be issued  under any  circumstances.  Any notice of  withdrawal
after a dividend  record date will not be effective until dividends paid for the
applicable Dividend Payment Date have been reinvested and the shares credited to
the Participant's account.

     Certificates issued to Participants will be registered in the name or names
in which the  Participant's  account is maintained.  The original  Authorization
Form election for Plan

                                       4

<PAGE>

participation  will  remain  in  effect  for  the  certificated   shares.  If  a
Participant  requests a  certificate  to be registered in a name other than that
shown on the  account,  such request must be signed by all persons in whose name
the account is registered and be accompanied by such other  documentation as the
Plan Administrator may reasonably require.

12.  SALE OF SHARES FROM PLAN ACCOUNTS

     A  Participant  may request that any or all of their Plan Shares be sold by
the Plan Administrator. If such sale is requested, the sale will be made for the
account  of the  Participant  by the  Plan  Administrator's  broker  within  ten
business days after receipt of the request at the prevailing market price at the
time of such sale. Within ten business days after the sale, the Participant will
receive  from the Plan  Administrator  a check for the proceeds of the sale less
the $15 liquidation  fee, any applicable  brokerage  commission and any transfer
tax.

     The  signature on any request for sales in excess of $10,000 or higher must
be guaranteed by a firm that is a bank, broker,  dealer,  credit union,  savings
association or other entity which is a member in good standing of the Securities
Transfer Agents' Medallion Program.

13.  TERMINATION OF PARTICIPATION

     Participation in the Plan may be terminated by a Participant at any time by
giving  written notice to the Plan  Administrator.  Within fifteen (15) calendar
days after the date on which such notice is received by the Plan  Administrator,
the Plan Administrator will deliver to the Participant (a) a certificate for all
whole Plan Shares held under the Plan, and (b) a check representing  amounts due
on fractional  shares based on the closing  price quoted by the NASDAQ  National
Market on the date prior to the date on which the  termination  is  processed by
the Plan Administrator.  The Company, in its sole discretion, may at any time by
notice in writing mailed to a Participant, terminate a Participant's interest in
the  Plan,  in which  case the  Participant  shall be  treated  as though he had
terminated participation in the Plan as of the date of mailing of the notice. In
the event that the number of Plan Shares held by a  Participant  falls below 100
shares of Stock, Plan participation will be automatically terminated.

     Upon withdrawal from the Plan, the Participant may also request that all of
their Plan Shares be sold by the Plan Administrator.  If such sale is requested,
the  sale  will be  made  for  the  account  of the  Participant  by a the  Plan
Administrator's  broker within ten business days after receipt of the request at
the prevailing  market price at the time of such sale.  Within ten business days
after the sale, the Participant will receive from the Plan Administrator a check
for the  proceeds  of the sale  less the $15  liquidation  fee,  any  applicable
brokerage commission and any transfer tax.

14.  STOCK DIVIDENDS, STOCK SPLITS, RIGHTS OFFERINGS

     Any additional  Stock resulting from a stock dividend or stock split by the
Company on the Plan Shares of a  Participant  shall be added to the Plan Account
as additional Plan Shares.

     In the event of a rights offering by the Company,  Participants in the Plan
will be  notified by the  Company in advance of the  commencement  of the rights
offering.  Participants should

                                       5

<PAGE>

instruct  the Plan  Administrator  to transfer  whole Plan shares into their own
names prior to the record date for such  offering if they wish to exercise  such
rights. If no such instructions are received by the Plan Administrator  prior to
the record date for such offering, then such rights shall terminate with respect
to both the Participant and the Plan Administrator.

15.  AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN

     The Company, may amend,  supplement,  suspend, modify or terminate the Plan
at any time without the approval of the Participants.  Thirty (30) calendar days
notice of any  suspension,  termination  or amendment that would have a material
adverse  effect  on the  Participants'  rights  hereunder  shall  be sent to all
Participants,  who shall in all events have the right to withdraw  from the Plan
in accordance with Section 11 hereof.

16.  INTERPRETATION OF THE PLAN

     The Plan, the Authorization  Form and the  Participant's  accounts shall be
governed by and construed in  accordance  with the laws of the State of New York
and applicable state and federal securities laws. Any question of interpretation
arising  under the Plan shall be  determined  by the Board of  Directors  of the
Company  pursuant  to  applicable  federal  and  state  law  and the  rules  and
regulations of all regulatory authorities. Such determination shall be final and
binding on all Participants.  The Company may adopt rules and regulations at any
time to facilitate the administration of the Plan.

17.  RESPONSIBILITIES OF THE COMPANY AND THE PLAN ADMINISTRATOR

     Neither the Company nor the Plan Administrator  shall be liable for any act
done in good faith or for any good faith  omission  to act,  including,  without
limitation,  any claim of  liability  arising out of (a) failure to  terminate a
Participant's  account upon such Participants  death and (b) the prices at which
shares are  purchased  or sold,  or the times when  purchases or sales are made.
Neither  the  company  nor  the  Plan  Administrator  shall  be  liable  for any
consequential  damages  arising  from any action  taken or omission  made in the
creation and/or administration of the Plan.

                                       6

<PAGE>

                                    Exhibit A

                                  FEES SCHEDULE

                          DIVIDEND REINVESTMENT PROGRAM

--------------------------------------------------------------------------------
Per change in account, e.g., request for periodic issuance
  of certificates                                                        $ 10.00
--------------------------------------------------------------------------------
Per new certificate issued (if requested by participant)                 $ 10.00
--------------------------------------------------------------------------------
Per withdrawal from or termination of account in Plan                    $ 10.00
--------------------------------------------------------------------------------
Per sale of securities from Plan                                         $ 15.00
--------------------------------------------------------------------------------

Participants also pay the applicable  brokerage  commission  associated with the
sale of shares, any required transfer tax, and applicable service chargesExhibit 4.1

	

      
    

 

TEKNI-PLEX, INC. 

and each of the Guarantors PARTY HERETO 

10 7/8 % SENIOR SECURED NOTES DUE 2012

________________________

INDENTURE 

Dated as of June 10, 2005 

________________________

HSBC Bank USA, National Association

Trustee 

	

        

    

CROSS-REFERENCE TABLE* 

	
    Trust Indenture    	

        
	
  Act Section      	
Indenture Section
        
	310	
(a)(1)
        	
7.10
        
	 	 (a)(2)
        	
7.10
        
	 	 (a)(3)
        	
N.A.
        
	 	 (a)(4)
        	
N.A.
        
	 	 (a)(5)
        	
7.10
        
	 	 (b)
        	
7.10
        
	 	 (c)
        	
N.A.
        
	311	
(a)
        	
7.11
        
	 	 (b)
        	
7.11
        
	 	 (c)
        	
N.A.
        
	312	
(a)
        	
2.05
        
	 	 (b)
        	
14.03
        
	 	 (c)
        	
14.03
        
	313	
(a)
        	
7.06
        
	 	 (b)(1)
        	
10.04
        
	 	 (b)(2)
        	
7.06; 7.07
        
	 	 (c)
        	
7.06; 10.04; 14.02
	 	 (d)
        	
7.06
        
	314	
(a)
        	
4.03; 14.02; 14.05
        
	 	 (b)
        	
10.05
        
	 	 (c)(1)
        	
14.04
        
	 	 (c)(2)
        	
14.04
        
	 	 (c)(3)
        	
N.A.
        
	 	 (d)
        	
10.04; 10.06; 10.07
        
	 	 (e)
        	
14.05
        
	 	 (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
        
	318	
(a)
        	
14.01
        
	 	 (b)
        	
N.A.
        
	 	 (c)	
14.01
        

______________________

N.A. means not applicable. 

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

TABLE OF CONTENTS 

Page            

ARTICLE 1. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

	
Section 1.01
        	 
        	
Definitions
        	 
        	
1
        
	
Section 1.02
        	 
        	
Other Definitions
        	 
        	
28
        
	
Section 1.03
        	 
        	
Incorporation by Reference of Trust Indenture Act
        	 
        	
28
        
	
Section 1.04
        	 
        	
Rules of Construction
        	 
        	
29
        
	 

        
	
      ARTICLE 2.
      

	 

        
	
      THE NOTES
      

	 

        
	
Section 2.01
        	 
        	
Form and Dating
        	 
        	
29
        
	
Section 2.02
        	 
        	
Execution and Authentication
        	 
        	
31
        
	
Section 2.03
        	 
        	
Registrar and Paying Agent
        	 
        	
31
        
	
Section 2.04
        	 
        	
Paying Agent To Hold Money in Trust
        	 
        	
32
        
	
Section 2.05
        	 
        	
Holder Lists
        	 
        	
32
        
	
Section 2.06
        	 
        	
Transfer and Exchange
        	 
        	
32
        
	
Section 2.07
        	 
        	
Replacement Notes
        	 
        	
45
        
	
Section 2.08
        	 
        	
Outstanding Notes
        	 
        	
46
        
	
Section 2.09
        	 
        	
Treasury Notes
        	 
        	
46
        
	
Section 2.10
        	 
        	
Temporary Notes
        	 
        	
46
        
	
Section 2.11
        	 
        	
Cancellation
        	 
        	
47
        
	
Section 2.12
        	 
        	
Defaulted Interest
        	 
        	
47
        
	 

        
	
ARTICLE 3.
        
	 

        
	
REDEMPTION AND PREPAYMENT
        
	 

        
	
Section 3.01
        	 
        	
Notices to Trustee
        	 
        	
47
        
	
Section 3.02
        	 
        	
Selection of Notes To Be Redeemed or Purchased
        	 
        	
48
        
	
Section 3.03
        	 
        	
Notice of Redemption
        	 
        	
48
        
	
Section 3.04
        	 
        	
Effect of Notice of Redemption
        	 
        	
49
        
	
Section 3.05
        	 
        	
Deposit of Redemption or Purchase Price
        	 
        	
49
        
	
Section 3.06
        	 
        	
Notes Redeemed or Purchased in Part
        	 
        	
50
        
	
Section 3.07
        	 
        	
Optional Redemption
        	 
        	
50
        
	
Section 3.08
        	 
        	
Mandatory Redemption
        	 
        	
50
        
	
Section 3.09
        	 
        	
Offer To Purchase by Application of Excess Proceeds or Excess Loss
Proceeds      	 	51

-i-

	

        	 
        	

        	 
        	
Page
        
	 

        
	
ARTICLE 4.
        
	 

        
	
COVENANTS
        
	 

        
	
Section 4.01
        	 
        	
Payment of Notes
        	 
        	
53
        
	
Section 4.02
        	 
        	
Maintenance of Office or Agency
        	 
        	
53
        
	
Section 4.03
        	 
        	
Reports
        	 
        	
54
        
	
Section 4.04
        	 
        	
Compliance Certificate
        	 
        	
54
        
	
Section 4.05
        	 
        	
Taxes
        	 
        	
55
        
	
Section 4.06
        	 
        	
Stay, Extension and Usury Laws
        	 
        	
55
        
	
Section 4.07
        	 
        	
Restricted Payments
        	 
        	
55
        
	
Section 4.08
        	 
        	
Dividend and Other Payment Restrictions Affecting Subsidiaries
        	 
        	
59
        
	
Section 4.09
        	 
        	
Incurrence of Indebtedness and Issuance of Preferred Stock
        	 
        	
60
        
	
Section 4.10
        	 
        	
Asset Sales
        	 
        	
64
        
	
Section 4.11
        	 
        	
Transactions with Affiliates
        	 
        	
66
        
	
Section 4.12
        	 
        	
Liens
        	 
        	
67
        
	
Section 4.13
        	 
        	
Business Activities
        	 
        	
67
        
	
Section 4.14
        	 
        	
Corporate Existence
        	 
        	
67
        
	
Section 4.15
        	 
        	
Offer To Repurchase Upon Change of Control
        	 
        	
67
        
	
Section 4.16
        	 
        	
No Amendment of Subordinated Note Indenture
        	 
        	
69
        
	
Section 4.17
        	 
        	
Limitation on Issuances and Sales of Equity Interest in Restricted
        	 
        	

        
	

        	 
        	
      Subsidiaries
        	 
        	
70
        
	
Section 4.18
        	 
        	
Payments for Consent
        	 
        	
70
        
	
Section 4.19
        	 
        	
Additional Subsidiary Guarantees
        	 
        	
70
        
	
Section 4.20
        	 
        	
Designation of Restricted and Unrestricted Subsidiaries
        	 
        	
71
        
	
Section 4.21
        	 
        	
Collateral
        	 
        	
71
        
	
Section 4.22
        	 
        	
Event of Loss
        	 
        	
72
        
	
Section 4.23
        	 
        	
Post Closing Action Related to Note Priority Collateral
        	 
        	
73
        
	
Section 4.24
        	 
        	
Maintenance of Property; Insurance
        	 
        	
73
        
	 

        
	
ARTICLE 5.
        
	 

        
	
SUCCESSORS
        
	 

        
	
Section 5.01
        	 
        	
Merger, Consolidation, or Sale of Assets
        	 
        	
74
        
	
Section 5.02
        	 
        	
Successor Corporation Substituted
        	 
        	
75
        
	 

        
	
ARTICLE 6.
        
	 

        
	
DEFAULTS AND REMEDIES
        
	 

        
	
Section 6.01
        	 
        	
Events of Default
        	 
        	
75
        
	
Section 6.02
        	 
        	
Acceleration
        	 
        	
77
        
	
Section 6.03
        	 
        	
Other Remedies
        	 
        	
78
        

-ii-

	

        	 
        	

        	 
        	
Page
        
	 

        
	
Section 6.04
        	 
        	
Waiver of Past Defaults
        	 
        	
78
        
	
Section 6.05
        	 
        	
Control by Majority
        	 
        	
79
        
	
Section 6.06
        	 
        	
Limitation on Suits
        	 
        	
79
        
	
Section 6.07
        	 
        	
Rights of Holders of Notes To Receive Payment
        	 
        	
80
        
	
Section 6.08
        	 
        	
Collection Suit by Trustee
        	 
        	
80
        
	
Section 6.09
        	 
        	
Trustee May File Proofs of Claim
        	 
        	
80
        
	
Section 6.10
        	 
        	
Priorities
        	 
        	
81
        
	
Section 6.11
        	 
        	
Undertaking for Costs
        	 
        	
81
        
	 

        
	
ARTICLE 7.
        
	 

        
	
TRUSTEE
        
	 

        
	
Section 7.01
        	 
        	
Duties of Trustee
        	 
        	
81
        
	
Section 7.02
        	 
        	
Rights of Trustee
        	 
        	
82
        
	
Section 7.03
        	 
        	
Individual Rights of Trustee
        	 
        	
83
        
	
Section 7.04
        	 
        	
Trustee’s Disclaimer
        	 
        	
83
        
	
Section 7.05
        	 
        	
Notice of Defaults
        	 
        	
84
        
	
Section 7.06
        	 
        	
Reports by Trustee to Holders of the Notes
        	 
        	
84
        
	
Section 7.07
        	 
        	
Compensation and Indemnity
        	 
        	
84
        
	
Section 7.08
        	 
        	
Replacement of Trustee
        	 
        	
85
        
	
Section 7.09
        	 
        	
Successor Trustee by Merger, etc.
        	 
        	
86
        
	
Section 7.10
        	 
        	
Eligibility; Disqualification
        	 
        	
86
        
	
Section 7.11
        	 
        	
Preferential Collection of Claims Against Company
        	 
        	
86
        
	 

        
	
ARTICLE 8.
        
	 

        
	
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
        
	 

        
	
Section 8.01
        	 
        	
Option To Effect Legal Defeasance or Covenant Defeasance
        	 
        	
87
        
	
Section 8.02
        	 
        	
Legal Defeasance and Discharge
        	 
        	
87
        
	
Section 8.03
        	 
        	
Covenant Defeasance
        	 
        	
87
        
	
Section 8.04
        	 
        	
Conditions to Legal or Covenant Defeasance
        	 
        	
88
        
	
Section 8.05
        	 
        	
Deposited Money and Government Securities To Be Held in Trust;
        
	

        	 
        	
      Other Miscellaneous Provisions
        	 
        	
89
        
	
Section 8.06
        	 
        	
Repayment to Company
        	 
        	
90
        
	
Section 8.07
        	 
        	
Reinstatement
        	 
        	
90
        
	 

        
	
ARTICLE 9.
        
	 

        
	
AMENDMENT, SUPPLEMENT AND WAIVER
        
	 

        
	
Section 9.01
        	 
        	
Without Consent of Holders of Notes
        	 
        	
91
        
	
Section 9.02
        	 
        	
With Consent of Holders of Notes
        	 
        	
92
        

-iii- 

	

        	 
        	

        	 
        	
Page
        
	 

        
	
Section 9.03
        	 
        	
Compliance with Trust Indenture Act
        	 
        	
93
        
	
Section 9.04
        	 
        	
Revocation and Effect of Consents
        	 
        	
94
        
	
Section 9.05
        	 
        	
Notation on or Exchange of Notes
        	 
        	
94
        
	
Section 9.06
        	 
        	
Trustee to Sign Amendments, etc
        	 
        	
94
        
	 

        
	
ARTICLE 10.
        
	 

        
	
COLLATERAL AND SECURITY
        
	 

        
	
Section 10.01
        	 
        	
Security Documents
        	 
        	
94
        
	
Section 10.02
        	 
        	
Collateral Agent
        	 
        	
95
        
	
Section 10.03
        	 
        	
Authorization of Actions To Be Taken
        	 
        	
96
        
	
Section 10.04
        	 
        	
Release of Note Liens
        	 
        	
96
        
	
Section 10.05
        	 
        	
Recording and Opinions
        	 
        	
98
        
	
Section 10.06
        	 
        	
Certificates of the Company
        	 
        	
99
        
	
Section 10.07
        	 
        	
Certificates of the Trustee
        	 
        	
99
        
	
Section 10.08
        	 
        	
Termination of Security Interest
        	 
        	
99
        
	 

        
	
ARTICLE 11.
        
	 

        
	
SUBSIDIARY GUARANTEES
        
	 

        
	
Section 11.01
        	 
        	
Guarantee
        	 
        	
100
        
	
Section 11.02
        	 
        	
Limitation on Guarantor Liability
        	 
        	
101
        
	
Section 11.03
        	 
        	
Execution and Delivery of Subsidiary Guarantee
        	 
        	
101
        
	
Section 11.04
        	 
        	
Guarantors May Consolidate, etc., on Certain Terms
        	 
        	
102
        
	
Section 11.05
        	 
        	
Releases
        	 
        	
102
        
	 

        
	
ARTICLE 12.
        
	 

        
	
SATISFACTION AND DISCHARGE
        
	 

        
	
Section 12.01
        	 
        	
Satisfaction and Discharge
        	 
        	
103
        
	
Section 12.02
        	 
        	
Application of Trust Money
        	 
        	
104
        
	 

        
	
ARTICLE 13.
        
	 

        
	
RANKING OF NOTE LIENS ON THE
        
	
ABL FACILITY PRIORITY COLLATERAL
        
	 

        
	
Section 13.01
        	 
        	
Agreement for the Benefit of Holders of Priority Liens
        	 
        	
105
        
	
Section 13.02
        	 
        	
Ranking
        	 
        	
105
        
	
Section 13.03
        	 
        	
Collateral Sharing with Additional Notes
        	 
        	
105
        
	
Section 13.04
        	 
        	
Restriction on Enforcement of Note Liens
        	 
        	
106
        
	
Section 13.05
        	 
        	
Insolvency or Liquidation Proceedings
        	 
        	
107
        

-iv- 

	

        	 
        	

        	 
        	
Page
        
	 

        
	
Section 13.06
        	 
        	
  Relative Rights
        	 
        	
110
        
	 

        
	
ARTICLE 14.
        
	 

        
	
MISCELLANEOUS
        
	 

        
	
Section 14.01
        	 
        	
  Trust Indenture Act Controls
        	 
        	
110
        
	
Section 14.02
        	 
        	
  Notices
        	 
        	
110
        
	
Section 14.03
        	 
        	
  Communication by Holders of Notes with Other Holders of Notes
        	 
        	
112
        
	
Section 14.04
        	 
        	
  Certificate and Opinion as to Conditions Precedent
        	 
        	
112
        
	
Section 14.05
        	 
        	
  Statements Required in Certificate or Opinion
        	 
        	
112
        
	
Section 14.06
        	 
        	
  Rules by Trustee and Agents
        	 
        	
113
        
	
Section 14.07
        	 
        	
  No Personal Liability of Directors, Officers, Employees and
        	 
        	

        
	

        	 
        	
          Stockholders
        	 
        	
113
        
	
Section 14.08
        	 
        	
  Governing Law
        	 
        	
113
        
	
Section 14.09
        	 
        	
  No Adverse Interpretation of Other Agreements
        	 
        	
113
        
	
Section 14.10
        	 
        	
  Successors
        	 
        	
113
        
	
Section 14.11
        	 
        	
  Severability
        	 
        	
113
        
	
Section 14.12
        	 
        	
  Counterpart Originals
        	 
        	
114
        
	
Section 14.13
        	 
        	
  Table of Contents, Headings, etc.
        	 
        	
114
        
	 

        
	
EXHIBITS
        	 
        	

        	 
        	

        
	 

        
	
Exhibit A1
        	 
        	
FORM OF NOTE
        	 
        	

        
	
Exhibit A2
        	 
        	
FORM OF REGULATION S TEMPORARY GLOBAL NOTE
        	 
        	

        
	
Exhibit B
        	 
        	
FORM CERTIFICATE OF TRANSFER
        	 
        	

        
	
Exhibit C
        	 
        	
FORM OF CERTIFICATE OF EXCHANGE
        	 
        	

        
	
Exhibit D
        	 
        	
FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCRED-
        
	

        	 
        	
ITED INVESTOR
        	 
        	

        
	
Exhibit E
        	 
        	
FORM OF NOTATION OF GUARANTEE
        	 
        	

        
	
Exhibit F
        	 
        	
FORM OF SUPPLEMENTAL INDENTURE
        	 
        	

        
	
Exhibit G
        	 
        	
FORM OF SECURITY AGREEMENT
        	 
        	

        
	
Exhibit H
        	 
        	
FORM OF PLEDGE AGREEMENT
        	 
        	

        
	
Exhibit I
        	 
        	
FORM OF COPYRIGHT SECURITY AGREEMENT
        	 
        	

        
	
Exhibit J
        	 
        	
FORM OF PATENT SECURITY AGREEMENT
        	 
        	

        
	
Exhibit K
        	 
        	
FORM OF MORTGAGE
        	 
        	

        
	 

        
	
SCHEDULES
        	 
        	

        
	 

        
	
Schedule 1.1(A)       REAL PROPERTY
        	 
        	

        

-v-

     INDENTURE dated as of June 10, 2005 among Tekni-Plex, Inc., a Delaware corporation (the “Company”), the Guarantors (as defined) and
HSBC Bank USA, National Association, as trustee (the “Trustee”). 

     The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 10 7/8 % Senior Secured Notes due
2012 (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 A1 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. 

