Document:

Exhibit
4.5

 

IRON MOUNTAIN INCORPORATED

 

SENIOR SUBORDINATED INDENTURE

 

Dated as of [    ], 20[    ]

 

 

[    ],

 

as Trustee

 

 

Table of Contents

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE

  	
  1

  
	
  Section 1.1.

  	
  DEFINITIONS

  	
  1

  
	
  Section 1.2.

  	
  OTHER DEFINITIONS

  	
  8

  
	
  Section 1.3.

  	
  INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT

  	
  9

  
	
  Section 1.4.

  	
  RULES OF CONSTRUCTION

  	
  9

  
	
  ARTICLE II. THE SECURITIES

  	
  10

  
	
  Section 2.1.

  	
  ISSUABLE IN SERIES

  	
  10

  
	
  Section 2.2.

  	
  ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES

  	
  10

  
	
  Section 2.3.

  	
  EXECUTION AND AUTHENTICATION

  	
  12

  
	
  Section 2.4.

  	
  REGISTRAR AND PAYING AGENT

  	
  13

  
	
  Section 2.5.

  	
  PAYING AGENT TO HOLD MONEY IN TRUST

  	
  14

  
	
  Section 2.6.

  	
  SECURITYHOLDER LISTS

  	
  14

  
	
  Section 2.7.

  	
  TRANSFER AND EXCHANGE

  	
  14

  
	
  Section 2.8.

  	
  MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES

  	
  15

  
	
  Section 2.9.

  	
  OUTSTANDING SECURITIES

  	
  16

  
	
  Section 2.10.

  	
  TREASURY SECURITIES

  	
  16

  
	
  Section 2.11.

  	
  TEMPORARY SECURITIES

  	
  16

  
	
  Section 2.12.

  	
  CANCELLATION

  	
  17

  
	
  Section 2.13.

  	
  DEFAULTED INTEREST

  	
  17

  
	
  Section 2.14.

  	
  RECORD DATE

  	
  17

  
	
  Section 2.15.

  	
  GLOBAL SECURITIES

  	
  17

  
	
  Section 2.16.

  	
  CUSIP NUMBERS

  	
  18

  
	
  ARTICLE III. REDEMPTION

  	
  19

  
	
  Section 3.1.

  	
  NOTICE TO TRUSTEE

  	
  19

  
	
  Section 3.2.

  	
  SELECTION OF SECURITIES TO BE REDEEMED

  	
  19

  
	
  Section 3.3.

  	
  NOTICE OF REDEMPTION

  	
  19

  
	
  Section 3.4.

  	
  EFFECT OF NOTICE OF REDEMPTION

  	
  20

  
	
  Section 3.5.

  	
  DEPOSIT OF REDEMPTION PRICE

  	
  20

  
	
  Section 3.6.

  	
  SECURITIES REDEEMED IN PART

  	
  21

  
	
  ARTICLE IV. COVENANTS

  	
  21

  
	
  Section 4.1.

  	
  PAYMENT OF PRINCIPAL AND INTEREST

  	
  21

  
	
  Section 4.2.

  	
  REPORTS

  	
  21

  
	
  Section 4.3.

  	
  COMPLIANCE CERTIFICATE

  	
  22

  
	
  Section 4.4.

  	
  STAY, EXTENSION AND USURY LAWS

  	
  22

  
	
  Section 4.5.

  	
  CORPORATE EXISTENCE

  	
  22

  
	
  Section 4.6.

  	
  TAXES

  	
  23

  
	
  Section 4.7.

  	
  MAINTENANCE OF OFFICE OR AGENCY

  	
  23

  
	
  ARTICLE V. SUCCESSORS

  	
  23

  
	
  Section 5.1.

  	
  MERGERS, CONSOLIDATIONS OR SALE OF ASSETS

  	
  23

  
	
  Section 5.2.

  	
  SUCCESSOR CORPORATION SUBSTITUTED

  	
  24

  
	
  ARTICLE VI. DEFAULTS AND
  REMEDIES

  	
  25

  
	
  Section 6.1.

  	
  EVENTS OF DEFAULT

  	
  25

  

 

 

Table of Contents

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 6.2.

  	
  ACCELERATION OF MATURITY

  	
  27

  
	
  Section 6.3.

  	
  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
  TRUSTEE

  	
  28

  
	
  Section 6.4.

  	
  TRUSTEE MAY FILE PROOFS OF CLAIM

  	
  28

  
	
  Section 6.5.

  	
  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
  SECURITIES

  	
  29

  
	
  Section 6.6.

  	
  APPLICATION OF MONEY COLLECTED

  	
  29

  
	
  Section 6.7.

  	
  LIMITATION ON SUITS

  	
  30

  
	
  Section 6.8.

  	
  UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND
  INTEREST

  	
  30

  
	
  Section 6.9.

  	
  RESTORATION OF RIGHTS AND REMEDIES

  	
  31

  
	
  Section 6.10.

  	
  RIGHTS AND REMEDIES CUMULATIVE

  	
  31

  
	
  Section 6.11.

  	
  DELAY OR OMISSION NOT WAIVER

  	
  31

  
	
  Section 6.12.

  	
  CONTROL BY HOLDERS

  	
  31

  
	
  Section 6.13.

  	
  WAIVER OF PAST DEFAULTS

  	
  32

  
	
  Section 6.14.

  	
  UNDERTAKING FOR COSTS

  	
  32

  
	
  ARTICLE VII. TRUSTEE

  	
  32

  
	
  Section 7.1.

  	
  DUTIES OF TRUSTEE

  	
  32

  
	
  Section 7.2.

  	
  RIGHTS OF TRUSTEE

  	
  34

  
	
  Section 7.3.

  	
  INDIVIDUAL RIGHTS OF TRUSTEE

  	
  35

  
	
  Section 7.4.

  	
  TRUSTEE’S DISCLAIMER

  	
  35

  
	
  Section 7.5.

  	
  NOTICE OF DEFAULTS

  	
  35

  
	
  Section 7.6.

  	
  REPORTS BY TRUSTEE TO HOLDERS

  	
  35

  
	
  Section 7.7.

  	
  COMPENSATION AND INDEMNITY

  	
  36

  
	
  Section 7.8.

  	
  REPLACEMENT OF TRUSTEE

  	
  37

  
	
  Section 7.9.

  	
  SUCCESSOR TRUSTEE BY MERGER, ETC.

  	
  38

  
	
  Section 7.10.

  	
  ELIGIBILITY; DISQUALIFICATION

  	
  38

  
	
  Section 7.11.

  	
  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY

  	
  38

  
	
  ARTICLE VIII. LEGAL
  DEFEASANCE AND COVENANT DEFEASANCE

  	
  38

  
	
  Section 8.1.

  	
  OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE

  	
  38

  
	
  Section 8.2.

  	
  LEGAL DEFEASANCE AND DISCHARGE

  	
  38

  
	
  Section 8.3.

  	
  COVENANT DEFEASANCE

  	
  39

  
	
  Section 8.4.

  	
  CONDITIONS TO LEGAL OR COVENANT DEFEASANCE

  	
  39

  
	
  Section 8.5.

  	
  DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN
  TRUST; OTHER MISCELLANEOUS PROVISIONS

  	
  41

  
	
  Section 8.6.

  	
  REPAYMENT TO COMPANY

  	
  41

  
	
  Section 8.7.

  	
  REINSTATEMENT

  	
  42

  
	
  ARTICLE IX. AMENDMENTS AND
  WAIVERS

  	
  42

  
	
  Section 9.1.

  	
  WITHOUT CONSENT OF HOLDERS

  	
  42

  
	
  Section 9.2.

  	
  WITH CONSENT OF HOLDERS

  	
  43

  

 

2

 

Table of Contents

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 9.3.

  	
  LIMITATIONS

  	
  43

  
	
  Section 9.4.

  	
  COMPLIANCE WITH TRUST INDENTURE ACT

  	
  44

  
	
  Section 9.5.

  	
  REVOCATION AND EFFECT OF CONSENTS

  	
  44

  
	
  Section 9.6.

  	
  NOTATION ON OR EXCHANGE OF SECURITIES

  	
  45

  
	
  Section 9.7.

  	
  TRUSTEE TO SIGN AMENDMENTS; TRUSTEE PROTECTED

  	
  45

  
	
  ARTICLE X. MISCELLANEOUS

  	
  45

  
	
  Section 10.1.

  	
  TRUST INDENTURE ACT CONTROLS

  	
  45

  
	
  Section 10.2.

  	
  NOTICES

  	
  45

  
	
  Section 10.3.

  	
  COMMUNICATION BY HOLDERS WITH OTHER HOLDERS

  	
  46

  
	
  Section 10.4.

  	
  CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT

  	
  47

  
	
  Section 10.5.

  	
  STATEMENTS REQUIRED IN CERTIFICATE OR OPINION

  	
  47

  
	
  Section 10.6.

  	
  RULES BY TRUSTEE AND AGENTS

  	
  47

  
	
  Section 10.7.

  	
  LEGAL HOLIDAYS

  	
  47

  
	
  Section 10.8.

  	
  NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
  STOCKHOLDERS

  	
  48

  
	
  Section 10.9.

  	
  COUNTERPARTS

  	
  48

  
	
  Section 10.10.

  	
  GOVERNING LAWS

  	
  48

  
	
  Section 10.11.

  	
  NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS

  	
  48

  
	
  Section 10.12.

  	
  SUCCESSORS

  	
  48

  
	
  Section 10.13.

  	
  SEVERABILITY

  	
  48

  
	
  Section 10.14.

  	
  TABLE OF CONTENTS, HEADINGS, ETC.

  	
  48

  
	
  Section 10.15.

  	
  SECURITIES IN A FOREIGN CURRENCY OR IN EURO

  	
  49

  
	
  Section 10.16.

  	
  JUDGMENT CURRENCY

  	
  49

  
	
  Section 10.17.

  	
  WAIVER OF JURY TRIAL

  	
  50

  
	
  Section 10.18.

  	
  SUBMISSION TO JURISDICTION; VENUE

  	
  50

  
	
  ARTICLE XI. SINKING FUNDS

  	
  51

  
	
  Section 11.1.

  	
  APPLICABILITY OF ARTICLE

  	
  51

  
	
  Section 11.2.

  	
  SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES

  	
  51

  
	
  Section 11.3.

  	
  REDEMPTION OF SECURITIES FOR SINKING FUND

  	
  51

  
	
  ARTICLE XII. SUBSIDIARY
  GUARANTEES

  	
  52

  
	
  Section 12.1.

  	
  SUBSIDIARY GUARANTEE

  	
  52

  
	
  Section 12.2.

  	
  LIMITATION OF GUARANTOR’S LIABILITY

  	
  53

  
	
  ARTICLE XIII. SUBORDINATION

  	
  54

  
	
  Section 13.1.

  	
  AGREEMENT TO SUBORDINATE

  	
  54

  
	
  Section 13.2.

  	
  LIQUIDATION; DISSOLUTION; BANKRUPTCY

  	
  54

  
	
  Section 13.3.

  	
  DEFAULT ON DESIGNATED SENIOR DEBT

  	
  55

  
	
  Section 13.4.

  	
  ACCELERATION OF SECURITIES

  	
  56

  
	
  Section 13.5.

  	
  WHEN DISTRIBUTION MUST BE PAID OVER

  	
  56

  
	
  Section 13.6.

  	
  NOTICE BY COMPANY

  	
  56

  
	
  Section 13.7.

  	
  SUBROGATION

  	
  56

  
	
  Section 13.8.

  	
  RELATIVE RIGHTS

  	
  57

  

 

3

 

Table of Contents

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 13.9.

  	
  SUBORDINATION MAY NOT BE IMPAIRED BY COMPANY

  	
  57

  
	
  Section 13.10.

  	
  DISTRIBUTION OR NOTICE TO REPRESENTATIVE

  	
  57

  
	
  Section 13.11.

  	
  RIGHTS OF TRUSTEE AND PAYING AGENT

  	
  57

  
	
  Section 13.12.

  	
  AUTHORIZATION TO EFFECT SUBORDINATION

  	
  58

  
	
  Section 13.13.

  	
  AMENDMENTS

  	
  58

  
	
  Section 13.14.

  	
  SUBORDINATION OF SUBSIDIARY GUARANTEES

  	
  58

  
	
  Section 13.15.

  	
  LIQUIDATION; DISSOLUTION; BANKRUPTCY OF A GUARANTOR

  	
  58

  
	
  Section 13.16.

  	
  DEFAULT ON SENIOR DEBT OF THE GUARANTOR

  	
  59

  
	
  Section 13.17.

  	
  ACCELERATION OF SECURITIES; DUTIES OF GUARANTORS

  	
  60

  
	
  Section 13.18.

  	
  WHEN DISTRIBUTION FROM GUARANTOR MUST BE PAID OVER

  	
  60

  
	
  Section 13.19.

  	
  NOTICE BY A GUARANTOR

  	
  60

  
	
  Section 13.20.

  	
  SUBROGATION WITH RESPECT TO ANY GUARANTOR

  	
  61

  
	
  Section 13.21.

  	
  RELATIVE RIGHTS WITH RESPECT TO ANY GUARANTOR

  	
  61

  
	
  Section 13.22.

  	
  SUBORDINATION MAY NOT BE IMPAIRED BY ANY GUARANTOR

  	
  61

  
	
  Section 13.23.

  	
  DISTRIBUTION OR NOTICE TO REPRESENTATIVE WITH RESPECT TO
  ANY GUARANTOR

  	
  61

  
	
  Section 13.24.

  	
  RIGHTS OF TRUSTEE AND PAYING AGENT WITH RESPECT TO ANY
  GUARANTOR

  	
  62

  
	
  Section 13.25.

  	
  AUTHORIZATION TO EFFECT SUBORDINATION WITH RESPECT TO ANY
  GUARANTOR

  	
  62

  
	
  Section 13.26.

  	
  AMENDMENTS WITH RESPECT TO ANY GUARANTOR

  	
  62

  

 

4

 

IRON MOUNTAIN INCORPORATED

 

Reconciliation and tie between Trust Indenture Act
of 1939 and

Indenture, dated as of [    ], 20[    ]

 

	
  §
  310(a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  Not
  Applicable

  
	
  (a)(4)

  	
   

  	
  Not
  Applicable

  
	
  (a)(5)

  	
   

  	
  7.10

  
	
  (b)

  	
   

  	
  7.10

  
	
  §
  310(c)

  	
   

  	
  Not
  Applicable

  
	
  §
  311(a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  Not
  Applicable

  
	
  §
  312(a)

  	
   

  	
  2.6

  
	
  (b)

  	
   

  	
  10.3

  
	
  (c)

  	
   

  	
  10.3

  
	
  §
  313(a)

  	
   

  	
  7.6

  
	
  (b)(1)

  	
   

  	
  7.6

  
	
  (b)(2)

  	
   

  	
  7.6

  
	
  (c)

  	
   

  	
  7.6,
  10.2

  
	
  (c)(1)

  	
   

  	
  7.6

  
	
  (c)(2)

  	
   

  	
  7.6

  
	
  (c)(3)

  	
   

  	
  7.6

  
	
  (d)

  	
   

  	
  7.6

  
	
  §
  314(a)

  	
   

  	
  4.2,
  4.3, 10.5

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)(1)

  	
   

  	
  10.4

  
	
  (c)(2)

  	
   

  	
  10.4

  
	
  (c)(3)

  	
   

  	
  Not
  Applicable

  
	
  (d)

  	
   

  	
  Not
  Applicable

  
	
  (e)

  	
   

  	
  10.5

  
	
  (f)

  	
   

  	
  Not
  Applicable

  
	
  §
  315(a)

  	
   

  	
  7.1(b)

  
	
  (b)

  	
   

  	
  7.5

  
	
  (c)

  	
   

  	
  7.1

  
	
  (d)

  	
   

  	
  7.1

  
	
  (e)

  	
   

  	
  6.14

  
	
  §
  316(a)

  	
   

  	
  2.10

  
	
  (a)(1)(A)

  	
   

  	
  6.12

  
	
  (a)(1)(B)

  	
   

  	
  6.13

  
	
  (b)

  	
   

  	
  6.8

  
	
  §
  316(c)

  	
   

  	
  2.14

  
	
  §
  317(a)(1)

  	
   

  	
  6.3

  
	
  (a)(2)

  	
   

  	
  6.4

  

 

 

	
  (b)

  	
   

  	
  2.5

  
	
  §
  318(a)

  	
   

  	
  10.1

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)

  	
   

  	
  Not
  Applicable

  

 

Note:  This reconciliation and tie shall not, for
any purpose, be deemed to be part of the Indenture.

 

2

 

Senior
Subordinated Indenture dated as of [    ], 20[    ]
among Iron Mountain Incorporated, a Delaware corporation (“Company”), the
guarantors party hereto and [    ], as Trustee (“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal
and ratable benefit of the Holders of the Securities issued under this
Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.                                   DEFINITIONS

 

“Additional
Amounts” means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified therein and
which are owing to such Holders.

 

“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” (including,
with correlative meanings, the terms “controlling,” “controlled by” and “under
common control with”), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; PROVIDED, HOWEVER,
that beneficial ownership of 10% or more of the voting securities of a Person
shall be deemed to be control.

 

“Agent”
means any Registrar, Paying Agent or Service Agent.

 

“Authorized
Newspaper” means a newspaper in an official language of the country of
publication customarily published at least once a day for at least five days in
each calendar week and of general circulation in the place in connection with
which the term is used. If it shall be impractical in the opinion of the
Trustee to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof that is made or
given by the Trustee shall constitute a sufficient publication of such notice.

 

“Bearer
Security” means any Security, including any interest coupon appertaining
thereto, that does not provide for the identification of the Holder thereof.

 

“Board
of Directors” means the Board of Directors of the Company or any duly
authorized committee thereof.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in
full force and effect on the date of the certificate and delivered to the
Trustee.

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’
Certificate or supplemental indenture hereto for a particular Series, any day
except a Saturday, 

 

 

Sunday
or a legal holiday in The City of New York or at a place of payment on which
banking institutions are authorized or required by law, regulation or executive
order to close.

 

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

 

“Capital
Stock” means any and all shares, interests, participations, rights or other equivalents
(however designated) of corporate stock, including, without limitation, with
respect to partnerships, partnership interests (whether general or limited) and
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,
such partnership.

 

“Company”
means the party named as such above until a successor replaces it and
thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers.

 

“Corporate
Trust Office” means a principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the date hereof
is located at [    ], Attention: Corporate Trust Administration,
or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the principal corporate trust office of any
successor Trustee (or such other address as a successor Trustee may designate
from time to time by notice to the Holders and the Company).

 

“Credit Agent” means JPMorgan Chase
Bank, N.A., in its capacity as administrative agent for the lenders party to
the Credit Agreement, or any successor or successors party thereto.

 

“Credit Agreement” means that certain
Credit Agreement, dated as of April 16, 2007, as amended, among the
Company, the lenders and agents party thereto, including any related notes,
Guarantees, collateral documents, instruments and agreements executed in
connection therewith, and, in each case, as amended, restated, supplemented,
modified, renewed, refunded, increased, extended, replaced in any manner
(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 or such other credit agreement as may be set forth in a
supplemental indenture hereto for a particular Series.

 

“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.

 

“Depository”
means, with respect to the Securities of any Series issuable or issued in
whole or in part in the form of one or more Global Securities, the Person
designated as Depository for such Series by the Company, which Depository
shall be a clearing agency registered under the Exchange Act; and if at any
time there is more than one such Person, “Depository” as used with respect to
the Securities of any Series shall mean the Depository with respect to the
Securities of such Series.

 

2

 

“Designated
Senior Debt” means (a) Senior Bank Debt and (b) other Senior Debt the
principal amount of which is $50.0 million or more at the date of designation
by the Company in a written instrument delivered to the Trustee; provided that
Senior Debt designated as Designated Senior Debt pursuant to clause (b) shall
cease to be Designated Senior Debt at any time that the aggregate principal
amount thereof outstanding is $10.0 million or less.

 

“Discount
Security” means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.

 

“Disqualified
Stock” means any Capital Stock which, by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable), or upon
the happening of any event, matures or is mandatorily redeemable, for cash or
other property (other than Capital Stock that is not Disqualified Stock)
pursuant to a sinking fund obligation or otherwise, or is redeemable at the
option of the Securityholder thereof, in whole or in part, in each case on or
prior to the stated maturity of the Securities.

 

“Dollars”
and “$” mean lawful money of the United States of America.

 

“Euro”
means the single currency of participating member states of the economic and
monetary union as contemplated in the Treaty on European Union.