     “ABL Facility” means the credit agreement dated as of June 10, 2005, among the Company, the Lenders and issuers party thereto, and
Citicorp USA, Inc., as Administrative Agent, as amended, restated, modified, increased, 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, including any agreement increasing the amount of Indebtedness incurred thereunder or available to be borrowed thereunder. 

     “ABL Facility Agent” means, at any time, the Person serving at such time
as the “Agent”, “Administrative Agent” or “Collateral Agent” under the ABL Facility or any other representative of the Lenders then most recently designated by the terms of the ABL Facility, in a written notice delivered to the Trustee, as the ABL Facility Agent for the purposes of this
Indenture. 

     “ABL Facility Obligations” means the ABL Facility Priority Lien Debt and all other Obligations of the Company or any Guarantor
under the ABL Facility Priority Lien Documents. 

     “ABL Facility Priority Collateral” has the meaning assigned to it in the Security Agreement. 

     “ABL Facility Priority Lien” means, to the extent securing ABL Facility
Obligations, a Lien granted on ABL Facility Priority Collateral to the ABL Facility Agent or any holder, or other trustee, agent or representative of holders, of ABL Facility Obligations as security for ABL Facility Obligations. 

     “ABL Facility Priority Lien Debt” means: 

        (1) the principal of and interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, at the rate specified in the agreement or instrument
    evidencing such Indebtedness whether or not such post-petition interest is allowed in any case under the Bankruptcy Code) on Indebtedness under the ABL Facility to the extent that, when advanced (or, in the case of any reimbursement obligation for a
    letter of credit issued under the ABL Facility, when such letter of credit was issued), it either (a) was permitted to be incurred under clause (1) of Section 4.09(b) or (b) was advanced
    (or, in the case of any such reimbursement obligation, relates to a letter of credit that was issued) upon delivery to the Trustee and the ABL Facility Agent of an Officers’ Certificate to the effect that such Indebtedness was permitted to be
    incurred by clause (1) of Section 4.09(b), including without limitation any such Indebtedness incurred in any insolvency or liquidation proceeding to the extent permitted by clause (1) of
    Section 4.09(b); provided, however, that the maximum amount of ABL Facility Priority Lien Debt shall never exceed the amount of Indebtedness then permitted to be incurred under clause (1) of Section 4.09(b);
  

        (2) Hedging Obligations permitted to be incurred by clause (8) of Section 4.09(b) that are equally and ratably secured by any and all Liens
  securing Indebtedness outstanding under the ABL Facility; and 

        (3) the principal of and interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, at the rate specified in the agreement or instrument
  evidencing such Indebtedness whether or not such post-petition interest is allowed in such any case under the Bankruptcy Code) on Indebtedness under any Credit Facility other than the ABL Facility to the extent such Indebtedness was incurred under
  clause (1) of Section 4.09(b) but only if on or before the day on which such Indebtedness was incurred by the Company or any of its Restricted Subsidiaries such Indebtedness is designated by
  the Company, in an Officers’ Certificate delivered to the Trustee and the ABL Facility Agent on or before such date, as ABL Facility Priority Lien Debt for the purposes of this Indenture. 

     “ABL Facility Priority Lien Documents” means the documentation relating
to any ABL Facility Priority Lien Debt including, without limitation, the ABL Facility, the ABL Facility Priority Lien Security Documents, any related notes, guarantees, collateral documents, instruments and agreements executed in connection
therewith and all other agreements governing, securing or relating to any ABL Facility Obligations. 

     “ABL Facility Priority Lien Security Documents” means one or more
security agreements, pledge agreements, collateral assignments, or other grants or transfers for security executed and delivered by the Company or any Guarantor creating a Lien upon ABL Facility Priority Collateral owned or to be acquired by the
Company or such Guarantor in favor of any holder or holders of ABL Facility Priority Lien Debt, or any trustee, agent or representative acting for any such holders, as security for any ABL Facility Obligations. 

-2-

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

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

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

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

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

     “Agent” means any Registrar, co-registrar or Paying Agent. 

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

     “Asset Sale” means:

        (1) the sale, lease, conveyance or other disposition of any assets or rights of the Company or any Restricted Subsidiary; provided that the
    sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 4.15 and/or the provisions of Section 5.01 hereof; and 

        (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries other than directors’ qualifying shares or the sale of Equity Interests in any of its Subsidiaries.
  

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

        (1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $5.0 million; 

-3-

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

        (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company; 

        (4) the sale or lease of products, services or accounts receivable in the ordinary course of business and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course
    of business; 

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

        (6) a Restricted Payment that does not violate Section 4.07 hereof or a Permitted Investment; 

        (7) the grant in the ordinary course of business of any non-exclusive license of patents, trademarks, registrations therefor and other similar intellectual property; and 

        (8) any Lien (or foreclosure thereon) securing Indebtedness to the extent such Lien was granted in compliance with Section 4.12 hereof.
  

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

     “beneficial owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The terms
“Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

     “Board of Directors” means: 

        (1) with respect to a corporation, the board of directors of the corporation 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 or other individual or entity serving a similar function. 

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

     “Business Day” means any day other than a Legal Holiday. 

     “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be 

-4- 

capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be
prepaid by the lessee without payment of a penalty. 

     “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) similar to 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. 

     “Cash Equivalents” means: 

        (1) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided
    that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition; 

        (2) dollar denominated time deposits and certificates of deposit of any commercial bank having, or which is the principal banking subsidiary of a bank holding company having, a long-term unsecured
    debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s with maturities of not more than one year from the date of acquisition; 

        (3) repurchase obligations for underlying securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (2) above; 

        (4) commercial paper issued by any Person incorporated in the United States rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s and in
    each case maturing not more than one year after the date of acquisition; 

        (5) marketable direct obligations issued by the District of Columbia or any State of the United States or any political subdivision of any such State or any public instrumentality thereof maturing
    within one year from the date of acquisition and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s; 

-5- 

        (6) investments in money market funds substantially all of whose assets are comprised of Cash Equivalents of the types described in clauses (1) through (5) above; and 

        (7) in the case of Investments by foreign Subsidiaries, other short-term investments in accordance with normal investment practices for cash management of a type analogous to the foregoing. 

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

        (1) any person or persons acting together that would constitute a group (for purposes of Section 13(d) of the Exchange Act, or any successor provision thereto) (a “group”), together with any affiliates or related persons thereof, other than any such person, persons, affiliates or related person who are Permitted Holders, shall Beneficially Own, directly or
    indirectly, at least (a) 50% of the voting power of the Company’s outstanding voting stock or (b) 40% of the voting power of the Company’s outstanding voting stock and in the case of clause (b) the Permitted Holders own less than such
    person or group (in doing the “own less than” comparison in this clause (b), the holdings of the Permitted Holders who are members of the new group shall not be counted in the shares held in the aggregate by Permitted Holders);
    provided that in no event shall a “governance change,” within the meaning of the amended and restated limited liability company agreement of Tekni-Plex Partners and the limited
    liability company agreement of MST/TP Partners, in each case as in effect on June 21, 2000, be deemed to be a Change of Control hereunder; 

        (2) any sale, lease or other transfer (in one transaction or a series of related transactions) is made by the Company or any Restricted Subsidiaries of all or substantially all of the consolidated
    assets of the Company and the Restricted Subsidiaries to any person; 

        (3) the Company consolidates with or merges with or into another person or any person consolidates with, or mergers with or into, the Company, in any such event pursuant to a transaction in which
    immediately after the consummation thereof persons owning a majority of the Company’s voting stock voting immediately prior to such consummation shall cease to own a majority of the Company’s voting stock, or, if the Company is not the
    surviving entity, a majority of the voting stock of such surviving entity; 

        (4) continuing directors cease to constitute at least a majority of the board of directors of the Company; or

        (5) the Company’s stockholders approve any plan or proposal for the Company’s liquidation or dissolution. 

  
    In no event would the sale of the Company’s common stock to an underwriter or group of underwriters in privity of contract with the Company (or anybody in privity of contact with such underwriters) be deemed to be a Change of
    Control or be deemed the acquisition of more than 40% of the voting power of the Company’s outstanding voting stock by a person or any group 

  
    -6-

  

    

  

    
    
    

    

  
    unless such common stock is held in an investment account in which case the investment account would be treated without giving effect to the foregoing part of this sentence. 

        “Clearstream” means Clearstream Banking, S.A., a limited liability company (la societe anonyme) organized under Luxemberg law.
  

        “Collateral” means, collectively, the ABL Facility Priority Collateral and the Note Priority Collateral. 

        “Collateral Agent” means HSBC Bank USA, National Association, as collateral agent under the Security Agreement. 

        “Company” means the party named as such in the preamble to this Indenture, and any and all successors thereto. 

        “Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for
    such period plus, without duplication: 

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

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

        (3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; plus 

        (4) depreciation and amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) of such Person and its Restricted
    Subsidiaries for such period to the extent that such depreciation and amortization expenses were deducted in computing such Consolidated Net Income; plus 

        (5) non-cash items to the extent deducted from Consolidated Net Income for such period, other than any non-cash charges that represent accruals of, or reserves for, cash disbursements to be made in
  any future accounting period; 

in each case, on a consolidated basis and determined in accordance with GAAP. 

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

        (1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included only 

-7-

  
    to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

        (2) the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is
    not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule
    or governmental regulation applicable to that Restricted Subsidiary or its stockholders; 

        (3) the cumulative effect of a change in accounting principles will be excluded; and 

        (4) non cash gains and losses due solely to fluctuations in currency values will be excluded. 

     “Consolidated Net Worth” means, with respect to any specified Person as of any date, the sum of: 

        (1) the consolidated equity of the common stockholders of such Person and its consolidated Subsidiaries as of such date; plus 

        (2) the respective amounts reported on such Person’s balance sheet as of such date with respect to any series of preferred stock (other than Disqualified Stock) that by its terms is not entitled
    to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year of such declaration and payment, but only to the extent of any cash received by such Person upon issuance of such preferred
    stock. 

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

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

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

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

     “Credit Bid Rights” means, in respect of any order relating to a sale of assets constituting ABL Facility Priority Collateral in
any insolvency or liquidation proceeding, that: 

-8-

        (1) such order grants the Holders of Notes (individually and in any combination) the right to bid at the sale of such assets and the right to offset such Holders’ claims secured by Note Liens
    upon such assets against the purchase price of such assets if: 

  
          (a) the bid of such Holders is the highest bid or otherwise determined by a court to be the best offer at a sale; and 

          (b) the bid of such Holders includes a cash purchase price component payable at the closing of the sale in an amount that would be sufficient on the date of the closing of the sale, if such amount
      were applied to such payment on such date, to pay all unpaid ABL Facility Obligations (except Unasserted Contingent Obligations) and to satisfy all liens entitled to priority over the ABL Facility Priority Liens that attach to the proceeds of the
      sale, and such order requires such amount to be so applied; and 

  

        (2) such order allows the claims of the Holders of Notes in such insolvency or liquidation proceeding to the extent required for the grant of such rights. 

     “Credit Facilities” means one or more debt facilities (including, without limitation, pursuant to the ABL Facility) 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, increased, renewed, refunded, replaced (whether upon 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. 

     “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 A1 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. 

     “Discharge of ABL Facility Obligations” means termination of all commitments to extend credit that would constitute ABL Facility
Priority Lien Debt, payment in full in cash of the principal of and interest and premium (if any) on all ABL Facility Priority Lien Debt (except undrawn letters of credit), discharge or cash collateralization (in compliance with the relevant

-9-

ABL Facility Priority Lien Documents) of all letters of credit outstanding under any ABL Facility Priority Lien Debt or Hedging Obligations constituting ABL Facility Priority Lien Debt, and payment in full in cash of all other ABL
Facility Obligations (except Unasserted Contingent Obligations) that are outstanding and unpaid at the time the ABL Facility Priority Lien Debt is paid in full in cash. 

     “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or
for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option
of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock
provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. Provided, further, that if the Capital Stock is issued to any plan for the
benefit of employees of the Company or its subsidiaries or by any such plan to those employees, that Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company in order to satisfy
applicable statutory or regulatory obligations. The amount of Disqualified Stock deemed to be outstanding at any time will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or
pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

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

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

     “Equity Offerings” means one or more public or private offerings of Equity Interests (other than Disqualified Stock) of the Company
or cash capital contributions received by the Company in respect of such Equity Interests (other than Disqualified Stock). 

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

     “Event of Loss” means, with respect to any property or asset (tangible or intangible, real or personal) that constitute Note
Priority Collateral (as determined in good faith by the Company), any of the following: 

  
         (1) any loss, destruction or damage of such property or asset; 

-10- 

        (2) any institution of any proceedings for the condemnation or seizure of such property or asset or for the exercise of any right of eminent domain; 

        (3) any actual condemnation, seizure or taking by exercise of the power of eminent domain or otherwise of such property or asset, or confiscation of such property or asset or the requisition of the
    use of such property or asset; or 

  
         (4) any settlement in lieu of clauses (2) or (3) above. 

     “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

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

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

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

     “Existing Indebtedness” means up to $595.4 million in aggregate principal amount of Indebtedness of the Company and its
Subsidiaries (other than Indebtedness under the ABL Facility) in existence on the date of this Indenture, until such amounts are repaid. The $595.4 million of Existing Indebtedness includes $315.0 million in aggregate principal amount of the
Company’s existing 12 3/4% Senior Subordinated Notes due 2010 and the Existing Second Lien Notes. 

     “Existing Second Lien Notes” means the $275.0 million in aggregate principal amount of the Company’s existing 8 3/4% Senior
Secured Notes due 2013. 

     “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller, determined in good
faith by the Board of Directors of the Company (unless otherwise provided hereunder). 

     “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of
such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges
any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the
date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom,
as if the same had occurred at the beginning of the applicable four-quarter reference period. 

-11-

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

        (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries
    acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such
    reference period and on or prior to the Calculation Date will be given pro forma effect (such calculations will be done in accordance with Regulation S-X under the Securities Act or any
    successor provision and may include reasonable ascertainable cost savings) as if they had occurred on the first day of the four-quarter reference period; 

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

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

        (4) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter period; 

        (5) any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period; and 

        (6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate
    for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term until the earlier of the maturity of such Indebtedness or as at the Calculation Date in excess of 12
    months). 

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

        (1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and
    original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt,
    commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates;
  plus 

-12-

        (2) the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period to the extent the net income of such Restricted Subsidiary is included in the
    calculation of Net Income; plus 

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

        (4) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on
    Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company, times (b) a fraction, the numerator of which is one and the denominator of which is one
    minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 

     “Foreign Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary. 

     “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the
accounting profession, which are in effect from time to time. 

     “Global 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. 

     “Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes
deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A1 hereto and that bears the Global Note Legend and that has
the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof. 

     “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). 

-13- 

     “Guarantors” means: 

  
         (1) all of the Company’s Domestic Subsidiaries; and 

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

and their respective successors and assigns. 

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

        (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 

        (2) other agreements or arrangements designed to manage interest rates or interest rate risk; and 

        (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices or the prices of other raw materials used in their business.
  

     “Holder” means a Person in whose name a Note is registered. 

     “IAI Global Note” means a Global Note substantially in the form of Exhibit A1 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 (excluding accrued expenses and trade
payables), whether or not contingent: 

  
         (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); 

  
         (3) in respect of banker’s acceptances; 

        (4) representing Capital Lease Obligations in respect of sale and leaseback transactions; 

        (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or
  

  
         (6) representing any Hedging Obligations, 

-14- 

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

     “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 $150,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

     “Initial Purchasers” means Citigroup Global Markets Inc. and Lehman Brothers Inc. 

     “Insolvency or Liquidation
Proceeding” means: 

        (1) any case commenced by or against the Company or any other Obligor under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets
    or liabilities of the Company or any other Obligor, any receivership or assignment for the benefit of creditors relating to the Company or any other Obligor or any similar case or proceeding relative to the Company or any other Obligor or its
    creditors, as such, in each case whether or not voluntary; 

        (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any other Obligor, in each case whether or not voluntary and whether or not
  involving bankruptcy or insolvency; or 

        (3) any other proceeding of any type or nature in which substantially all claims of creditors of the Company or any other Obligor are determined and any payment or distribution is or may be made on
  account of such claims. 

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

     “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including
Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary
of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Company such 

-15-

that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair
Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07(b) hereof. The acquisition by the
Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments
held by the acquired Person in such third Person in an amount determined as provided in Section 4.07(b) hereof. Except as otherwise provided in this Indenture, the amount of an Investment
will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 

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

     “Lenders” means, at any time, the parties to the ABL Facility then holding (or committed to provide) loans, letters of credit or
other extensions of credit that constitute (or when provided will constitute) ABL Facility Priority Lien Debt outstanding under the ABL Facility or any other holder of an ABL Facility Obligation. 

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

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

     “Liquidated Damages” means all Liquidated Damages then owing pursuant to the Registration Rights Agreement. 

     “Majority Lenders” means, at any time, Lenders then holding or committed to provide at least a majority in principal amount of the
aggregate loans, letters of credit and other extensions of credit outstanding or committed under the ABL Facility. 

     “Moody’s” means
Moody’s Investors Service, Inc. 

     “Mortgage” means each mortgage, deed of trust, or deed to secure debt, amendment to mortgage or amendment to deed of trust,
substantially in the respective form included as Exhibit K hereto, between the Company or a Guarantor, as mortgagor or trustor, and the Trustee, as mortgagee or beneficiary, entered into as
of the Closing Date and relating to the Company’s 

-16-

and its Subsidiaries’ facilities in the locations listed in Schedule 1.1(A) hereto, and any mortgage, deed of trust, deed to secure debt, amendment to mortgage or
amendment to deed of trust entered into pursuant to this Indenture after the date hereof, in each case as amended from time to time. 

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

        (1) any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by
    such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 

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

     “Net Loss Proceeds” means the aggregate cash proceeds received by the Company or any Guarantor in respect of any Event of Loss,
including, without limitation, insurance proceeds, condemnation awards or damages awarded by any judgment, net of the direct costs in recovery of such Net Loss Proceeds (including, without limitation, legal, accounting, appraisal and insurance
adjuster fees and any relocation expenses incurred as a result thereof), amounts required to be applied to the repayment of Indebtedness, other than Indebtedness under a Credit Facility, secured by a Lien on the asset or assets that were the subject
of such Event of Loss, and any taxes paid or payable as a result thereof. 

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

     “Non-Recourse Debt” means
Indebtedness:

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

        (2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidi-

-17-

  
    ary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the
  Indebtedness to be accelerated or payable prior to its Stated Maturity; and 

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

     “Non-U.S. Person” means
a Person who is not a U.S. Person. 

     “Note Lien” means, to the extent securing Note Obligations, a Lien granted pursuant to a Security Document as security for Note
Obligations. 

     “Note Obligations” means all amounts owing to the Secured Parties (as defined in the Security Agreement) pursuant to the Security
Agreement, the other Security Documents, the Notes, the Subsidiary Guarantees and all other Obligations of any Obligor under this Indenture, the Notes, the Subsidiary Guarantees and the Security Documents (including, without limitation, any interest
that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency reorganization or similar proceeding of any Obligor at the rate provided for in the respective documentation, whether or not a claim
for post-petition interest is allowed in any such proceeding). 

     “Note Priority Collateral” means all of the following property of the Company and the Guarantors securing the Note Obligations on a
first priority basis (whether now owned or existing or acquired or arising after the date of this Indenture): 

        (1) all of the stock and Equity Interests of the Company’s Domestic Subsidiaries and 65% of the Capital Stock and Equity Interests of each of the Company’s first-tier Foreign Subsidiaries
    (in each case subject to release as described in Section 10.04(c)); provided that in the case of the Foreign Subsidiaries, the pledged stock and equity interest comprise no more than 65% of
    the voting power of all classes of stock in any of the Foreign Subsidiaries; 

  
         (2) all Equipment (as such term is defined in the
    Security Agreement); 

        (3) certain owned real property including such owned real property listed on Schedule 1.1(A) hereto; 

        (4) all Rolling Stock leases, Leased Rolling Stock and Rolling Stock Revenues (as each such term is defined in the Security Agreement); 

        (5) all Instruments, Documents, Deposit Accounts, Investment Property, letters of credit, Letter-of-Credit Rights, Supporting Obligations and Chattel Paper (as each such term is defined in the
  Security Agreement), in each case, to the extent that any amounts payable under or in connection with any or all of the items or types of assets de-

-18- 

  
    scribed in clauses (1) through (4) above are evidenced by the items or types of assets described in this clause (5); 

        (6) Commercial Tort Claims (as such term is defined in the Security Agreement) arising from or in connection with the Collateral described in clauses (1) through (5) above; 

        (7) all books and records to the extent relating primarily to any or all of the foregoing; and 

        (8) all Proceeds (as such term is defined in the Security Agreement) of and all other profits; products, rents or receipts arising from the collection, sale, lease, exchange, assignment, licensing or
  other disposition or realization upon the Collateral described in clauses (1) through (7) above, including, without limitation proceeds of insurance with respect to any or all of the foregoing clauses (1) through (7). 

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

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

     “Obligor” means
a Person obligated as an issuer or guarantor of the 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 two Officers of the Company, one of whom must
be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 14.05 hereof.

     “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 14.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 

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

     “Permitted Business” means (1) the manufacturing and distributing of packaging products and materials, plastics products and
materials, specialty chemicals and other disposable 

-19- 

products and tubing products and (2) any business or activity reasonably related or ancillary thereto. 

     “Permitted Holder” means (1) Dr. F. Patrick Smith, the estate of Kenneth W.R. Baker and (a) entities controlled by such Persons,
(b) trusts for the benefit of such individual Persons or the spouses, issue, parents or other relatives of such individual Persons and (c) in the event of the death of any such individual Person, heirs or testamentary legatees of such Person; and
(2) Tekni-Plex Partners LLC and entities controlled by such Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise. 

     “Permitted Investments” means: 

        (1) any Investment in the Company or in a Restricted Subsidiary of the Company (other than any Released Stock Pledge Subsidiary); 

  
         (2) any Investment in Cash Equivalents; 

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

  
          (a) such Person becomes a Restricted Subsidiary of the Company (other than any Released Stock Pledge Subsidiary); or 

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

  

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

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

        (6) any Investments received in compromise or resolution of (A) obligations of any person or customers that were incurred in the ordinary course of business of the Company or any of its Restricted
  Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such person; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates; 

  
         (7) Investments represented by Hedging Obligations; 

        (8) loans or advances to employees made in the ordinary course of business of the Company or the Restricted Subsidiary of the Company; 

-20- 

  
         (9) repurchases of the Notes; 

  
          (10) other Investments in any Person other than an
  Affiliate of the Company having an aggregate Fair Market Value (measured on the date each such Investment
  was made and without giving effect to subsequent changes in value), when  taken together with all other
  Investments made pursuant to this clause (10) that are at the time outstanding not to exceed $20.0 million; 

  
          (11) endorsements for collection or deposit in the
  ordinary course of business by such Person of bank drafts and similar negotiable instruments of such
  other Person received as payment for ordinary course of business trade  receivable; and 

  
          (12) receivables and prepaid expenses, in each case
    arising in the ordinary course of business; provided, however, that such receivables and prepaid
    expenses would be recorded as assets of such Person in accordance with GAAP. 

     “Permitted Liens” means: 

  
         (1) Note Liens; 

        (2) ABL Facility Priority Liens on ABL Facility Priority Collateral, so long as, and only to the extent that the Notes are secured by a Note Lien on such Collateral on terms and condition no less
  beneficial to the Holders of the Notes than set forth in the Security Documents for the Collateral as in effect on the date of this Indenture; 

        (3) Liens securing the Existing Second Lien Notes so long as and only to the extent any such Liens are junior to the Note Liens on the basis as set forth in the related indenture under which the
  Existing Second Lien Notes were issued as in effect on the date of this Indenture;

        (4) Liens in favor of the Company or the Guarantors (not securing ABL Facility Obligations); 

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

        (6) Liens on property (including Capital Stock) existing at the time of acquisition of the property, including by way of merger, consolidation or otherwise, by the Company or any Subsidiary of the
  Company; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition and do not extend to any assets other than those of the
  Person merged into or consolidated with the Company or the Subsidiary; 

-21- 

        (7) Liens to secure the performance of statutory obligations (including obligations under workers compensation, unemployment insurance or similar legislation), surety or appeal bonds, performance
    bonds or other obligations of a like nature incurred in the ordinary course of business; 

        (8) Liens existing on the date of this Indenture (other than pursuant to clause (2), (3) or (4) of this definition); 

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

        (10) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 

  
        (11) survey exceptions, easements or reservations of,
  or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines
  and other similar purposes, or zoning or other restrictions (including  Permitted Encumbrances as defined
  in the Mortgage and those Liens permitted to be contested under Section
  2.06 of the Mortgage), as to the use of real property that were not incurred
  in  connection with Indebtedness and that do not in the aggregate materially adversely affect the value
  of said properties or materially impair their use in the operation of the business of such Person; 

  
          (12) Liens created for the benefit of (or to secure)
  the Notes (or the Subsidiary Guarantees); 

  
        (13) Liens to secure any Permitted Refinancing Indebtedness
  permitted to be incurred under this Indenture; provided, however, that: 

  
          (A) the new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien
      (plus improvements and accessions to, such property or proceeds or distributions thereof); 

          (B) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (1) the outstanding principal amount or, if greater, committed amount, of the Permitted Refinancing
    Indebtedness and (2) an amount necessary to pay any fees and expenses, including premiums, related to such refi-nancings, refunding, extension, renewal or replacement; and 

          (C) with respect to the refinancing of Indebtedness under the Existing Second Lien Notes (or any indebtedness refinancing any such refinancing debt), such Indebtedness is secured on the same junior
    lien basis and on the same terms as the Existing Second Lien Notes; 

  

-22-

  
          (14) Liens in favor of the Trustee as provided for
    herein on money or property held or collected by the Trustee in its capacity as Trustee; 

  
          (15) Liens arising pursuant to an order of attachment,
  distraint or similar legal process arising in connection with legal proceedings not giving rise to an
  Event of Default hereunder; 

  
          (16) Liens incurred in the ordinary course of business
  of the Company or any Subsidiary of the Company with respect to obligations that do not exceed $5.0 million
  at any one time outstanding; and 

  
          (17) Liens in favor of the trustee as provided in the
  indenture governing the Existing Second Lien Notes and the Subordinated Note Indenture due 2010, in each
  case, on a money or property held or collected by such trustee in its  capacity as trustee. 

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

        (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness
    extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection therewith); 

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

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

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

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

-23-

     “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. 

     “Registration Rights Agreement” means the Registration Rights Agreement, dated as of June 10, 2005, among the Company, the
Guarantors and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights agreements among the
Company, the Guarantors and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes
under the Securities Act. 

     “Regulation S” means
Regulation S promulgated under the Securities Act. 

     “Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate.

     “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit
A1 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, issued in a denomination equal to the outstanding
principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 

     “Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit
A2 hereto deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule
903 of Regulation S. 

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

     “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

     “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

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

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

-24- 

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

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

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

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

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

     “S&P” means
      Standard & Poor’s Ratings Group. 

     “SEC” means
the Securities and Exchange Commission. 

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

     “Security Agreement” means the Security Agreement dated as of June 10, 2005, among the Company, each Guarantor party thereto and
the Collateral Agent, as the same may be amended, restated or amended and restated from time to time. 

     “Security Documents” means one or more security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust or
other grants or transfers for security executed and delivered by the Company or any other Obligor creating a Lien upon property owned or to be acquired by the Company or such other Obligor in favor of the Collateral Agent for the benefit of all
present and future holders of Note Obligations, whenever incurred, and any document perfecting such security interests. 

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

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

     “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which
the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture, and will not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof. 

     “Subordinated Note Indenture” means the indenture, dated as of June 21, 2000, by and among the Company, the Guarantors and HSBC
Bank USA, National Association (successor by merger to HSBC Bank USA) (“HSBC”), as trustee, under which the Company’s 12 3/4% Senior Subordinated Notes due 2010 were issued, as supplemented by a First Supplemental Indenture, dated as
of May 6, 2002, by and among the Company, the Company Acquisition Subsidiary, Inc. and HSBC and as further supplemented by a Second Supplemental Indenture, dated as of August 22, 2002, by and among, the Company, TP/Elm Acquisition Subsidiary and
HSBC 

-25-

as further supplemented by a Third Supplemental Indenture, dated as of April 25, 2005, by and among the Company, the guarantors party thereto and HSBC. 

     “Subordinated Notes” means the Company’s 12 3/4 % Senior Subordinated Notes due 2010 issued pursuant to the Subordinated Note
Indenture. 

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

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

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

     “Subsidiary Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and on the
Notes, executed pursuant to Article 11 hereof.

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

     “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. 

     “Unasserted Contingent Obligations” means, at any time, Obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities (except (i) the principal of and interest and premium (if any) on, and fees relating to, any Indebtedness and (ii) contingent obligations to reimburse the issuer of an outstanding letter of credit for amounts that may be drawn or
paid thereunder) in respect of which no claim or demand for payment has been made at such time. 

     “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

     “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.

     “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted
Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 

-26-

  
         (1) has no Indebtedness other than Non-Recourse Debt; 

        (2) except as permitted by Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the Company or any
  Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are
  not Affiliates of the Company; 

        (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to
  maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

        (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 

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

     “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

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

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

        (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final
    maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

-27-

  
         (2) the then outstanding principal amount of such Indebtedness. 

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

Section 1.02    Other Definitions. 

	

        	
Defined in
        
	
Term
        	
Section
        
	
	

	
“Affiliate Transaction”
        	
4.11
        
	
“Asset Sale Offer”
        	
4.10
        
	
“Authentication Order”
        	
2.02
        
	
“Change of Control Offer”
        	
4.15
        
	
“Change of Control Payment”
        	
4.15
        
	
“Change of Control Payment Date”
        	
4.15
        
	
“Collateral Agent”
        	
10.02
        
	
“Covenant Defeasance”
        	
8.03
        
	
“DTC”
        	
2.03
        
	
“Event of Default”
        	
6.01
        
	
“Event of Loss Offer”
        	
4.22
        
	
“Excess Loss Proceeds”
        	
4.22
        
	
“Excess Proceeds”
        	
4.10
        
	
“incur”
        	
4.09
        
	
“Legal Defeasance”
        	
8.02
        
	
“Offer Amount”
        	
3.09
        
	
“Offer Period”
        	
3.09
        
	
“Paying Agent”
        	
2.03
        
	
“Permitted Debt”
        	
4.09
        
	
“Purchase Date”
        	
3.09
        
	
“Registrar”
        	
2.03
        
	
“Released Stock Pledge Subsidiary”
        	
10.04(c)
        
	
“Restricted Payments”
        	
4.07
        
	
“Rule 3-16”
        	
10.04(c)
        
	
“Subject Property”
        	
4.22
        

Section 1.03   Incorporation by Reference of Trust Indenture
Act. 

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

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

     “indenture securities” means
the Notes;

-28-

  
         “indenture security
    Holder” means a Holder of a Note; 

  
         “indenture to be qualified” means
    this Indenture; 

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

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

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

Section 1.04    Rules of Construction. 

  
         Unless the context otherwise requires: 

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

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

  
       (3) “or” is
  not exclusive; 

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

  
       (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 principal amount and integral multiples thereof. 

-29- 

     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 Exhibits A1 or A2 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 A1 attached hereto (but without the Global Note Legend thereon and without the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Section 2.06 hereof. 

     (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the
form of the Regulation S Temporary Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, at its New York office, as custodian for the Depositary, and registered in the name of the
Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Restricted Period will be
terminated upon the receipt by the Trustee of: 

        (1) a written certificate from the Depositary, together with copies of certificates from Euroclear and Clearstream certifying that they have
    received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an interest therein during the
    Restricted Period pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a 144A Global Note or an IAI Global Note bearing a Private Placement Legend, all as
    contemplated by Section 2.06(b) hereof); and 

  
       (2) an
  Officers’ Certificate from the Company. 

        Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be exchanged for beneficial interests in Regulation S Permanent Global Note
  pursuant to the Applicable Procedures. Simultaneously with the authentication of Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global
  Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee 

-30-

  
    and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

        (3) 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 Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream. 

Section 2.02    Execution
and Authentication. 

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

     If an Officer whose signature is on a Note no longer holds that office at the time 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. 

     The Trustee will, upon receipt of a written order of the Company signed by one Officer (an “Authentication Order”), authenticate
Notes for (i) original issue up to the aggregate principal amount stated in paragraph 4 of the Notes and (ii) Additional Notes in such amounts as may be specified from time to time without limit, subject to Article 4 hereof. In addition, the Trustee
shall authenticate upon receipt of an Authentication Order other Notes issued in exchange therefor from time to time. 

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

Section 2.03    Registrar and Paying Agent. 

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

-31- 

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

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

Section 2.04    Paying Agent To Hold Money in Trust.

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

Section 2.05    Holder Lists.

     The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA §
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 § 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 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 

-32-

  
    notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Company for Definitive Notes prior to (x)
    the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or 

        (3) there shall have occurred and be continuing to occur an Event of Default with respect to the Notes; 

        (4) Upon the occurrence of either 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. In addition, beneficial interests in a Global Note may be exchanged for certificated Notes upon request by or on behalf of DTC in accordance with customary procedures. 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 Temporary 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: 

-33-

  
    
           (A) both: 

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

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

    

    
           (B) both: 

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

            (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall
        be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in
        the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. 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 in a Restricted Global Note 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; 

  

-34- 

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

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

  

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

  
          (A) such exchange or transfer is effected pursuant to the Exchange Offer, the Shelf Registration Statement or the Exchange Offer Registration
      Statement in accordance with the Registration Rights Agreement; or 

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

  

     If any such transfer is effected pursuant to subparagraph (A) or (B) 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

-35-

aggregate principal amount of beneficial interests transferred pursuant to subparagraph (A) or (B) 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 

        (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, 

-36-

  
    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 Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof, a beneficial interest in
    the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the
    Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.
  

        (3) 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, the Shelf Registration Statement or the Exchange Offer Registration
      Statement in accordance with the Registration Rights Agreement; or 

    
           (B) 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 an Unrestricted
        Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

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

  

-37-

  
    
      Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

  

        (4) 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)(4) 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)(4) will not bear the Private Placement
  Legend. 

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

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

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

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

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

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

          (E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
      registration requirements of the

  

-38-

  
    
      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, the Shelf Registration Statement or the Exchange Offer Registration
      Statement in accordance with the Registration Rights Agreement; or 

    
           (B) 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 (B), 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. 

  

-39-

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

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

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

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

        (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, 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. 

  

 -40-

        (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, the Shelf
        Registration Statement or the Exchange Offer Registration Statement in accordance
        with the Registration Rights Agreement; or 

             (B)     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 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
          (B), if the Registrar so requests, 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)     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 accepted for exchange in the Exchange Offer by Persons that certify
      in the applicable Letters of Transmittal that (A) they are not Broker-Dealers,
      (B) they are not participating in a distribution of the Exchange Notes and
      (z) they are not affiliates (as defined in Rule 144) of the Company; and 

 -41-

        (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.

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

  

      “THIS NOTE 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 OB-

 -42-

 TAINED 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 THE COMPANY 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 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.” 

              (B)     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 (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
    DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF 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

 -43-

 OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW
          YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
          OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
          IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
          AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
          OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
          OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
          BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
          CEDE & CO., HAS AN INTEREST HEREIN.” 

     (3)     Regulation
            S Temporary Global Note Legend. 

      “THE RIGHTS ATTACHING
        TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES
        GOVERNING ITS EXCHANGE FOR CERTIFICATES NOTES, ARE AS SPECIFIED IN THE INDENTURE
        (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS
        REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF
    INTEREST HEREON.” 

     (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 beneficial interest in a Global
                Note or to a Holder of a Definitive Note for any registration of transfer
                or exchange, but the Company may require payment of a sum sufficient to cover
                any transfer tax or similar governmental charge payable in connection therewith
                (other than any such transfer taxes or similar governmental charge payable
                upon exchange or transfer pursuant to Sections
      2.10, 3.06, 3.09, 4.10, 4.15, 4.22 and 9.05 hereof). 

 -44-

      (3)     The
      Registrar will not be required to register the transfer of or exchange of
      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 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. 

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

 Section 2.07    Replacement
          Notes

      If any mutilated Note is
            surrendered to the Trustee or the Company and the Trustee receives evidence
            to its satisfaction of the destruction, loss or theft of any Note, the Company
            will issue and the Trustee, upon receipt of an Authentication Order, will
            authenticate a replacement Note if the Trustee’s requirements are met.
            If required by the Trustee or the Company, an indemnity bond must be supplied
        by the Holder that is sufficient in the judgment of the Trustee 

 -45-

 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 purposes of Section
    3.07(a) hereof. 

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

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

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

 Section 2.09    Treasury
      Notes. 

      In determining whether the
    Holders of the required principal amount of Notes have concurred in any direction,
    waiver or consent, Notes owned by the Company or 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 the Trustee knows are so owned will be so disregarded. 

 Section 2.10    Temporary
      Notes. 

      Until certificates representing
    Notes are ready for delivery, the Company may prepare and the Trustee, upon
    receipt of an Authentication Order, will authenticate temporary Notes. Temporary
    Notes will be substantially in the form of certificated Notes but may have
    variations that the Company considers appropriate for temporary Notes and
    as may be reasona-

 -46-

 bly 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 destroy canceled Notes (subject to the record retention
    requirement of the Exchange Act). Certification of the destruction of all
    canceled Notes will be delivered to the Company. 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 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. 

 ARTICLE 3.

 REDEMPTION AND PREPAYMENT

 Section 3.01   Notices
      to Trustee. 

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

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

     (2)   the
        redemption date; 

  

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

  

     (4)   the
          redemption price. 

 -47-

 Section 3.02   Selection
      of Notes To Be Redeemed or Purchased. 

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

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

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

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

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

 Section 3.03   Notice
      of Redemption. 

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

 The notice will identify the Notes to be redeemed 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; 

 -48-

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

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

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

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

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

Section 3.04    Effect of Notice of Redemption

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

 Section 3.05   Deposit
      of Redemption or Purchase Price. 

      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 Liquidated Damages, if any, on all Notes
    to be redeemed or purchased on that date. The Trustee or the Paying Agent
    will promptly return to the Company any money deposited with the Trustee
    or the Paying Agent by the Company in excess of the amounts necessary to
    pay the redemption or purchase price of, and accrued interest and Liquidated
    Damages, if any, on, all Notes to be redeemed or purchased. 

      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. 

 -49-

 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 unpur-chased portion of the Note surrendered. 

 Section 3.07   Optional
      Redemption. 

      (a) At
    any time prior to August 15, 2008, the Company may on any one or more occasions
    redeem, in whole or in part, up to 35% of the aggregate principal amount
    of Notes issued under this Indenture at a redemption price of 110.875% of
    the principal amount thereof, plus accrued and unpaid interest and Liquidated
    Damages, if any, to the redemption date, with the net cash proceeds of one
    or more Equity Offerings; provided that: 

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

      (2) notice
    of redemption is mailed 60 days of the date of the closing of such Equity
    Offering. 

      (b) On
    or after August 15, 2009, the Company may, at its option, redeem all or a
    part of the Notes upon not less than 30 nor more than 60 days’ notice,
    at the redemption prices (expressed as percentages of principal amount) set
    forth below plus accrued and unpaid interest and Liquidated Damages, if any,
    thereon, to the applicable redemption date, if redeemed during the twelve-month
    period beginning on August 15 of the years indicated below, subject to the
    rights of the Holders of the Notes on the relevant record date to receive
    interest on the relevant interest payment date that is on or prior to the
    date fixed for redemption: 

  	Year	Percentage  
	
	

	2009	105.438% 
	2010	102.719%
	2011 and thereafter	100.000% 

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

 Section 3.08   Mandatory
      Redemption. 

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

 -50-

 Section 3.09   Offer
      To Purchase by Application of Excess Proceeds or Excess Loss Proceeds. 

      In the event that, pursuant
    to (i) Section 4.10 hereof,
    the Company is required to commence an offer to all Holders to purchase Notes
    (an “Asset Sale Offer”)
    and (ii) Section 4.22 hereof,
    the Company is required to commence an Event of Loss Offer, it will follow
    the procedures specified below. 

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

      If the Purchase Date is
    on or after an interest record date and on or before the related interest
    payment date, any accrued and unpaid interest and Liquidated Damages, if
    any, will be paid to the Person in whose name a Note is registered at the
    close of business on such record date, and no additional interest will be
    payable to Holders who tender Notes pursuant to the Asset Sale Offer or Event
    of Loss Offer, as applicable. 

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

      (1) that
    the Asset Sale Offer or Event of Loss Offer, as applicable, is being made
    pursuant to this Section 3.09 and Section
    4.10 (in the case of an Asset Sale Offer) or
    this Section 3.09 and Section 4.22 (in the case of an Event
    of Loss Offer) hereof and the length of time the Asset Sale Offer or Event
    of Loss Offer, as applicable, will remain open; 

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

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

 -51-

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

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

      (6)     that
    Holders electing to have Notes purchased pursuant to any Asset Sale Offer
    or Event of Loss Offer, as applicable, will be required to surrender the
    Note, with the form entitled “Option of Holder to Elect Purchase” attached
    to the Notes completed, or transfer by book-entry transfer, to the Company,
    a Depositary, if appointed by the Company, or a Paying Agent at the address
    specified in the notice at least three days before the Purchase Date; 

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

      (8)     that,
    if the aggregate principal amount of Notes and other Indebtedness that is
    secured equally and ratably with the Notes on the Notes Priority Collateral
    surrendered by Holders thereof exceeds the Offer Amount, the Company will
    select the Notes and other Indebtedness that is secured equally and ratably
    with the Notes on the Notes Priority Collateral to be purchased on a pro
    rata basis based on the principal amount of
    Notes and such other Indebtedness surrendered (with such adjustments as may
    be deemed appropriate by the Company so that only Notes in denominations
    of $1,000, or integral multiples thereof, will be purchased); and 

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

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

 -52-

 principal amount equal to any unpurchased portion of the
    Note surrendered. Any Note not so accepted shall be promptly mailed or delivered
    by the Company to the Holder thereof. The Company will publicly announce
    the results of the Asset Sale Offer or Event of Loss Offer, as applicable,
    on the Purchase Date. 

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

 ARTICLE 4. 

 COVENANTS

 Section 4.01   Payment of Notes.

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

      The Company will 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 Liquidated Damages (without regard to any applicable grace
    period) at the same rate to the extent lawful. 

 Section 4.02   Maintenance of Office or Agency.

      The Company will 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 

 -53-

 prompt written notice to the Trustee of any such designation
    or rescission and of any change in the location of any such other office
    or agency. 

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

 Section 4.03   Reports.

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

        (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 such reports;
      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. 

      All such reports shall be
    prepared in all material respects in accordance with all of the rules and
    regulations applicable to such reports. Each annual report on Form 10-K shall
    include a report on the Company’s consolidated financial statements
    by the Company’s certified independent accountants. In addition, following
    the consummation of the Exchange Offer contemplated by the Registration Rights
    Agreement, the Company shall file a copy of each of the reports referred
    to in clauses (1) and (2) above with the SEC for public availability within
    the time periods specified in the rules and regulations applicable to such
    reports (unless the SEC shall not accept such a filing). 

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

 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 90 days after the end
    of each fiscal year, an Officers’ Certificate stating that a review
    of the activities of the Company and its Subsidiaries during the preceding
    fiscal year has been made under the supervision of the signing Officers with
    a view to determining whether the Company has kept, observed, performed and
    fulfilled its obligations under this Indenture and the Security Documents,
    and further stating, as to each such Officer signing such certificate, that
    to the best of his or her knowledge the Company has kept, observed, performed
    and fulfilled each and every covenant contained in this Indenture and the
    Security Documents and is not in default in the performance or observance
    of any of the terms, provisions and conditions of this Indenture or the Security
    Documents (or, if a Default or Event of Default has occurred, describing
    all such Defaults or Events of Default of which he or 

 -54-

 she may have knowledge and what action the Company is
    taking or proposes to take with respect thereto) and that to the best of
    his or her knowledge no event has occurred and remains in existence by reason
    of which payments on account of the principal of or interest, if any, on
    the Notes is prohibited or if such event has occurred, a description of the
    event and what action the Company is taking or proposes to take with respect
    thereto. 

      (b) So
    long as not contrary to the then current recommendations of the Ameri-can
    Institute of Certified Public Accountants, the year-end financial statements
    delivered pursuant to Section 4.03 above
    shall be accompanied by a written statement of the Company’s independent
    public accountants (who shall be a firm of established national reputation)
    that in making the examination necessary for certification of such financial
    statements, nothing has come to their attention that would lead them to believe
    that the Company has violated any provisions of Article 4 or Article 5 hereof
    or, if any such violation has occurred, specifying the nature and period
    of existence thereof, it being understood that such accountants shall not
    be liable directly or indirectly to any Person for any failure to obtain
    knowledge of any such violation. 

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

 Section 4.05   Taxes. 

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

 Section 4.06   Stay,
      Extension and Usury Laws. 

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

 Section 4.07   Restricted
      Payments. 