 

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

 

“Existing
Senior Subordinated Securities” means the 6 5/8% Notes, the 6 3/4% Notes, the
Second 6 3/4% Notes, the 7 1/4% Notes, the 7 1/2% Notes, the 7 3/4% Notes, the
8% Notes, the Second 8% Notes, the 8 3/8% Notes and the 8 3/4% Notes.

 

“Foreign
Currency” means any currency or currency unit issued by a government other than
the government of the United States of America.

 

“GAAP”
means accounting principles generally accepted in the United States of America
which are in effect on the date set forth in a supplemental indenture for a
particular Series.

 

“Global
Security” or “Global Securities” means a Security or Securities, as the case
may be, in the form established pursuant to Section 2.2 evidencing all or
part of a Series of Securities, issued to the Depository for such Series or
its nominee, and registered in the name of such Depository or nominee.

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the
United States of America for the payment of which guarantee or obligations the
full faith and credit of the United States of America is pledged.

 

“Guarantee”
means, as applied to any obligation, (a) a guarantee (other than by
endorsement of negotiable instruments for collection in the ordinary course of
business), direct or indirect, in any manner, of any part or all of such
obligation and (b) an agreement, direct or indirect, contingent or
otherwise, the practical effect of which is to assure in any way the 

 

3

 

payment
or performance (or payment of damages in the event of non-performance) of all
or any part of such obligation, including, without limiting the foregoing, the
obligation to reimburse amounts drawn down under letters of credit securing
such obligations.

 

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

 

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

 

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

 

(c)           other agreements or arrangements
designed to protect such Person against fluctuations in currency exchange rates
or commodity prices.

 

“Holder”
or “Securityholder” means a Person in whose name a Security is registered or
the holder of a Bearer Security.

 

“Indebtedness”
means (without duplication), with respect to any Person, whether recourse is to
all or a portion of the assets of such Person, and whether or not contingent, (a) every
obligation of such Person for money borrowed, (b) every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments, (c) every
reimbursement obligation of such Person with respect to letters of credit,
bankers’ acceptances or similar facilities issued for the account of such
Person, (d) every obligation of such Person issued or assumed as the
deferred purchase price of property or services, (e) every Capital Lease
Obligation and every obligation of such Person in respect of Sale and Leaseback
Transactions that would be required to be capitalized on the balance sheet in
accordance with GAAP, (f) all Disqualified Stock of such Person valued at
the greater of its voluntary or involuntary maximum fixed repurchase price,
plus accrued and unpaid dividends (unless included in such maximum repurchase
price), (g) all obligations of such Person under or with respect to
Hedging Obligations which would be required to be reflected on the balance
sheet as a liability of such Person in accordance with GAAP and (h) every
obligation of the type referred to in clauses (a) through (g) of
another Person and dividends of another Person the payment of which, in either
case, such Person has guaranteed. For purposes of this definition, the “maximum
fixed repurchase price” of any Disqualified Stock that does not have a fixed
repurchase price will be calculated in accordance with the terms of such
Disqualified Stock as if such Disqualified Stock were repurchased on any date
on which Indebtedness is required to be determined pursuant to this Indenture,
and if such price is based upon, or measured by, the fair market value of such
Disqualified Stock, such fair market value will be determined in good faith by
the board of directors of the issuer of such Disqualified Stock.
Notwithstanding the foregoing, trade accounts payable and accrued liabilities
arising in the ordinary course of business and any liability for federal, state
or local taxes or other taxes owed by such Person will not be considered
Indebtedness for purposes of this definition. The amount outstanding at any
time of any Indebtedness issued with original issue discount is the aggregate
principal amount at maturity of such Indebtedness, less the remaining unamortized
portion of the original issue discount of such Indebtedness at such time, as
determined in accordance with GAAP. Indebtedness shall be calculated without
giving effect to the effects of Statement of Financial Accounting Standards No. 133
and related interpretations to the extent such effects would otherwise increase
or 

 

4

 

decrease
an amount of Indebtedness for any purpose under the Indenture as a result of
accounting for any embedded derivatives created by the terms of such
Indebtedness.

 

“Indenture”
means this Indenture as amended and supplemented from time to time and shall
include the form and terms of particular Series of Securities established
as contemplated hereunder and any related supplemental indenture.

 

“interest”
with respect to any Discount Security which by its terms bears interest only
after Maturity, means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security or installment of principal thereof,
means the date on which the principal of such Security or such installment of
principal becomes due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, call for redemption, notice
of option to elect repayment or otherwise.

 

“Obligations”
means any principal, interest (including post-petition interest, whether or not
allowed as a claim in any proceeding), penalties, fees, costs, expenses,
indemnifications, reimbursements, damages and other liabilities payable under
or in connection with any Indebtedness.

 

“Officer”
means the Executive Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, any
Vice-President, the Treasurer, the Controller, the Secretary, any Assistant
Treasurer or any Assistant Secretary of any Person.

 

“Officers’
Certificate” means a certificate signed, unless otherwise specified, by any two
of the Executive Chairman of the Board, a Vice Chairman of the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, the Controller
or an Executive Vice President of the Company, and delivered to the Trustee.

 

“Opinion
of Counsel” means a written opinion of legal counsel, which opinion is  reasonably acceptable to the Trustee. The
counsel may be an employee of or counsel to the Company.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security.

 

“Representative”
means, for purposes of Article XIII, the Credit Agent or other agent,
trustee or representative for any Senior Debt of the Company or a Guarantor, as
the case may be.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the
corporate trust department of the Trustee, including any managing director,
director, vice president, assistant vice president, assistant treasurer, trust
officer, associate or any other 

 

5

 

officer
of the Trustee who customarily performs functions similar to those performed by
the persons who at the time shall be such officers, respectively, or to whom
any corporate trust matter is referred because of such person’s knowledge of
and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

 

“Restricted
Subsidiary” shall have the meaning set forth in the applicable supplemental
indenture as to each Series of Securities. If not defined in the
applicable supplemental indenture, then there shall be no Restricted
Subsidiaries as to such Series.

 

“Sale
and Leaseback Transaction” means any transaction or series of related
transactions pursuant to which a Person sells or transfers any property or
asset in connection with the leasing, or the resale against installment
payments, of such property or asset to the seller or transferor.

 

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

 

“Second
8% Notes” means the Company’s 8% Senior Subordinated Notes due 2020 issued
pursuant to the Seventh Supplemental Indenture dated as of June 5, 2008,
by and among the Company, certain of its subsidiaries and The Bank of New York
Mellon Trust Company, N.A., as trustee.

 

“Securities”
means the debentures, notes or other instruments of Indebtedness of the Company
of any Series authenticated and delivered under this Indenture.

 

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

 

“Senior
Bank Debt” means all Obligations outstanding under or in connection with the
Credit Agreement (including Guarantees of such Obligations by Subsidiaries of
the Company).

 

“Senior
Debt” means (a) the Senior Bank Debt and (b) any other Indebtedness
permitted to be incurred by the Company or any Restricted Subsidiary, as the
case may be, under the terms of this Indenture, unless the instrument under
which such Indebtedness is incurred expressly provides that it is on a parity
with or subordinated in right of payment to the Securities or subordinated to
Senior Debt on terms substantially similar to those of the Securities.
Notwithstanding anything to the contrary in the foregoing, Senior Debt shall
not include (i) any liability for federal, state, local or other taxes
owed or owing by the Company, (ii) any Indebtedness of the Company to any
of its Subsidiaries or other Affiliates, (iii) any trade payables or (iv) any
Indebtedness that is incurred in violation of this Indenture provided that such
Indebtedness shall be deemed not to have been incurred in violation of the
Indenture for purposes of this clause (iv) if, in the case of any
obligations under the Credit Agreement, the holders of such obligations or
their agent or representative shall have received a representation from the
Company to the effect that the incurrence of such Indebtedness does not violate
the provisions of this Indenture.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other
debt instruments of the Company created pursuant to Sections 2.1 and 2.2
hereof.

 

6

 

“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” when used with respect to any Security or any installment of
principal thereof or interest thereon, means the date specified in such
Security as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable.

 

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

 

“Subsidiary
Guarantee” means a Guarantee of a Guarantor pursuant to Article XII
hereof.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as
in effect on the date of this Indenture; PROVIDED, HOWEVER, that in the event
the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the
extent required by any such amendment, the Trust Indenture Act as so amended.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder, and if at any time there
is more than one such Person, “Trustee” as used with respect to the Securities
of any Series shall mean the Trustee with respect to Securities of that
Series.

 

“6
5/8% Notes” means the Company’s 6 5/8% Senior Subordinated Notes due 2016
issued pursuant to the Second Supplemental Indenture dated as of June 20,
2003, by and among the Company, certain of its subsidiaries and The Bank of New
York Mellon Trust Company, N.A., as trustee.

 

“6
3/4% Notes” means the Company’s 6 3/4% Senior Subordinated Notes due 2018
issued pursuant to (i) the Fourth Supplemental Indenture dated as of October 16,
2006, and (ii) the Fifth Supplemental Indenture dated as of January 19,
2007, as amended by Amendment No. 1 to the Fifth Supplemental Indenture,
dated as of February 23, 2007, each by and among the Company, certain of
its subsidiaries and The Bank of New York Mellon Trust Company, N.A., as
trustee.

 

“7
1/4% Notes” means the Company’s 7 1/4% Senior Subordinated Notes due 2014
issued pursuant to the Indenture dated as of January 22, 2004, by and
among the Company, certain of its subsidiaries and The Bank of New York Mellon
Trust Company, N.A., as trustee.

 

“7
1/2% Notes” means the Iron Mountain Nova Scotia Funding Company’s 7 1/2% Senior
Subordinated Notes due 2017 issued pursuant to the Sixth Supplemental Indenture

 

7

 

dated
as of March 15, 2007, by and among Iron Mountain Nova Scotia Funding
Company, as issuer, the Company, certain of its subsidiaries and The Bank of
New York Mellon Trust Company, N.A., as trustee.

 

“7
3/4% Notes” means the Company’s 7 3/4% Senior Subordinated Notes due 2015
issued pursuant to the First Supplemental Indenture dated as of December 30,
2002, by and among the Company, certain of its subsidiaries and The Bank of New
York Mellon Trust Company, N.A., as trustee.

 

“8%
Notes” means the Company’s 8% Senior Subordinated Notes due 2018 issued
pursuant to the Fourth Supplemental Indenture dated as of October 16,
2006, by and among the Company, certain of its subsidiaries and The Bank of New
York Mellon Trust Company, N.A., as trustee.

 

“8
3/8% Notes” means the Company’s 8 3/8% Senior Subordinated Notes due 2021
issued pursuant to the Eighth Supplemental Indenture dated as of August 10,
2009, by and among the Company, certain of its subsidiaries and The Bank of New
York Mellon Trust Company, N.A., as trustee.

 

“8
3/4% Notes” means the Company’s 8 3/4% Senior Subordinated Notes due 2018
issued pursuant to the Third Supplemental Indenture dated July 17, 2006,
by and among the Company, certain of its subsidiaries and The Bank of New York
Mellon Trust Company, N.A., as trustee.

 

Section 1.2.                                   OTHER
DEFINITIONS.

 

	
   

  	
   

  	
  DEFINED IN

  
	
  TERM

  	
   

  	
  SECTION

  
	
   

  	
   

  	
   

  
	
  “Bankruptcy
  Law”

  	
   

  	
  6.1

  
	
  “Benefited
  Party”

  	
   

  	
  12.1

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.3

  
	
  “Custodian”

  	
   

  	
  6.1

  
	
  “Event
  of Default”

  	
   

  	
  6.1

  
	
  “Guarantor”

  	
   

  	
  12.1

  
	
  “Journal”

  	
   

  	
  10.15

  
	
  “Judgment
  Currency”

  	
   

  	
  10.16

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.2

  
	
  “Legal
  Holiday”

  	
   

  	
  10.7

  
	
  “mandatory
  sinking fund payment”

  	
   

  	
  11.1

  
	
  “Market
  Exchange Rate”

  	
   

  	
  10.15

  
	
  “New
  York Banking Day”

  	
   

  	
  10.16

  
	
  “Non-Monetary
  Default”

  	
   

  	
  13.3

  
	
  “optional
  sinking fund payment”

  	
   

  	
  11.1

  
	
  “Paying
  Agent”

  	
   

  	
  2.4

  
	
  “Payment
  Blockage Notice”

  	
   

  	
  13.3

  
	
  “Payment
  Default”

  	
   

  	
  13.3

  

 

8

 

	
  “Registrar”

  	
   

  	
  2.4

  
	
  “Required
  Currency”

  	
   

  	
  10.16

  
	
  “Service
  Agent”

  	
   

  	
  2.4

  
	
  “Successor
  Person”

  	
   

  	
  5.2

  

 

Section 1.3.                                   INCORPORATION
BY REFERENCE OF TRUST INDENTURE ACT.

 

Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities and the Subsidiary Guarantees, if any.

 

“indenture
security holder” means a Holder or a Securityholder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company, the Guarantors, if any, and any
successor obligor upon the Securities or any Subsidiary Guarantee, as the case
may be.

 

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 and not
otherwise defined herein are used herein as so defined.

 

Section 1.4.                                   RULES OF
CONSTRUCTION.

 

Unless the context otherwise requires:

 

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

 

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

 

(c)           “or” is not
exclusive;

 

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

 

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

 

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

 

9

 

ARTICLE II.

THE SECURITIES

 

Section 2.1.                                   ISSUABLE IN
SERIES.

 

The
aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except
as may be set forth in a Board Resolution, a supplemental indenture or an
Officers’ Certificate detailing the adoption of the terms thereof pursuant to
the authority granted under a Board Resolution. In the case of Securities of a Series to
be issued from time to time, the Board Resolution, Officers’ Certificate or
supplemental indenture may provide for the method by which specified terms
(such as interest rate, maturity date, record date or date from which interest
shall accrue) are to be determined. Securities may differ between Series in
respect of any matters, provided that all Series of Securities shall be
equally and ratably entitled to the benefits of the Indenture.

 

Section 2.2.                                   ESTABLISHMENT
OF TERMS OF SERIES OF SECURITIES.

 

At
or prior to the issuance of any Securities within a Series, the following shall
be established (as to the Series generally, in the case of Subsection
2.2.1 and either as to such Securities within the Series or as to the Series generally
in the case of Subsections 2.2.2 through 2.2.21) by a Board Resolution, a
supplemental indenture or an Officers’ Certificate pursuant to authority
granted under a Board Resolution:

 

Section 2.2.1. the title of the Series (which shall
distinguish the Securities of that particular Series from the Securities
of any other Series);

 

Section 2.2.2. the price or prices (expressed as a percentage
of the principal amount thereof) at which the Securities of the Series will
be issued;

 

Section 2.2.3. any limit upon the aggregate principal amount
of the Securities of the Series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or
9.6, or any applicable provision of a supplemental indenture);

 

Section 2.2.4. the date or dates on which the principal of the
Securities of the Series is payable;

 

Section 2.2.5. the rate or rates (which may be fixed or
variable) per annum or, if applicable, the method used to determine such rate
or rates (including, but not limited to, any commodity, commodity index, stock
exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any,
shall accrue, the date or dates on which such interest, if any, shall commence
and be payable and any regular record date for the interest payable on any
interest payment date;

 

10

 

Section 2.2.6. the place or places where the principal of and
interest, if any, on the Securities of the Series shall be payable, or the
method of such payment, if by wire transfer, mail or other means;

 

Section 2.2.7. if applicable, the period or periods within
which, the price or prices at which and the terms and conditions upon which the
Securities of the Series may be redeemed, in whole or in part, at the
option of the Company;

 

Section 2.2.8. the obligation, if any, of the Company to
redeem or purchase the Securities of the Series pursuant to any sinking
fund or analogous provisions or at the option of a Holder thereof and the
period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or
purchased, in whole or in part, pursuant to such obligation;

 

Section 2.2.9. the dates, if any, on which and the price or
prices at which the Securities of the Series will be repurchased by the
Company at the option of the Holders thereof and other detailed terms and
provisions of such repurchase obligations;

 

Section 2.2.10.       if other than
denominations of $1,000 and any integral multiple thereof, the denominations in
which the Securities of the Series shall be issuable;

 

Section 2.2.11.       the forms of
the Securities of the Series in bearer or fully registered form (and, if
in fully registered form, whether the Securities will be issuable as Global
Securities);

 

Section 2.2.12.       if other than
the principal amount thereof, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2;

 

Section 2.2.13.       the currency of
denomination of the Securities of the Series, which may be Dollars or any
Foreign Currency, including, but not limited to, the Euro, and if such currency
of denomination is a composite currency other than the Euro, the agency or
organization, if any, responsible for overseeing such composite currency;

 

Section 2.2.14.       the designation
of the currency, currencies or currency units in which payment of the principal
of and interest, if any, on the Securities of the Series will be made;

 

Section 2.2.15.       if payments of
principal of or interest, if any, on the Securities of the Series are to
be made in one or more currencies or currency units other than that or those in
which such Securities are denominated, the manner in which the exchange rate
with respect to such payments will be determined;

 

Section 2.2.16.       the manner in
which the amounts of payment of principal of or interest, if any, on the
Securities of the Series will be determined, if such amounts may be
determined by reference to an index based on a currency or currencies or by
reference to a commodity, commodity index, stock exchange index or financial
index;

 

11

 

Section 2.2.17.        
the provisions, if any, relating to any security provided for the
Securities of the Series;

 

Section 2.2.18.        
any addition to or change in the Events of Default which applies to any
Securities of the Series and any change in the right of the Trustee or the
requisite Holders of such Securities to declare the principal amount thereof
due and payable pursuant to Section 6.2;

 

Section 2.2.19.        
any addition to or change in the covenants set forth in Articles IV or V
which applies to Securities of the Series;

 

Section 2.2.20.        
any other terms of the Securities of the Series (which may modify
or delete any provision of this Indenture insofar as it applies to such
Series); and

 

Section 2.2.21.        
any depositories, interest rate calculation agents, exchange rate
calculation agents or other agents with respect to Securities of such Series if
other than those appointed herein.

 

All
Securities of any one Series need not be issued at the same time and may
be issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.

 

Section 2.3.                                   EXECUTION AND
AUTHENTICATION.

 

Two
Officers shall sign the Securities for the Company by manual or facsimile
signature. An Officer of each Guarantor shall sign the Subsidiary Guarantee for
the Guarantor by manual or facsimile signature.

 

If
an Officer whose signature is on a Security or Subsidiary Guarantee no longer
holds that office at the time the Security is authenticated, the Security or
Subsidiary Guarantee shall nevertheless be valid.

 

A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. Such signature shall be conclusive evidence
that the Security has been authenticated under this Indenture.

 

The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order. Such Company Order may authorize authentication and
delivery pursuant to written or electronic signed instructions from the Company
or its duly authorized agent or agents. Each Security shall be dated the date
of its authentication unless otherwise provided by a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate.

 

12

 

The
aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior
to the issuance of Securities of any Series, the Trustee shall have received
and (subject to Section 7.2) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officers’ Certificate
establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers’ Certificate complying
with Sections 10.4 and 10.5, and (c) an Opinion of Counsel complying with
Sections 10.4 and 10.5.

 

The
Trustee shall have the right to decline to authenticate and deliver any Securities
of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken; or (b) if the Trustee in good
faith by any of the following: its board of directors or trustees, executive
committee or a trust committee of Responsible Officers, directors and/or
vice-presidents shall determine that such action would reasonably be expected
to expose the Trustee to personal liability to Holders of any then outstanding Series of
Securities.

 

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

 

Section 2.4.                                   REGISTRAR AND
PAYING AGENT.

 

The
Company shall maintain, with respect to each Series of Securities, at the
place or places specified with respect to such Series pursuant to Section 2.2,
an office or agency where Securities of such Series may be presented or
surrendered for payment (“Paying Agent”), where Securities of such Series may
be surrendered for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such
Series and this Indenture may be served (“Service Agent”).  The Registrar shall keep a register with
respect to each Series of Securities and to their transfer and exchange.
The Company will give prompt written notice to the Trustee of the name and
address, and any change in the name or address, of each Registrar, Paying Agent
or Service Agent. If at any time the Company shall fail to maintain any such
required Registrar or Paying Agent or shall fail to furnish the Trustee with
the name and address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

 

The
Company may also from time to time designate one or more co-registrars,
additional paying agents or additional service agents and may from time to time
rescind such designations; PROVIDED, HOWEVER, that no such designation or
rescission shall in any manner relieve the Company of its obligations to
maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.2 for Securities of any Series for such 

 

13

 

purposes.
The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the name or address of any such
co-registrar, additional paying agent or additional service agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service
agent. The Company or any Guarantor may act as Paying Agent, Registrar or
Service Agent. The Company shall enter into an appropriate agency agreement
with any Agent not a party to this Indenture, which shall be subject to any
obligations imposed by the provisions of the TIA. The agreement shall implement
the provisions of this Indenture that relate to such Agent.