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

        (1)   declare
      or pay any dividend or make any other payment or distribution on account
      of the Company’s or any of its Restricted Subsidiaries’ Equity
      Interests (includ-

 -55-

   ing, without limitation, any payment in connection with
        any merger or consolidation involving the Company or any of its Restricted
        Subsidiaries) or to the direct or indirect holders of the Company’s
        or any of its Restricted Subsidiaries’ Equity Interests in their capacity
        as such (other than (i) dividends or distributions payable in Equity Interests
        (other than Disqualified Stock) of the Company or (ii) dividends or distributions
        payable to the Company or any Restricted Subsidiary of the Company (and if
        such Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, to
        its holders of the applicable class of Equity Interests on a pro
        rata basis); 

        (2)     purchase,
    redeem or otherwise acquire or retire for value (including, without limitation,
    in connection with any merger or consolidation involving the Company) any
    Equity Interests of the Company or any direct or indirect parent of the Company
    other than those Equity Interests owned by the Company or any Restricted
    Subsidiary of the Company; 

        (3)     make
    any payment on or with respect to, or purchase, redeem, repurchase, defease
    or otherwise acquire or retire for value any Indebtedness of the Company
    or any Guarantor that is contractually subordinated in right of payment to
    the Notes or any Subsidiary Guarantee (excluding any intercompany Indebtedness
    between or among the Company and any of its Restricted Subsidiaries), except
    a payment of interest or principal at the Stated Maturity thereof; or 

       (4)     make
    any Restricted Investment

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

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

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

        (3)      such Restricted Payment,
    together with the aggregate amount of all other Restricted Payments made
    by the Company and its Restricted Subsidiaries since the date of this Indenture
    (excluding Restricted Payments permitted by clauses (2), (3), (4) and (6)
    of paragraph (b) below), is less than the sum, without duplication, of: 

  
          (A)     50%
        of the Consolidated Net Income of the Company for the period (taken as one
        accounting period) from the beginning of the first fiscal quarter commencing
        after the date of this Indenture to the end of the Company’s most recently
        ended fiscal quarter for which internal financial statements are available
        at 

  

 -56-

  
     the time of such Restricted Payment (or, if such Consolidated
          Net Income for such period is a deficit, less 100% of such deficit), plus 

          (B)     100%
        of the aggregate net cash proceeds, including the fair market value of property
        other than cash, received by the Company since the date of this Indenture
        as a contribution to its common equity capital and from the issue or sale
        of Equity Interests of the Company (other than Disqualified Stock) or from
        the issue or sale of convertible or exchangeable Disqualified Stock or convertible
        or exchangeable debt securities of the Company that have been converted into
        or exchanged for such Equity Interests (other than Equity Interests (or Disqualified
        Stock or debt securities) sold to a Subsidiary of the Company); provided, however,
        that the Company may not include the net cash proceeds to the extent that
        any such common equity capital or Equity Interests are repurchased, redeemed
        or otherwise acquired or retired pursuant to clause (5) of paragraph (b)
        below, plus 

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

          (D)     to
        the extent that any Unrestricted Subsidiary of the Company designated as
        such after the date of this Indenture is redesignated as a Restricted Subsidiary
        after the date of this Indenture, the lesser of (i) the Fair Market Value
        of the Company’s Investment in such Subsidiary as of the date of such
        redesignation or (ii) such Fair Market Value as of the date on which such
        Subsidiary was originally designated as an Unrestricted Subsidiary after
        the date of this Indenture, plus 

          (E)     50%
        of any dividends received by the Company or a Wholly-Owned Restricted Subsidiary
        of the Company that is a Guarantor after the date of this Indenture from
        an Unrestricted Subsidiary of the Company, to the extent that such dividends
        were not otherwise included in Consolidated Net Income of the Company for
        such period. 

  

       (b)     The
    provisions of Section 4.07(a) will
    not prohibit: 

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

        (2)     so
    long as no Default has occurred and is continuing, the making of any Restricted
    Payment in exchange for, or out of the net cash proceeds of the substantially
    concurrent sale (other than to a Restricted Subsidiary of the Company) of,
    Equity Interests of the Company (other than Disqualified Stock) or from the
    substantially concurrent contribution of common equity capital to the Company; provided that
    the amount of any 

 -57-

   such net cash proceeds that are utilized for any such
        Restricted Payment will be excluded from clause (3)(b) of paragraph (a) above; 

        (3)     so
      long as no Default has occurred and is continuing, the defeasance, redemption,
      repurchase, retirement or other acquisition of Indebtedness of the Company
      or any Restricted Subsidiary that is contractually subordinated in right
      of payment to the Notes or to any Subsidiary Guarantee with, in exchange
      for, by conversion into or out of the net cash proceeds from a substantially
      concurrent incurrence of Permitted Refinancing Indebtedness; 

        (4)     the
      payment of any dividend (or, in the case of any partnership or limited liability
      company, any similar distribution) by a Restricted Subsidiary of the Company
      to the holders of its Equity Interests on a pro
      rata basis; 

        (5)     so
    long as no Default has occurred and is continuing, the repurchase, redemption
    or other acquisition or retirement for value of any Equity Interests of the
    Company or any Restricted Subsidiary of the Company held by any current or
    former officer, director or employee of the Company or any of its Restricted
    Subsidiaries at no more than Fair Market Value in each case net of the aggregate
    net cash proceeds received from such persons after the date of this Indenture
    from the issuance of or equity contributions with respect to, our Equity
    Interests other than Disqualified Stock; provided that the aggregate price paid for all such repurchased, redeemed,
    acquired or retired Equity Interests may not exceed $5.0 million for each
    fiscal year and $15.0 million in total; 

        (6)     the
    repurchase of Equity Interests deemed to occur upon the exercise of stock
    options to the extent such Equity Interests represent a portion of the exercise
    price of those stock options; 

        (7)     so
    long as no Default has occurred and is continuing, the declaration and payment
    of regularly scheduled or accrued dividends to holders of any class or series
    of Disqualified Stock of the Company or any Restricted Subsidiary of the
    Company issued on or after the date of this Indenture in accordance with
    the Fixed Charge Coverage test described in Section
    4.09 hereof; and 

        (8)     so
    long as no Default has occurred and is continuing, other Restricted Payments
    in an aggregate amount not to exceed $15.0 million. 

      The amount of all Restricted
    Payments (other than cash) will be the Fair Market Value on the date of the
    Restricted Payment of the asset(s) or securities proposed to be transferred
    or issued by the Company or such Restricted Subsidiary, as the case may be,
    pursuant to the Restricted Payment. The Fair Market Value of any assets or
    securities that are required to be valued by this Section
    4.07 will be determined by the Board of Directors whose resolution with
    respect thereto will be delivered to the Trustee. The Board of Directors’ determination
    must be based upon an opinion or appraisal issued by an accounting, appraisal
    or investment banking firm of national standing if the Fair Market Value
    exceeds $10.0 million. In determining whether any Restricted Payment is permitted
    by the covenant described above, the Company may allocate all or any portion
    of such Restricted Payment among the categories described in 

 -58-

 clauses (1) through (8) of paragraph (b) above or among
    such categories and the types of Restricted Payments described in paragraph
    (a) above; provided that
    at the time of such allocation, all such Restricted Payments, or allocated
    portions thereof, would be permitted under the various provisions of the
    covenant described above. 

      For purposes of this Section
      4.07 only, each Released Stock Pledge Subsidiary
      shall be deemed an Unrestricted Subsidiary (but the Company shall not be
      deemed to have designated any such subsidiary as an Unrestricted Subsidiary
      for any other purpose of this Indenture). 

 Section 4.08   Dividend
      and Other Payment Restrictions Affecting Subsidiaries. 

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

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

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

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

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

        (1)     the
          ABL Facility and other agreements governing Existing Indebtedness as in effect
          on the date of this Indenture and any amendments, modifications, restatements,
          renewals, increases, supplements, refundings, replacements or refinancings
          of those agreements; provided that
          the amendments, modifications, restatements, renewals, increases, supplements,
          refundings, replacement or refinancings are not in the good faith judgment
          of the Board of Directors of the Company, less favorable, taken as a whole,
          to the Holders of the Notes than those contained in those agreements on the
      date of this Indenture; 

        (2)     the
          Indenture, the Notes, the Exchange Notes, the Subsidiary Guarantees and the
      Security Documents; 

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

        (4)     (a)
          any instrument governing Indebtedness or Capital Stock of a Person acquired
          by the Company or any of its Restricted Subsidiaries as in effect at the
          time of such acquisition (except to the extent such Indebtedness or Capital
      Stock was incurred in 

 -59-

   connection with or in contemplation of such acquisition),
        which encumbrance or restriction is not applicable to any Person, or the
        properties or assets of any Person, other than the Person, or the property
        or assets of the Person, so acquired; provided that,
        in the case of Indebtedness, such Indebtedness was permitted by the terms
        of the Indenture to be incurred; and (b) any amendment, modification, replacement
        or refinancing thereof; provided, however,
        that such encumbrances or restrictions are not, in the good faith judgment
        of the Board of Directors, less favorable, taken as a whole, to the Holders
        of the Notes than the encumbrances and restrictions contained in the agreements
        governing the Indebtedness referred to in clause (a); 

        (5)     customary
      non-assignment provisions in contracts and licenses entered into in the ordinary
      course of business; 

        (6)     purchase
      money obligations for property acquired in the ordinary course of business
      and Capital Lease Obligations that impose restrictions on the property purchased
      or leased of the nature described in clause (3) of paragraph (a) above; 

        (7)     any
      agreement for the sale or other disposition of all or substantially all of
      the Capital Stock or assets of a Restricted Subsidiary that restricts distributions
      by that Restricted Subsidiary pending the sale or other disposition; 

        (8)     Permitted
      Refinancing Indebtedness; provided that
      the restrictions contained in the agreements governing such Permitted Refinancing
      Indebtedness are in the good faith judgment of the Company’s Board of
      Directors, not materially less favorable, taken as a whole, to the Holders,
      than those contained in the agreements governing the Indebtedness being refinanced; 

        (9)     Liens
      permitted to be incurred under Section 4.12 hereof; 

        (10)     provisions
      limiting the disposition or distribution of assets or property in joint venture
      agreements, asset sale agreements, sale-leaseback agreements, stock sale
      agreements and other similar agreements entered into with the approval of
      the Company’s Board of Directors, which limitation is applicable only
      to the assets that are the subject of such agreements; 

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

        (12)     other
      Indebtedness or Disqualified Stock of Restricted Subsidiaries permitted to
      be incurred subsequent to the date of this Indenture pursuant to the provisions
      of Section 4.09 hereof; provided that
      the encumbrances or restrictions imposed thereby are ordinary and customary
      with respect to the type of Indebtedness incurred. 

 Section 4.09   Incurrence
      of Indebtedness and Issuance of Preferred Stock. 

      (a)     The
      Company will not, and will not permit any of its Restricted Subsidiaries
      to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise
      become directly 

 -60-

 or indirectly liable, contingently or otherwise, with
    respect to (collectively, “incur”)
    any Indebtedness (including Acquired Debt), and the Company will not issue
    any Disqualified Stock and will not permit any of its Restricted Subsidiaries
    to issue any shares of preferred stock; provided, however, that the Company or any Guarantor may incur Indebtedness (including
    Acquired Debt) or issue Disqualified Stock or issue preferred stock, if the
    Fixed Charge Coverage Ratio for the Company’s most recently ended four
    full fiscal quarters for which internal financial statements are available
    immediately preceding the date on which such additional Indebtedness is incurred
    or such Disqualified Stock or preferred stock is issued would have been greater
    than 2.0 to 1 if such incurrence is on or prior to the first anniversary
    of the date of this Indenture and 2.25 to 1 if such incurrence is after such
    date, in each case determined on a pro forma basis
    (including a pro forma application
    of the net proceeds therefrom), as if the additional Indebtedness had been
    incurred or Disqualified Stock or the preferred stock had been issued, as
    the case may be, at the beginning of such four-quarter period. 

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

        (1)     the
      incurrence by the Company and any Guarantor of additional Indebtedness under
      Credit Facilities in an aggregate principal amount at any one time outstanding
      under this clause (1) (with letters of credit being deemed to have a principal
      amount equal to the maximum potential liability of the Company and its Restricted
      Subsidiaries there-under) not to exceed $125.0 million less the aggregate
      amount of all Net Proceeds of Asset Sales applied by the Company or any of
      its Restricted Subsidiaries since the date of this Indenture to permanently
      repay any term Indebtedness under a Credit Facility or to repay any revolving
      credit Indebtedness under a Credit Facility and effect a corresponding commitment
      reduction thereunder pursuant to Section 4.10 hereof;

       (2)     Existing
      Indebtedness; 

        (3)     Indebtedness
      represented by (i) the Notes and the related Subsidiary Guarantees issued
      on the date of this Indenture and (ii) the Exchange Notes and the related
      Subsidiary Guarantees to be issued pursuant to the Registration Rights Agreement; 

        (4)     the
      incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
      represented by Capital Lease Obligations, mortgage financings or purchase
      money obligations, in each case, incurred for the purpose of financing all
      or any part of the purchase price or cost of construction or improvement
      of property, plant or equipment used in the business of the Company or such
      Restricted Subsidiary, in an aggregate principal amount, including all Permitted
      Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness
      incurred pursuant to this clause (4), not to exceed $5.0 million at any time
      outstanding; 

        (5)     the
    incurrence by the Company or any of its Restricted Subsidiaries of Permitted
    Refinancing Indebtedness in exchange for, or the net proceeds of which are
    used to refund, refinance, replace, defease or discharge Indebtedness (other
    than inter-company Indebtedness) that was permitted by this Indenture to
    be incurred under paragraph (a) above or clause (2), (3), (4), (5) or (13)
    of this paragraph; 

    -61-

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

  
          (A)     if
        the Company or any Guarantor is the obligor on such Indebtedness and the
        payee is not the Company or a Guarantor, such Indebtedness must be expressly
        subordinated to the prior payment in full in cash of all Obligations then
        due with respect to the Notes, in the case of the Company, or the Subsidiary
        Guarantee, in the case of a Guarantor; and 

          (B)     (i)
      any subsequent issuance or transfer of Equity Interests that results in any
      such Indebtedness being held by a Person other than the Company or a Restricted
      Subsidiary of the Company and (ii) any sale or other transfer of any such
      Indebtedness to a Person that is not either the Company or a Restricted Subsidiary
      of the Company; 

  

 will be deemed, in each case, to constitute an incurrence
    of such Indebtedness by the Company or such Restricted Subsidiary, as the
    case may be, that was not permitted by this clause (6); 

        (7)     the
    issuance by any of the Company’s Restricted Subsidiaries to the Company
    or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however,
    that: 

  
          (a)     any subsequent issuance
        or transfer of Equity Interests that results in any such preferred stock
        being held by a Person other than the Company or a Restricted Subsidiary
        of the Company; and 

          (b)     any sale or other transfer
        of any such preferred stock to a Person that is not either the Company or
        a Restricted Subsidiary of the Company; 

  

   will be deemed, in each case, to constitute an issuance
            of such preferred stock by such Restricted Subsidiary that was not permitted
            by this clause (7); 

        (8)     the
    incurrence by the Company or any of its Restricted Subsidiaries of Hedging
    Obligations in the ordinary course of business; 

        (9)     the
    guarantee by the Company or any of the Guarantors of Indebtedness of the
    Company or a Restricted Subsidiary of the Company that was permitted to be
    incurred by another provision of this covenant; provided that
    if the Indebtedness being guaranteed is subordinated in right of payment
    to the Notes, then the guarantee shall be subordinated in right of payment
    to the same extent as the Indebtedness guaranteed; 

        (10)     the
    guarantee by any Foreign Subsidiary of Indebtedness of another Foreign Subsidiary
    that was permitted to be incurred by another provision of this covenant; 

 -62-

        (11)     the
      incurrence by the Company or any of the Restricted Subsidiaries of Indebtedness
      in respect of letters of credit and bankers’ acceptances issued in the
      ordinary course and not supporting indebtedness, including in respect of
      workers’ compensation claims, self-insurance obligations, performance
      and surety, appeal and similar bonds or indemnification, adjustment of purchase
      price or similar obligations incurred in connection with the disposition
      of any business or assets; 

        (12)     the
      incurrence by the Company or any of the Restricted Subsidiaries of Indebtedness
      arising from the honoring by a bank or other financial institution of a check,
      draft or similar instrument inadvertently drawn against insufficient funds,
      so long as such Indebtedness is covered within five business days; 

        (13)     Indebtedness
      of the Company or any of its Restricted Subsidiaries, to the extent the net
      proceeds thereof are promptly deposited to defease the Notes in accordance
      with Section 8.04 hereof; 

        (14)     the
      incurrence by the Company or any of the Restricted Subsidiaries of additional
      unsecured Indebtedness in an aggregate principal amount (or accreted value,
      as applicable) at any time outstanding not to exceed $40.0 million. 

      The Company will not incur,
    and will not permit any Guarantor to incur, any Indebtedness (including Permitted
    Debt) that is contractually subordinated in right of payment to any other
    Indebtedness of the Company or such Guarantor unless such Indebtedness is
    also contractually subordinated in right of payment to the Notes and the
    applicable Subsidiary Guarantee on substantially identical terms; provided, however,
    that no Indebtedness will be deemed to be contractually subordinated in right
    of payment to any other Indebtedness of the Company solely by virtue of being
    unsecured or by virtue of being secured on a first or junior Lien basis. 

      For purposes of determining
    compliance with this Section 4.09,
    in the event that an item of proposed Indebtedness meets the criteria of
    more than one of the categories of Permitted Debt described in clauses (1)
    through (14) above, or is entitled to be incurred pursuant to paragraph (a)
    of this Section 4.09,
    the Company will be permitted to classify such item of Indebtedness or any
    portion thereof on the date of its incurrence, or later reclassify all or
    a portion of such item of Indebtedness, in any manner that complies with
    this Section 4.09.
    Indebtedness under Credit Facilities outstanding on the date on which Notes
    are first issued and authenticated under this Indenture will initially be
    deemed to have been incurred on such date in reliance on the exception provided
    by clause (1) of the definition of Permitted Debt. The accrual of interest,
    the accretion or amortization of original issue discount, the payment of
    interest on any Indebtedness in the form of additional Indebtedness with
    the same terms, and the payment of dividends on Disqualified Stock in the
    form of additional shares of the same class of Disqualified Stock will not
    be deemed to be an incurrence of Indebtedness or an issuance of Disqualified
    Stock for purposes of this Section 4.09; provided,
    in each such case, that the amount thereof is included in Fixed Charges of
    the Company as accrued. Notwithstanding any other provision of this Section 4.09,
    the maximum amount of Indebtedness that the Company or any Restricted Subsidiary
    may incur pursuant to this Section 4.09 shall
    not be deemed to be exceeded solely as a result of fluctuations in exchange
    rates or currency values. 

 -63-

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

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

        (2)     the principal amount
      of the Indebtedness, in the case of any other Indebtedness; and 

        (3)     in respect of Indebtedness
      of another Person secured by a Lien on the assets of the specified Person,
      the lesser of: 

  
          (A)     the
      Fair Market Value of such asset at the date of determination, and 

          (B)     the
      amount of the Indebtedness of the other Person. 

  

 Section 4.10    Asset
      Sales. 

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

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

        (2)     at
      least 75% of the consideration received in the Asset Sale by the Company
      or such Restricted Subsidiary is in the form of cash or Cash Equivalents.
      For purposes of this provision, each of the following will be deemed to be
    cash: 

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

          (B)     any
        securities, notes or other obligations received by the Company or any such
        Restricted Subsidiary from such transferee that are contemporaneously, subject
        to ordinary settlement periods, converted by the Company or such Restricted
        Subsidiary into cash or Cash Equivalents, to the extent of the cash or Cash
      Equivalents received in that conversion; and 

          (C)     any
        property or assets that are used or useful in a Permitted Business, or Capital
        Stock (other than Disqualified Stock) of any Person engaged in a Permitted
        Business if, as a result of the acquisition by the Company or any Restricted
      Subsidiary thereof, that Person becomes a Restricted Subsidiary. 

      

 -64-

      The 75% requirement referred
    to in clause (2) above will not apply to any Asset Sale in which the cash
    or Cash Equivalents portion of the consideration received therefrom, determined
    in accordance with subclauses (A), (B) and (C) above, is equal to or greater
    than what the after-tax proceeds would have been had that Asset Sale complied
    with the aforementioned 75% limitation. 

      Within 365 days after the
    receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable
    Restricted Subsidiary, as the case may be) may apply those Net Proceeds: 

        (1)      if and to the extent
      the Collateral is ABL Facility Priority Collateral, to repay ABL Facility
      Priority Lien Debt and, if the ABL Facility Priority Lien Debt being repaid
      is revolving credit Indebtedness, to correspondingly permanently reduce commitments
      with respect thereto; 

        (2)     to acquire all or substantially
      all of the assets of, or any Capital Stock (other than Disqualified Stock)
      of, another Permitted Business, if, after giving effect to any such acquisition
      of Capital Stock (other than Disqualified Stock), the Permitted Business
      is or becomes a Restricted Subsidiary of the Company; 

        (3)     to make a capital expenditure; 

        (4)      to acquire other assets
      that are not classified as current assets under GAAP and that are used or
      useful in a Permitted Business; or 

        (5)      any combination of the foregoing. 

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

      Any Net Proceeds from Asset
    Sales that are not applied or invested as provided in the preceding paragraph
    will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $15.0
    million, the Company will make an Asset Sale Offer to all Holders of Notes,
    and all holders of other Indebtedness that is secured equally and ratably
    with the Notes on the Notes Priority Collateral containing provisions similar
    to those set forth in this Indenture with respect to offers to purchase or
    redeem with the proceeds of sales of assets, to purchase the maximum principal
    amount of Notes and such other Indebtedness that may be purchased out of
    the Excess Proceeds. The offer price in any Asset Sale Offer will be equal
    to 100% of principal amount plus accrued and unpaid interest and Liquidated
    Damages, if any, to the date of purchase, and will be payable in cash. If
    any Excess Proceeds remain after consummation of an Asset Sale Offer, the
    Company may use those Excess Proceeds for any purpose not otherwise prohibited
    by this Indenture. If the aggregate principal amount of Notes and other Indebtedness
    that is secured equally and ratably with the Notes on the Notes Priority
    Collateral tendered into such Asset Sale Offer exceeds the amount of Excess
    Proceeds, the Trustee will select the Notes and such other Indebtedness to
    be purchased on a pro rata basis.
    Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will
    be reset at zero. 

 -65-

      The Company will comply
    with the requirements of Rule 14e-1 under the Exchange Act and any other
    securities laws and regulations thereunder to the extent those laws and regulations
    are applicable in connection with each repurchase of Notes pursuant to an
    Asset Sale Offer. To the extent that the provisions of any securities laws
    or regulations conflict with this Section 4.10,
    the Company will comply with the applicable securities laws and regulations
    and will not be deemed to have breached its obligations under this Section
    4.10 by virtue of such compliance. 

 Section 4.11   Transactions
      with Affiliates. 

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

        (1)     the
      Affiliate Transaction is on terms that are no less favorable to the Company
      or the relevant Restricted Subsidiary than those that would have been obtained
      in a comparable transaction by the Company or such Restricted Subsidiary
      with an unrelated Person; and 

        (2)     the
      Company delivers to the Trustee: 

  
          (A)     with
          respect to any Affiliate Transaction or series of related Affiliate Transactions
          involving aggregate consideration in excess of $2.0 million, a resolution
          of the Board of Directors set forth in an officers’ certificate certifying
          that such Affiliate Transaction complies with this covenant and that such
          Affiliate Transaction has been approved by a majority of the disinterested
          members of the Board of Directors; and 

          (B)     with
          respect to any Affiliate Transaction or series of related Affiliate Transactions
          involving aggregate consideration in excess of $20.0 million, an opinion
          as to the fairness to the Company or such Subsidiary of such Affiliate Transaction
          from a financial point of view issued by an accounting, appraisal or investment
          banking firm of national standing. 

  

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

        (1)     any
        employment agreement, employee benefit plan, officer and director indemnification
        agreement or any similar arrangement entered into by the Company or any of
        its Restricted Subsidiaries (including the payment of, or an agreement providing
        for the payment of, reasonable directors’ fees) in the ordinary course
      of business; 

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

 -66-

        (3)     transactions
      with a Person (other than an Unrestricted Subsidiary of the Company) that
      is an Affiliate of the Company solely because the Company owns, directly
      or through a Restricted Subsidiary, an Equity Interest in, or controls, such
      Person; 

        (4)     any
      issuance of Equity Interests (other than Disqualified Stock) of the Company
      to Affiliates of the Company; 

        (5)     Restricted
      Payments that do not violate the provisions of Section
      4.07 hereof; and 

        (6)     loans
      or advances to employees in the ordinary course of business permitted by
      applicable law not to exceed $1.0 million in the aggregate at any one time
      outstanding. 

 Section 4.12   Liens. 

      The Company will not, and
      will not permit any of its Restricted Subsidiaries to, directly or indirectly,
      create, incur, assume or suffer to exist any Lien of any kind on any asset
      now owned or hereafter acquired, except Permitted Liens. 

 Section 4.13   Business
      Activities. 

      The Company will not, and
    will not permit any of its Restricted Subsidiaries to, engage in any business
    other than Permitted Businesses, except to such extent as would not be material
    to the Company and its Restricted Subsidiaries taken as a whole. 

 Section 4.14   Corporate
      Existence. 

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

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

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

 Section 4.15    Offer
      To Repurchase Upon Change of Control. 

      (a)     Upon
    the occurrence of a Change of Control, each Holder of Notes will have the
    right to require the Company to repurchase all or any part (equal to $1,000
    or an inte-

 -67-

 gral multiple of $1,000) of such Holder’s Notes pursuant
    to the offer described below (the “Change
    of Control Offer”) at a purchase price
    equal to 101% of the aggregate principal amount thereof plus accrued and
    unpaid interest and Liquidated Damages, if any, on the Notes repurchased,
    if any, to the date of purchase (the “Change
    of Control Payment”), subject to the rights of Holders of the Notes on the relevant
    record date to receive interest due on the relevant interest payment date
    that is prior to the date of repurchase. Within 30 days following any Change
    of Control, the Company will mail a notice to each Holder describing the
    transaction or transactions that constitute the Change of Control and stating: 

        (1)     that
      the Change of Control Offer is being made pursuant to this Section 4.15 and
      that all Notes tendered will be accepted for payment; 

        (2)     the
      purchase price and the purchase date, which shall be no earlier than 30 days
      and no later than 60 days from the date such notice is mailed (the “Change
      of Control Payment Date”); 

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

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

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

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

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

      The Company will comply
    with the requirements of Rule 14e-1 under the Exchange Act and any other
    securities laws and regulations thereunder to the extent those laws and regulations
    are applicable in connection with the repurchase of the Notes as a result
    of a Change in Control. To the extent that the provisions of any securities
    laws or regulations conflict with the provisions of Sections
    3.09 or 4.15 of
    this Indenture, the Company will comply with the applicable securities laws
    and regulations and will not be deemed to have breached its obligations under Section
    3.09 or this Section
    4.15 by virtue of such compliance. 

 -68-

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

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

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

        (3)     deliver
    or cause to be delivered to the Trustee the Notes properly accepted together
    with an officers’ certificate stating the aggregate principal amount
    of Notes or portions of Notes being purchased by the Company. 

      The Paying Agent will promptly
    mail to each Holder of Notes properly tendered the Change of Control Payment
    for such Notes, and the Trustee will promptly authenticate and mail (or cause
    to be transferred by book entry) to each Holder a new Note equal in principal
    amount to any unpurchased portion of the Notes surrendered, if any; provided that
    each new Note will be in a principal amount of $1,000 or an integral multiple
    of $1,000. Unless the Company defaults on the Change of Control Payment,
    any Note accepted for payment will cease to accrue interest on or after the
    Change of Control Payment Date. 

      The Company will publicly
    announce the results of the Change of Control Offer on or as soon as practicable
    after the Change of Control Payment Date. 

      (c)     Notwithstanding
    anything to the contrary in this Section 4.15,
    the Company will not be required to make a Change of Control Offer upon a
    Change of Control if (1) a third party makes the Change of Control Offer
    in the manner, at the times and otherwise in compliance with the requirements
    set forth in this Section 4.15 and Section
    3.09 hereof and purchases all Notes validly
    tendered and not withdrawn under the Change of Control Offer, or (2) notice
    of redemption has been given pursuant to Section
    3.07 hereof, unless and until there is a default
    in payment of the applicable redemption price. 

 Section 4.16    No
      Amendment of Subordinated Note Indenture. 

      Without the consent of the
    Holders of at least a majority in aggregate principal amount of the Notes
    then outstanding, the Company will not amend, modify or alter the Subordinated
    Note Indenture in any way to: 

        (1)     increase
      the rate of or change the time for payment of interest on any Subordinated
      Notes; 

        (2)     increase
    the principal of, advance the final maturity date of or shorten the Weighted
    Average Life to Maturity of any Subordinated Notes; 

        (3)     alter
    the redemption provisions or increase the price or terms at which the Company
    is required to offer to purchase any Subordinated Notes; or 

 -69-

        (4)     amend
        the provisions of Article 8 of the Subordinated Note Indenture (which relate
        to subordination). 

 Section 4.17     Limitation
    on Issuances and Sales of Equity Interest in Restricted Subsidiaries. 

      The Company will not, and
    will not permit any of its Restricted Subsidiaries to, transfer, convey,
    sell or otherwise dispose of any Capital Stock in any Restricted Subsidiary
    of the Company to any Person (other than the Company or a Wholly-Owned Restricted
    Subsidiary of the Company), unless: 

        (1)     such
      transfer, conveyance, sale or other disposition is of all the Equity Interests
      in such Restricted Subsidiary; 

        (2)     the
      Net Proceeds from such transfer, conveyance, sale or other disposition are
      applied in accordance with Section 4.10 hereof; 

        (3)     such
      issuances of shares of Capital Stock constituting directors’ qualifying
      shares or issuances to foreign nationals of shares of Capital Stock of a
      Foreign Subsidiary, in each case to the extent required by applicable law;
      and 

        (4)     if,
      immediately after giving effect to such issuance or sale, such Restricted
      Subsidiary would no longer constitute a Restricted Subsidiary and any investment
      in such Person remaining after giving effect to such issuance or sale would
      have been permitted to be made pursuant to Section
      4.07 hereof if made on the date of such issuance
      or sale. 

 Section 4.18   Payments
      for Consent. 

      The Company will not, and
    will not permit any of its Restricted Subsidiaries to, directly or indirectly,
    pay or cause to be paid any consideration to or for the benefit of any Holders
    of Notes for or as an inducement to any consent, waiver or amendment of any
    of the terms or provisions of this Indenture or the Notes unless such consideration
    is offered to be paid and is paid to all Holders that consent, waive or agree
    to amend in the time frame set forth in the solicitation documents relating
    to such consent, waiver or agreement. 

 Section 4.19   Additional
      Subsidiary Guarantees. 

      If the Company or any of
    its Restricted Subsidiaries acquires or creates another Domestic Subsidiary
    after the date of this Indenture, then that newly acquired or created Domestic
    Subsidiary will become a Guarantor and execute a supplemental indenture and
    deliver an opinion of counsel satisfactory to the Trustee within 20 business
    days of the date on which it was acquired or created, and at such time such
    Domestic Subsidiary shall become a party to the Security Agreement, and,
    to the extent applicable, each other Security Document, and comply with all
    provisions of such Security Documents. The form of such Subsidiary Guarantee
    is attached as Exhibit E hereto. 

 -70-

 Section 4.20   Designation
      of Restricted and Unrestricted Subsidiaries. 

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

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

 Section 4.21   Collateral. 

      (1)     The
    Company and the Guarantors shall furnish to the Trustee an Opinion of Counsel
    from counsel in each state where the real property portion of the Collateral
    is located, stating that the Mortgage(s) applicable to the real property
    located in such state constitutes a valid, binding and enforceable obligation
    of the grantor or mortgagor of each such mortgage, as well as such other
    matters incident to the transactions contemplated by this Indenture as the
    Trustee may reasonably require. 

      (2)     The
    Company and the Guarantors shall furnish to the Trustee an ALTA loan policy-1970
    Form B Extended Coverage title insurance policy verifying the first priority
    perfected security interest in the real property portion of the Collateral. 

 -71-

 Section 4.22   Event of Loss.

      (1) In the event of an Event
    of Loss, the Company or the affected Restricted Subsidiary of the Company,
    as the case may be, may apply the Net Loss Proceeds from such Event of Loss
    to the rebuilding, repair, replacement or construction of improvements to
    the property affected by such Event of Loss (the “Subject
    Property”) and/or use Net Loss Proceeds
    as described in clause (b) below, with no concurrent obligation to make offer
    to any purchase any of the Notes; provided, however,
    that:

        (a)     (i)     
    the Company delivers to the Trustee within 90 days of such Event of Loss
    an Officers’ Certificate certifying the Subject Property can be rebuilt,
    repaired, replaced or constructed in, and operated in, substantially the
    same condition as it existed prior to the Event of Loss within 360 days of
    the Event of Loss; and 

                (ii)     the Company delivers
      to the Trustee within 90 of such Event of Loss an Officers’ Certificate
      certifying that the Company has available from Net Loss Proceeds or other
      sources sufficient funds to complete the rebuilding, repair, replacement
      or construction described in clause (1) above and such rebuilding, repair,
      replacement or construction is complete with 360 Days of the Event of Loss,
      or 

        (b)     the
    Company uses such Net Loss Proceeds to make capital expenditures with respect
    to Note Priority Collateral (other than Capital Stock of any Subsidiary)
    or to acquire properties or assets that will:

  
          (i)     constitute
        Note Priority Collateral (other than Capital Stock of any Subsidiary); and 

          (ii)     be
      used in the business of the Company and its Restricted Subsidiaries as existing
      on the initial issue date or in businesses reasonably related, ancillary
      or complementary thereto, or 

  

        (c)     the
    Company uses such Net Loss Proceeds for a combination of the actions set
    forth in the foregoing clauses (a) and (b). 

      (2)     Any Net Loss Proceeds
    that are not reinvested as set forth paragraph (1) above within such 360
    days, or not permitted to be reinvested, as provided in paragraph (1) above
    will be deemed “Excess Loss Proceeds.” When the aggregate amount
    of Excess Loss Proceeds exceeds $15.0 million, the Company will make an offer
    (an “Event of Loss Offer”) to all Holders to purchase or redeem
    with the proceeds of Events of Loss the maximum principal amount of Notes
    that may be purchased out of the Excess Loss Proceeds. The offer price in
    any Event of Loss Offer will be equal to 100% of the principal amount plus
    accrued and unpaid interest and Liquidated Damages, if any, to the date of
    purchase, and will be payable in cash. If any Excess Loss Proceeds remain
    after consummation of an Event of Loss Offer, the Company may use such Excess
    Loss Proceeds for any purpose not otherwise prohibited by this Indenture; provided that
    any remaining Net Loss Proceeds shall remain subject to the Note Lien. If
    the aggregate principal amount of Notes tendered pursuant to an Event of
    Loss Offer exceeds the Ex-

 -72-

 cess Loss Proceeds, the Trustee will select the Notes
    to be purchased on a pro rata basis
    based on the principal amount of Notes tendered. 

      (3)     All Net Loss Proceeds
    shall, pending their application in accordance with this Section
    4.22 or the release thereof in accordance with
    Article 10, be deposited into a segregated account under the sole control
    of the Collateral Agent that includes only the Event Loss Proceeds. 

      (4)     With respect to any
    Event of Loss pursuant to clause (4) of the definition of “Event of
    Loss” that has a fair market value (or replacement cost, if greater)
    in excess of $15.0 million, the Company (or the affected Guarantor, as the
    case may be), shall be required to receive consideration (i) at least equal
    to the fair market value (evidenced by a resolution of the Board of Directors
    set forth in an Officers’ Certificate delivered to the Trustee) of the
    assets subject to the Event of Loss and (ii) at least 75% of which is in
    the form of cash or Cash Equivalents. 

      (5)     The Company will comply
    with the requirements of Rule 14e-1 under the Exchange Act and any other
    securities laws and regulations thereunder to the extent such laws or regulations
    are applicable in connection with the repurchase of the Notes pursuant to
    an Event of Loss Offer. To the extent that the provisions of any applicable
    securities laws or regulations conflict with this Section
    4.22, the Company will comply with the applicable securities laws and
    regulations and shall not be deemed to have breached its obligations under
    this Section 4.22 by
    virtue of such compliance. 

 Section 4.23   Post
      Closing Action Related to Note Priority Collateral. 

       Notwithstanding anything
    to the contrary contained in this Indenture or the Security Documents, the
    parties hereto acknowledge and agree that the Company and the relevant Subsidiary
    shall be required to take the following actions: (i) as promptly as reasonably
    practicable, and in any event within 30 days after the date of this Indenture
    enter into and deliver a first ranking pledge agreement under the law of
    Belgium providing for the pledge of 65% of the shares of Tekni-Plex, Europe,
    N.V. to the Trustee for the benefit of the Holders of the Notes in form and
    substance reasonably satisfactory to the Collateral Agent. 

 Section 4.24   Maintenance of Property; Insurance

      (a)     The Company shall keep,
    and shall cause each Subsidiary to keep, all property useful and necessary
    in its business in good working order and condition, ordinary wear and tear
    excepted. 

      (b)     The Company shall, and
    shall cause each Subsidiary to, (i) maintain (either in the Company’s
    name or in such Subsidiary’s own name) with financially sound and responsible
    insurance companies, insurance on all their respective properties in at least
    such amounts, against at least such risks and with no greater risk retention
    as are usually maintained, insured against or retained, as the case may be,
    in the same general area by companies of established repute engaged in the
    same or a similar business, and such other insurance as may be reasonably
    requested by the Collateral Agent, and, in any event, all insurance required
    by any Secu-

 -73-

 rity Documents and (ii) cause all such insurance covering
    any Note Priority Collateral to name the Collateral Agent on behalf of the
    Holders of the Notes as loss payee and to provide that no cancellation, material
    addition in amount or material change in coverage shall be effective until
    after 30 days’ written notice thereof to the Collateral Agent. The Company
    shall furnish to the Collateral Agent, upon its request, information presented
    in reasonable detail as to the insurance so carried. 

 ARTICLE 5. 

 SUCCESSORS

 Section 5.01   Merger,
      Consolidation, or Sale of Assets. 

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

  
     (1) either: 

    
            (A)     the
        Company is the surviving corporation; or 

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

    

  

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

        (3)     immediately
    before and after giving effect to such transaction, no Default or Event of
    Default shall have occurred and is continuing; and 

        (4)     the
    Company or the Person formed by or surviving any such consolidation or merger
    (if other than the Company), or to which such sale, assignment, transfer,
    conveyance or other disposition has been made: 

  
    
              (A)     will
            have Consolidated Net Worth immediately after the transaction equal to or
            greater than the Consolidated Net Worth of the Company immediately preceding
            the transaction; and 

    

  

 -74-

  
    
            (B)     will,
          on the date of such transaction after giving pro
          forma effect thereto and any related financing
          transactions as if the same had occurred at the beginning of the applicable
          four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness
          pursuant to the Fixed Charge Coverage Ratio test set forth in paragraph (a)
          of Section 4.09 hereof. 

    

  

      In addition, the Company
    may not, directly or indirectly, lease all or substantially all of its properties
    or assets, in one or more related transactions, to any other Person. This Section 5.01 will not apply to: 

        (1)     a consolidation or merger
      of the Company with an Affiliate solely for the purpose of reincorporating
      the Company in another jurisdiction; and 

        (2)      any sale, transfer,
      assignment, conveyance, lease or other disposition of assets between or among
      the Company and its Restricted Subsidiaries. 

 Section 5.02   Successor
      Corporation Substituted. 

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

 ARTICLE 6.

 DEFAULTS AND REMEDIES

  
  

Section
        6.01   Events
        of Default. 

  Each of the following is an “Event
              of Default”: 

        (1)     defaults
    for 30 consecutive days in the payment when due of interest on, or Liquidated
    Damages, if any, with respect to, the Notes; 

        (2)     defaults
    in payment when due of the principal of, or premium, if any, on the Notes; 

 -75-

        (3)     default
      in the payment of principal of and interest on Notes required to be purchased
      pursuant to an offer to purchase as described under Section
      4.10, Section
      4.15 and Section
      4.22 when due and payable; 

        (4)     failure
      to perform or comply with any of the provisions described under Section
      5.01; 

        (5)     failure
      by the Company or any of its Restricted Subsidiaries to perform any other
      covenant or agreement in this Indenture or the Notes or the Security Documents
      and the default continues for 60 days after written notice to the Company
      by the Trustee or the Holders of at least 25% in aggregate principal amount
      of the Notes then outstanding voting as a single class; 

        (6)     default
      under the terms of one or more instruments evidencing or securing Indebtedness
      of the Company or any of its Restricted Subsidiaries having an outstanding
      principal amount of $20.0 million or more individually or in the aggregate
      that has resulted in the acceleration of the payment of such Indebtedness
      or failure to pay principal when due at the Stated Maturity of any such Indebtedness; 

        (7)     the
      rendering of a final judgment or judgments (not subject to appeal) against
      the Company or any of its Restricted Subsidiaries in an amount of $10.0 million
      or more which remains undischarged or unstayed for a period of 60 days after
      the date on which the right to appeal has expired; 

        (8)     the
      denial or disaffirmation by the Company or any of its Restricted Subsidiaries,
      or any Person acting on behalf of any of them, in writing, of any material
      obligation of the Company or any of its Restricted Subsidiaries set forth
      in or arising under any Security Documents; 

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

  
          (A)     commences
          a voluntary case, 

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

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

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

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

  

   -76-

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

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

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

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

  

   and, in each case, the order or decree remains unstayed
      and in effect for 60 consecutive days; or 

        (11)     any
    Subsidiary Guarantee from a Significant Subsidiary, or any group of Restricted
    Subsidiaries that, taken together, would constitute a Significant Subsidiary,
    ceases to be in full force and effect or is declared null and void and unenforceable
    or is found to be invalid or a Guarantor denies in writing its liability
    under the Subsidiary Guarantee (other than by reason of a release of such
    Guarantor from the Subsidiary Guarantee in accordance with the terms of this
    Indenture, the Security Documents and the Subsidiary Guarantee); and 

        (12)     except
    as permitted by this Indenture, any Security Document or any Note Lien purported
    to be granted thereby on an asset or assets fails to constitute a valid and
    (to the extent required by the Security Documents) perfected Lien on any
    material part of the Collateral purported to be subject thereto. 

 Section 6.02   Acceleration.

      In the case of an Event
    of Default specified in clause (9) or (10) of Section
    6.01 hereof, with respect to the Company or
    any of its Restricted Subsidiaries that is a Significant Subsidiary or any
    group of Restricted Subsidiaries of the Company that, taken together, would
    constitute a Significant Subsidiary, all outstanding Notes will become due
    and payable immediately without further action or notice. If any other Event
    of Default occurs and is continuing, the Trustee or the Holders of at least
    25% in principal amount of the then outstanding Notes may declare all the
    Notes to be due and payable immediately. 

   Upon any such declaration, the Notes shall become due
        and payable immediately.

 -77-

      The Holders of a majority
    in aggregate principal amount of the then outstanding Notes by written notice
    to the Trustee may, on behalf of all of the Holders, rescind an acceleration
    or waive any existing Default or Event of Default and its consequences except
    a continuing Default or Event of Default in the payment of principal of,
    interest or Liquidated Damages on, the Notes. 

      If an Event of Default occurs
    on or after August 15, 2009 by reason of any willful action (or inaction)
    taken (or not taken) by or on behalf of the Company with the intention of
    avoiding payment of the premium that the Company would have had to pay if
    the Company then had elected to redeem the Notes pursuant to Section
    3.07 hereof, then, upon acceleration of the
    Notes, an equivalent premium shall also become and be immediately due and
    payable, to the extent permitted by law, anything in this Indenture or in
    the Notes to the contrary notwithstanding. If an Event of Default occurs
    prior to August 15, 2009 by reason of any willful action (or inaction) taken
    (or not taken) by or on behalf of the Company with the intention of avoiding
    the prohibition on redemption of the Notes prior to such date, then, upon
    acceleration of the Notes, an additional premium shall also become and be
    immediately due and payable in an amount, for each of the years beginning
    on August 15 of the years set forth below, as set forth below (expressed
    as a percentage of the principal amount of the Notes on the date of payment
    that would otherwise be due but for the provisions of this sentence): 

  	Year	Percentage
	 	 
	 2005 	 10.8750% 
	 2006 	 9.7875% 
	 2007 	 8.7000% 
	 2008 	 7.6125% 

  

 Section 6.03   Other
      Remedies. 

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

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

 Section 6.04   Waiver of Past Defaults.

      Holders of not less than
    a majority in aggregate principal amount of the then outstanding Notes by
    notice to the Trustee may on behalf of the Holders of all of the Notes waive
    an existing Default or Event of Default and its consequences hereunder, except
    a continuing Default or Event of Default in the payment of the principal
    of, premium and Liquidated Damages, if any, or interest on, the Notes (including
    in connection with an offer to purchase); provided, however, 

 -78-

 that the Holders of a majority in aggregate principal
    amount of the then outstanding Notes may rescind an acceleration and its
    consequences, including any related payment default that resulted from such
    acceleration. Upon any such waiver, such Default shall cease to exist, and
    any Event of Default arising therefrom shall be deemed to have been cured
    for every purpose of this Indenture; but no such waiver shall extend to any
    subsequent or other Default or impair any right consequent thereon. 

 Section 6.05   Control by Majority.

      Holders of a majority in
    principal amount of the then outstanding Notes may direct the time, method
    and place of conducting any proceeding for exercising any remedy available
    to the Trustee or exercising any trust or power conferred on it. However,
    the Trustee may refuse to follow any direction that conflicts with law or
    this Indenture that the Trustee determines may be unduly prejudicial to the
    rights of other Holders of Notes or that may involve the Trustee in personal
    liability. The Trustee may withhold from Holders of the Notes notice of any
    continuing Default or Event of Default if it determines that withholding
    such notice is in their interest, except a Default or Event of Default relating
    to the payment of principal of, or interest or Liquidated Damages on, the
    Notes. 

 Section 6.06   Limitation on Suits.

      Subject to the provisions
    of this Indenture relating to the duties of the Trustee, in case an Event
    of Default occurs and is continuing, the Trustee will be under no obligation
    to exercise any of the rights or powers under this Indenture at the request
    or direction of any Holders of Notes unless such Holders have offered to
    the Trustee reasonable indemnity or security against any loss, liability
    or expense. Except to enforce the right to receive payment of principal,
    premium, if any or interest when due, a Holder 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 that an Event of Default
      is continuing; 

        (2)     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 or Holders offer and, if requested, provide to the Trustee security
      or indemnity reasonably 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 of security or indemnity, if requested; and 

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

 -79-

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

Section 6.08    Collection Suit by Trustee. 
     If an Event of Default specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and Liquidated Damages, if any, and interest remaining unpaid on the Notes
and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. 