 

The
Company hereby appoints the Trustee the initial Registrar and Paying Agent and
for each Series unless another Registrar and Paying Agent, as the case may
be, is appointed prior to the time Securities of that Series are first
issued.

 

Section 2.5.                                   PAYING AGENT TO
HOLD MONEY IN TRUST.

 

The
Company shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust, for the benefit of
Securityholders of any Series of Securities, or the Trustee, all money
held by the Paying Agent for the payment of principal of or premium, if any, or
interest on the Series of Securities, and will notify the Trustee of any
default by the Company or the Guarantors 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) shall have no further
liability for the money delivered to the Trustee. If the Company or a
Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of Securityholders of any Series of Securities,
subject to Article XIII hereof, all money held by it as Paying Agent.

 

Section 2.6.                                   SECURITYHOLDER
LISTS.

 

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

 

Section 2.7.                                   TRANSFER AND
EXCHANGE.

 

Where
Securities of a Series are presented to the Registrar or a co-registrar
with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register
the transfer or make the exchange if its requirements for such transactions are
met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be
made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the 

 

14

 

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 tax or similar governmental charge payable upon exchanges pursuant to
Sections 2.11, 3.6 or 9.6).

 

Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series for the period beginning
at the opening of business fifteen days immediately preceding the mailing of a
notice of redemption of Securities of that Series selected for redemption
and ending at the close of business on the day of such mailing, or (b) to
register the transfer of or exchange Securities of any Series selected,
called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

Section 2.8.                                   MUTILATED,
DESTROYED, LOST AND STOLEN SECURITIES.

 

If
any mutilated Security is surrendered to the Trustee, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same Series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding.

 

If
there shall be delivered to the Company and the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate
and make available for delivery, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

 

In
case any such mutilated, destroyed, lost or stolen Security has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security.

 

Upon
the issuance of any new Security under this Section, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Trustee) connected therewith.

 

Every
new Security of any Series issued pursuant to this Section in lieu of
any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder.

 

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

 

15

 

Section 2.9.                                   OUTSTANDING
SECURITIES.

 

The
Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest on a Global Security effected by
the Trustee in accordance with the provisions hereof and those described in
this Section as not outstanding.

 

If
a Security is replaced pursuant to Section 2.8, it ceases to be
outstanding until the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

 

If
the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds on the Maturity of Securities of a Series money sufficient
to pay such Securities payable on that date, then on and after that date such
Securities of the Series cease to be outstanding and interest on them
ceases to accrue.

 

A
Security does not cease to be outstanding because the Company, a Guarantor or
an Affiliate of the Company or a Guarantor holds the Security.

 

In
determining whether the Holders of the requisite principal amount of
outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a
Discount Security that shall be deemed to be outstanding for such purposes
shall be the amount of the principal thereof that would be due and payable as
of the date of such determination upon a declaration of acceleration of the
Maturity thereof pursuant to Section 6.2.

 

Section 2.10.                             TREASURY
SECURITIES.

 

In
determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company
or an Affiliate shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities of a Series that a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. Notwithstanding the foregoing,
Securities of a Series that are to be acquired by the Company, any
Guarantor, any Subsidiary of the Company or any Guarantor or an Affiliate of
the Company or any Guarantor pursuant to an exchange offer, tender offer or
other agreement shall not be deemed to be owned by the Company, such Guarantor,
a Subsidiary of the Company or such Guarantor or an Affiliate of the Company or
such Guarantor until legal title to such Securities passes to the Company, such
Guarantor, such Subsidiary or such Affiliate, as the case may be.

 

Section 2.11.                             TEMPORARY
SECURITIES.

 

Until
definitive Securities are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities upon a Company Order. Temporary
Securities shall be substantially in the form of definitive Securities but may
have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon request shall authenticate definitive Securities of the same Series and
date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the
definitive Securities.

 

16

 

Section 2.12.                             CANCELLATION.

 

The
Company at any time may deliver Securities to the Trustee with written
instructions for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Securities surrendered to them for registration of transfer,
exchange or payment.  The Trustee shall
cancel all Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall dispose of such canceled Securities in accordance
with the Trustee’s customary practice as instructed by the Company. The Company
may not issue new Securities to replace Securities that it has paid or
delivered to the Trustee for cancellation.

 

Section 2.13.                             DEFAULTED
INTEREST.

 

If
the Company and the Guarantors default in a payment of interest on a Series of
Securities, the Company or any such Guarantor (to the extent of its obligations
under its Subsidiary Guarantee) shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest payable on the defaulted interest,
to the Persons who are Securityholders of the Series on a subsequent
special record date, which date shall be at the earliest practicable date but
in all events at least five Business Days prior to the payment date, in each
case at the rate provided for with respect to the applicable Securities. The
Trustee shall fix or cause to be fixed each such special record date and
payment date, and shall, promptly thereafter, notify the Trustee of any such
date. At least 15 days before the special record date, the Company (or the
Trustee, in the name of and at the expense of the Company) shall mail to
Securityholders of the Series a notice that states the special record
date, the related payment date and the amount of such interest to be paid. The
Company and the Guarantors may pay defaulted interest in any other lawful
manner.

 

Section 2.14.                             RECORD DATE.

 

The
record date for purposes of determining the identity of Securityholders of the Series entitled
to vote or consent to any action by vote or consent authorized or permitted
under this Indenture shall be determined as provided for in TIA Section 316(c).

 

Section 2.15.                             GLOBAL
SECURITIES.

 

Section 2.15.1.       TERMS OF
SECURITIES.  A Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in
the form of one or more Global Securities and the Depository for such Global
Security or Securities.

 

Section 2.15.2.       TRANSFER AND
EXCHANGE.  Notwithstanding any provisions
to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, and except as otherwise set forth in a supplemental indenture with
regard to a Series of Securities, any Global Security shall be
exchangeable pursuant to Section 2.7 of the Indenture for Securities
registered in the names of Holders other than the Depository for such Security
or its nominee only if (i) such Depository notifies the Company that it is
unwilling or unable to continue as Depository for such Global Security or if at
any time such Depository ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor
Depository within 90 days of such event, (ii) the Company executes and
delivers to the 

 

17

 

Trustee an Officers’ Certificate to the effect that
such Global Security shall be so exchangeable or (iii) an Event of Default
with respect to the Securities represented by such Global Security shall have
happened and be continuing. Any Global Security that is exchangeable pursuant
to the preceding sentence shall be exchangeable for Securities registered in
such names as the Depository shall direct in writing in an aggregate principal
amount equal to the principal amount of the Global Security with like tenor and
terms.

 

Except
as provided in this Section 2.15.2 or as may be set forth in a
supplemental indenture with regard to a Series of Securities, a Global
Security may not be transferred except as a whole by the Depository with
respect to such Global Security to a nominee of such Depository, by a nominee
of such Depository to such Depository or another nominee of such Depository or
by the Depository or any such nominee to a successor Depository or a nominee of
such a successor Depository.

 

Section 2.15.3.       LEGEND.  Any Global Security issued hereunder shall
bear a legend in substantially the following form:

 

“This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depository or a nominee of the
Depository. This Security is exchangeable for Securities registered in the name
of a Person other than the Depository or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except as
a whole by the Depository to a nominee of the Depository, by a nominee of the
Depository to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a
successor Depository.”

 

Section 2.15.4.       ACTS OF
HOLDERS.  The Depository, as a Holder,
may appoint agents and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action which a Holder is entitled to give or take under the Indenture.

 

Section 2.15.5.       PAYMENTS.  Notwithstanding the other provisions of this
Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of and interest, if any, on any Global Security shall
be made to the Holder thereof.

 

Section 2.15.6.       CONSENTS,
DECLARATION AND DIRECTIONS.  Except as
provided in Section 2.15.5, the Company, the Trustee and any Agent shall
treat the Holder of such principal amount of outstanding Securities of such Series represented
by a Global Security as the owner thereof, as shall be specified in a written
statement of the Depository with respect to such Global Security, for purposes
of obtaining any consents, declarations, waivers or directions required to be
given by the Holders pursuant to this Indenture.

 

Section 2.16.                             CUSIP NUMBERS.

 

The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any 

 

18

 

notice
of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee of any change in the CUSIP number.

 

ARTICLE III.

REDEMPTION

 

Section 3.1.                                   NOTICE TO
TRUSTEE.

 

The
Company may, with respect to any Series of Securities, reserve the right to
redeem and pay the Series of Securities or may covenant to redeem and pay
the Series of Securities or any part thereof prior to the Stated Maturity
thereof at such time and on such terms as provided for in such Securities. If a
Series of Securities is redeemable and the Company wants or is obligated
to redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the
Trustee of the redemption date and the principal amount of Series of
Securities to be redeemed. The Company shall give the notice at least 45 days
before the redemption date (or such shorter notice as may be acceptable to the
Trustee), which notice shall be in the form of an Officers’ Certificate setting
forth (i) the Section of this Indenture pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal
amount of Securities of a Series to be redeemed and (iv) the
redemption price.

 

Section 3.2.                                   SELECTION OF
SECURITIES TO BE REDEEMED.

 

If
less than all of any Series of Securities are to be redeemed at any time,
the Trustee shall select the Securities of the Series to be redeemed among
the applicable Holders on a pro rata basis
(or, in the case of any Series of Securities issued in global form as
discussed in Section 2.15, based on a method that most nearly approximates
a pro rata selection as the Trustee deems
fair and appropriate) unless otherwise required by law or applicable stock
exchange or depositary requirements, provided
that no Securities of $2,000 or less shall be redeemed in part.

 

The
Trustee shall promptly notify the Company in writing of the Securities of the Series selected
for redemption and, in the case of any Security selected for partial
redemption, the principal amount thereof to be redeemed. Securities and
portions of Securities selected shall be in amounts of $2,000 or whole
multiples of $1,000; except that if all of the Securities of a Holder are to be
redeemed, the entire outstanding amount of Securities held by such Holder, even
if not a multiple of $1,000, shall be redeemed. Except as provided in the
preceding sentence, provisions of this Indenture that apply to Securities of a Series called
for redemption also apply to portions of Securities of that Series called for
redemption.

 

Section 3.3.                                   NOTICE OF
REDEMPTION.

 

Unless
otherwise indicated for a particular Series by Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, at least 10 days but
not more than 60 days before a redemption date, the Company shall mail or cause
to be mailed a notice of redemption by first-class mail to each Holder whose
Securities are to be redeemed and if any Bearer Securities are outstanding,
publish on one occasion a notice in an Authorized Newspaper.

 

19

 

The
notice shall identify the Securities of the Series to be redeemed
(including the CUSIP numbers, if any) and shall state:

 

(a)           the redemption date;

 

(b)           the redemption price (including accrued interest to, but
excluding, the redemption date);

 

(c)           if any Security of the Series called for redemption
is being redeemed in part, the portion of the principal amount of such Security
to be redeemed and that, after the redemption date upon surrender of such
Security, a new Security or Securities in principal amount equal to the
unredeemed portion shall be issued upon cancellation of the original Security;

 

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

 

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

 

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

 

(g)           any other information as may be required by the terms of
the particular Series or the Securities of a Series being redeemed.

 

At
the Company’s request, the Trustee shall give the notice of redemption to the
Holders in the Company’s name and at its expense; provided that the Company
gives the Trustee written notice of such request at least 10 days prior to the
date of the giving of such notice (or such shorter notice as may be acceptable
to the Trustee).

 

Section 3.4.                                   EFFECT OF
NOTICE OF REDEMPTION.

 

Once
notice of redemption is mailed or published as provided in Section 3.3,
Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. A notice of redemption may not be
conditional. On and after the redemption date, unless the Company defaults in
the payment of the redemption price, interest will cease to accrue on the
Securities of a Series called for called for redemption and all rights of
Holders with respect to such Securities will terminate except for the right to
receive payment of the redemption price upon surrender for redemption. Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption
price plus accrued interest to but excluding the redemption date.

 

Section 3.5.                                   DEPOSIT OF
REDEMPTION PRICE.

 

Prior
to 11:00 a.m. Eastern Standard Time on the redemption date, the Company
shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that
date. If the Company complies with the 

 

20

 

provisions
of the preceding sentence, on and after the redemption date, interest shall
cease to accrue on the Securities or the portions of Securities called for
redemption, whether or not such Securities are presented for payment. If any
Security called for redemption shall not be so paid upon surrender for
redemption because of the failure of the Company to comply with the first
sentence of this paragraph, interest shall be paid on the unpaid principal,
from the redemption date until such principal is paid, and to the extent lawful
on any interest not paid on such unpaid principal, in each case at the rate
provided with respect to such Security.

 

Section 3.6.                                   SECURITIES
REDEEMED IN PART.

 

Upon
surrender of a Security that is redeemed in part, the Trustee shall
authenticate for the Holder a new Security of the same Series and the same
maturity equal in principal amount to the unredeemed portion of the Security
surrendered.

 

ARTICLE IV.

COVENANTS

 

Section 4.1.                                   PAYMENT OF
PRINCIPAL AND INTEREST.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of
Securities that it will duly and punctually pay the principal of and interest,
if any, on the Securities of that Series in accordance with the terms of
such Securities and this Indenture.

 

Section 4.2.                                   REPORTS.

 

The
Company shall file with the Trustee and the SEC, and transmit to Holders of
Securities, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the TIA at the times and in the manner
provided pursuant thereto; provided that any such information, documents or
reports required to be filed with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act shall be filed with the Trustee within 15 days after the same
is so required to be filed with the Commission. 
Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to conclusively rely exclusively on the Officers’ Certificates).

 

Notwithstanding the foregoing, if at any time
the Securities are guaranteed by any direct or indirect parent company of the
Company, the indenture will permit the Company to satisfy its obligations under
this covenant with respect to financial information relating to the Company by
furnishing financial information relating to such direct or indirect parent
company; PROVIDED, HOWEVER, that the
same is accompanied by consolidating information that explains in
reasonable detail the differences between the information relating to such
direct or indirect parent company and any of its Subsidiaries other than the
Company and its Subsidiaries, on the one hand, and the information relating to
the Company, the Guarantors and the other Subsidiaries of the Company on a
standalone basis, on the other hand.

 

21

 

Section 4.3.                                   COMPLIANCE
CERTIFICATE.

 

The
Company shall deliver to the Trustee, within 90 days after the end of each
fiscal year of the Company, an Officers’ Certificate complying with TIA Section 314(a)(4) stating
that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of
his knowledge the Company has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which he may have knowledge).

 

The
Company will, so long as any of the Securities are outstanding, 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 4.4.                                   STAY, EXTENSION
AND USURY LAWS.

 

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

 

Section 4.5.                                   CORPORATE
EXISTENCE.

 

Subject
to Article V of the Indenture and any covenants included in a supplemental
indenture relating to the release of Guarantors or the consolidation or merger
of Restricted Subsidiaries, the Company and each of the Restricted Subsidiaries
shall do or cause to be done all things necessary to preserve and keep in full
force and effect (i) its corporate existence in accordance with the
respective organizational documents (as the same may be amended from time to
time) of the Company and any such Restricted Subsidiary, as the case may be,
and (ii) the rights (charter and statutory), licenses and franchises of
the Company and the Restricted Subsidiaries; PROVIDED, HOWEVER, that the
Company and the Restricted Subsidiaries shall not be required to preserve any
such right, license or franchise if an officer of the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company, the Restricted Subsidiaries and their Subsidiaries,
taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Securities.

 

22

 

Section 4.6.                                   TAXES.

 

The
Company shall, and shall cause each of its Subsidiaries to, pay prior to
delinquency all material taxes, assessments and governmental levies, except (i) as
contested in good faith and by appropriate proceedings or (ii) the
nonpayment of which would not materially adversely affect the business,
condition (financial or otherwise), operations, performance or properties of
the Company and its Subsidiaries, taken as a whole.

 

Section 4.7.                                   MAINTENANCE OF
OFFICE OR AGENCY.

 

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

 

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

 

The
Company hereby designates the Corporate Trust Office of the Trustee as one such
office or agency of the Company in accordance with Section 2.4 hereof.

 

ARTICLE V.

SUCCESSORS

 

Section 5.1.                                   MERGERS,
CONSOLIDATIONS OR SALE OF ASSETS.

 

The
Company may not consolidate or merge with or into (whether or not the Company
is the surviving corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in
one or more related transactions, to another Person unless:

 

(a)            either (i) the Company is the
surviving corporation or (ii) the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made is a corporation organized or existing under the laws of the United
States, any state thereof or the District of Columbia (provided that, if such
entity is not a corporation, a co-obligor of the applicable Series of
Securities issued hereunder is a corporation organized or existing under the
laws of the United States, any state thereof or the District of Columbia);

 

23

 

(b)           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, lease, conveyance or other disposition shall
have been made assumes all the obligations of the Company under the Securities
of a Series, the supplemental indentures applicable to such Series and the
Indenture (pursuant to a supplemental indenture in a form reasonably
satisfactory to the Trustee);

 

(c)           immediately after such transaction no
Default or Event of Default exists;

 

(d)           the Company or any Person formed by
or surviving any such consolidation or merger, or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made, will, at the time of such transaction and after giving pro forma effect thereto, be permitted to incur at least
$1.00 of additional Indebtedness pursuant to the test set forth in the
applicable supplemental indenture, if any, without regard to any enumerated
exceptions; and

 

(e)           the Company (or the Person formed by
or surviving any such consolidation or merger or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made) shall have delivered an Officers’ Certificate and an Opinion of Counsel,
both stating that such consolidation, merger or transfer and such supplemental
indenture complies with the Indenture.

 

This
Section 5.1 will not apply to any sale, assignment, transfer, conveyance,
lease or other disposition of assets between or among the Company and its
Restricted Subsidiaries. Clauses (c) and (d) of the first paragraph
of this Section 5.1 will not apply to any merger or consolidation of the
Company (i) with or into one of its Restricted Subsidiaries for any
purpose or (ii) with or into an Affiliate solely for the purpose of
reincorporating the Company in another jurisdiction in the United States.

 

Section 5.2.                                   SUCCESSOR
CORPORATION SUBSTITUTED.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Company in
accordance with Section 5.1, the successor corporation formed by such
consolidation or into or with which the Company is merged or to which such
sale, lease, conveyance or other disposition is made (the “Successor Person”)
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 has been named as the Company herein; PROVIDED, HOWEVER, that
the predecessor Company in the case of a sale, lease, conveyance or other
disposition shall not be released from the obligation to pay the principal of
and interest, if any, on the Securities, except in the case of a sale of all
the Company’s assets that meets the requirements of Section 5.1 hereof.

 

24

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1.                                   EVENTS OF
DEFAULT.

 

“Event
of Default,” wherever used herein with respect to Securities of any Series,
means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officers’ Certificate, it is provided
that such Series shall not have the benefit of said Event of Default:

 

(a)           default for 30 days in the payment when due of interest on
any Security of that Series (whether or not prohibited by the
subordination provisions of Article XIII of the Indenture);

 

(b)           default in payment when due of the principal of or
premium, if any, on any Security of that Series (whether or not prohibited
by the subordination provisions in Article XIII of the Indenture);

 

(c)           failure by the Company to comply with any “Change of
Control” covenant included in a supplemental indenture with respect to any
Security of that Series;

 

(d)           failure by the Company or any Guarantor for 60 days after
written notice from the Trustee or Holders of not less than 25% of the
aggregate principal amount of the Securities of that Series then
outstanding to comply with any of its other agreements in the Indenture, any
supplemental indenture relating to such Series, the Securities or the
Subsidiary Guarantees (in order to be effective, such notice must be in
writing, specify the Default, demand that it be remedied and state that the
notice is a “Notice of Default”);

 

(e)           default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries) whether such Indebtedness or guarantee exists on the
date of the supplemental indenture relating to such Series or is created
thereafter, if:

 

(i)            such default results in the acceleration of such
Indebtedness prior to its express maturity or shall constitute a default in the
payment of such Indebtedness at final maturity of such Indebtedness and

 

(ii)           the principal amount of any such Indebtedness that has
been accelerated or not paid at maturity, when added to the aggregate principal
amount of all other such Indebtedness that has been accelerated or not paid at
maturity, exceeds $50.0 million;

 

(f)            a final judgment or final judgments for the payment of
money are entered by a court or courts of competent jurisdiction against the
Company or any of its Restricted Subsidiaries and such judgments remain unpaid,
undischarged or unstayed for a period of 

 

25

 

60 days, provided that the aggregate of all such
unpaid, undischarged or unstayed judgments exceeds $50.0 million;

 

(g)           the Company or any of its Restricted Subsidiaries that is
a Significant Subsidiary:

 

(i)            commences a voluntary case,

 

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

 

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

 

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

 

(v)           admits in writing that it generally is unable to pay its
debts as the same become due;

 

in each case, pursuant to or within the meaning of
any Bankruptcy Law; or

 

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

 

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

 

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

 

(iii)          orders the liquidation of the Company or any of its
Restricted Subsidiaries that is a Significant Subsidiary,

 

and such order or decree remains unstayed and in
effect for 60 days;

 

(i)            except as permitted by the Indenture, any supplemental
indenture relating to such Series or the Subsidiary Guarantees, any
Subsidiary Guarantee issued by a Restricted Subsidiary shall be held in any
judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect, or any Restricted Subsidiary or any
Person acting on behalf of any Restricted Subsidiary shall deny or disaffirm in
writing its obligations under its Subsidiary Guarantee; or

 

(j)            any other Event of Default provided with respect to
Securities of that Series, which is specified in a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18.

 

26

 

The
term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State
law for the relief of debtors. The term “Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2.                                   ACCELERATION OF
MATURITY.

 

If
any Event of Default (other than an Event of Default specified in clauses (g) and
(h) of Section 6.1 of the Indenture relating to the Company or any of
its Restricted Subsidiaries that is a Significant Subsidiary) occurs and is
continuing, the Trustee by notice to the Company or the Holders of at least 25%
in principal amount of the then outstanding Securities of a Series by
notice to the Company and the Trustee may declare the unpaid principal of and
any interest on all the Securities of that Series (or, if any Securities
of that Series are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) to be due and
payable immediately; PROVIDED, HOWEVER, that if any Obligation with respect to
Senior Bank Debt is outstanding pursuant to the Credit Agreement upon a
declaration of acceleration of the Securities of a Series, the principal,
premium, if any, and interest on such Securities will not be payable until the
earlier of:

 

(a)           the day which is five Business Days after written notice
of acceleration is received by the Company and the Credit Agent, or

 

(b)           the date of acceleration of the Indebtedness under the
Credit Agreement. If an Event of Default specified in clauses (g) and (h) of
Section 6.1 of the Indenture with respect to the Company or any Restricted
Subsidiary that is a Significant Subsidiary occurs, the principal of, and
premium, if any, and any accrued and unpaid interest on all outstanding
Securities of that Series will become immediately due and payable without
further action or notice.

 

In
the event of a declaration of acceleration of the Securities of that Series because
an Event of Default has occurred and is continuing as a result of the
acceleration of any Indebtedness described in clause (e) of Section 6.1
of the Indenture, the declaration of acceleration of the Securities of that Series shall
be automatically annulled if the holders of any Indebtedness described in such
clause have rescinded the declaration of acceleration in respect of such
Indebtedness within 30 days from the date of such declaration and if:

 

(a)           the annulment of the acceleration of the Securities of
that Series would not conflict with any judgment or decree of a competent
jurisdiction, and

 

(b)           all existing Events of Default, except non-payment of
principal or interest on the Securities of that Series that became due
solely because of the acceleration of such Securities, have been cured or waived.

 

In
the case of any Event of Default occurring 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 any make whole price or premium, as
applicable, that the Company would have had to pay if the Company then had
elected to redeem the Securities of a Series pursuant to the optional
redemption provisions of the Indenture, if any, the applicable make whole
price, or an 

 

27

 

equivalent
premium, as the case may be, shall become and be immediately due and payable to
the extent permitted by law upon the acceleration of the Securities of that
Series.

 

Section 6.3.                                   COLLECTION OF
INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

 

The
Company covenants that if

 

(a)           default is made in the payment of any interest on any
Security when such interest becomes due and payable and such default continues
for a period of 30 days, or

 

(b)           default is made in the payment of principal of any Security
at the Maturity thereof, or

 

(c)           default is made in the deposit of any sinking fund payment
when and as due by the terms of a Security,

 

THEN,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and interest and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal or any
overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, 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.

 

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the
Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities, wherever
situated.

 

If
an Event of Default with respect to any Securities of any Series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such Series by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.

 

Section 6.4.                                   TRUSTEE MAY FILE
PROOFS OF CLAIM.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue 

 

28

 

principal
or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

 

(a)           to file and prove a claim for the whole amount of
principal and interest owing and unpaid in respect of the Securities and to
file such 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 of the Holders allowed in such judicial proceeding, and

 

(b)           to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same,

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official 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 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 7.7.

 

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 Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

 

Section 6.5.                                   TRUSTEE MAY ENFORCE
CLAIMS WITHOUT POSSESSION OF SECURITIES.

 

All
rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

 

Section 6.6.                                   APPLICATION OF
MONEY COLLECTED.

 

Any
money collected by the Trustee pursuant to this Article shall be applied
in the following order, at the date or dates fixed by the Trustee and, in case
of the distribution of such money on account of principal or interest, upon
presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:

 

First:
To the payment of all amounts due the Trustee under Section 7.7;

 

Second:
To the holders of Senior Debt of the Company or a Guarantor, as the case may
be, to the extent required by Article XIII hereof;

 

29

 

Third:
To the payment of the amounts then due and unpaid for principal of and interest
on the Securities in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities for principal and
interest, respectively; and

 

Fourth:
To the Company.

 

Section 6.7.                                   LIMITATION ON
SUITS.

 

No
Holder of any Security of any Series shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

 

(a)           such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Securities of that
Series;

 

(b)           the Holders of not less than 25% in principal amount of
the outstanding Securities of that Series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in
its own name as Trustee hereunder;

 

(c)           such Holder or Holders have offered to the Trustee
indemnity satisfactory to it against the costs, expenses and liabilities to be
incurred in compliance with such request;

 

(d)           the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and

 

(e)           no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the outstanding Securities of that Series;

 

it
being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all such
Holders.

 

Section 6.8.                                   UNCONDITIONAL
RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND INTEREST.

 

Subject
to Articles XII and XIII hereof, notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and premium and
interest, if any, on such Security on the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption
date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder.

 

30

 

Section 6.9.                                   RESTORATION OF
RIGHTS AND REMEDIES.

 

If
the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

Section 6.10.                             RIGHTS AND
REMEDIES CUMULATIVE.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.8, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

 

Section 6.11.                             DELAY OR OMISSION
NOT WAIVER.

 

No
delay or omission of the Trustee or of any Holder of any Securities to exercise
any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12.                             CONTROL BY
HOLDERS.

 

The
Holders of a majority in principal amount of the outstanding Securities of any Series shall
have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee, with respect to the Securities of such Series,
provided that:

 

(a)           such direction shall not be in conflict with any rule of
law or with this Indenture,

 

(b)           the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and

 

(c)           subject to the provisions of Section 6.1, the Trustee
shall have the right to decline to follow any such direction if the Trustee in
good faith shall, by a Responsible Officer of the Trustee, determine that the
proceeding so directed would reasonably be expected to expose the Trustee to
personal liability.

 

31

 

Section 6.13.                             WAIVER OF PAST
DEFAULTS.

 

The
Holders of not less than a majority in principal amount of the outstanding
Securities of any Series may on behalf of the Holders of all the
Securities of such Series waive any past Default hereunder with respect to
such Series and its consequences, except a continuing Default or Event of
Default in the payment of the principal of or interest on any Security of such Series (PROVIDED,
HOWEVER, that the Holders of a majority in principal amount of the outstanding
Securities of any Series 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 6.14.                             UNDERTAKING FOR
COSTS.

 

All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, 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,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees
and expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted
by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the outstanding
Securities of any Series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or interest on any Security on
or after the Stated Maturity or Stated Maturities expressed in such Security
(or, in the case of redemption, on the redemption date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1.                                   DUTIES OF
TRUSTEE.

 

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

 

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

 

(i)            The Trustee need perform only those duties that are
specifically set forth in this Indenture and no others; and

 

(ii)           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 Officers’ Certificates or Opinions of Counsel
furnished to the Trustee and conforming to the requirements of this Indenture; 

 

32

 

however, in the case of any such Officers’
Certificates or Opinions of Counsel which by any provisions hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine
such Officers’ Certificates and Opinions of Counsel 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).

 

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

 

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

 

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

 

(iii)          The Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken by it with respect to Securities of any Series in
good faith in accordance with the direction of the Holders of a majority in
principal amount of the outstanding Securities of such Series relating to
the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture with respect to the Securities of such Series;

 

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

 

(e)           The Trustee may refuse to perform any duty or exercise any
right or power unless it receives indemnity satisfactory to it against any
loss, liability or expense;

 

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

 

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

 

(h)           The Paying Agent, the Registrar and any authenticating
agent shall be entitled to the protections, immunities and standard of care as
are set forth in paragraphs (b), (c), (e), (f) and (g) of this Section with
respect to the Trustee.

 

33

 

Section 7.2.                                   RIGHTS OF
TRUSTEE.

 

(a)           The Trustee may conclusively rely on and shall be
protected in acting or refraining from acting 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. The Trustee shall
not be liable for any action it takes or omits to take in good faith in
reliance on such Officers’ Certificate or Opinion of Counsel.

 

(c)           The Trustee may act through agents and shall not be
responsible for the misconduct or negligence of any agent appointed with due
care. No Depository shall be deemed an agent of the Trustee and the Trustee
shall not be responsible for any act or omission by any Depository.

 

(d)           The Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers.

 

(e)           The Trustee may consult with counsel of its selection and
the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.

 

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

 

(g)           The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by
agent or attorney at the sole cost of the Company and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation.

 

(h)           The Trustee shall not be deemed to have notice of any
Default or Event of Default (other than a payment default under Sections 6.1(a) or
6.1(b)) unless a Responsible Officer of the Trustee has received written notice
of any event which is in fact such a default in accordance with Section 10.2.

 

(i)            The Trustee may request that the Company deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to 

 

34

 

take specified actions pursuant to this Indenture,
which Officers’ Certificate may be signed by any Person authorized to sign an
Officers’ Certificate, including any Person specified as so authorized in any
such certificate previously delivered and not superseded.

 

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

 

Section 7.3.                                   INDIVIDUAL RIGHTS
OF TRUSTEE.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or an Affiliate 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 or
resign. Any Agent may do the same with like rights. The Trustee is also subject
to Sections 7.10 and 7.11.

 

Section 7.4.                                   TRUSTEE’S
DISCLAIMER.

 

The
Trustee makes no representation as to the validity or adequacy of this
Indenture or the Securities, it shall not be accountable for the Company’s use
of the proceeds from the Securities, and it shall not be responsible for any
statement in the Securities other than its authentication.

 

Section 7.5.                                   NOTICE OF
DEFAULTS.

 

If
a Default or Event of Default occurs and is continuing with respect to the
Securities of any Series and if it is actually known to a Responsible
Officer of the Trustee as described in Section 7.2(h) hereof, the
Trustee shall mail to each Securityholder of the Securities of that Series and,
if any Bearer Securities are outstanding, publish on one occasion in an
Authorized Newspaper, notice of a Default or Event of Default within 90 days
after it occurs or, if later, after a Responsible Officer of the Trustee has
actual knowledge of such Default or Event of Default. Except in the case of a
Default or Event of Default in payment of principal of or interest on any
Security of any Series, the Trustee may withhold the notice if and so long as
its corporate trust committee or a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of
Securityholders of that Series.

 

Section 7.6.                                   REPORTS BY
TRUSTEE TO HOLDERS.

 

Within
60 days after May 15 in each year, the Trustee shall transmit by mail to
all Securityholders, as their names and addresses appear on the register kept
by the Registrar and, if any Bearer Securities are outstanding, publish in an
Authorized Newspaper, a brief report dated as of such May 15, in
accordance with, and to the extent required under, TIA Section 313.

 

A
copy of each report at the time of its mailing to Securityholders of any Series shall
be filed with the SEC and each stock exchange on which the Securities of that Series are

 

35

 

listed.
The Company shall promptly notify the Trustee when Securities of any Series are
listed on any stock exchange or any delisting thereof.

 

Section 7.7.                                   COMPENSATION
AND INDEMNITY.

 

The
Company shall pay to the Trustee from time to time such compensation for its
services as the Company and the Trustee shall agree in writing. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Company shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred by it. Such expenses shall include
the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The
Company shall fully indemnify the Trustee or any predecessor Trustee and their
agents (including the cost of defending itself against any claim (whether
asserted by the Company, or any Holder or any other Person)) against any and
all loss, damages, claims, liability or expense, including taxes (other than
taxes based upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the performance of
their duties under this Indenture as Trustee or Agent. The Trustee shall notify
the Company promptly of any claim of which a Responsible Officer has received
notice for which it may seek indemnity. The Company shall defend the claim and
the Trustee shall cooperate in the defense. The Trustee may have separate
counsel and the Company shall pay the reasonable fees and expenses of such
counsel. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. This indemnification shall
apply to officers, directors, employees, shareholders and agents of the Trustee
and any Agent.

 

The
Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Trustee or by any officer, director, employee,
shareholder or agent of the Trustee caused by its own negligence or bad faith.

 

To
secure the Company’s payment obligations in this Section, the Trustee shall
have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee, except that held in trust to pay principal
and interest on particular Securities of that Series.

 

When
the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.1(g) or (h) (or any comparable provisions
set forth in a supplemental indenture) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

 

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

 

The
provisions of this Section shall survive the termination of this Indenture
and the resignation or removal of the Trustee.

 

36

 

Section 7.8.                                   REPLACEMENT OF
TRUSTEE.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section.

 

The
Trustee may resign with respect to the Securities of one or more Series by
so notifying the Company in writing. The Holders of a majority in principal
amount of the Securities of any Series may remove the Trustee with respect
to that Series by so notifying the Trustee and the Company in writing. The
Company may remove the Trustee with respect to Securities of one or more Series if:

 

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

 

(b)           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;

 

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

 

(d)           the Trustee becomes incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Company shall 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 Securities may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.

 

If
a successor Trustee with respect to the Securities of any one or more Series does
not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company or the Holders of at least 10% in
principal amount of the Securities of the applicable Series may petition
any court of competent jurisdiction at the expense of the Company for the
appointment of a successor Trustee.

 

If
the Trustee with respect to the Securities of any one or more Series fails
to comply with Section 7.10, any Securityholder of the applicable Series,
who has been a Securityholder for at least six months, may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Promptly after that, the retiring Trustee
shall, upon payment of its charges hereunder, transfer all property held by it
as Trustee to the successor Trustee subject to the lien provided for in Section 7.7,
the resignation or removal of the retiring Trustee shall become effective, and
the successor Trustee shall have all the rights, powers and duties of the
Trustee with respect to each Series of Securities for which it is acting
as Trustee under this Indenture. A successor Trustee shall mail a notice of its
succession to each Securityholder of each such Series and, if any Bearer
Securities are outstanding, publish such notice on one occasion in an Authorized
Newspaper. Notwithstanding replacement of the Trustee pursuant to this Section 7.8,
the Company’s obligations under Section 7.7 hereof shall continue for the
benefit of the retiring trustee with respect to expenses and liabilities
incurred by it prior to such replacement.

 

37

 

Section 7.9.                                   SUCCESSOR
TRUSTEE BY MERGER, ETC.

 

If
the Trustee consolidates with, 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 shall be the successor Trustee.

 

Section 7.10.                             ELIGIBILITY;
DISQUALIFICATION.

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1),
(2) and (5). The Trustee shall always have a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report
of condition. The Trustee shall comply with TIA Section 310(b).

 

Section 7.11.                             PREFERENTIAL
COLLECTION OF CLAIMS AGAINST COMPANY.

 

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

 

ARTICLE VIII.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.1.                                   OPTION TO
EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

The
Company may, at the option of its Board of Directors evidenced by a resolution
set forth in an Officers’ Certificate, at any time, elect to have either Section 8.2
or 8.3 hereof be applied to all outstanding Securities of a Series upon
compliance with the conditions set forth below in this Article VIII.

 

Section 8.2.                                   LEGAL
DEFEASANCE AND DISCHARGE.

 

Upon
the Company’s exercise under Section 8.1 hereof of the option applicable
to this Section 8.2, each of the Company and the Guarantors, if any,
shall, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, be deemed to have been discharged from its obligations with respect to
all outstanding Securities of such Series and related Subsidiary
Guarantees on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means
that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Securities of such Series, which
shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.5
hereof and the other Sections of this Indenture referred to in (a) and (b) below,
and to have satisfied all its other obligations under such Securities and this
Indenture as it relates to such Securities (and the Trustee, on demand of and
at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until
otherwise terminated or discharged hereunder: (a) the rights of Holders of
outstanding Securities of such Series to receive solely from the trust
fund described in Section 8.4 hereof, and as more fully set forth in such
section, payments in respect of the principal of, premium, if any, and interest
on such Securities when such payments are due, (b) the Company’s 

 

38

 

and
Guarantors’ obligations with respect to such Securities under Article II
hereof, (c) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Company’s and the Guarantors’ obligations in
connection therewith and (d) this Article VIII. Subject to compliance
with this Article VIII, the Company may exercise its option under this Section 8.2
notwithstanding the prior exercise of its option under Section 8.3 hereof.

 

Section 8.3.                                   COVENANT
DEFEASANCE.

 

Upon
the Company’s exercise under Section 8.1 hereof of the option applicable
to this Section 8.3, each of the Company and the Guarantors, if any,
shall, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, be released from its obligations under the covenants specified pursuant
to Section 2.2 hereof and Article V hereof with respect to the
outstanding Securities of such Series and related Subsidiary Guarantees on
and after the date the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and such Securities shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes
hereunder (it being understood that such Securities shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to the outstanding Securities of such Series, the
Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 6.1 hereof, but,
except as specified above, the remainder of this Indenture, such Securities and
the related Subsidiary Guarantees, if any, shall be unaffected thereby. In
addition, upon the Company’s exercise under Section 8.1 hereof of the
option applicable to this Section 8.3 hereof, subject to the satisfaction
of the conditions set forth in Section 8.4 hereof, Sections 6.1(c) through
6.1(f) and 6.1(i) hereof (or any comparable provisions set forth in a
supplemental indenture) shall not constitute Events of Default.

 

Section 8.4.                                   CONDITIONS TO
LEGAL OR COVENANT DEFEASANCE.

 

The
following shall be the conditions to the application of either Section 8.2
or 8.3 hereof to the outstanding Securities of such Series:

 

In
order to exercise either Legal Defeasance or Covenant Defeasance:

 

(a)           the Company must irrevocably deposit with the Trustee, in trust,
for the benefit of the Holders, cash in United States dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be
sufficient, in the opinion of a nationally recognized firm of independent
public accountants, to pay the principal of, premium, if any, and interest on
the outstanding Securities of such Series on the Stated Maturity or on the
applicable redemption date, as the case may be, of such principal or
installment of principal of, premium, if any, or interest on the outstanding
Securities of such Series;

 

39

 

(b)           in the case of an election under Section 8.2 hereof,
the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States (which counsel may be an employee of the Company or any
Subsidiary of the Company) 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 hereof, 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 Securities of such Series will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal
Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

 

(c)           in the case of an election under Section 8.3 hereof,
the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States (which counsel may be an employee of the Company or any
Subsidiary of the Company) reasonably acceptable to the Trustee confirming that
the Holders of the outstanding Securities of such Series 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;

 

(d)           no Default or Event of Default shall have occurred and be
continuing on the date of such deposit or, insofar as Sections 6.1(g) and
6.1(h) hereof (or any comparable provisions set forth in a supplemental
indenture) are concerned, at any time in the period ending on the 91st day
after the date of deposit (or greater period of time in which any such deposit
of trust funds may remain subject to Bankruptcy Law insofar as those apply to
the deposit by the Company);

 

(e)           such Legal Defeasance or Covenant Defeasance shall 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;

 

(f)            the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that after the 91st day following the deposit,
the trust funds will not be subject to the effect of any applicable bankruptcy,
insolvency, reorganization or similar laws affecting creditors’ rights
generally;

 

(g)           the Company shall have delivered to the Trustee an
Officers’ Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders of such Securities over any other
creditors of the Company with the intent of defeating, hindering, delaying or
defrauding creditors of the Company or others; and

 

(h)           the Company shall have delivered 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.