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 allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property, to
participate as a member, voting or otherwise, of any official committee of creditors appointed in any such matter, 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. 

-80-

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, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

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

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

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

Section 6.11    Undertaking for Costs. 

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

ARTICLE 7.

          TRUSTEE 

Section 7.01    Duties of Trustee. 

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

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

     (1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those
duties that are specifi-

-81-

cally 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) (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to
the requirements of this Indenture but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein or otherwise verify the contents thereof. 

     (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 ascertain ing the pertinent facts; and 

     (3) the Trustee will not be liable with respect to any action it takes or omits 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 ex-

     cept as the Trustee may agree in writing with the Company. Money held in trust by the Trustee 

need not be segregated from other funds except to the extent required by law.

Section 7.02    Rights of Trustee.

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

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

-82-

sel. 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 against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 

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

     (h) The Trustee shall have no duty (i) to cause the maintenance of any insurance or (ii) to see to the payment or discharge of any tax levied
against any part of the Collateral.

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 (if this Indenture has been qualified under 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, the Security Documents, the Collateral 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 

-83-

the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

Section 7.05   Notice of Defaults.
     If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after
it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium or Liquidated Damages, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of the Holders. 

Section 7.06    Reports by Trustee to Holders of the Notes. 

     (a) Within 60 days after each February 15 beginning with the February 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 § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

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

Section 7.07   Compensation and Indemnity.
     (a) The Company and the Guarantors 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 and the Guarantors will reimburse the Trustee promptly upon request for all reasonable disbursements,
advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

     (b) The Company and the Guarantors will indemnify the Trustee against any and all losses, 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, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee 

-84-

may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will not be
unreasonably withheld. 

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

     (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(9) or (10) 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 § 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% 

-85-

in principal amount of the then outstanding Notes may petition 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 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

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

Section 7.09     Successor Trustee by Merger, etc.
     If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act
will be the successor Trustee. 

Section 7.10     Eligibility; Disqualification.
     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 $100.0 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 §§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

Section 7.11    Preferential Collection of Claims Against Company. 

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

-86-

     

          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, and at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02   Legal Defeasance and Discharge.

     Upon the Company’s exercise
under Section 8.01 hereof
of the option applicable to this Section
8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section
8.04 hereof, be deemed to have been
discharged from their ob ligations 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
and the Guarantors will be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes (including the Subsidiary Guarantees), which
 will thereafter be deemed to be “outstanding” only for the purposes
 of Section 8.05 hereof
 and the other Sections of this Indenture referred to in clauses (1) and (2)
 below, and to  have satisfied all their other obligations under such Notes,
 the Subsidiary Guarantees and this Indenture (and the Trustee, on demand of
 and at the expense of the Company, shall exe cute 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 Liquidated Damages, if any, on such Noteswhen such payments are due from the trust referred to in Section 8.04 hereof; 

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

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

        (4) this Article 8. 
  

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

Section 8.03   Covenant Defeasance.

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

-87-

the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections
4.07, 4.08, 4.09, 4.10, 4.11,
4.12, 4.13, 4.15, 4.16, 4.17, 4.18, 4.19, 4.20, 4.21, 4.22 hereof and clauses (3) and (4) of Section
5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and
the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and 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 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, Sections 6.01(3) through 6.01(5) hereof will not constitute Events of Default. 

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 U.S. dollars, noncallable
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium and
Liquidated Damages, if any, and interest on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date
for payment or to a particular redemption date; 

     (2) in the case of an election under Section 8.02 hereof, the Company must deliver
to the Trustee an Opinion of Counsel 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 fed-

-88-

eral 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 reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will
be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

     (4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the
Company or any Guarantor is bound; 

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

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

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

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

     The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or noncallable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than

-89-

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. 

Section 8.06   Repayment to Company.
     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or Liquidated Damages, if any, or interest on any Note and
remaining unclaimed for two years after such principal, premium or Liquidated Damages, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust;
and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30
days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 8.07   Reinstatement.
     If the Trustee or Paying Agent is unable to apply any United States dollars or noncallable 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 the 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 Liquidated Damages, if any, or interest on any Note following the reinstatement of its obligations, the Company will be subrogated
to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

-90-

     

          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, the
Subsidiary Guarantees, the Security Documents or the Notes without the consent of any Holder of a Note: 

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

     (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

     (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes by a successor to the
Company pursuant to Article 5 or Article 10 hereof; 

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

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

     (6) to conform the text of this Indenture, the Security Documents or the Notes to any provision of the “Description of Notes” Section
of the Company’s Offering Memorandum dated June 7, 2005, 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, the Security Documents or the Notes; 

     (7) to add any additional assets to the Collateral; 

     (8) to reflect the grant of Liens on the Collateral for the benefit of an additional secured party, to the extent that such Indebtedness and
the Lien securing such Indebtedness is permitted by the terms of this Indenture; 

     (9) to release Collateral from the Lien of this Indenture and the Security Documents when permitted or required by this Indenture or the
Security Documents; or 

     (10) to allow any Guarantor to execute a supplemental indenture and/or a Subsidiary Guarantee with respect to the Notes. 

     Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the
documents described in Section 7.02 hereof, the Trustee will join with

-91-

the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein
contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

Section 9.02   With Consent of Holders of Notes.
     Except as provided below in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture (including,
without limitation, Sections 3.09, 4.10, 4.15 and 4.22 hereof), the Subsidiary Guarantees, the Security Documents and the Notes with the consent of the Holders of at least a majority in principal amount of the Notes 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 Liquidated Damages, if any, or interest on the Notes, except a
payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Subsidiary Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the
then outstanding Notes voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall
determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 

     Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will
join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

     It is not 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, the Notes, the Security Documents or the Subsidiary Guarantees. However, without the consent of each Holder
affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

-92-

     (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 the provisions with respect to the redemption of the Notes,
except as provided above with respect to Sections 3.09, 4.10, 4.15 and
4.22 hereof; 

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

     (4) waive a Default or Event of Default in the payment of principal of, or interest or premium, or Liquidated Damages, if any, 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 Notes and a waiver of the payment default that resulted from such acceleration); 

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

     (6) make any change in the provisions of this Indenture relating to waivers of past Defaults (other than to add sections of this Indenture
subject thereto) or the rights of Holders of Notes to receive payments of principal of, or interest or premium or Liquidated Damages, if any, on the Notes; 

     (7) waive a redemption payment with respect to any Note (other than a payment required by Section
3.09, 4.10, 4.15 or 4.22 hereof);

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

     (9) adversely change the priority of the Note Holders’ Liens on the Collateral or release all or substantially all of the Collateral from
the Liens created by the Security Documents, except as specifically provided for in this Indenture and the Security Documents;

     (10) contractually subordinate the Notes to any other indebtedness; or

     (11) make any change in the foregoing amendment and waiver provisions. 

     Without the consent of the ABL Facility Agent or the Majority Lenders, no amendment or waiver may make any change adverse to the Lenders, the ABL Facility Agent or any other holder or holders of ABL
Facility Obligations to the provisions in Article 13. 

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. 

-93-

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. 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. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in
addition to the documents required by Section 14.04 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 and that the amended or supplemental indenture has been duly authorized, executed and delivered and is enforceable in accordance with its terms (subject to customary exceptions), and such amended or
supplemental indenture is in compliance with the TIA. 

ARTICLE 10.

     

COLLATERAL AND SECURITY

Section 10.01   Security Documents.

     (a) The payment of the principal of and interest and premium and Liquidated Damages, if any, on, the Notes and the payment and performance of
all Note Obligations are secured as provided in the Security Documents which the Company and the Guarantors have entered into simultaneously with the execution and delivery of this Indenture and will be secured pursuant to all Security Documents
hereafter delivered as required or permitted by this Indenture.

-94-

     (b) The Company will, and will cause each of the Guarantors to, do or cause to be done all acts and things which may be required, or which the
Collateral Agent from time to time may reasonably request, to assure and confirm that the Collateral Agent holds, for the benefit of the holders of Note Obligations, duly created, enforceable and perfected Liens upon the Collateral as contemplated
by this Indenture and the Security Documents. 

Section 10.02    Collateral Agent. 

     (a) The Trustee will act as Collateral Agent and as Collateral Agent, will be entitled to the protections, immunities and indemnities afforded
the Trustee. 

     (b) The Collateral Agent is authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or appropriate.

     (c) Neither the Trustee nor the Collateral Agent nor any of their respective officers, directors, employees, attorneys or agents will be
responsible for the existence, genuineness, value or protection of any Collateral, for the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency or protection of any
Note Lien, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Note Liens or Security Documents or for any delay in doing so. 

     (d) The Collateral Agent will be subject to such directions as may be given it by the Trustee from time to time as required or permitted by
this Indenture. Except as directed by the Trustee and as required or permitted by this Indenture, the Collateral Agent will not be obligated: 

     (1) to act upon directions purported to be delivered to it by any other Person;

     (2) to foreclose upon or otherwise enforce any Note Lien; or

        
     (3) to take any other action whatsoever with
regard to any or all of the Note Liens, Security Documents or Collateral.

     (e) The Collateral Agent will be accountable only for amounts that it actually receives as a result of the enforcement of the Note Liens or
Security Documents. 

     (f) In acting as Collateral Agent or co-Collateral Agent, the Collateral Agent and each co-Collateral Agent may rely upon and enforce each and
all of the rights, powers, immunities, indemnities and benefits of the Trustee under Article 7. 

     (g) Each successor Trustee will become the successor Collateral Agent as and when the successor Trustee becomes the Trustee. 

     (h) At all times when the Trustee is not itself the Collateral Agent, the Company will deliver to the Trustee copies of all Security Documents
delivered to the Collateral Agent and copies of all documents delivered to the Collateral Agent pursuant to the Security Documents. 

-95-

Section 10.03   Authorization of Actions To Be Taken.
     (a) Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of each Security Document, as originally in effect and as
amended, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the Security Documents, and authorizes and empowers the
Trustee and the Collateral Agent to bind the Holders of Notes and other holders of Note Obligations as set forth in the Security Documents and to perform its obligations and exercise its rights and powers thereunder. 

     (b) The Trustee and the Collateral Agent are authorized and empowered to receive for the benefit of the Holders of Notes any funds collected or
distributed under the Security Documents and to make further distributions of such funds to the Holders of Notes according to the provisions of this Indenture. 

     (c) Subject
to the provisions of Sections 7.01 and 7.02 and Article 13, the Trustee may,
in its sole discretion and without the consent of the Holders of Notes, direct,
on behalf of the Holders of Notes, the Collateral Agent to take all actions it
deems  necessary or appropriate in order to:

        (1) foreclose upon or otherwise enforce any or all of the Note Liens; 

        (2) enforce any of the terms of the Security
       Documents; or

        (3) collect
    and receive payment of any and all Note Obligations. 

The Trustee is authorized and empowered to institute and maintain, or direct the Collateral Agent to institute and maintain, such suits and proceedings as it may deem expedient to protect or enforce the Note Liens or the Security
Documents or to prevent any impairment of Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve
or protect its interests and the interests of the Holders of Notes in the Collateral, including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of Holders of Notes, the Trustee
or the Collateral Agent. 

Section 10.04   Release of Note Liens.

  
       (a) The Note Liens will be released in whole: 

     (1) upon payment in full of the principal of, and accrued and unpaid interest, premium and Liquidated Damages, if any, on the Notes and payment
in full of all other Note Obligations that are due and payable at or prior to the time such principal, accrued and unpaid interest, premium and Liquidated Damages, if any, are paid; 

-96-

     (2) upon satisfaction and discharge of this Indenture in accordance with the terms hereof; or 

     (3) upon a Legal Defeasance or Covenant Defeasance in accordance with the provisions of Sections
8.01, 8.02, 8.03 and 8.04. 

     (b) The Note Liens will be released in part with respect to any asset constituting Collateral: 

     (1) upon delivery by the Company to the Trustee and the Collateral Agent of an Officers’ Certificate certifying that the asset has been
sold or otherwise disposed of by the Company or a Guarantor to a Person other than the Company or a Guarantor in a transaction permitted by this Indenture, at the time of such sale or disposition; or 

     (2) upon delivery by the Company to the Trustee and the Collateral Agent of an Officers’ Certificate certifying that the asset is owned or
has been acquired by a Guarantor that has been released from its Note Guarantee (including by virtue of a Subsidiary Guarantor becoming an Unrestricted Subsidiary); provided,
however, that in each case of these clauses (1) and (2) with respect to the ABL Facility Priority Collateral, (i) to the extent any such ABL Facility Priority Collateral is not
released from the ABL Facility Priority Liens, the Note Liens will not be released with respect to such ABL Facility Priority Collateral, and (ii) to the extent that any ABL Facility Priority Liens reattach to any ABL Facility Priority Collateral,
the Note Liens will also reattach to such ABL Facility Priority Collateral. 

      (c) In the event that, upon the filing of or during the effectiveness of a registration statement solely with respect to the Notes, Rule 3-16
  of Regulation S-X under the Securities Act (or any successor regulation) (“Rule 3-16”) requires the filing with the SEC of separate financial statements of any Subsidiary of the
  Company because such Subsidiary’s Capital Stock secures the Notes, such Capital Stock will automatically be deemed released from the Liens hereunder to the extent necessary to eliminate such filing requirement (any such subsidiary the stock of
  which is so released, a “Released Stock Pledge Subsidiary”); provided, however, that if at any time Rule 3-16 requires the filing with the SEC of separate financial statements of any Subsidiary of TPI because such Subsidiary’s Capital Stock secures the Existing Second
  Lien Notes or TPI otherwise is required to prepare or file such separate financial statements, such release shall not be effective or, if previously effective, shall be rescinded and such Capital Stock shall remain pledged or shall be repledged, as
  the case may be, to the Collateral Agent for the benefit of the holders of the Note Obligations and will constitute Note Priority Collateral. 

     (d) Upon delivery to the Trustee and the Collateral Agent of an Officers’ Certificate requesting release of the Note Liens pursuant to
Section 10.04(a), 10.04(b) or 10.04(c) accompanied by: 

     (1) an Opinion of Counsel confirming that such release is required by Section
10.04(a), 10.04(b) or 10.04(c), as the case may be; 

-97-

     (2) all instruments requested by the Company to effectuate or confirm such release; and 

     (3) such other certificates and documents as the Trustee or Collateral Agent may reasonably request to confirm the matters set forth in
Section 10.04(a), 10.04(b) or 10.04(c), as the case may be, 

the Trustee will, if such instruments and confirmation are reasonably satisfactory to the Trustee and Collateral Agent, instruct the Collateral Agent to execute and deliver, and the Collateral Agent will promptly execute and
deliver, such instruments. 

     (e) All instruments effectuating or confirming any release of any Note Liens will have the effect solely of releasing such Note Liens as to the
Collateral described therein, on customary terms and without any recourse, representation, warranty or liability whatsoever. 

     (f) The Trustee is not required to serve, file, register or record any instrument releasing Collateral. 

     (g) The Company will bear and pay all costs and expenses associated with any release of Note Liens pursuant to this Section 10.04, including all reasonable fees and disbursements of any attorneys or representatives acting for the Trustee or for the Collateral Agent. 

Section 10.05   Recording and Opinions.
     (a) The Company and the Guarantors will furnish to the Collateral Agent and the Trustee (i) immediately prior to the issuance of the Exchange
Notes and (ii) on June 1 of each year beginning with June 1, 2006, an Opinion of Counsel, dated as of such date, either: 

     (1) stating that, in the opinion of such counsel, (A) action has been taken with respect to the recording, registering, filing, re-recording,
re-registering and re-filing of all supplemental indentures, financing statements, continuation statements or notices, recordings or other instruments of further assurance as is necessary to maintain the Liens intended to be created by the Security
Documents and reciting the details of such action or referring to prior Opinions of Counsel in which such details are given, and (B) based on relevant laws as in effect on the date of such Opinion of Counsel, all financing statements and
continuation statements have been executed and filed that are necessary as of such date and during the succeeding 12 months fully to preserve and perfect the Note Liens, to the extent the Note Liens can be perfected by the filing of a financing
statement; or 

     (2) stating that, in the opinion of such counsel, no such action is necessary to maintain such Liens as effective and perfected. 

     (b) The Company and the Guarantors will otherwise comply with the provisions of TIA § 314(b). 

-98-

     (c) To the extent applicable, the Company and the Guarantors will cause TIA § 313(b), relating to reports, and TIA § 314(d), relating
to the release of property or securities from Note Liens or relating to the substitution therefor of any property or securities to be subjected to the Lien of the Security Documents, to be complied with. Any certificate or opinion required by TIA
§ 314(d) may be made by an Officer of the Company except in cases where TIA § 314(d) requires that such certificate or opinion be made by an independent Person, which Person will be an independent engineer, appraiser or other expert
reasonably satisfactory to the Trustee and the Collateral Agent. 

     (d) Notwithstanding anything to the contrary in this Article 10, the Company will not be required to comply with all or any portion of TIA
§ 314(d) if it determines, in good faith based on advice of counsel, that under the terms of TIA § 314(d) and/or any interpretation or guidance as to the meaning thereof of the SEC or its staff, including “no action” letters or
exemptive orders, all or any portion of TIA § 314(d) is inapplicable to one or a series of released Collateral. 

Section 10.06    Certificates of the Company. 

     (a) The Company will furnish to the Trustee and the Collateral Agent, prior to each proposed release of Collateral pursuant to the Security Documents: 

     (1) all documents required by TIA § 314(d); and 

     (2) an Opinion of Counsel to the effect that such accompanying documents constitute all documents required by TIA § 314(d). 

     The Trustee may, to the extent permitted by Sections 7.01 and 7.02 hereof, accept
as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such documents and such Opinion of Counsel. 

Section 10.07   Certificates of the Trustee.
     If any Collateral is released in accordance with this Indenture or any Security Document at a time when the Trustee is not itself also the Collateral Agent and if the Company has delivered the
certificates and documents required by the Security Documents and Section 10.06 hereof, the Trustee will determine whether it has
received all documentation required by TIA § 314(d) in connection with such release and, based on such determination and the Opinion of Counsel delivered pursuant to Section 10.06
hereof, will deliver a certificate to the Collateral Agent setting forth such determination. 

Section 10.08   Termination of Security Interest.
     Upon the payment in full of all Obligations of the Company under this Indenture and the Notes, or upon Legal Defeasance, the Trustee will, at the request of the Company, deliver a certificate to the
Collateral Agent stating that such Obligations have been paid in full, and instruct the Collateral Agent to release the Liens pursuant to this Indenture and the Security Documents. 

-99-

     

          ARTICLE 11.

SUBSIDIARY GUARANTEES

Section 11.01   Guarantee.

     (a) Subject
to this Article 11, each of the Guarantors hereby, jointly and severally, unconditionally
guarantees to each Holder of a Note  authenticated and delivered by the Trustee
and to the Trustee and its successors and assigns, irrespective of the validity
and enforceability of this Indenture, the Notes or the obligations of the Company
hereunder or thereunder, that: 

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

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

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

     (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this 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 by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect. 

-100-

     (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this 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 11.02   Limitation on Guarantor Liability.
     Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 11, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 

Section 11.03    Execution and Delivery of Subsidiary Guarantee. 

     To evidence its Subsidiary Guarantee set forth in Section 11.01 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 either by manual or facsimile signature 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 11.01 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.

-101-

     In the event that the Company or any of its Restricted Subsidiaries creates or acquires any Domestic Subsidiary after the date of this Indenture, if required by Section
4.19 hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.19 hereof and this Article 11, to the extent applicable.

Section 11.04    Guarantors May Consolidate, etc., on Certain Terms. 

     Except as otherwise provided in Section 11.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets
to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless either: 

     (1) subject to Section 11.05 hereof, such Guarantor is the surviving Person or the
Person acquiring the property in any such sale or disposition or the Person formed by any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture, its Subsidiary Guarantee and the Registration Rights Agreement
pursuant to a supplemental indenture and appropriate Security Documents reasonably satisfactory to the Trustee; or 

     (2) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including
without limitation, Section 4.10 hereof. 

     In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form
to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be
substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Subsidiary Guarantees to be endorsed upon all of the Notes issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Subsidiary Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Subsidiary Guarantees theretofore
and thereafter issued in accordance with the terms of this Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 

     Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses (a) and (b) above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a
Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 

Section 11.05   Releases.
     (a) In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation
or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, by the Company or a Restricted Subsidiary of 

-102-

the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the event of
a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the
Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon delivery by
the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation
Section 4.10 hereof, the Trustee will execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee.

     (b) Upon designation of any Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will be
released and relieved of any obligations under its Subsidiary Guarantee. 

     (c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12
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 11.05 will remain liable for the
full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 11. 

ARTICLE 12.

SATISFACTION AND DISCHARGE

Section 12.01   Satisfaction and Discharge.

     This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, and all security interests in the Collateral created by the Security Documents in favor of
the Holders will be released when: 

     (1) either: 

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

     (b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable
within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.

-103-

dollars, noncallable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not
delivered to the Trustee for cancellation for principal, premium and Liquidated Damages, if any, and accrued interest to the date of maturity or redemption; 

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

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

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

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

     Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the provisions of
Sections 12.02 and 8.06 will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 

Section 12.02   Application of Trust Money.
     Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section
12.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law. 

     If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.01 hereof 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 and any Guarantor’s obligations under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; 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. 

-104-

     

          ARTICLE 13.

RANKING OF NOTE LIENS ON THE 

     ABL FACILITY PRIORITY COLLATERAL

Section 13.01    Agreement for the Benefit of Holders of Priority Liens. 

     The Trustee and the Collateral Agent agree, and each Holder of Notes by accepting a Note agrees, that (1) the Note Liens on the ABL Facility Priority Collateral are, to the extent and in the manner
provided in this Article 13, junior and subordinate in ranking to all ABL Facility Priority Liens, whenever granted, upon any present or future ABL Facility Priority Collateral, but only to the extent the ABL Facility Priority Liens secure ABL
Facility Obligations, and the ABL Facility Priority Liens, whenever granted, upon any present or future ABL Facility Priority Collateral to the extent, and only to the extent, securing the ABL Facility Obligations will be prior and senior to the
Note Liens on the ABL Facility Priority Collateral and (2) that such agreements as to the ranking of the Note Liens on the ABL Facility Priority Collateral: 

     (a) are enforceable by the holders of ABL Facility Priority Liens; and 

     (b) will remain enforceable by the holders of ABL Facility Priority Liens until
the Discharge of the ABL Facility Obligations.

Section 13.02   Ranking.