 

40

 

Section 8.5.                                   DEPOSITED MONEY
AND GOVERNMENT SECURITIES TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

Subject
to Section 8.6 hereof, all money and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”)
pursuant to Section 8.4 hereof in respect of the outstanding Securities of
a Series subject to a Legal Defeasance or a Covenant Defeasance shall be
held in trust and applied by the Trustee, in accordance with the provisions of
such Securities 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 Securities of all sums due and to become
due thereon in respect of principal, premium, if any, and interest, but such
money need not be segregated from other funds except to the extent required by
law.

 

The
Company and the Guarantors shall pay and indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.4 hereof or the
principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the
outstanding Securities of a Series subject to a Legal Defeasance or a
Covenant Defeasance.

 

Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall
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 8.4
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 8.4(a) 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 8.6.                                   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, if any, or
interest, if any, on any Securities of a Series subject to a Legal
Defeasance or a Covenant Defeasance and remaining unclaimed for two years after
such principal, and premium, if any, or interest, if any, have become due and
payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, 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,
shall 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 shall 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.

 

41

 

Section 8.7.                                   REINSTATEMENT.

 

If
the Trustee or Paying Agent is unable to apply any United States dollars or
non-callable Government Securities in accordance with Section 8.2 or 8.3
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 obligations under this Indenture, the
Securities of such Series and the related Subsidiary Guarantees, if any,
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2
or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Section 8.2 or 8.3 hereof, as the
case may be; PROVIDED, HOWEVER, that, if the Company make any payment of
principal of, premium, if any, or interest, if any, on any such Security
following the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such payment from
the money held by the Trustee or Paying Agent.

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1.                                   WITHOUT CONSENT
OF HOLDERS.

 

Notwithstanding
Section 9.2 of the Indenture, without the consent of any Securityholder,
the Company, the Guarantors and the Trustee may amend or supplement the
Indenture or the Securities:

 

(a)           to cure any ambiguity, defect or inconsistency, that would
not result in a material adverse effect on the rights of the Holders,

 

(b)           to provide for uncertificated Securities in addition to or
in place of certificated Securities,

 

(c)           to provide for the assumption of the Company’s or any
Guarantor’s obligations to Holders of a Security in the case of a merger or
consolidation,

 

(d)           to make any change that would provide any additional
rights or benefits to the Holders of a Security (including providing for
additional Subsidiary Guarantees) or that does not materially adversely affect
the legal rights under the Indenture of any such Securityholder, or

 

(e)           to comply with requirements of the SEC in order to effect
or maintain the qualification of the Indenture under the TIA.

 

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 7.2
of the Indenture, the Trustee shall join with the Company and the Guarantors in
the execution of any amended or supplemental Indenture authorized or permitted
by the terms of this Indenture and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.

 

42

 

Section 9.2.                                   WITH CONSENT OF
HOLDERS.

 

Except
as provided in Section 9.1 and Section 9.3 of the Indenture, the
Indenture or the Securities of a Series may be amended or supplemented
with the consent of the Holders of at least a majority in principal amount of
the Securities of each Series then outstanding affected by the
supplemental indenture implementing such amendment or supplement (including
consents obtained in connection with a tender offer or exchange offer for
Securities), and, subject to Sections 6.8 and 6.12 of the Indenture, any
existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, or interest on the
Securities of such Series, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of the
Indenture or the Securities of such Series may be waived with the consent
of the Holders of a majority in principal amount of the then outstanding
Securities of each Series affected by such supplemental indenture
implementing such amendment or supplement (including consents obtained in
connection with a tender offer or exchange offer for Securities).

 

It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2
to approve the particular form of any proposed amendment or waiver, but it
shall be sufficient if such consent approves the substance thereof. After a
supplemental indenture or waiver under this Section 9.2 becomes effective,
the Company shall mail to the Holders of Securities affected thereby and, and
if any Bearer Securities affected thereby are outstanding, publish on one occasion
in an Authorized Newspaper, a notice briefly describing the supplemental
indenture or waiver. Any failure by the Company to mail or publish such notice,
or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture or waiver.

 

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 reasonably satisfactory
to the Trustee of the consent of the Holders of Securities as aforesaid, and
upon receipt by the Trustee of the documents described in Section 7.2
hereof, the Trustee shall join with the Company and the Guarantors in the
execution of such amended or supplemental Indenture unless such amended or
supplemental Indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such amended or
supplemental Indenture.

 

Section 9.3.                                   LIMITATIONS.

 

Without
the consent of each Securityholder affected, an amendment or waiver may not
(with respect to any Securities held by a non-consenting Holder of Securities):

 

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

 

(b)           reduce the principal of or change the fixed maturity of
any Security or alter any of the provisions with respect to the redemption of
any Security in a manner adverse to the Holders of such Security;

 

43

 

(c)           reduce the rate of or change the time for payment of
interest on any Security;

 

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

 

(e)           make any Security payable in money other than that stated
in such Security;

 

(f)            make any change in the provisions of the Indenture
relating to waivers of past Defaults or the rights of Holders of Securities of
any Series to receive payments of principal of or premium, if any, or
interest on the Securities;

 

(g)           waive a redemption payment with respect to any Security
(other than a payment required by any “Change of Control” or “Asset Sale”
covenant set forth in a supplemental indenture relating to Securities of a
Series);

 

(h)           except pursuant to the Indenture, release any Guarantor
from its obligations under its Subsidiary Guarantee, or change any Subsidiary
Guarantee in any manner that would materially adversely affect the
Securityholders; or

 

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

 

It
shall not be necessary for the consent of the Holders of Securities under this Section 9.3
to approve the particular form of any proposed amendment or waiver, but it
shall be sufficient if such consent approves the substance thereof.

 

Section 9.4.                                   COMPLIANCE WITH
TRUST INDENTURE ACT.

 

Every
amendment to this Indenture or the Securities of one or more Series shall
be set forth in a supplemental indenture hereto that complies with the TIA as
then in effect.

 

Section 9.5.                                   REVOCATION AND
EFFECT OF CONSENTS.

 

Until
an amendment or waiver becomes effective, a consent to it by a Holder of a
Security is a continuing consent by the Holder and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security, even if notation of the consent is not made on
any Security. However, any such Holder or subsequent Holder may revoke the
consent as to his Security or portion of a Security if the Trustee receives the
notice of revocation before the date the amendment or waiver becomes effective.

 

Any
amendment or waiver once effective shall bind every Securityholder of each Series affected
by such amendment or waiver unless it is of the type described in any of
clauses (a) through (h) of Section 9.3. In that case, the
amendment or waiver shall bind each Holder of a 

 

44

 

Security
who has consented to it and every subsequent Holder of a Security or portion of
a Security that evidences the same debt as the consenting Holder’s Security.

 

Section 9.6.                                   NOTATION ON OR
EXCHANGE OF SECURITIES.

 

The
Trustee may place an appropriate notation about an amendment or waiver on any
Security of any Series thereafter authenticated. The Company in exchange
for Securities of that Series may issue and the Trustee shall authenticate
upon request new Securities of that Series that reflect the amendment or
waiver.

 

Section 9.7.                                   TRUSTEE TO SIGN
AMENDMENTS; TRUSTEE PROTECTED.

 

The
Trustee shall sign any amended or supplemental Indenture authorized pursuant to
this Article IX if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. In executing, or
accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be provided with, and (subject to Section 7.1)
shall be fully protected in relying upon, an Opinion of Counsel and Officers’
Certificate stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture, complying with the requirements of
Sections 10.4 and 10.5 hereof, and covering such other matters as the Trustee
may reasonably require.

 

Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant
to the provisions of this Section, the Trustee shall transmit a
copy of such supplemental indenture or a notice provided by the Company to the
Trustee setting forth in general terms the
substance of such supplemental indenture, to the Securityholders of all series
affected thereby. In the case of certificated Securities, such
notice shall be sent by mail, first class postage prepaid, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security
Register.  Any
failure of the Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

 

ARTICLE X.

MISCELLANEOUS

 

Section 10.1.                             TRUST INDENTURE
ACT CONTROLS.

 

If
any provision of this Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this Indenture by the
TIA, such required or deemed provision shall control.

 

Section 10.2.                             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), telecopier or
overnight air courier guaranteeing next day delivery, to the others’ address:

 

45

 

If
to the Company or any Guarantor:

 

Iron
Mountain Incorporated

745
Atlantic Avenue

Boston,
MA 02111

Attention:
Chief Financial Officer

Telecopier
No.: (617) 350-7881

 

With
a copy to:

 

Sullivan &
Worcester LLP

One
Post Office Square

Boston,
MA 02109

Telecopier
No.: (617) 338-2880

Attention:
William J. Curry, Esq.

 

If
to the Trustee:

 

[    ]

 

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 Securityholders) must
reference the Securities and this Indenture and shall 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 receipt acknowledged, if telecopied; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery.

 

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

 

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

 

If
the Company or any Guarantor mails a notice or communication to
Securityholders, it shall mail a copy to the Trustee and each Agent at the same
time.

 

Section 10.3.                             COMMUNICATION
BY HOLDERS WITH OTHER HOLDERS.

 

Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with
other Securityholders of that Series or any other Series with respect
to their rights under this Indenture or the Securities of that Series or
all Series. The Company, the Guarantors, the Trustee, the Registrar and anyone
else shall have the protection of TIA Section 312(c).

 

46

 

Section 10.4.                             CERTIFICATE AND
OPINION AS TO CONDITIONS PRECEDENT.

 

Upon
any request or application by the Company or any Guarantor to the Trustee to
take any action under this Indenture, the Company or such Guarantor shall
furnish to the Trustee:

 

(a)           an Officers’ Certificate stating that, in the opinion of
the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(b)           an Opinion of Counsel stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

 

Section 10.5.                             STATEMENTS
REQUIRED IN CERTIFICATE OR OPINION.

 

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

 

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

 

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

 

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

 

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

 

Section 10.6.                             RULES BY
TRUSTEE AND AGENTS.

 

The
Trustee may make reasonable rules for action by or a meeting of
Securityholders of one or more Series. Any Agent may make reasonable rules and
set reasonable requirements for its functions.

 

Section 10.7.                             LEGAL HOLIDAYS.

 

Unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture for a particular Series, a “Legal Holiday” is any day that is not a
Business Day. 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 for the intervening period.

 

47

 

Section 10.8.                             NO PERSONAL
LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS.

 

No
director, officer, employee, incorporator or stockholder of the Company or any
Restricted Subsidiary, as such, shall have any liability for any obligations of
the Company or any Restricted Subsidiary under the Securities of any Series,
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 of
Securities of any Series by accepting the Security and the Subsidiary
Guarantees waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Securities of any Series and
the Subsidiary Guarantees.

 

Section 10.9.                             COUNTERPARTS.

 

This
Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

Section 10.10.                       GOVERNING LAWS.

 

THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT
REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

Section 10.11.                       NO ADVERSE
INTERPRETATION OF OTHER AGREEMENTS.

 

This
Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company or a Subsidiary. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

 

Section 10.12.                       SUCCESSORS.

 

All
agreements of the Company and the Guarantors in this Indenture and the
Securities and the Subsidiary Guarantees shall bind their respective
successors. All agreements of the Trustee in this Indenture shall bind its
successors.

 

Section 10.13.                       SEVERABILITY.

 

In
case any provision in this Indenture, the Securities or the Subsidiary
Guarantees, if any, shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

 

Section 10.14.                       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 hereof, and shall in no way modify or
restrict any of the terms or provisions hereof.

 

48

 

Section 10.15.                       SECURITIES IN A
FOREIGN CURRENCY OR IN EURO.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate delivered pursuant to Section 2.2 of this
Indenture with respect to a particular Series of Securities, whenever for
purposes of this Indenture any action may be taken by the Holders of a
specified percentage in aggregate principal amount of Securities of all Series or
all Series affected by a particular action at the time outstanding and, at
such time, there are outstanding Securities of any Series which are
denominated in a coin or currency other than Dollars (including Euros), then
the principal amount of Securities of such Series which shall be deemed to
be outstanding for the purpose of taking such action shall be that amount of
Dollars that could be obtained for such amount at the Market Exchange Rate at
such time. For purposes of this Section 10.15, “Market Exchange Rate”
shall mean the noon Dollar buying rate in New York City for cable transfers of
that currency as published by the Federal Reserve Bank of New York; PROVIDED,
HOWEVER, in the case of Euros, Market Exchange Rate shall mean the rate of
exchange determined by the Commission of the European Union (or any successor
thereto) as published in the Official Journal of the European Union (such
publication or any successor publication, the “Journal”). If such Market
Exchange Rate is not available for any reason with respect to such currency,
the Trustee or such foreign exchange agent appointed by the Company shall use,
in its sole discretion and without liability on its part, such quotation of the
Federal Reserve Bank of New York or, in the case of Euros, the rate of exchange
as published in the Journal, as of the most recent available date, or
quotations or, in the case of Euros, rates of exchange from one or more major
banks in The City of New York or in the country of issue of the currency in
question or, in the case of Euros, in Luxembourg or such other quotations or,
in the case of Euros, rates of exchange as such foreign exchange agent
appointed by the Company, upon consultation with the Company, shall deem
appropriate. The provisions of this paragraph shall apply in determining the
equivalent principal amount in respect of Securities of a Series denominated
in currency other than Dollars in connection with any action taken by Holders
of Securities pursuant to the terms of this Indenture.

 

All
decisions and determinations of such foreign exchange agent appointed by the
Company regarding the Market Exchange Rate or any alternative determination
provided for in the preceding paragraph shall be in its sole discretion and
shall, in the absence of manifest error, be conclusive to the extent permitted
by law for all purposes and irrevocably binding upon the Company and all
Holders.

 

Section 10.16.                       JUDGMENT
CURRENCY.

 

The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of the principal of or
interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures such foreign exchange agent appointed by the
Company could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered,
unless such day is not a New York Banking Day, then, the rate of exchange used
shall be the rate at which in accordance with normal banking procedures such
foreign exchange agent appointed by the 

 

49

 

Company
could purchase in The City of New York the Required Currency with the Judgment
Currency on the New York Banking Day preceding the day on which final
unappealable judgment is entered and (b) its obligations under this
Indenture to make payments in the Required Currency (i) shall not be
discharged or satisfied by any tender, any recovery pursuant to any judgment
(whether or not entered in accordance with subsection (a)), in any currency
other than the Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of
the Required Currency expressed to be payable in respect of such payments, (ii) shall
be enforceable as an alternative or additional cause of action for the purpose
of recovering in the Required Currency the amount, if any, by which such actual
receipt shall fall short of the full amount of the Required Currency so
expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. For purposes of the
foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a
legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to close.

 

Section 10.17.                       WAIVER OF JURY
TRIAL.

 

EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

 

Section 10.18.                       SUBMISSION TO
JURISDICTION; VENUE.

 

THE
COMPANY AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF
ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW
YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF
NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE GUARANTEES AND THE NOTES, AND IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY AND EACH GUARANTOR IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER
APPLICABLE LAW, AND ANY OBJECTION WHICH MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
TRUSTEE OR ANY HOLDER OF THE NOTES TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST
THE COMPANY OR GUARANTOR IN ANY OTHER JURISDICTION.

 

50

 

ARTICLE XI.

SINKING FUNDS

 

Section 11.1.                             APPLICABILITY
OF ARTICLE.

 

The
provisions of this Article shall be applicable to any sinking fund for the
retirement of the Securities of a Series, except as otherwise permitted or
required by any form of Security of such Series issued pursuant to this
Indenture.

 

The
minimum amount of any sinking fund payment provided for by the terms of the
Securities of any Series is herein referred to as a “mandatory sinking
fund payment” and any other amount provided for by the terms of Securities of
such Series is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Securities of any Series, the cash amount of
any sinking fund payment may be subject to reduction as provided in Section 11.2.
Each sinking fund payment shall be applied to the redemption of Securities of
any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2.                             SATISFACTION OF
SINKING FUND PAYMENTS WITH SECURITIES.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment
with respect to the Securities of any Series to be made pursuant to the
terms of such Securities (1) deliver outstanding Securities of such Series to
which such sinking fund payment is applicable (other than any of such
Securities previously called for mandatory sinking fund redemption) and (2) apply
as credit Securities of such Series to which such sinking fund payment is
applicable and which have been redeemed either at the election of the Company
pursuant to the terms of such Series of Securities (except pursuant to any
mandatory sinking fund) or through the application of permitted optional
sinking fund payments or other optional redemptions pursuant to the terms of
such Securities, provided that such Securities have not been previously so
credited. Such Securities shall be received by the Trustee, together with an
Officers’ Certificate with respect thereto, not later than 15 days prior to the
date on which the Trustee begins the process of selecting Securities for
redemption, and shall be credited for such purpose by the Trustee at the price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.
If as a result of the delivery or credit of Securities in lieu of cash payments
pursuant to this Section 11.2, the principal amount of Securities of such Series to
be redeemed in order to exhaust the aforesaid cash payment shall be less than
$100,000, the Trustee need not call Securities of such Series for
redemption, except upon receipt of a Company Order that such action be taken,
and such cash payment shall be held by the Trustee or a Paying Agent and
applied to the next succeeding sinking fund payment, PROVIDED, HOWEVER, that
the Trustee or such Paying Agent shall from time to time upon receipt of a
Company Order pay over and deliver to the Company any cash payment so being
held by the Trustee or such Paying Agent upon delivery by the Company to the
Trustee of Securities of that Series purchased by the Company having an
unpaid principal amount equal to the cash payment required to be released to
the Company.

 

Section 11.3.                             REDEMPTION OF
SECURITIES FOR SINKING FUND.

 

Not
less than 45 days (unless otherwise indicated in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate in respect of a
particular Series of Securities) prior to each sinking fund payment date
for any Series of Securities, the Company 

 

51

 

will
deliver to the Trustee an Officers’ Certificate specifying the amount of the
next ensuing mandatory sinking fund payment for that Series pursuant to
the terms of that Series, the portion thereof, if any, which is to be satisfied
by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that Series pursuant to Section 11.2,
and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and the Company shall thereupon be obligated to
pay the amount therein specified. Not less than 30 days (unless otherwise
indicated in the Board Resolution, Officers’ Certificate or supplemental
indenture in respect of a particular Series of Securities) before each
such sinking fund payment date the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section 3.2
and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 3.3. Such notice
having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

ARTICLE XII.

SUBSIDIARY GUARANTEES

 

Section 12.1.                             SUBSIDIARY
GUARANTEE.

 

Each
Subsidiary that is a signatory hereto and each Subsidiary of the Company that
in accordance with the terms of any Securities of a Series issued
hereunder pursuant to any supplement indenture relating to such Securities is
required to become party to this Indenture as a guarantor (each, a “Guarantor”),
upon execution of a supplemental indenture, hereby jointly and severally
unconditionally guarantees to each Securityholder of a Security of a Series that
is to be guaranteed and that has been authenticated and delivered by the
Trustee irrespective of the validity or enforceability of this Indenture, the
Securities or the obligations of the Company under this Indenture or the
Securities, that: (i) the principal of and interest on the Securities will
be paid in full when due, whether at the maturity or interest payment or
mandatory redemption date, by acceleration, call for redemption or otherwise,
and interest on the overdue principal of and interest, if any, on the
Securities and all other obligations of the Company to the Securityholders or
the Trustee under this Indenture or the Securities will be promptly paid in
full or performed, all in accordance with the terms of this Indenture and the
Securities; and (ii) in case of any extension of time of payment or
renewal of any Securities or any of such other obligations, they will be paid
in full when due or performed in accordance with the terms of the extension or
renewal, whether at maturity, by acceleration or otherwise. Failing payment
when due of any amount so guaranteed for whatever reason, each Guarantor will
be obligated to pay the same whether or not such failure to pay has become an
Event of Default which could cause acceleration pursuant to Section 6.2
hereof. Each Guarantor agrees that this is a guarantee of payment not a
guarantee of collection.

 

Each
Guarantor hereby agrees that its obligations with regard to this Subsidiary
Guarantee shall be joint and several and unconditional, irrespective of the
validity or enforceability of the Securities or the obligations of the Company
under this Indenture, the absence of any action to enforce the same, the
recovery of any judgment against the Company or any other obligor with respect
to this Indenture, the Securities or the obligations of the Company under this
Indenture or the Securities, any action to enforce the same or any other
circumstances (other than complete performance) which might otherwise
constitute a legal or equitable 

 

52

 

discharge
or defense of a Guarantor. Each Guarantor further, to the extent permitted by
law, waives and relinquishes all claims, rights and remedies accorded by
applicable law to guarantors and agrees not to assert or take advantage of any
such claims, rights or remedies, including but not limited to: (a) any right
to require the Trustee, the Securityholders or the Company (each, a “Benefited
Party”) to proceed against the Company or any other Person or to proceed
against or exhaust any security held by a Benefited Party at any time or to
pursue any other remedy in any Benefited Party’s power before proceeding
against such Guarantor; (b) the defense of the statute of limitations in
any action hereunder or in any action for the collection of any Indebtedness or
the performance of any obligation hereby guaranteed; (c) any defense that
may arise by reason of the incapacity, lack of authority, death or disability
of any other Person or the failure of a Benefited Party to file or enforce a
claim against the estate (in administration, bankruptcy or any other
proceeding) of any other Person; (d) demand, protest and notice of any
kind including but not limited to notice of the existence, creation or
incurring of any new or additional Indebtedness or obligation or of any action
or non-action on the part of such Guarantor, the Company, any Benefited Party,
any creditor of such Guarantor, the Company or on the part of any other Person
whomsoever in connection with any Indebtedness or obligations hereby
guaranteed; (e) any defense based upon an election of remedies by a
Benefited Party, including but not limited to an election to proceed against
such Guarantor for reimbursement; (f) any defense based upon any statute
or rule of law which provides that the obligation of a surety must be
neither larger in amount nor in other respects more burdensome than that of the
principal; (g) any defense arising because of a Benefited Party’s
election, in any proceeding instituted under Bankruptcy Law, of the application
of 11 U.S.C. Section 1111(b)(2); or (h) any defense based on any
borrowing or grant of a security interest under 11 U.S.C. Section 364.
Each Guarantor hereby covenants that its Subsidiary Guarantee will not be
discharged except by complete performance of the obligations contained in its
Subsidiary Guarantee and this Indenture.

 

If
any Securityholder or the Trustee is required by any court or otherwise to
return to either the Company or any Guarantor, or any Custodian acting in
relation to either the Company or such Guarantor, any amount paid by the
Company or such Guarantor to the Trustee or such Securityholder, the applicable
Subsidiary Guarantees, to the extent theretofore discharged, shall be
reinstated and be in full force and effect. Each Guarantor agrees that it will
not be entitled to any right of subrogation in relation to the Securityholders
in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby.

 

Each
Guarantor further agrees that, as between such Guarantor, on the one hand, and
the Securityholders and the Trustee, on the other hand, (i) the maturity
of the obligations guaranteed hereby may be accelerated as provided in Section 6.2
hereof for the purposes of this Subsidiary Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration as to the Company
or any other obligor on the Securities of the obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of those
obligations as provided in Section 6.2 hereof, those obligations (whether
or not due and payable) will forthwith become due and payable by such Guarantor
for the purpose of this Subsidiary Guarantee.

 

Section 12.2.                             LIMITATION OF
GUARANTOR’S LIABILITY.

 

Each
Guarantor and, by its acceptance hereof, the Trustee and each Securityholder
hereby confirm that it is its intention that the Subsidiary Guarantee of such 

 

53

 

Guarantor
not constitute a fraudulent transfer or conveyance for purposes of the
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, each such
Person hereby irrevocably agrees that the obligation of such Guarantor under
its Subsidiary Guarantee under this Article XII shall be limited to the
maximum amount as will, after giving effect to such maximum amount and all
other (contingent or other) 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 XII,
result in the obligations of such Guarantor in respect of such maximum amount
not constituting a fraudulent transfer or conveyance under said laws. The
Trustee and each Securityholder by accepting the benefits hereof, confirms its
intention that, in the event of a bankruptcy, reorganization or other similar
proceeding of the Company or any Guarantor in which concurrent claims are made
upon such Guarantor hereunder, to the extent such claims will not be fully
satisfied, each such claimant with a valid claim against the Company shall be
entitled to a ratable share of all payments by such Guarantor in respect of
such concurrent claims. For all purposes of this Section 12.2, Senior Debt
shall be deemed to have been incurred prior to the incurrence of the
obligations in respect of the Subsidiary Guarantees.

 

ARTICLE XIII.

SUBORDINATION

 

Section 13.1.                             AGREEMENT TO
SUBORDINATE.

 

The
Company, the Trustee and each Securityholder by accepting a Security agrees,
that the indebtedness and obligations evidenced by the Security (a) rank
PARI PASSU with the Company’s Obligations relating to the Existing Senior
Subordinated Securities and (b) are subordinated in right of payment, to
the extent and in the manner provided in this Article, to the prior payment in
full, in cash, of all Obligations with respect to Senior Debt of the Company (whether
outstanding on the date hereof or hereafter created, incurred, assumed or
guaranteed), and that the subordination is for the benefit of the holders of
Senior Debt of the Company.

 

Section 13.2.                             LIQUIDATION;
DISSOLUTION; BANKRUPTCY.

 

Upon
any payment or distribution to creditors of the Company in a liquidation or
dissolution of the Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or its property, in
an assignment for the benefit of creditors or any marshaling of the Company’s
assets and liabilities:

 

(1)           holders of Senior Debt of the Company shall be entitled to
receive payment in full in cash of all Obligations due in respect of such
Senior Debt of the Company (including interest after the commencement of any
such proceeding at the rate specified in the applicable Senior Debt of the
Company, whether or not allowed as a claim in such proceeding) before
Securityholders shall be entitled to receive any payment or distribution from
the Company with respect to the Securities; and

 

54

 

(2)           until all Obligations with respect to Senior Debt of the
Company (as provided in subsection (1) above) are paid in full in cash,
any payment or distribution to which the Trustee or any Securityholder would be
entitled but for this Article shall be made to holders of Senior Debt of
the Company, as their interests may appear.

 

Section 13.3.                             DEFAULT ON
DESIGNATED SENIOR DEBT.

 

The
Company may not make any payment or distribution upon or in respect of the
Securities, including, without limitation, by way of set-off or otherwise, or
redeem (or make a deposit in redemption of), defease or acquire any of the
Securities, for cash, properties or securities if:

 

(i)            a default in the payment of any principal, premium, if
any, or interest or other Obligations (a “Payment Default”) with respect to
Senior Debt of the Company occurs and is continuing; or

 

(ii)           a default (other than a Payment Default) or any event
that, after notice or passage of time would become a default (a “Non-Monetary
Default”), on Senior Debt of the Company occurs and is continuing that then
permits holders of the Senior Debt of the Company to accelerate its maturity
and the Trustee receives a notice of the default (a “Payment Blockage Notice”)
from a Person who may give it pursuant to Section 13.11 hereof. Any number
of such Payment Blockage Notices may be given, PROVIDED, HOWEVER, that (i) not
more than one Payment Blockage Notice may be commenced during any period of 360
consecutive days and (ii) any Non-Monetary Default that existed or was
continuing on the date of delivery of any such notice to the Trustee (to the
extent the holder of Designated Senior Debt, or such trustee or agent, giving
such Payment Blockage Notice had knowledge of the same) shall not be the basis
for a subsequent Payment Blockage Notice, unless such default has been cured or
waived for a period of not less than 90 days.

 

The
Company may and shall resume payments on and distributions in respect of the
Securities and all Obligations with respect thereto, and may acquire such
Securities or Obligations upon the earlier of:

 

(1)           in the case of a payment default, the date upon which such
default is cured or waived, or

 

(2)           in the case of a Non-Monetary Default, on the earlier of
the date on which such Non-Monetary Default is cured or waived or 179 days
after the date on which the applicable Payment Blockage Notice is received, if
the maturity of such Senior Debt of the Company has not been accelerated,

 

if
this Article XIII otherwise permits the payment, distribution or
acquisition at the time thereof.

 

55

 

Section 13.4.                             ACCELERATION OF
SECURITIES.

 

If
payment of the Securities is accelerated because of an Event of Default, the
Company shall promptly notify Representatives of the holders of Senior Debt of
the Company of the acceleration.

 

Section 13.5.                             WHEN
DISTRIBUTION MUST BE PAID OVER.

 

In
the event that the Trustee or any Securityholder receives from the Company any
payment of any Obligations with respect to the Securities at a time when the
Trustee or such Securityholder, as applicable, has received written notice that
such payment is prohibited by Section 13.2 or 13.3 hereof, subject to Section 13.11
hereof, such payment shall be held by the Trustee or such Securityholder in
trust for the benefit of, and shall be paid forthwith over and delivered upon
written request to, the holders of Senior Debt of the Company, as their
interests may appear, or their Representative under the indenture or other
agreement (if any) pursuant to which Senior Debt of the Company may have been
issued, as their respective interests may appear, for application to the
payment of all Obligations with respect to Senior Debt of the Company remaining
unpaid to the extent necessary to pay such Obligations in full in accordance
with their terms, after giving effect to any concurrent payment or distribution
to or for the holders of Senior Debt of the Company.

 

With
respect to the holders of Senior Debt of the Company, the Trustee undertakes to
perform only such obligations on the part of the Trustee as are specifically
set forth in this Article XIII, and no implied covenants or obligations
with respect to the holders of Senior Debt of the Company shall be read into
this Indenture against the Trustee. Neither the Trustee nor the Paying Agent
shall be deemed to owe any fiduciary duty to the holders of Senior Debt of the
Company, and shall not be liable to any such holders if the Trustee or the
Paying Agent, as the case may be, shall pay over or distribute to or on behalf
of Securityholders or the Company or any other Person money or assets to which
any holders of Senior Debt of the Company shall be entitled by virtue of this Article XIII,
except if such payment is made as a result of the willful misconduct or gross
negligence of the Trustee or the Paying Agent, as the case may be.

 

Section 13.6.                             NOTICE BY
COMPANY.

 

The
Company shall promptly notify the Trustee and the Paying Agent of any facts
known to the Company that would cause a payment of any Obligations with respect
to the Securities to violate this Article, but failure to give such notice
shall not affect the subordination of the Securities to the Senior Debt of the
Company as provided in this Article.

 

Section 13.7.                             SUBROGATION.

 

After
all Obligations with respect to Senior Debt of the Company are paid in full, in
cash, and until the Securities are paid in full, Securityholders shall be
subrogated (equally and ratably with all other Indebtedness PARI PASSU with the
Securities) to the rights of holders of Senior Debt of the Company to receive
distributions applicable to Senior Debt of the Company to the extent that
distributions otherwise payable to the Securityholders have been applied to the
payment of Senior Debt of the Company. A distribution made under this Article to
holders of Senior Debt of the Company that otherwise would have been made to
Securityholders is not, as between the Company and Securityholders, a payment
by the Company on the Securities.

 

56

 

Section 13.8.                             RELATIVE
RIGHTS.

 

This
Article defines the relative rights of Securityholders and holders of
Senior Debt of the Company.  Nothing in
this Indenture shall:

 

(1)           impair, as between the Company and Securityholders, the
obligation of the Company, which is absolute and unconditional, to pay
principal of and interest on the Securities in accordance with their terms;

 

(2)           affect the relative rights of Securityholders and
creditors of the Company other than their rights in relation to holders of
Senior Debt of the Company; or

 

(3)           prevent the Trustee or any Securityholder from exercising
its available remedies upon a Default or Event of Default, subject to the
rights of holders and owners of Senior Debt of the Company to receive
distributions and payments otherwise payable to Securityholders.

 

If
the Company fails because of this Article XIII to pay principal of,
premium or interest on a Security on the due date, the failure is still a
Default or Event of Default.

 

Section 13.9.                             SUBORDINATION MAY NOT
BE IMPAIRED BY COMPANY.

 

No
right of any holder of Senior Debt of the Company to enforce the subordination
of the Indebtedness evidenced by the Securities shall be impaired by any act or
failure to act by the Company or any Securityholder or by the failure of the
Company or any Securityholder to comply with this Indenture.

 

Section 13.10.                       DISTRIBUTION OR
NOTICE TO REPRESENTATIVE.

 

Whenever
a distribution is to be made or a notice given to holders of Senior Debt of the
Company, the distribution may be made and the notice given to their
Representative.

 

Upon
any payment or distribution of assets of the Company referred to in this Article XIII,
the Trustee and the Securityholders shall be entitled to rely upon any order or
decree made by any court of competent jurisdiction or upon any certificate of
such Representative or of the liquidating trustee or agent or other Person
making any distribution to the Trustee or to the Securityholders for the
purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Debt of the Company and other
Indebtedness of the Company, the amount or amounts thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article XIII.

 

Section 13.11.                       RIGHTS OF
TRUSTEE AND PAYING AGENT.

 

Notwithstanding
the provisions of this Article XIII or any other provision of this
Indenture,  (i) the Trustee’s rights
to compensation, reimbursement of expenses and indemnification under Sections
7.7 and 6.6 hereof are expressly not subordinated; and (ii) the Trustee
shall not be charged with knowledge of the existence of any facts that would
prohibit the

 

57

 

making
of any payment or distribution by the Trustee, and the Trustee and the Paying
Agent may continue to make payments on the Securities, unless the Trustee shall
have received at its Corporate Trust Office at least one Business Day prior to
the date of such payment a Payment Blockage Notice. Only the holders or the
Representative of holders of Designated Senior Debt of the Company may give a
Payment Blockage Notice. Nothing in this Article XIII shall impair the
claims of, or payments to, the Trustee under or pursuant to Section 7.7
hereof.

 

The
Trustee in its individual or any other capacity may hold Senior Debt of the
Company with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights. 
Nothing in TIA Section 3.11 or elsewhere in this Indenture shall
deprive the Trustee of its rights as such holder.

 

Section 13.12.                       AUTHORIZATION
TO EFFECT SUBORDINATION.

 

Each
Securityholder of a Security by the Securityholder’s acceptance thereof
authorizes and directs the Trustee on the Securityholder’s behalf to take such
action as may be necessary or appropriate to effectuate the subordination as
provided in this Article XIII, and appoints the Trustee to act as the
Securityholder’s attorney-in-fact for any and all such purposes. If the Trustee
does not file a proper proof of claim or proof of debt in the form required in
any proceeding referred to in Section 6.4 hereof at least 30 days before
the expiration of the time to file such claim, the Representatives of the
Senior Debt of the Company are hereby authorized to file an appropriate claim
for and on behalf of the Securityholders of the Securities.

 

Section 13.13.                       AMENDMENTS.

 

The
provisions of this Article XIII shall not be amended or modified without
the written consent of the holders of all Senior Debt of the Company.

 

Section 13.14.                       SUBORDINATION
OF SUBSIDIARY GUARANTEES.

 

Each
Guarantor, the Trustee, and each Securityholder by accepting a Security agrees,
that the indebtedness and obligations under the Subsidiary Guarantees (a) rank
PARI PASSU with the Guarantor’s guarantees of the Existing Senior Subordinated
Securities and (b) are subordinated in right of payment, to the extent and
in the manner provided in this Article XIII, to the prior payment in full,
in cash, of all Obligations with respect to Senior Debt of such Guarantor
(whether outstanding on the date hereof or hereafter created, incurred, assumed
or guaranteed), and that the subordination is for the benefit of the holders of
Senior Debt of such Guarantor.

 

Section 13.15.                       LIQUIDATION;
DISSOLUTION; BANKRUPTCY OF A GUARANTOR.

 

Upon
any payment or distribution to creditors of any Guarantor in a liquidation or
dissolution of such Guarantor or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to such Guarantor or its property,
in an assignment for the benefit of creditors or any marshaling of such
Guarantor’s assets and liabilities:

 

58

 

(1)           holders of Senior Debt of such Guarantor shall be entitled
to receive payment in full in cash of all Obligations due in respect of such
Senior Debt of such Guarantor (including interest after the commencement of any
such proceeding at the rate specified in the applicable Senior Debt of such Guarantor,
whether or not allowed as a claim in such proceeding) before the
Securityholders shall be entitled to receive any payment or distribution from
the Guarantor with respect to such Guarantor’s Subsidiary Guarantee; and

 

(2)           until all Obligations with respect to Senior Debt of such
Guarantor (as provided in subsection (1) above) are paid in full in cash,
any payment or distribution to which the Trustee or any Securityholder would be
entitled but for this Trustee shall be made to holders of Senior Debt of such
Guarantor, as their interests may appear.

 

Section 13.16.                       DEFAULT ON
SENIOR DEBT OF THE GUARANTOR.

 

No
Guarantor shall make any payment or distribution upon or in respect of the
Securities or its Subsidiary Guarantee, including, without limitation, by way
of set-off or otherwise, or redeem (or make a deposit in redemption of),
defease or acquire any of the Securities, for cash, properties or securities
if:

 

(i)            a Payment Default with respect to Senior Debt of such
Guarantor occurs and is continuing; or

 

(ii)           a Non-Monetary Default on Senior Debt of such Guarantor
occurs and is continuing that then permits holders of the Senior Debt of such
Guarantor to accelerate its maturity and the Trustee receives a Payment
Blockage Notice from a Person who may give it pursuant to Section 13.24
hereof. Any number of such Payment Blockage Notices may be given, PROVIDED,
HOWEVER, that (i) not more than one Payment Blockage Notice may be
commenced during any period of 360 consecutive days and (ii) any default
or event of default that existed or was continuing on the date of delivery of
any Payment Blockage Notice to the Trustee (to the extent the holder of
Designated Senior Debt, or such trustee or agent, giving such Payment Blockage
Notice had knowledge of the same) shall not be the basis for a subsequent
Payment Blockage Notice pursuant to Section 13.24 herein, unless such
default has been cured or waived for a period of not less than 90 consecutive
days.

 

Each
Guarantor may and shall resume payments on and distributions in respect of its
Subsidiary Guarantee, the Securities and all Obligations with respect thereto,
and may acquire such Securities or Obligations upon the earlier of:

 

(1)           in the case of a payment default, the date upon which such
default is cured or waived, or

 

(2)           in the case of a Non-Monetary Default, on the earlier of
the date on which such Non-Monetary Default is cured or waived or 179 days
after the date 

 

59

 

on which the applicable Payment Blockage Notice is
received, if the maturity of such Senior Debt of such Guarantor has not been
accelerated,

 

if
this Article XIII otherwise permits the payment, distribution or
acquisition at the time thereof.

 

Section 13.17.                       ACCELERATION OF
SECURITIES; DUTIES OF GUARANTORS.

 

If
payment of the Securities is accelerated because of an Event of Default, each
Guarantor shall promptly notify the Representative of the holders of Senior
Debt of such Guarantor of the acceleration.

 

Section 13.18.                       WHEN
DISTRIBUTION FROM GUARANTOR MUST BE PAID OVER.

 

In
the event that the Trustee or any Securityholder receives from a Guarantor any
payment of any Obligations with respect to the Securities or the Subsidiary
Guarantees at a time when the Trustee or such Securityholder, as applicable,
has received written notice that such payment is prohibited by Section 13.15
or 13.16 hereof, such payment shall be held by the Trustee or such
Securityholder, in trust for the benefit of, and shall be paid forthwith over
and delivered upon written request to, the holders of Senior Debt of such
Guarantor, as their interests may appear, or their Representative under the
indenture or other agreement (if any) pursuant to which Senior Debt of such
Guarantor may have been issued, as their respective interests may appear, for
application to the payment of all Obligations with respect to Senior Debt of
such Guarantor remaining unpaid to the extent necessary to pay such Obligations
in full in accordance with their terms, after giving effect to any concurrent
payment or distribution to or for the holders of Senior Debt of such Guarantor.

 

With
respect to the holders of Senior Debt of any Guarantor, the Trustee undertakes
to perform only such obligations on the part of the Trustee as are specifically
set forth in this Article XIII, and no implied covenants or obligations
with respect to the holders of Senior Debt of such Guarantor shall be read into
this Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Debt of such Guarantor, and shall not
be liable to any such holders if the Trustee shall pay over or distribute to or
on behalf of Securityholders or the Company or any other Person money or assets
to which any holders of Senior Debt of such Guarantor shall be entitled by
virtue of this Article XIII, except if such payment is made as a result of
the willful misconduct or gross negligence of the Trustee.

 

Section 13.19.                       NOTICE BY A
GUARANTOR.

 

Each
Guarantor shall promptly notify the Trustee and the Paying Agent in writing of
any facts known to such Guarantor that would cause a payment of any Obligations
with respect to the Securities or its Subsidiary Guarantee to violate this
Article, but failure to give such notice shall not affect the subordination of
its Subsidiary Guarantee or of the Securities to the Senior Debt of such
Guarantor as provided in this Article XIII.

 

60

 

Section 13.20.                       SUBROGATION
WITH RESPECT TO ANY GUARANTOR.