     Notwithstanding (a) anything to the contrary contained in the this Indenture or any of the Security Documents, (b) the time, order or method of attachment of the Note Liens or the ABL Facility
Priority Liens, (c) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral, (d) the time of taking possession or control over any Collateral, (e) the rules for
determining priority under the Uniform Commercial Code or any other law governing relative priorities of secured creditors, (f) that any ABL Facility Priority Lien may not have been perfected, (g) that any ABL Facility Priority Lien may be or have
become subordinated, by equitable subordination or otherwise, to any other Lien, or (h) any other circumstance of any kind or nature whatsoever, whether similar or dissimilar to any of the foregoing, the Note Liens on the ABL Facility Priority
Collateral will in all circumstances be junior and subordinate in ranking to all ABL Facility Priority Liens, whenever granted, upon any present or future ABL Facility Priority Collateral, but only to the extent such ABL Facility Priority Liens
secure ABL Facility Obligations, and the ABL Facility Priority Liens, whenever granted, upon any present or future ABL Facility Priority Collateral to the extent the ABL Facility Priority Liens secure the ABL Facility Obligations will be prior and
superior to the Note Liens on the ABL Facility Priority Collateral. 

Section 13.03    Collateral Sharing with Additional Notes. 

     Any Additional Notes issued under this Indenture and permitted to be incurred under the ABL Facility and by Section 4.09 hereof and permitted
to be secured by the Collateral under this Indenture will be treated as Note Obligations for all purposes under this Indenture and the Security Documents. 

-105-

Section 13.04    Restriction on Enforcement of Note Liens. 

     (a) Until the Discharge of ABL Facility Obligations, the holders of ABL Facility Priority Liens will have the exclusive right to manage,
perform and enforce the terms of the ABL Facility Priority Lien Documents with respect to all ABL Facility Priority Collateral and to exercise and enforce all privileges and rights thereunder as permitted by the ABL Facility Priority Lien Documents
and applicable law, including, without limitation, the exclusive right to take any actions to enforce, collect, foreclose or realize upon any ABL Facility Priority Collateral. Subject to clauses (1) through (4) and Section 13.06 below, the Holders of Notes will not authorize or instruct the Trustee, and the Trustee will not, and will not authorize or direct any Person acting for it, or any holder of Note Obligations,
to exercise any right or remedy with respect to any ABL Facility Priority Collateral (including any right of set-off) or take any action to enforce, collect or realize upon any ABL Facility Priority Collateral, except that, in any event, any such
right or remedy may be exercised and any such action may be taken, authorized or instructed: 

     (1) without any condition or restriction whatsoever, at any time after the Discharge of ABL Facility Obligations; 

     (2) as necessary to redeem any ABL Facility Priority Collateral in a creditor’s redemption permitted by law or to deliver any notice or
demand necessary to enforce (subject to the prior Discharge of ABL Facility Obligations) any right to claim, take or receive proceeds of ABL Facility Priority Collateral remaining after Discharge of ABL Facility Obligations in the event of
foreclosure or other enforcement of any prior Lien; 

     (3) as necessary to perfect a Lien upon any ABL Facility Priority Collateral by any method of perfection except through possession or control;
or 

     (4) as necessary to prove, preserve or protect (but not enforce) the Note Lien on the ABL Facility Priority Collateral, 

in each case, subject to the provisions of the Security
              Documents. 

     (b) Except for payments received free from the ABL Facility Priority Liens as provided in this Section, all proceeds of ABL Facility Priority
Collateral received by the Trustee or the Collateral Agent at any time prior to the Discharge of ABL Facility Obligations will be held by the Trustee or the Collateral Agent for account of the holders of ABL Facility Priority Liens and remitted to
the ABL Facility Agent upon demand by the ABL Facility Agent. To the extent provided by applicable law, the Note Liens will remain attached to and, subject to this Article 13, enforceable against all proceeds so held or remitted. 

     (c) Except for payments that are made from or constitute proceeds of ABL Facility Priority Collateral and that are received by the Trustee or
the Collateral Agent or any holder of Note Obligations at any time prior to the Discharge of ABL Facility Obligations and after (i) the commencement of any Insolvency or Liquidation Proceeding in respect of the Company or the grantor of any ABL
Facility Priority Lien or (ii) the Trustee has received written notice from the ABL Facility Agent stating that (A) the ABL Facility Priority Lien Debt has become due and payable in full (whether at maturity, upon acceleration or otherwise) or (B)
the 

-106-

  holders of ABL Facility Priority Liens have become entitled
      to, and desire to, enforce any or all of the ABL Facility Priority Liens by reason
  of a default under ABL Facility Priority Lien Documents:

        (1) no payment of money (or the equivalent of money) made by the Company or a Guarantor to the Trustee, the Collateral Agent, any Holder of
    Notes or any other holder of Note Obligations (including, without limitation, payments and prepayments made for application to Note Obligations and all other payments and deposits made pursuant to any provision of this Indenture, the Notes, the
    Guarantees or the Security Documents) will in any event be subject to the foregoing provisions of this Section 13.04 or otherwise affected by any of the provisions of Article 13; and
  

        (2) all payments permitted to be received under Section 13.04(c)(1) will be received
    by the Trustee, the Collateral Agent, the Holders of Notes and the other holders of Note Obligations free from the ABL Facility Priority Liens and all other Liens thereon except the Note Liens. 

Section 13.05   Insolvency or Liquidation
Proceedings.

     (a) The provisions of Article 13 will be applicable both before and after the filing of any petition by or against any Obligor under any
insolvency or bankruptcy law and all converted or succeeding cases in respect thereof, and all references herein to any Obligor shall be deemed to apply to the trustee for such Obligor and such Obligor as a debtor-in-possession. The relative rights
of secured creditors in or to any distributions from or in respect of any ABL Facility Priority Collateral or proceeds of ABL Facility Priority Collateral shall continue after the filing of such petition on the same basis as prior to the date of
such filing, subject to any court order approving the financing of, or use of cash collateral by any Obligor as debtor-in-possession. 

     Without limiting the other provisions of the indenture, upon the commencement of a case under the Bankruptcy Code by or against any Obligor: 

     (1) the ABL Facility Priority Lien Documents shall remain in full force and effect and enforceable pursuant to their respective terms.

     (2) in any such case under the Bankruptcy Code, the Trustee and each of the Holders of Notes (a) agree not to take any action or vote in any
way so as to contest (i) the validity or enforceability of any of the ABL Facility Priority Lien Documents or any of the ABL Facility Obligations thereunder, (ii) the validity, priority or enforceability of the Liens, assignments and security
interests granted pursuant to the ABL Facility Priority Lien Documents with respect to the ABL Facility Obligations, or (iii) the relative rights and duties of the holders of the ABL Facility Obligations and the Note Obligations granted and/or
established in any ABL Facility Priority Lien Document with respect to such Liens, assignments and security interests, and (b) acknowledge that the ABL Facility Obligations include interest accruing on or after the filing of any petition in
bankruptcy or for reorganization, only to the extent a claim for post-petition interest is allowed in any such case. 

-107-

        (3) so long as any ABL Facility Obligations are outstanding, without the express written consent of the ABL Facility Agent, none of the Trustee
    or the Holders of Notes (or their representatives) shall (a) with respect to any rights under any ABL Facility Priority Lien Documents or applicable law, seek in respect of any part of the ABL Facility Priority Collateral or proceeds thereof or any
    Lien which may exist thereon, any relief from or modification of the automatic stay as provided in Section 362 of the Bankruptcy Code, (b) oppose or object to the determination of the extent of any Liens held by any of the holders of the ABL
    Facility Obligations or the value of any claims of holders of the ABL Facility Obligations under Section 506(a) of the Bankruptcy Code, or (c) oppose or object to the payment of interest and expenses in respect of the ABL Facility Obligations or any
    ABL Facility Priority Lien Document as provided under Sections 506(b) and (c) of the Bankruptcy Code. 

     If, in any Insolvency or Liquidation Proceeding and prior to the Discharge of ABL Facility Obligations, all of the Lenders (or such number of the Lenders as may have the power to bind all of them):

     (1) consent to any order for use of cash collateral that constitutes ABL Facility Priority Collateral or agree to the extension of any ABL
Facility Priority Lien Debt to any Obligor; 

     (2) consent to any order granting any priming lien, replacement lien, cash payment or other relief on account of ABL Facility Obligations as
adequate protection (or its equivalent) for the interests of the holders of ABL Facility Priority Liens in the ABL Facility Priority Collateral; or 

     (3) consent to any order relating to a sale of assets that constitutes ABL Facility Priority Collateral of the Company or any Guarantor that:

     (i) provides, to the extent the sale is to be free and clear of Liens, that all ABL Facility Priority Liens and Note Liens on the ABL Facility
Priority Collateral shall attach to the proceeds of the sale to the extent the assets sold constitute ABL Facility Priority Collateral; and 

     (ii) grants Credit Bid Rights to the Holders of Notes, 

then, so long as none of the Lenders, the ABL Facility Agent or any representative acting for one or more of the Lenders in any respect opposes or otherwise contests any request made by the holders of Note Obligations for the
grant to the Collateral Agent, for the benefit of the holders of Note Obligations and as adequate protection (or its equivalent) for the Collateral Agent’s interest in the ABL Facility Priority Collateral under the Note Liens on the ABL
Facility Priority Collateral, of a junior lien upon any property upon which a Lien is (or is to be) granted under such order to secure the ABL Facility Priority Lien Obligations, co-extensive in all respects with, but subordinated (as set forth in
this Article 13) in all respects to, such Lien and all ABL Facility Priority Liens upon such property, the Holders of Notes, the Trustee and the Collateral Agent will not oppose or otherwise contest the entry of such order, except that any such
order approv-

-108-

  
    ing a sale of assets or the bidding procedures for any sale of assets may be opposed or otherwise contested by them based on any ground that may be asserted by a holder of unsecured claims. 

     (b) The Holders of Notes, the Trustee and the Collateral Agent will not file or prosecute in any Insolvency or Liquidation Proceeding any
motion for adequate protection (or any comparable request for relief) based upon their interests in the ABL Facility Priority Collateral under the Note Liens on the ABL Facility Priority Collateral, except that: 

     (1) they may freely seek and obtain relief: 

     (A)  granting a junior lien co-extensive in all respects with, but subordinated (as set forth in this Article 13) in all respects to, all Liens granted in such Insolvency or
Liquidation Proceeding to the holders of ABL Facility Priority Lien Debt; or 

     (B)  in connection with confirmation of any plan of reorganization or similar dispositive restructuring plan; and 

     (2) they may freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or
restriction whatsoever, at any time after the Discharge of ABL Facility Obligations. 

     (c) If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any ABL Facility Priority
Collateral of the reorganized debtor are distributed, both on account of ABL Facility Priority Lien Debt and on account of the Notes, then, to the extent the debt obligations distributed on account of the ABL Facility Priority Lien Debt and on
account of the Notes are secured by Liens upon any ABL Facility Priority Collateral, the provisions of this Article 13 will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing
such debt obligations. 

     (d) The Holders of Notes and the Trustee will not assert or enforce, at any time prior to the Discharge of ABL Facility Obligations, any claim
under § 506(c) of the United States Bankruptcy Code senior to or on a parity with the ABL Facility Priority Liens for costs or expenses of preserving or disposing of any ABL Facility Priority Collateral. 

     (e) If any Holder of ABL Facility Obligations is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise
pay to the estate of the Company or any Guarantor any amount, then such Holder of ABL Facility Obligations shall be entitled to a reinstatement of ABL Facility Obligations with respect to all such recovered amounts. If the ABL Facility Priority Lien
Documents shall have been terminated prior to such recovery or any finding of the invalidity of a Lien of any Holder of ABL Facility Obligations, the ABL Facility Priority Lien Documents shall be reinstated in full force and effect, and such prior
termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties thereto from such date of reinstatement. 

-109-

Section 13.06   Relative Rights.
     This Article 13 defines the relative rights, as lienholders, of holders of Note Liens and holders of ABL Facility Priority Liens with respect to ABL Facility Priority Collateral. Nothing in this
Indenture will: 

     (1) impair, as between the Company and Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of,
premium and interest and Liquidated Damages, if any, on the Notes in accordance with their terms or to perform any other obligation of the Company or any other Obligor under the Security Documents or this Indenture; 

     (2) affect the relative rights of Holders and creditors of the Company or any of its Restricted Subsidiaries (other than holders of ABL
Facility Priority Liens); 

     (3) restrict the right of any Holder to sue for payments that are then due and owing (but not enforce any judgment in respect thereof against
any ABL Facility Priority Collateral other than any action not specifically prohibited by this Article 13); 

     (4) prevent the Trustee, the Collateral Agent or any Holder of Notes from exercising against the Company or any other Guarantor any of its
other available remedies upon a Default or Event of Default not specifically prohibited by this Article 13; or 

     (5) restrict the right of the Trustee, the Collateral Agent or any Holder of Notes to take any lawful action in an Insolvency or Liquidation
Proceeding not specifically prohibited by this Article 13. 

     If the Company or any Restricted Subsidiary fails because of this Article 13 to perform any obligation binding upon it under any Security Document, the failure is still a Default or Event of Default.

ARTICLE 14.

     

          MISCELLANEOUS

Section 14.01   Trust Indenture Act Controls.

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

Section 14.02   Notices.
     Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified,
return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 

-110-

     

     
          If to the Company and/or any Guarantor: 

     

     
     
          Tekni-Plex, Inc. 

          260 N. Denton Tap Road, Suite 150

          Coppell, Texas 

          Telecopier No.: (972) 304-6297 

          Attention: Dr. F. Patrick Smith 

           

With a copy to:

Davis
                    Polk & Wardwell 

     450 Lexington Avenue 

     New York, New York 10017 

     Telecopier No.: (212) 450-4800 

     Attention: Winthrop B. Conrad, Jr., Esq.

     If to the Trustee and/or the Collateral Agent:      

        
        
HSBC Bank USA, National Association 

     452 Fifth Avenue 

     New York, NY 10018-2706 

     Telecopier No.: (212) 525-1300 

     Attention: Issuer Services 

        

        

With a copy to:

  

     Winston & Strawn LLP

         200 Park Avenue 

     New York, New York 10166 

     Telecopier No.: (212) 294-4700 

     Attention: Jeffrey H. Elkin, Esq.

        

        

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

     All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if tel-exed; 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. All notices to the Trustee or the Collateral Agent shall be deemed duly given and effective only upon receipt. 

     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 § 313(c), to the extent required by the TIA.

-111-

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 14.03    Communication by Holders of Notes with Other Holders of Notes. 

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

Section 14.04    Certificate and Opinion as to Conditions Precedent. 

     Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 

     (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 14.05 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 14.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 14.05    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 § 314(a)(4)) must comply with
the provisions of TIA § 314(e) and must include: 

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

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

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

-112-

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

Section 14.06    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 14.07
        	 
        	
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, the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 14.08   Governing Law.
     THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW
TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 14.09    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 14.10   Successors.
     All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in
this Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof. 

Section 14.11   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. 

-113-

Section 14.12    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 14.13    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] 

-114-

     

          SIGNATURES

	Dated as of June 10, 2005	TEKNI-PLEX, INC. 
	 	 	 	 	 	 
	 	By:	 	/s/ James E. Condon
	 	 	 	
          
	 	 	 	Name:	 	James E. Condon 
	 	 	 	Title:	 	Chief Financial Officer 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	PURETEC CORPORATION 

               PLASTIC SPECIALTIES AND TECHNOLOGIES,

                                 INC. 

               PLASTIC SPECIALTIES AND TECHNOLOGIES 

               INVESTMENTS, INC. 

               BURLINGTON RESINS, INC. 

               DISTRIBUTORS RECYCLING, INC. 

               NATVAR HOLDINGS, INC. 

               TRI-SEAL HOLDINGS, INC. 

               TP-ELM ACQUISITION SUBSIDIARY, INC. 

               TPI ACQUISITION SUBSIDIARY, INC., 

               collectively, the Guarantors
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	By:	 	 /s/ James E. Condon 
	 	 	 	

          
	 	 	 	Name:	 	James E. Condon
	 	 	 	Title:	 	Chief Financial Officer 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	HSBC Bank USA, National Association
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	By:	 	/s/ Frank J. Godino 
	 	 	 	

          
	 	 	 	Name:	 	Frank J. Godino 
	 	 	 	Title:	 	Vice President 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Signature Page to Indenture

	 	 	[EXHIBIT A1]
	 	 	 
	 	 	CUSIP/CINS ________________
	 	 	 
	 	10 7/8 % Senior Secured Notes due 2012 	 
	 	 	 
	No. _____ 	 	$ ____________ 

 

TEKNI-PLEX, INC. 

promises to pay to________
or registered assigns, the principal sum of __________________________________DOLLARS
on August 15, 2012. 

Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 

A1-1

     IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

	 	TEKNI-PLEX, INC.
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	By:	 	 
	 	 	 	

          
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 

Dated:
_______________, 2005

This is one of the Global
          Notes referred to

     in the within-mentioned Indenture: 

     HSBC Bank USA, National Association, 

          as Trustee 

        	By:  	 	 
	 	 	
          
	 	 	Authorized Signatory

 

A1-2 

     

          10 7/8 % Senior Secured Notes due 2012

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

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

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

     (1) INTEREST. Tekni-Plex, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 10 7/8 % per
annum from June 10, 2005 until maturity, including Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to
below. The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on February 15 and August 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 June 10, 2005; 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 Feb-ruary 15, 2006. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) at the same rate to the extent lawful. Interest will be computed on the basis
of a 360-day year of twelve 30-day months. 

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

 

A1-3

     (3) PAYING AGENT AND REGISTRAR. Initially, HSBC Bank USA, National Association, 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 AND SECURITY DOCUMENTS. The Company issued the Notes under an Indenture dated as of June 10, 2005 (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 TIA (15 U.S. Code §§ 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 secured obligations of the Company limited
to $150.0 million in aggregate principal amount. Additional Notes may be issued pursuant to the Indenture and will be part of the same series as the Initial Notes. The Notes are secured on a second priority basis by security interests in the
Collateral pursuant to the Security Documents referred to in the Indenture (the “Security Documents”). 

     (5) OPTIONAL REDEMPTION.

     (a) At any time prior to August 15, 2008, the Company may on any one or more occasions redeem, in whole or in part, up to 35% of the aggregate principal amount of Notes issued under this Indenture at
a redemption price of 110.875 % of the principal amount of the Notes redeemed, plus accrued and unpaid interest and Liquidated Damages, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 

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

     (2) notice of redemption is mailed within 60 days of the date of the closing of such Equity Offering. 

     (b) On or after August 15, 2009, the Company may, at its option, redeem all or a part of the Notes upon not less than 30 nor more than 60 days notice, at the redemption prices (expressed as
percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 15 of the
years indicated below, subject to the rights of the Holders of the Notes on the relevant record date to receive interest on the relevant interest payment date that is on or prior to the date fixed for redemption: 

A1-4

	
  Year
        	 
        	
Percentage
        	

        
	 	 	 	 
	
  2009
        	 
        	
105.438%
        	

        
	
  2010
        	 
        	
102.719%
        	

        
	
  2011 and thereafter
        	 
        	
100.000%
        	

        
	 
	 
        	

        	

        

     (6) MANDATORY REDEMPTION. 

     The Company will not be required to make mandatory redemption payments with respect to the Notes. 

     (7) REPURCHASE AT THE OPTION OF HOLDER. 

     (a) If there is a Change of Control, each Holder will have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes
(“Change of Control Offer”) at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date of purchase (the “Change of Control
Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

     (b) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10 of the Indenture will be deemed to
constitute “Excess Proceeds.” Any Net Loss Proceeds that are not applied or invested as provided in Section 4.22 of the Indenture will be deemed to constitute “Excess Loss
Proceeds”. When the aggregate amount of Excess Proceeds or Excess Loss Proceeds, as applicable, exceeds $15.0 million, the Company will commence an offer to all Holders of Notes and all holders of other Indebtedness that is secured equally and
ratably with the Notes on the Notes Priority Collateral containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with (i) the proceeds of sales of assets (an “Asset Sale Offer”)
pursuant to Section 3.09 and Section 4.10 of the Indenture or (ii) the proceeds from an Event of Loss (an “Event of Loss
Offer”) pursuant to Section 3.09 and Section 4.22 of the Indenture, as applicable, to purchase the maximum principal amount of
Notes (including any Additional Notes) and other Indebtedness that may be purchased out of the Excess Proceeds or Excess Loss Proceeds, as applicable, at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued
and unpaid interest and Liquidated Damages thereon, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes (including any Additional
Notes) and other Indebtedness that is secured equally and ratably with the Notes on the Notes Priority Collateral tendered pursuant to an Asset Sale Offer or an Event of Loss Offer, as applicable, is less than the Excess Proceeds or the Excess Loss
Proceeds, as applicable, the Company (or such Restricted Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other Indebtedness surrendered by holders thereof
exceeds the amount of Excess Proceeds or Excess Loss Proceeds, as applicable, the Trustee shall select the Notes and such other Indebtedness to be 

A1-5

purchased as set forth in Sections 3.02 and 3.03 of the Indenture. Upon completion of such Asset Sale Offer or
such Event of Loss Offer, as applicable, the amount of “Excess Proceeds” or “Excess Loss Proceeds”, as applicable, shall be reset to zero. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale
Offer or an Event of Loss Offer, as applicable, from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes.

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

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

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

     (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Subsidiary Guarantees, the Security Documents 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 Event of Default (other than a Default or an Event of Default in the payment of
principal of, premium or Liquidated Damages, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded), or compliance with any provision of the Indenture or the Notes may be waived with the
consent of the Holders of a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Subsidiary Guarantees, the Security
Documents or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certifi-

A1-6

cated Notes, to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of the Notes in case of a merger or consolidation, to make any change that would provide any additional rights or
benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the
TIA, to conform the text of the Indenture, the Security Documents or the Notes to any provision of the “Description of Notes” Section of the Company’s Offering Memorandum dated June 7, 2005, 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 the Indenture, the Subsidiary Guarantees or the Notes; to add any additional assets to the Collateral; to
reflect the grant of Liens on the Collateral for the benefit of an additional secured party, to the extent that such Indebtedness and the Lien securing such Indebtedness is permitted by the terms of the Indenture; to release Collateral from the Lien
of the Indenture and the Security Documents when permitted or required by the Indenture or the Security Documents; or to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Subsidiary Guarantee with respect to the
Notes. 

     (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest on or Liquidated Damages, if any, with respect to the Notes; (ii) default in payment
when due of principal of or premium, if any, on the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise; (iii) default in the payment of principal of and interest
on Notes required to be purchased pursuant to an offer to purchase as described under Sections 4.10, 4.15 and 4.22 of the Indenture; (iv) failure by the Company to perform or comply with any of the provisions described under Section 5.01 of the Indenture;
(v) failure by the Company for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding voting as a single class to comply with certain other agreements in the Indenture, the
Notes or the Security Documents; (vi) defaults under the terms of one or more instruments evidencing or securing Indebtedness of the Company or any of its Restricted Subsidiaries having an outstanding principal amount of $20.0 million or more
individually or in the aggregate that has resulted in the acceleration of the payment of such Indebtedness or failure to pay principal when due at the Stated Maturity of any such Indebtedness; (vii) there shall have been rendered a final judgment or
judgments (not subject to appeal) against the Company or any of its Restricted Subsidiaries in an amount of $10.0 million or more which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal has expired;
(viii) the denial or disaffirmation by the Company or any of its Restricted Subsidiaries, or any person acting on behalf of any of them, in writing, of any material obligation of the Company or any of its Restricted Subsidiaries set forth in or
arising under any Security Documents; (ix) certain events of bankruptcy, insolvency or reorganization described in the Indenture with respect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; (x) any Subsidiary Guarantee from a Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Sub-

A1-7

sidiary, ceases to be in full force and effect or is declared null and void and unenforceable or is found to be invalid or a Guarantor denies in writing its liability under the Subsidiary Guarantee (other than by reason of a
release of such Guarantor from the Subsidiary Guarantee in accordance with the terms of the indenture, the security documents and the Subsidiary Guarantee); and (xi) except as permitted by the Indenture, any Security Document or any Note Lien
purported to be granted thereby on an asset or assets fails to constitute a valid and (to the extent required by the security documents) perfected Lien on any material part of the Collateral purported to be subject thereto. If any Event of Default
occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default
arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any 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 a majority in aggregate principal amount of the Notes then outstanding by
notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, 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. 