 

With
respect to any Guarantor, after all Obligations with respect to Senior Debt of
such Guarantor is paid in full, in cash, and until the Securities are paid in
full, Securityholders shall be subrogated (equally and ratably with all other
Indebtedness PARI PASSU with such Guarantor’s Subsidiary Guarantee) to the
rights of holders of Senior Debt of such Guarantor to receive distributions
applicable to Senior Debt of such Guarantor to the extent that distributions
otherwise payable to the Securityholders have been applied to the payment of
Senior Debt of such Guarantor. A distribution made under this Article to
holders of Senior Debt of such Guarantor that otherwise would have been made to
Securityholders is not, as between such Guarantor and Securityholders, a
payment by such Guarantor on the Securities or the Subsidiary Guarantee.

 

Section 13.21.                       RELATIVE RIGHTS
WITH RESPECT TO ANY GUARANTOR.

 

This
Article defines the relative rights of Securityholders and holders of
Senior Debt of each Guarantor. Nothing in this Indenture shall:

 

(1)           impair, as between such Guarantor and the Securityholders,
the obligation of such Guarantor, which is absolute and unconditional, to pay
principal of and interest on the Securities in accordance with the terms of its
Subsidiary Guarantee;

 

(2)           affect the relative rights of Securityholders and
creditors of such Guarantor other than their rights in relation to holders of
Senior Debt of such Guarantor; or

 

(3)           prevent the Trustee or any Securityholder from exercising
its available remedies upon a Default or Event of Default, subject to the
rights of holders of Senior Debt of such Guarantor set forth herein to receive
distributions and payments otherwise payable to Securityholders.

 

If
any Guarantor fails because of this Article XIII to pay principal of,
premium or interest on a Security on the due date, the failure is still a
Default or Event of Default.

 

Section 13.22.                       SUBORDINATION MAY NOT
BE IMPAIRED BY ANY GUARANTOR.

 

With
respect to any Guarantor, no right of any holder of Senior Debt of such
Guarantor to enforce the subordination of the Indebtedness evidenced by the
Subsidiary Guarantee shall be impaired by any act or failure to act by such
Guarantor or any Securityholder or by failure of such Guarantor or any
Securityholder to comply with this Indenture.

 

Section 13.23.                       DISTRIBUTION OR
NOTICE TO REPRESENTATIVE WITH RESPECT TO ANY GUARANTOR.

 

With
respect to any Guarantor, whenever a distribution is to be made or a notice
given to holders of Senior Debt of such Guarantor, the distribution may be made
and the notice given to their Representative.

 

61

 

Upon
any payment or distribution of assets of any Guarantor referred to in this Article XIII,
the Trustee and the Securityholders shall be entitled to rely upon any order or
decree made by any court of competent jurisdiction or upon any certificate of
such Representative or of the liquidating trustee or agent or other Person
making any distribution to the Trustee or to the Securityholders for the
purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Debt of such Guarantor and other
Indebtedness of such Guarantor, the amount or amounts thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article XIII.

 

Section 13.24.                       RIGHTS OF
TRUSTEE AND PAYING AGENT WITH RESPECT TO ANY GUARANTOR.

 

Notwithstanding
the provisions of this Article XIII or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment or distribution by the
Trustee, and the Trustee and the Paying Agent may continue to make payments on
the Securities, unless the Trustee shall have received at its Corporate Trust
Office at least one Business Day prior to the date of such payment a Payment
Blockage Notice. Only the Representative of holders of Designated Senior Debt
may give a Payment Blockage Notice. Nothing in this Article XIII shall
impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7
hereof.

 

With
respect to any Guarantor, the Trustee in its individual or any other capacity
may hold Senior Debt of such Guarantor with the same rights it would have if it
were not Trustee. Any Agent may do the same with like rights.

 

Section 13.25.                       AUTHORIZATION
TO EFFECT SUBORDINATION WITH RESPECT TO ANY GUARANTOR.

 

Each
Securityholder of a Security by the Securityholder’s acceptance thereof
authorizes and directs the Trustee on the Securityholder’s behalf to take such
action as may be necessary or appropriate to effectuate the subordination as
provided in this Article XIII, and appoints the Trustee to act as the
Securityholder’s attorney-in-fact for any and all such purposes. If the Trustee
does not file a proper proof of claim or proof of debt in the form required in
any proceeding relative to any Guarantor referred to in Section 6.4 hereof
at least 30 days before the expiration of the time to file such claim, the
Representatives of Senior Debt of such Guarantor are hereby authorized to file
an appropriate claim for and on behalf of the Securityholders of the
Securities.

 

Section 13.26.                       AMENDMENTS WITH
RESPECT TO ANY GUARANTOR.

 

With
respect to any Guarantor, the provisions of Section 13.14 through 13.26
hereof shall not be amended or modified without the written consent of the
holders of all Senior Debt of such Guarantor.

 

[Remainder
of Page Left Blank Intentionally; Signature Pages Follow
Immediately.]

 

62

 

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

 

	
   

  	
  Iron
  Mountain Incorporated

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Its:

  
	
   

  	
   

  
	
   

  	
  [Names
  of Guarantors]

  
	
   

  	
   

  
	
   

  	
  [Name
  of Trustee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Its:Exhibit 4.6

 

IRON MOUNTAIN INCORPORATED

 

SUBORDINATED INDENTURE

 

Dated as of [            
], 20[  ]

 

[                 ]

 

as Trustee

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.1. Definitions

  	
   

  	
  1

  
	
  Section 1.2. Other
  Definitions

  	
   

  	
  7

  
	
  Section 1.3. Incorporation
  by Reference of Trust Indenture Act

  	
   

  	
  7

  
	
  Section 1.4. Rules of
  Construction

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE II THE SECURITIES

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 2.1. Issuable in
  Series

  	
   

  	
  8

  
	
  Section 2.2. Establishment
  of Terms of Series of Securities

  	
   

  	
  8

  
	
  Section 2.3. Execution
  and Authentication

  	
   

  	
  11

  
	
  Section 2.4. Registrar
  and Paying Agent

  	
   

  	
  12

  
	
  Section 2.5. Paying Agent
  to Hold Money in Trust

  	
   

  	
  12

  
	
  Section 2.6. Securityholder
  Lists

  	
   

  	
  13

  
	
  Section 2.7. Transfer and
  Exchange

  	
   

  	
  13

  
	
  Section 2.8. Mutilated,
  Destroyed, Lost and Stolen Securities

  	
   

  	
  13

  
	
  Section 2.9. Outstanding
  Securities

  	
   

  	
  14

  
	
  Section 2.10. Treasury
  Securities

  	
   

  	
  15

  
	
  Section 2.11. Temporary
  Securities

  	
   

  	
  15

  
	
  Section 2.12. Cancellation

  	
   

  	
  15

  
	
  Section 2.13. Defaulted
  Interest

  	
   

  	
  15

  
	
  Section 2.14. Record Date

  	
   

  	
  16

  
	
  Section 2.15. Global
  Securities

  	
   

  	
  16

  
	
  Section 2.16. CUSIP
  Numbers

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE III REDEMPTION

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 3.1. Notice to
  Trustee

  	
   

  	
  17

  
	
  Section 3.2. Selection of
  Securities to be Redeemed

  	
   

  	
  18

  
	
  Section 3.3. Notice of
  Redemption

  	
   

  	
  18

  
	
  Section 3.4. Effect of
  Notice of Redemption

  	
   

  	
  19

  
	
  Section 3.5. Deposit of
  Redemption Price

  	
   

  	
  19

  
	
  Section 3.6. Securities
  Redeemed in Part

  	
   

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 4.1. Payment of
  Principal and Interest

  	
   

  	
  20

  
	
  Section 4.2. Reports

  	
   

  	
  20

  
	
  Section 4.3. Compliance
  Certificate

  	
   

  	
  20

  
	
  Section 4.4. Stay,
  Extension and Usury Laws

  	
   

  	
  21

  
	
  Section 4.5. Corporate
  Existence

  	
   

  	
  21

  
	
  Section 4.6. Taxes

  	
   

  	
  21

  
	
  Section 4.7. Maintenance
  of Office or Agency

  	
   

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE V SUCCESSORS

  	
   

  	
  22

  

 

i

 

	
  Section 5.1. Mergers,
  Consolidations or Sale of Assets

  	
  22

  
	
  Section 5.2. Successor
  Corporation Substituted

  	
  23

  
	
   

  	
   

  
	
  ARTICLE VI DEFAULTS AND REMEDIES

  	
  23

  
	
   

  	
   

  
	
  Section 6.1. Events of
  Default

  	
  23

  
	
  Section 6.2. Acceleration
  of Maturity

  	
  25

  
	
  Section 6.3. Collection
  of Indebtedness and Suits for Enforcement by Trustee

  	
  26

  
	
  Section 6.4. Trustee
  May File Proofs of Claim

  	
  27

  
	
  Section 6.5. Trustee
  May Enforce Claims Without Possession of Securities

  	
  28

  
	
  Section 6.6. Application
  of Money Collected

  	
  28

  
	
  Section 6.7. Limitation
  on Suits

  	
  28

  
	
  Section 6.8. Unconditional
  Right of Holders to Receive Principal and Interest

  	
  29

  
	
  Section 6.9. Restoration
  of Rights and Remedies

  	
  29

  
	
  Section 6.10. Rights and
  Remedies Cumulative

  	
  29

  
	
  Section 6.11. Delay or
  Omission Not Waiver

  	
  29

  
	
  Section 6.12. Control by
  Holders

  	
  30

  
	
  Section 6.13. Waiver of
  Past Defaults

  	
  30

  
	
  Section 6.14. Undertaking
  for Costs

  	
  30

  
	
   

  	
   

  
	
  ARTICLE VII TRUSTEE

  	
  31

  
	
   

  	
   

  
	
  Section 7.1. Duties of
  Trustee

  	
  31

  
	
  Section 7.2. Rights of
  Trustee

  	
  32

  
	
  Section 7.3. Individual
  Rights of Trustee

  	
  33

  
	
  Section 7.4. Trustee’s
  Disclaimer

  	
  33

  
	
  Section 7.5. Notice of
  Defaults

  	
  34

  
	
  Section 7.6. Reports by
  Trustee to Holders

  	
  34

  
	
  Section 7.7. Compensation
  and Indemnity

  	
  34

  
	
  Section 7.8. Replacement
  of Trustee

  	
  35

  
	
  Section 7.9. Successor
  Trustee by Merger, etc.

  	
  36

  
	
  Section 7.10. Eligibility;
  Disqualification

  	
  36

  
	
  Section 7.11. Preferential
  Collection of Claims Against Company

  	
  36

  
	
   

  	
   

  
	
  ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE

  	
  37

  
	
   

  	
   

  
	
  Section 8.1. Option to
  Effect Legal Defeasance or Covenant Defeasance

  	
  37

  
	
  Section 8.2. Legal
  Defeasance and Discharge

  	
  37

  
	
  Section 8.3. Covenant
  Defeasance

  	
  37

  
	
  Section 8.4. Conditions
  to Legal or Covenant Defeasance

  	
  38

  
	
  Section 8.5. Deposited
  Money and Government Securities to be Held in Trust; Other Miscellaneous
  Provisions

  	
  39

  
	
  Section 8.6. Repayment to
  Company

  	
  40

  
	
  Section 8.7. Reinstatement

  	
  40

  
	
   

  	
   

  
	
  ARTICLE IX AMENDMENTS AND WAIVERS

  	
  40

  
	
   

  	
   

  
	
  Section 9.1. Without
  Consent of Holders

  	
  40

  
	
  Section 9.2. With Consent
  of Holders

  	
  41

  
	
  Section 9.3. Limitations

  	
  42

  
	
  Section 9.4. Compliance
  with Trust Indenture Act

  	
  43

  

 

ii

 

	
  Section 9.5. Revocation
  and Effect of Consents

  	
   

  	
  43

  
	
  Section 9.6. Notation on
  or Exchange of Securities

  	
   

  	
  43

  
	
  Section 9.7. Trustee to
  Sign Amendments; Trustee Protected

  	
   

  	
  43

  
	
   

  	
   

  	
   

  
	
  ARTICLE X MISCELLANEOUS

  	
   

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 10.1. Trust
  Indenture Act Controls

  	
   

  	
  44

  
	
  Section 10.2. Notices

  	
   

  	
  44

  
	
  Section 10.3. Communication
  by Holders with Other Holders

  	
   

  	
  45

  
	
  Section 10.4. Certificate
  and Opinion as to Conditions Precedent

  	
   

  	
  45

  
	
  Section 10.5. Statements
  Required in Certificate or Opinion

  	
   

  	
  45

  
	
  Section 10.6. Rules by
  Trustee and Agents

  	
   

  	
  46

  
	
  Section 10.7. Legal
  Holidays

  	
   

  	
  46

  
	
  Section 10.8. No Personal
  Liability of Directors, Officers, Employees and Stockholders

  	
   

  	
  46

  
	
  Section 10.9. Counterparts

  	
   

  	
  46

  
	
  Section 10.10. Governing
  Laws

  	
   

  	
  46

  
	
  Section 10.11. No Adverse
  Interpretation of Other Agreements

  	
   

  	
  47

  
	
  Section 10.12. Successors

  	
   

  	
  47

  
	
  Section 10.13. Severability

  	
   

  	
  47

  
	
  Section 10.14. Table of
  Contents, Headings, Etc.

  	
   

  	
  47

  
	
  Section 10.15. Securities
  in a Foreign Currency or in Euro

  	
   

  	
  47

  
	
  Section 10.16. Judgment
  Currency

  	
   

  	
  48

  
	
  Section 10.17. WAIVER OF
  JURY TRIAL

  	
   

  	
  48

  
	
  Section 10.18. Submission
  to Jurisdiction; Venue

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI SINKING FUNDS

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  Section 11.1. Applicability
  of Article

  	
   

  	
  49

  
	
  Section 11.2. Satisfaction
  of Sinking Fund Payments with Securities

  	
   

  	
  49

  
	
  Section 11.3. Redemption
  of Securities for Sinking Fund

  	
   

  	
  50

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII SUBSIDIARY GUARANTEES

  	
   

  	
  50

  
	
   

  	
   

  	
   

  
	
  Section 12.1. Subsidiary
  Guarantee

  	
   

  	
  50

  
	
  Section 12.2. Limitation
  of Guarantor’s Liability

  	
   

  	
  52

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII  SUBORDINATION

  	
   

  	
  52

  

 

iii

 

IRON MOUNTAIN INCORPORATED

 

Reconciliation and tie between Trust Indenture Act
of 1939 and

Indenture, dated as of [      ],
20[    ]

 

	
  § 310(a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  Not
  Applicable

  
	
  (a)(4)

  	
   

  	
  Not
  Applicable

  
	
  (a)(5)

  	
   

  	
  7.10

  
	
  (b)

  	
   

  	
  7.10

  
	
  § 310(c)

  	
   

  	
  Not
  Applicable

  
	
  § 311(a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  Not
  Applicable

  
	
  § 312(a)

  	
   

  	
  2.6

  
	
  (b)

  	
   

  	
  10.3

  
	
  (c)

  	
   

  	
  10.3

  
	
  § 313(a)

  	
   

  	
  7.6

  
	
  (b)(1)

  	
   

  	
  7.6

  
	
  (b)(2)

  	
   

  	
  7.6

  
	
  (c)

  	
   

  	
  7.6,
  10.2

  
	
  (c)(1)

  	
   

  	
  7.6

  
	
  (c)(2)

  	
   

  	
  7.6

  
	
  (c)(3)

  	
   

  	
  7.6

  
	
  (d)

  	
   

  	
  7.6

  
	
  § 314(a)

  	
   

  	
  4.2,
  4.3, 10.5

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)(1)

  	
   

  	
  10.4

  
	
  (c)(2)

  	
   

  	
  10.4

  
	
  (c)(3)

  	
   

  	
  Not
  Applicable

  
	
  (d)

  	
   

  	
  Not
  Applicable

  
	
  (e)

  	
   

  	
  10.5

  
	
  (f)

  	
   

  	
  Not
  Applicable

  
	
  § 315(a)

  	
   

  	
  7.1(b)

  
	
  (b)

  	
   

  	
  7.5

  
	
  (c)

  	
   

  	
  7.1

  
	
  (d)

  	
   

  	
  7.1

  
	
  (e)

  	
   

  	
  6.14

  
	
  § 316(a)

  	
   

  	
  2.10

  
	
  (a)(1)(A)

  	
   

  	
  6.12

  
	
  (a)(1)(B)

  	
   

  	
  6.13

  
	
  (b)

  	
   

  	
  6.8

  
	
  § 316(c)

  	
   

  	
  2.14

  
	
  § 317(a)(1)

  	
   

  	
  6.3

  
	
  (a)(2)

  	
   

  	
  6.4

  

 

 

	
  (b)

  	
   

  	
  2.5

  
	
  § 318(a)

  	
   

  	
  10.1

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)

  	
   

  	
  Not
  Applicable

  

 

Note:  This reconciliation and tie shall not, for
any purpose, be deemed to be part of the Indenture.

 

 

Junior
Subordinated Indenture dated as of [ ], 20[  ] among Iron Mountain
Incorporated, a Delaware corporation (“Company”), [the guarantors party hereto]
and [ ], a [ ], as Trustee (“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal
and ratable benefit of the Holders of the Securities issued under this
Indenture.

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY
REFERENCE

 

Section 1.1. 
DEFINITIONS.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified therein and
which are owing to such Holders.

 

“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” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise;
PROVIDED, HOWERVER, that beneficial ownership of 10% or more of the voting
securities of a Person shall be deemed to be control.

 

“Agent”
means any Registrar, Paying Agent or Service Agent.

 

“Authorized
Newspaper” means a newspaper in an official language of the country of
publication customarily published at least once a day for at least five days in
each calendar week and of general circulation in the place in connection with
which the term is used.  If it shall be
impractical in the opinion of the Trustee to make any publication of any notice
required hereby in an Authorized Newspaper, any publication or other notice in
lieu thereof that is made or given by the Trustee shall constitute a sufficient
publication of such notice.

 

“Bearer
Security” means any Security, including any interest coupon appertaining
thereto, that does not provide for the identification of the Holder thereof.

 

“Board
of Directors” means the Board of Directors of the Company or any duly
authorized committee thereof.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in
full force and effect on the date of the certificate and delivered to the
Trustee.

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’
Certificate or supplemental indenture hereto for a particular Series, any day
except a Saturday, 

 

1

 

Sunday
or a legal holiday in The City of New York or at a place of payment on which
banking institutions are authorized or required by law, regulation or executive
order to close.

 

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

 

“Capital
Stock” means any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock, including, without
limitation, with respect to partnerships, partnership interests (whether
general or limited) and 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, such partnership.

 

“Company”
means the party named as such above until a successor replaces it and
thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers.

 

“Corporate
Trust Office” means a principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the date hereof
is located at [ ], Attention: Corporate Trust Administration, or such other
address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office of any successor
Trustee (or such other address as a successor Trustee may designate from time
to time by notice to the Holders and the Company).

 

“Credit
Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent
for the lenders party to the Credit Agreement, or any successor or successors
party thereto.

 

“Credit
Agreement” means that certain Credit Agreement, dated as of April 16,
2007, as amended, among the Company, the lenders and agents party thereto,
including any related notes, Guarantees, collateral documents, instruments and
agreements executed in connection therewith, and, in each case, as amended,
restated, supplemented, modified, renewed, refunded, increased, extended,
replaced in any manner (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 or such other credit agreement
as may be set forth in a supplemental indenture hereto for a particular Series.

 

“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.

 

“Depository”
means, with respect to the Securities of any Series issuable or issued in
whole or in part in the form of one or more Global Securities, the Person
designated as Depository for such Series by the Company, which Depository
shall be a clearing agency registered under the Exchange Act; and if at any
time there is more than one such Person, “Depository” as used with respect to
the Securities of any Series shall mean the Depository with respect to the
Securities of such Series.

 

2

 

“Discount
Security” means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.

 

“Disqualified
Stock” means any Capital Stock which, by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable), or upon
the happening of any event, matures or is mandatorily redeemable, for cash or
other property (other than Capital Stock that is not Disqualified Stock)
pursuant to a sinking fund obligation or otherwise, or is redeemable at the
option of the Securityholder thereof, in whole or in part, in each case on or
prior to the stated maturity of the Securities.

 

“Dollars”
and “$” mean lawful money of the United States of America.

 

“Euro”
means the single currency of participating member states of the economic and
monetary union as contemplated in the Treaty on European Union.