     (13) 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. 

     (14) NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder, of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the
Company or such Guarantor under the Notes, the 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. 

     (15) LIEN RANKING. The Notes, the Subsidiary Guarantees and the other Note Obligations are secured by Note Liens upon the Collateral pursuant to the Security Documents. The Note Liens are subordinate
in ranking solely to all current and future ABL Facility Priority Liens or as set forth in Article 13 of the Indenture. 

A1-8

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

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

     (18) ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights 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 June 10, 2005, among the Company, the Guarantors and the other parties named on the signature pages thereof or, in the case of
Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among the Company, the Guarantors and the other parties thereto, relating to
rights given by the Company and the Guarantors to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). 

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

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

Tekni-Plex, Inc. 

          201 Industrial Parkway 

          Somerville, New Jersey 08876 

     Attention: Chief Financial Officer

A1-9

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).
        
	

        	 
        	 

A1-10

OPTION OF HOLDER TO ELECT PURCHASE 

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10, 4.15 or 4.22 of the Indenture, check the
appropriate box below: 

	
o   Section 4.10
        	 
        	
o   Section 4.15
        	 
        	
o   Section 4.22
        

     If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10, Section
4.15 or Section 4.22 of the Indenture, state the amount you elect to have purchased: 

$
     _______________

Date:_______________

	 	Your Signature: 	 
	 	 	
          
	 	 	(Sign exactly as your name appears on the
               face of this Note)  
	 	 	 
	 	Tax Identification No.: 	 
	 	 	
          
	 	 	 
	Signature Guarantee*:_______________________ 	 	 

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

        	 
        	 

A1-11

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

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

	
Date of Exchange
        	 
        	
Amount of decrease in

Principal Amount at 

maturity of this Global

Note
        	 
        	
Amount of increase in

Principal Amount at

maturity of this Global

Note
        	 
        	
Principal Amount at

maturity of this Global

Note following such

decrease (or increase)
        	 
        	
Signature of authorized

officer of Trustee or

Custodian
        
	

     	
        	

     	
        	

     	
        	

     	
        	

     

A1-12

     

          [EXHIBIT A2]

[Face of Regulation S Temporary Global Note] 

CUSIP/CINS____________

10 7/8 % Senior Secured Notes due 2012 

	No. ___	 	$ ____________    

     TEKNI-PLEX, INC.

 promises to pay to
     ________
     or registered assigns,

     

     the principal sum of
     ____________
DOLLARS on August 15, 2012.

 Interest Payment Dates: February 15
and August 15 

Record Dates: February 1 and August 1 

A2-1

IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

	 	TEKNI-PLEX, INC.
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	

          
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

Dated:
_______________, 2005

This is one of the Global
          Notes referred to

     in the within-mentioned Indenture: 

     HSBC Bank USA, National Association, 

          as Trustee 

        	By:  	 
	 	
          
	 	Authorized Signatory

     

A2-2

     

          [Back of Regulation S Temporary Global Note]

          10 7/8 % Senior Secured Notes due 2012 

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

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

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON. 

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

     (1) INTEREST. Tekni-Plex, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 10 7/8 % per
annum from June 10, 2005 until maturity, including Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to
below. The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on February 15 and August 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 June 10, 2005; 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 Feb-ruary 15, 2006. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) at the same rate to the extent lawful. Interest will be computed on the basis
of a 360-day year of twelve 30-day months. 

     (2) METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of Notes at the close of
business on the February 1 or August 1 immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Liquidated Damages, if
any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Liquidated Damages, if any, may be made by check mailed
to the Holders at their addresses set forth in the regis-

A2-3

ter of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Liquidated
Damages, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. 

     (3) PAYING AGENT AND REGISTRAR. Initially, HSBC Bank USA, National Association, 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 AND SECURITY DOCUMENTS. The Company issued the Notes under an Indenture dated as of June 10, 2005 (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 TIA (15 U.S. Code §§ 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 secured obligations of the Company limited
to $150.0 million in aggregate principal amount. Additional Notes may be issued pursuant to the Indenture and will be part of the same series as the Initial Notes. The Notes are secured on a second priority basis by security interests in the
Collateral pursuant to the Security Documents referred to in the Indenture (the “Security Documents”). 

     (5) OPTIONAL REDEMPTION.

     (a) At any time prior to August 15, 2008, the Company may on any one or more occasions redeem, in whole or in part, up to 35% of the aggregate principal amount of Notes issued under this Indenture at
a redemption price of 110.875% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and Liquidated Damages, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 

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

     (2) notice of redemption is mailed within 60 days of the date of the closing of such Equity Offering. 

     (b) On or after August 15, 2009, the Company may, at its option, redeem all or a part of the Notes upon not less than 30 nor more than 60 days notice, at the redemption prices (expressed as
percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 

A2-4

15 of the years indicated below, subject to the rights of the Holders of the Notes on the relevant record date to receive interest on the relevant interest payment date that is on or prior to the date fixed for redemption:

	
  Year
        	 
        	
Percentage
        	

        
	
  2009
        	 
        	
105.438%
        	

        
	
  2010
        	 
        	
102.719%
        	

        
	
  2011 and thereafter
        	 
        	
100.000%
        	

        

     (6) MANDATORY REDEMPTION. 

The
  Company will not be required to make mandatory redemption payments with respect
  to the Notes. 

     (7) REPURCHASE AT THE OPTION OF HOLDER. 

     (a) If there is a Change of Control, each Holder will have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes
(“Change of Control Offer”) at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date of purchase (the “Change of Control
Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

     (b) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10 of the Indenture will be deemed to
constitute “Excess Proceeds.” Any Net Loss Proceeds that are not applied or invested as provided in Section 4.22 of the
Indenture will be deemed to constitute “Excess Loss Proceeds”. When the aggregate amount of Excess Proceeds or Excess Loss Proceeds, as applicable, exceeds $15.0 million, the Company will commence an offer to all Holders of Notes and all
holders of other Indebtedness that is secured equally and ratably with the Notes on the Notes Priority Collateral containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with (i) the proceeds of
sales of assets (an “Asset Sale Offer”) pursuant to Section 3.09 and Section 4.10 of the Indenture or (ii) the proceeds
from an Event of Loss (an “Event of Loss Offer”) pursuant to Section 3.09 and Section 4.22 of the Indenture, as
applicable, to purchase the maximum principal amount of Notes (including any Additional Notes) and other Indebtedness that may be purchased out of the Excess Proceeds or Excess Loss Proceeds, as applicable, at an offer price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that
the aggregate amount of Notes (including any Additional Notes) and other Indebtedness that is secured equally and ratably with the Notes on the Notes Priority Collateral tendered pursuant to an Asset Sale Offer or an Event of Loss Offer, as
applicable, is less than the Excess Proceeds or the Excess Loss Proceeds, as applicable, the Company (or such Re-

A2-5

stricted Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other Indebtedness surrendered by holders thereof exceeds the amount of Excess
Proceeds or Excess Loss Proceeds, as applicable, the Trustee shall select the Notes and such other Indebtedness to be purchased as set forth in Sections 3.02 and 3.03 of the Indenture. Upon completion of such Asset Sale Offer or such Event of Loss Offer, as applicable, the amount of “Excess Proceeds” or “Excess Loss Proceeds”, as applicable,
shall be reset to zero. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer or an Event of Loss Offer, as applicable, from the Company prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

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

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

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

     (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Subsidiary Guarantees, the Security Documents 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 Event of Default (other than a Default or an Event of Default in the payment of
principal of, premium or Liquidated Damages, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded), or compliance with any provision of the Indenture or the Notes may be waived with the
consent of the Holders of a majority in principal amount of the then out-

A2-6

standing Notes and Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Subsidiary Guarantees, the Security Documents or the Notes may be amended or supplemented to
cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of the Notes in
case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, to conform the text of the Indenture, the Security Documents or the Notes to any provision of the “Description of Notes” Section of
the Company’s Offering Memorandum dated June 7, 2005, 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 the
Indenture, the Subsidiary Guarantees or the Notes; to add any additional assets to the Collateral; to reflect the grant of Liens on the Collateral for the benefit of an additional secured party, to the extent that such Indebtedness and the Lien
securing such Indebtedness is permitted by the terms of the Indenture; to release Collateral from the Lien of the Indenture and the Security Documents when permitted or required by the Indenture or the Security Documents; or to allow any Guarantor
to execute a supplemental indenture to the Indenture and/or a Subsidiary Guarantee with respect to the Notes. 

     (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest on or Liquidated Damages, if any, with respect to the Notes; (ii) default in payment
when due of principal of or premium, if any, on the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise; (iii) default in the payment of principal of and interest
on Notes required to be purchased pursuant to an offer to purchase as described under Sections 4.10, 4.15 and 4.22 of the Indenture; (iv) failure by the Company to perform or comply with any of the provisions described under Section 5.01 of the Indenture;
(v) failure by the Company for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding voting as a single class to comply with certain other agreements in the Indenture, the
Notes or the Security Documents; (vi) defaults under the terms of one or more instruments evidencing or securing Indebtedness of the Company or any of its Restricted Subsidiaries having an outstanding principal amount of $20.0 million or more
individually or in the aggregate that has resulted in the acceleration of the payment of such Indebtedness or failure to pay principal when due at the Stated Maturity of any such Indebtedness; (vii) there shall have been rendered a final judgment or
judgments (not subject to appeal) against the Company or any of its Restricted Subsidiaries in an amount of $10.0 million or more which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal has expired;
(viii) the denial or disaffirmation by the Company or any of its Restricted Subsidiaries, or any person acting on behalf of any of them, in writing, of any material obligation of the Company or any of its Restricted Subsidiaries set forth in or
arising under any Security Documents; (ix) certain events of bankruptcy, insolvency or reorganization described in the Indenture with re-

A2-7

spect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; (x) any Subsidiary Guarantee from
a Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, ceases to be in full force and effect or is declared null and void and unenforceable or is found to be invalid or a
Guarantor denies in writing its liability under the Subsidiary Guarantee (other than by reason of a release of such Guarantor from the Subsidiary Guarantee in accordance with the terms of the indenture, the security documents and the Subsidiary
Guarantee); and (xi) except as permitted by the Indenture, any Security Document or any Note Lien purported to be granted thereby on an asset or assets fails to constitute a valid and (to the extent required by the security documents) perfected Lien
on any material part of the Collateral purported to be subject thereto. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may
not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders of the Notes notice of any 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 a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the
Indenture except a continuing Default or Event of Default in the payment of interest on, 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. 

     (13) 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. 

     (14) NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder, of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the
Company or such Guarantor under the Notes, the 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. 

     (15) LIEN RANKING. The Notes, the Subsidiary Guarantees and the other Note Obligations are secured by Note Liens upon the Collateral pursuant to the Security 

A2-8

Documents. The Note Liens are subordinate in ranking solely to all current and future ABL Facility Priority Liens or as set forth in Article 13 of the Indenture. 

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

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

     (18) ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights 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 June 10, 2005, among the Company, the Guarantors and the other parties named on the signature pages thereof or, in the case of
Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among the Company, the Guarantors and the other parties thereto, relating to
rights given by the Company and the Guarantors to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). 

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

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

Tekni-Plex, Inc. 

201 Industrial Parkway 

Somerville, New Jersey 08876 

Attention: Chief Financial Officer

A2-9

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).
        
	

        	 
        	 

A2-10

OPTION OF HOLDER TO ELECT PURCHASE 

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10, 4.15 or 4.22 of the Indenture, check the
appropriate box below: 

	
o   Section 4.10
        	 
        	
o   Section 4.15
        	 
        	
o   Section 4.22
        

     If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10, Section
4.15 or Section 4.22 of the Indenture, state the amount you elect to have purchased: 

$
     _______________

Date:_______________

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

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

        	 
        	 

A2-11

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

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

	
Date of Exchange
        	 
        	
Amount of decrease in

Principal Amount at 

maturity of this Global

Note
        	 
        	
Amount of increase in

Principal Amount at

maturity of this Global

Note
        	 
        	
Principal Amount at

maturity of this Global

Note following such

decrease (or increase)
        	 
        	
Signature of authorized

officer of Trustee or

Custodian
        
	

     	
        	

     	
        	

     	
        	

     	
        	

     

A2-12

     

          EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Tekni-Plex, Inc. 

     260 N. Denton Tap Road, Suite 150 

     Coppell, Texas 75019

     

     HSBC Bank USA, National Association

     452 Fifth Avenue 

     New York, NY 10018-2706 

     Attention: Issuer Services 

     Telecopier No.: (212) 525-1300 

Re: 10 7/8 % Senior Secured Notes due 2012

     Reference is hereby made to the Indenture, dated as of June 10, 2005 (the “Indenture”), among Tekni-Plex, Inc. as issuer (the “Company”), the Guarantors party thereto and HSBC Bank
USA, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

     ___________________, (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified
in Annex A hereto, in the principal amount of $ ___________
in such Note[s] or interests (the “Transfer”), to___________________________
(the “Transferee”), as further specified in Annex A hereto. In connection
with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY]

     1. o Check if Transferee will take delivery of a beneficial
interest in the 144A Global Note or a Restricted 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 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 Restricted
Definitive Note and in the Indenture and the Securities Act. 

      2. o Check if Transferee
will take delivery of a beneficial interest in the Regulation S Temporary Global
Note, the Regulation S Permanent Global Note or a Restricted 

B-1

Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the
Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that
the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (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 Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

     3. o Check and complete if Transferee will take delivery
of a beneficial interest in the IAI Global Note or a Restricted 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) o such Transfer is being effected pursuant to and
    in accordance with Rule 144 under the Securities Act;

or 

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

or 

        (c) o 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) o 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, Rule  903 or Rule 904, and the Transferor hereby further certifies
    that it has not engaged in any general solicitation within the meaning of Regula-

B-2

  
    tion D under the Securities Act and the Transfer complies with the transfer restrictions
    applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and
    the requirements of the exemption claimed, which certification is supported by (1) a
    certificate executed by the Transferee in the form of Exhibit D to
    the Indenture and (2) if such Transfer is in respect of a principal amount
    of Notes at the time of transfer of
less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act.
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. 

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

        (a) o 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) o 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) o 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
  

B-3

  
    or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

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

	 	

	 	   Insert Name of Transferor]
	 	 	
	 	 	
	 
        	By:
        	

        
	
        	
        	

        
	

        	 
        	
Name:
        
	

        	 
        	
Title:
        

    Dated: _________________________

 

  

B-4

ANNEX A TO CERTIFICATE OF TRANSFER

 

 

	1.	The Transferor owns and proposes to transfer the following:
	 	 	 	 
	[CHECK ONE OF (a) OR (b)]
	 	 	 	 
	 	
(a)            	
o a beneficial interest in the: 
	 	 	 	 
	 	 	
(i)     o        	
 144A Global Note (CUSIP _________), or  
	 	 	 	 
	 	 	
(ii)     o       	
 Regulation S Global Note (CUSIP _________), or  
	 	 	 	 
	 	 	
(iii)     o      	
 IAI Global Note (CUSIP _________); or 
	 	 	 	 
	 	(b)	 o a Restricted Definitive Note. 
	 	 	 	 
	2.	o After the Transfer the Transferee will hold:

  [CHECK ONE]

	 	
(a)            	
o a beneficial interest in the: 
	 	 	 	 
	 	 	
(i)     o        	
 144A Global Note (CUSIP _________), or  
	 	 	 	 
	 	 	
(ii)     o       	
 Regulation S Global Note (CUSIP _________), or  
	 	 	 	 
	 	 	
(iii)     o      	
 IAI Global Note (CUSIP _________); or   
	 	 	 	 
	 	 	
(iv)     o       	
 Unrestricted Global Note (CUSIP _________); or 
	 	 	 	 
	 	(b)	 o a Restricted Definitive Note; or 
	 	 	 	 
	 	(c)	 o an Unrestricted Definitive Note, 
	 	 	 
	 	in accordance with the terms of the
    Indenture.

 

B-5

  

    EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Tekni-Plex, Inc. 

  260 N. Denton Tap Road, Suite 150 

  Coppell, Texas 75019 

  HSBC Bank USA, National Association

  452 Fifth Avenue 

  New York, NY 10018-2706 

  Attention: Issuer Services 

  Telecopier No.: (212) 525-1300 

Re: 10 7/8 % Senior Secured Notes due 2012

    (CUSIP
      ____________) 

     Reference is hereby made to the Indenture, dated as of June 10, 2005 (the “Indenture”), among Tekni-Plex, Inc. as issuer (the “Company”), the Guarantors party thereto and HSBC Bank
USA, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

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

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

  

C-1

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

              (c) o 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) o 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) o 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 

  

C-2

  
    
      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) o Check if Exchange is from Restricted Definitive
        Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the
        Owner’s Restricted Definitive Note for a
      beneficial interest in the [CHECK ONE] 144A Global Note, Regulation S Global Note, IAI Global Note
        with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
        acquired for the Owner’s own account without
      transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
        applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities
        Act, and in compliance with any applicable blue sky  securities laws of any state of the United
        States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture,
        the beneficial interest issued will be subject to the restrictions on transfer enumerated in
        the Private  Placement Legend printed on the relevant Restricted Global Note and in the Indenture
        and the Securities Act.

  

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

	 	

	 	   [Insert Name of Transferor]
	 	 	
	 	 	
	  	By: 	 
	 	 	
      

    
	 	  	 Name: 
	 	  	 Title: 

Dated: __________________________

C-3

  

    EXHIBIT D

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED
INVESTOR

Tekni-Plex, Inc. 

    260 N. Denton Tap Road, Suite 150 

    Coppell, Texas 75019 

HSBC Bank USA, National Association

  452 Fifth Avenue 

  New York, NY 10018-2706 

  Attention: Issuer Services 

  Telecopier No.: (212) 525-1300 

Re: 10 7/8 % Senior Secured Notes due 2012

     Reference is hereby made to the Indenture, dated as of June 10, 2005 (the “Indenture”), among Tekni-Plex, Inc. as issuer (the “Company”), the Guarantors party thereto and HSBC Bank
USA, National Association, 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)    o   a
  beneficial interest in a Global Note, or

     (b)    o   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

D-1

  
    the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such
    transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
    effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through
    (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 

        3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other
    information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 

        4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial
    and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

        5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to
    each of which we exercise sole investment discretion. 

     You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby. 

 

	 	

	 	   [Insert Name of Accredited Investor]
	 	 	
	 	 	
	  	By: 	 
	 	 	
      

    
	 	  	 Name: 
	 	  	 Title: 

  Dated: ___________________________

 

D-2

  

    EXHIBIT E

[FORM OF NOTATION OF GUARANTEE]

     For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and
subject to the provisions in the Indenture dated as of June 10, 2005 (the “Indenture”) among Tekni-Plex, Inc. (the “Company”), the Guarantors party thereto and HSBC Bank USA, National Association, as trustee (the
“Trustee”), (a) the due and punctual payment of the principal of, premium and Liquidated Damages, if any, and interest on, the Notes, 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 11 of the Indenture and reference is hereby made to the
Indenture for the precise terms of the Subsidiary Guarantee. 

     Capitalized terms used but not defined herein have the
meanings given to them in the Indenture.

	 	 [NAME OF GUARANTOR(S)]
	 	 	
	 	 	
	 
        	By:
        	

        
	
        	
        	

     
	

        	 
        	
Name:
        
	

        	 
        	
Title:
        

E-1

  

    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 Tekni-Plex, Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and HSBC Bank USA, National Association as trustee under the
Indenture referred to below (the “Trustee”). 

W I T N E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of June 10, 2005 providing for the issuance an aggregate principal amount
of $150,000,000 of 10 7/8 % Senior Secured Notes due 2012 plus Additional Notes (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 this
    Indenture, including but not limited to Article 11 hereof. 

        3. 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 

F-1

  
    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. 

  
         4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE 

  
    STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
    BE REQUIRED THEREBY. 

  
         5. 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. 

        6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 

        7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
    contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 

F-2

     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: 
		 	 
	 	 
	 	Tekni-Plex,
    Inc.
	 	 	
	 	 	
	  	By: 	 
	 	 	
      

    
	 	  	 Name: 
	 	  	 Title: 
		 	 
		 	 
		[EXISTING GUARANTORS]
		 	 
		 	 
	  	By: 	 
	 	 	
      

    
	 	  	 Name: 
	 	  	 Title: 
		 	 
		 	 
		HSBC Bank USA, National Association,
		    as Trustee
		 	 
		 	 
	  	By: 	 
	 	 	
      

    
	 	  	 Authorized Signatory

F-3

  

    EXHIBIT G

FORM OF SECURITY AGREEMENT

 

 

G-1

  

    EXHIBIT H

FORM OF PLEDGE AGREEMENT

 

 

 

 

H-1

  

    EXHIBIT I

FORM OF COPYRIGHT SECURITY AGREEMENT

 

 

 

 

I-1

  

    EXHIBIT J

FORM OF PATENT SECURITY AGREEMENT

 

 

 

J-1

  

    EXHIBIT K

FORM OF MORTGAGE
  

  

  

  SCHEDULE 1.1(A)

REAL PROPERTY

 

	 	Address
	
1.             	
252 Hosea Road 

Lawrenceville, Georgia   

	
2.             	
1060 Route 10 East 

Clinton, Illinois        

	
3.             	
9611 Winona Avenue 

Schiller Park, Illinois  

	
4.             	
2110 Patterson Street 

Decatur, Indiana 

	
5.             	
36 Beverly Road 

Burlington, New Jersey   

	
6.             	
112 Church Street 

Flemington, New Jersey   

	
7.             	
101 Railroad Avenue 

Ridgefield, New Jersey   

	
8.             	
18 Green Pond Road 

Rockaway, New Jersey     

	
9.             	
201 Industrial Parkway 

Somerville, New Jersey   

	
10.            	
8720 U.S. Highway 70 West 

Clayton, North Carolina  

	
11.            	
15 Airport Lane 

McKenzie, Tennessee      

	
12.            	700 Jewel Drive 

Waco, Texas      

	
13.            	
1121 South Columbia Street 

Wenatchee, Washington    

	
14.            	
4700 South Westmoreland Road 

Dallas, Texas    

	
15.            	
201 East Beal Avenue 

Bucyrus, Ohio

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]