 

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

 

“Foreign
Currency” means any currency or currency unit issued by a government other than
the government of the United States of America.

 

“GAAP”
means accounting principles generally accepted in the United States of America
which are in effect on the date set forth in a supplemental indenture for a
particular Series.

 

“Global
Security” or “Global Securities” means a Security or Securities, as the case
may be, in the form established pursuant to Section 2.2 evidencing all or
part of a Series of Securities, issued to the Depository for such Series or
its nominee, and registered in the name of such Depository or nominee.

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the
United States of America for the payment of which guarantee or obligations the
full faith and credit of the United States of America is pledged.

 

“Guarantee”
means, as applied to any obligation, (a) a guarantee (other than by
endorsement of negotiable instruments for collection in the ordinary course of
business), direct or indirect, in any manner, of any part or all of such
obligation and (b) an agreement, direct or indirect, contingent or
otherwise, the practical effect of which is to assure in any way the payment or
performance (or payment of damages in the event of non-performance) of all or
any part of such obligation, including, without limiting the foregoing, the
obligation to reimburse amounts drawn down under letters of credit securing
such obligations.

 

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

 

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

 

3

 

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

 

(c)                                  other
agreements or arrangements designed to protect such Person against fluctuations
in currency exchange rates or commodity prices.

 

“Holder”
or “Securityholder” means a Person in whose name a Security is registered or
the holder of a Bearer Security.

 

“Indebtedness”
means (without duplication), with respect to any Person, whether recourse is to
all or a portion of the assets of such Person, and whether or not contingent, (a) every
obligation of such Person for money borrowed, (b) every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments, (c) every
reimbursement obligation of such Person with respect to letters of credit,
bankers’ acceptances or similar facilities issued for the account of such
Person, (d) every obligation of such Person issued or assumed as the
deferred purchase price of property or services, (e) every Capital Lease
Obligation and every obligation of such Person in respect of Sale and Leaseback
Transactions that would be required to be capitalized on the balance sheet in
accordance with GAAP, (f) all Disqualified Stock of such Person valued at
the greater of its voluntary or involuntary maximum fixed repurchase price,
plus accrued and unpaid dividends (unless included in such maximum repurchase
price), (g) all obligations of such Person under or with respect to
Hedging Obligations which would be required to be reflected on the balance
sheet as a liability of such Person in accordance with GAAP and (h) every
obligation of the type referred to in clauses (a) through (g) of
another Person and dividends of another Person the payment of which, in either
case, such Person has guaranteed.  For
purposes of this definition, the “maximum fixed repurchase price” of any
Disqualified Stock that does not have a fixed repurchase price will be
calculated in accordance with the terms of such Disqualified Stock as if such
Disqualified Stock were repurchased on any date on which Indebtedness is
required to be determined pursuant to this Indenture, and if such price is
based upon, or measured by, the fair market value of such Disqualified Stock,
such fair market value will be determined in good faith by the board of
directors of the issuer of such Disqualified Stock.  Notwithstanding the foregoing, trade accounts
payable and accrued liabilities arising in the ordinary course of business and
any liability for federal, state or local taxes or other taxes owed by such
Person will not be considered Indebtedness for purposes of this definition.  The amount outstanding at any time of any
Indebtedness issued with original issue discount is the aggregate principal
amount at maturity of such Indebtedness, less the remaining unamortized portion
of the original issue discount of such Indebtedness at such time, as determined
in accordance with GAAP.  Indebtedness
shall be calculated without giving effect to the effects of Statement of
Financial Accounting Standards No. 133 and related interpretations to the
extent such effects would otherwise increase or decrease an amount of
Indebtedness for any purpose under the Indenture as a result of accounting for
any embedded derivatives created by the terms of such Indebtedness.

 

“Indenture”
means this Indenture as amended and supplemented from time to time and shall
include the form and terms of particular Series of Securities established
as contemplated hereunder and any related supplemental indenture.

 

4

 

“interest”
with respect to any Discount Security which by its terms bears interest only
after Maturity, means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security or installment of principal thereof,
means the date on which the principal of such Security or such installment of
principal becomes due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, call for redemption, notice
of option to elect repayment or otherwise.

 

“Obligations”
means any principal, interest (including post-petition interest, whether or not
allowed as a claim in any proceeding), penalties, fees, costs, expenses,
indemnifications, reimbursements, damages and other liabilities payable under
or in connection with any Indebtedness.

 

“Officer”
means the Executive Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, any
Vice-President, the Treasurer, the Controller, the Secretary, any Assistant
Treasurer or any Assistant Secretary of any Person.

 

“Officers’
Certificate” means a certificate signed, unless otherwise specified, by any two
of the Executive Chairman of the Board, a Vice Chairman of the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, the Controller
or an Executive Vice President of the Company, and delivered to the Trustee.

 

“Opinion
of Counsel” means a written opinion of legal counsel, which opinion is
reasonably acceptable to the Trustee. 
The counsel may be an employee of or counsel to the Company.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security.

 

“Representative”
means, for purposes of Article XIII, the Credit Agent or other agent,
trustee or representative for any Senior Debt of the Company or a Guarantor, as
the case may be.

 

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

 

5

 

“Restricted
Subsidiary” shall have the meaning set forth in the applicable supplemental
indenture as to each Series of Securities. 
If not defined in the applicable supplemental indenture, then there
shall be no Restricted Subsidiaries as to such Series.

 

“Sale
and Leaseback Transaction” means any transaction or series of related
transactions pursuant to which a Person sells or transfers any property or
asset in connection with the leasing, or the resale against installment
payments, of such property or asset to the seller or transferor.

 

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

 

“Securities”
means the debentures, notes or other instruments of Indebtedness of the Company
of any Series authenticated and delivered under this Indenture.

 

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

 

“Senior
Bank Debt” means all Obligations outstanding under or in connection with the
Credit Agreement (including Guarantees of such Obligations by Subsidiaries of
the Company).

 

“Senior
Debt” means [                              ].

 

“Series”
or “Series of Securities” means each series of debentures, notes or other
debt instruments of the Company created pursuant to Sections 2.1 and 2.2
hereof.

 

“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” when used with respect to any Security or any installment of
principal thereof or interest thereon, means the date specified in such
Security as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable.

 

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

 

“Subsidiary
Guarantee” means a Guarantee of a Guarantor pursuant to Article XII hereof.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as
in effect on the date of this Indenture; PROVIDED, HOWEVER, that in the event
the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the
extent required by any such amendment, the Trust Indenture Act as so amended.

 

6

 

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder, and if at any time there
is more than one such Person, “Trustee” as used with respect to the Securities
of any Series shall mean the Trustee with respect to Securities of that
Series.

 

Section 1.2. 
OTHER DEFINITIONS.

 

	
  TERM

  	
   

  	
  DEFINED IN SECTION

  
	
   

  	
   

  	
   

  
	
  “Bankruptcy
  Law”

  	
   

  	
  6.1

  
	
  “Benefited
  Party”

  	
   

  	
  12.1

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.3

  
	
  “Custodian”

  	
   

  	
  6.1

  
	
  “Event
  of Default”

  	
   

  	
  6.1

  
	
  “Guarantor”

  	
   

  	
  12.1

  
	
  “Journal”

  	
   

  	
  10.15

  
	
  “Judgment
  Currency”

  	
   

  	
  10.16

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.2

  
	
  “Legal
  Holiday”

  	
   

  	
  10.7

  
	
  “mandatory
  sinking fund payment”

  	
   

  	
  11.1

  
	
  “Market
  Exchange Rate”

  	
   

  	
  10.15

  
	
  “New
  York Banking Day”

  	
   

  	
  10.16

  
	
  “optional
  sinking fund payment”

  	
   

  	
  11.1

  
	
  “Paying
  Agent”

  	
   

  	
  2.4

  
	
  “Registrar”

  	
   

  	
  2.4

  
	
  “Required
  Currency”

  	
   

  	
  10.16

  
	
  “Service
  Agent”

  	
   

  	
  2.4

  
	
  “Successor
  Person”

  	
   

  	
  5.2

  

 

Section 1.3. 
INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 

Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.  The following TIA terms used in this
Indenture have the following meanings:

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities and the Subsidiary Guarantees, if any.

 

“indenture
security holder” means a Holder or a Securityholder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

7

 

“obligor”
on the indenture securities means the Company, the Guarantors, if any, and any
successor obligor upon the Securities or any Subsidiary Guarantee, as the case
may be.

 

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 and not
otherwise defined herein are used herein as so defined.

 

Section 1.4. 
RULES OF CONSTRUCTION.

 

Unless
the context otherwise requires:

 

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

 

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

 

(c)           “or” is not exclusive;

 

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

 

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

 

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

 

ARTICLE II

THE SECURITIES

 

Section 2.1. 
ISSUABLE IN SERIES.

 

The
aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. 
The Securities may be issued in one or more Series.  All Securities of a Series shall be
identical except as may be set forth in a Board Resolution, a supplemental
indenture or an Officers’ Certificate detailing the adoption of the terms
thereof pursuant to the authority granted under a Board Resolution.  In the case of Securities of a Series to
be issued from time to time, the Board Resolution, Officers’ Certificate or
supplemental indenture may provide for the method by which specified terms
(such as interest rate, maturity date, record date or date from which interest
shall accrue) are to be determined. 
Securities may differ between Series in respect of any matters,
provided that all Series of Securities shall be equally and ratably
entitled to the benefits of the Indenture.

 

Section 2.2. 
ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES.

 

At
or prior to the issuance of any Securities within a Series, the following shall
be established (as to the Series generally, in the case of Subsection
2.2.1 and either as to such Securities within the Series or as to the Series generally
in the case of Subsections 2.2.2 through 

 

8

 

2.2.21)
by a Board Resolution, a supplemental indenture or an Officers’ Certificate
pursuant to authority granted under a Board Resolution:

 

2.2.1.  the
title of the Series (which shall distinguish the Securities of that
particular Series from the Securities of any other Series);

 

2.2.2.  the
price or prices (expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;

 

2.2.3.  any
limit upon the aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the Series pursuant to Section 2.7,
2.8, 2.11, 3.6 or 9.6, or any applicable provision of a supplemental
indenture);

 

2.2.4.  the
date or dates on which the principal of the Securities of the Series is
payable;

 

2.2.5.  the
rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any
commodity, commodity index, stock exchange index or financial index) at which
the Securities of the Series shall bear interest, if any, the date or
dates from which such interest, if any, shall accrue, the date or dates on
which such interest, if any, shall commence and be payable and any regular
record date for the interest payable on any interest payment date;

 

2.2.6.  the
place or places where the principal of and interest, if any, on the Securities
of the Series shall be payable, or the method of such payment, if by wire
transfer, mail or other means;

 

2.2.7.  if
applicable, the period or periods within which, the price or prices at which
and the terms and conditions upon which the Securities of the Series may
be redeemed, in whole or in part, at the option of the Company;

 

2.2.8.  the
obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant
to any sinking fund or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the Series shall be
redeemed or purchased, in whole or in part, pursuant to such obligation;

 

2.2.9.  the
dates, if any, on which and the price or prices at which the Securities of the Series will
be repurchased by the Company at the option of the Holders thereof and other
detailed terms and provisions of such repurchase obligations;

 

2.2.10.  if
other than denominations of $1,000 and any integral multiple thereof, the denominations
in which the Securities of the Series shall be issuable;

 

2.2.11.  the
forms of the Securities of the Series in bearer or fully registered form
(and, if in fully registered form, whether the Securities will be issuable as
Global Securities);

 

9

 

2.2.12.  if
other than the principal amount thereof, the portion of the principal amount of
the Securities of the Series that shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13.  the
currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, including, but not limited to, the Euro, and if such
currency of denomination is a composite currency other than the Euro, the
agency or organization, if any, responsible for overseeing such composite
currency;

 

2.2.14.  the
designation of the currency, currencies or currency units in which payment of
the principal of and interest, if any, on the Securities of the Series will
be made;

 

2.2.15.  if
payments of principal of or interest, if any, on the Securities of the Series are
to be made in one or more currencies or currency units other than that or those
in which such Securities are denominated, the manner in which the exchange rate
with respect to such payments will be determined;

 

2.2.16.  the
manner in which the amounts of payment of principal of or interest, if any, on
the Securities of the Series will be determined, if such amounts may be
determined by reference to an index based on a currency or currencies or by
reference to a commodity, commodity index, stock exchange index or financial
index;

 

2.2.17.  the
provisions, if any, relating to any security provided for the Securities of the
Series;

 

2.2.18.  any
addition to or change in the Events of Default which applies to any Securities
of the Series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.2;

 

2.2.19.  any
addition to or change in the covenants set forth in Articles IV or V which
applies to Securities of the Series;

 

2.2.20.  any
other terms of the Securities of the Series (which may modify or delete
any provision of this Indenture insofar as it applies to such Series); and

 

2.2.21.  any
depositories, interest rate calculation agents, exchange rate calculation
agents or other agents with respect to Securities of such Series if other
than those appointed herein.

 

All
Securities of any one Series need not be issued at the same time and may
be issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.

 

10

 

Section 2.3. 
EXECUTION AND AUTHENTICATION.

 

Two
Officers shall sign the Securities for the Company by manual or facsimile
signature.  An Officer of each Guarantor
shall sign the Subsidiary Guarantee for the Guarantor by manual or facsimile signature.

 

If
an Officer whose signature is on a Security or Subsidiary Guarantee no longer
holds that office at the time the Security is authenticated, the Security or
Subsidiary Guarantee shall nevertheless be valid.

 

A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.  Such
signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

 

The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order.  Such Company
Order may authorize authentication and delivery pursuant to written or
electronic signed instructions from the Company or its duly authorized agent or
agents.  Each Security shall be dated the
date of its authentication unless otherwise provided by a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate.

 

The
aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior
to the issuance of Securities of any Series, the Trustee shall have received
and (subject to Section 7.2) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officers’ Certificate
establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers’ Certificate complying
with Sections 10.4 and 10.5, and (c) an Opinion of Counsel complying with
Sections 10.4 and 10.5.

 

The
Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if the
Trustee in good faith by any of the following: its board of directors or
trustees, executive committee or a trust committee of Responsible Officers,
directors and/or vice-presidents shall determine that such action would
reasonably be expected to expose the Trustee to personal liability to Holders
of any then outstanding Series of Securities.

 

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

 

11

 

Section 2.4. 
REGISTRAR AND PAYING AGENT.

 

The
Company shall maintain, with respect to each Series of Securities, at the
place or places specified with respect to such Series pursuant to Section 2.2,
an office or agency where Securities of such Series may be presented or
surrendered for payment (“Paying Agent”), where Securities of such Series may
be surrendered for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such
Series and this Indenture may be served (“Service Agent”).  The Registrar shall keep a register with respect
to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice
to the Trustee of the name and address, and any change in the name or address,
of each Registrar, Paying Agent or Service Agent.  If at any time the Company shall fail to
maintain any such required Registrar or Paying Agent or shall fail to furnish
the Trustee with the name and address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

 

The
Company may also from time to time designate one or more co-registrars,
additional paying agents or additional service agents and may from time to time
rescind such designations; PROVIDED, HOWEVER, that no such designation or
rescission shall in any manner relieve the Company of its obligations to
maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.2 for Securities of any Series for such
purposes.  The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the name or address of any such co-registrar, additional paying agent
or additional service agent.  The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service
agent.  The Company or any Guarantor may
act as Paying Agent, Registrar or Service Agent.  The Company shall enter into an appropriate
agency agreement with any Agent not a party to this Indenture, which shall be
subject to any obligations imposed by the provisions of the TIA.  The agreement shall implement the provisions
of this Indenture that relate to such Agent.

 

The
Company hereby appoints the Trustee the initial Registrar and Paying Agent for
each Series unless another Registrar and Paying Agent, as the case may be,
is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5. 
PAYING AGENT TO HOLD MONEY IN TRUST.

 

The
Company shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust, for the benefit of
Securityholders of any Series of Securities, or the Trustee, all money
held by the Paying Agent for the payment of principal of or premium, if any, or
interest on the Series of Securities, and will notify the Trustee of any
default by the Company or the Guarantors 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) shall have no further
liability for the money delivered to the Trustee.  If the Company or a 

 

12

 

Subsidiary
acts as Paying Agent, it shall segregate and hold in a separate trust fund for
the benefit of Securityholders of any Series of Securities, subject to Article XIII
hereof, all money held by it as Paying Agent.

 

Section 2.6. 
SECURITYHOLDER LISTS.

 

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

 

Section 2.7. 
TRANSFER AND EXCHANGE.

 

Where
Securities of a Series are presented to the Registrar or a co-registrar
with a request to register a transfer or to exchange them for an equal principal
amount of Securities of the same Series, the Registrar shall register the
transfer or make the exchange if its requirements for such transactions are
met.  To permit registrations of
transfers and exchanges, the Trustee shall authenticate Securities at the
Registrar’s request.  No service charge
shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), 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 tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series for the period beginning
at the opening of business fifteen days immediately preceding the mailing of a
notice of redemption of Securities of that Series selected for redemption
and ending at the close of business on the day of such mailing, or (b) to
register the transfer of or exchange Securities of any Series selected,
called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

Section 2.8. 
MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

 

If
any mutilated Security is surrendered to the Trustee, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same Series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding.

 

If
there shall be delivered to the Company and the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate
and make available for delivery, in lieu of any such destroyed, lost or stolen 

 

13

 

Security,
a new Security of the same Series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding.

 

In
case any such mutilated, destroyed, lost or stolen Security has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security.

 

Upon
the issuance of any new Security under this Section, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Trustee) connected therewith.

 

Every
new Security of any Series issued pursuant to this Section in lieu of
any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder.

 

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

 

Section 2.9. 
OUTSTANDING SECURITIES.

 

The
Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest on a Global Security effected by
the Trustee in accordance with the provisions hereof and those described in
this Section as not outstanding.

 

If
a Security is replaced pursuant to Section 2.8, it ceases to be
outstanding until the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

 

If
the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds on the Maturity of Securities of a Series money sufficient
to pay such Securities payable on that date, then on and after that date such
Securities of the Series cease to be outstanding and interest on them
ceases to accrue.

 

A
Security does not cease to be outstanding because the Company, a Guarantor or
an Affiliate of the Company or a Guarantor holds the Security.

 

In
determining whether the Holders of the requisite principal amount of
outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a
Discount Security that shall be deemed to be outstanding for such purposes
shall be the amount of the principal thereof that would be due and payable as
of the date of such determination upon a declaration of acceleration of the
Maturity thereof pursuant to Section 6.2.

 

14

 

Section 2.10. 
TREASURY SECURITIES.

 

In
determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the
Company or an Affiliate shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities of a Series that a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. 
Notwithstanding the foregoing, Securities of a Series that are to
be acquired by the Company, any Guarantor, any Subsidiary of the Company or any
Guarantor or an Affiliate of the Company or any Guarantor pursuant to an
exchange offer, tender offer or other agreement shall not be deemed to be owned
by the Company, such Guarantor, a Subsidiary of the Company or such Guarantor
or an Affiliate of the Company or such Guarantor until legal title to such
Securities passes to the Company, such Guarantor, such Subsidiary or such
Affiliate, as the case may be.

 

Section 2.11. 
TEMPORARY SECURITIES.

 

Until
definitive Securities are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary Securities upon a Company Order.  Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. 
Without unreasonable delay, the Company shall prepare and the Trustee
upon request shall authenticate definitive Securities of the same Series and
date of maturity in exchange for temporary Securities.  Until so exchanged, temporary securities shall
have the same rights under this Indenture as the definitive Securities.

 

Section 2.12. 
CANCELLATION.

 

The
Company at any time may deliver Securities to the Trustee with written
instructions for cancellation.  The
Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment.  The Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and
shall dispose of such canceled Securities in accordance with the Trustee’s
customary practice as instructed by the Company.  The Company may not issue new Securities to
replace Securities that it has paid or delivered to the Trustee for
cancellation.

 

Section 2.13. 
DEFAULTED INTEREST.

 

If
the Company and the Guarantors default in a payment of interest on a Series of
Securities, the Company or any such Guarantor (to the extent of its obligations
under its Subsidiary Guarantee) shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest payable on the defaulted interest,
to the Persons who are Securityholders of the Series on a subsequent
special record date, which date shall be at the earliest practicable date but
in all events at least five Business Days prior to the payment date, in each
case at the rate provided for with respect to the applicable Securities.  The Trustee shall fix or cause to be fixed
each such special record date and payment date, and shall, promptly thereafter,
notify the Trustee of any such date.  At
least 15 days before the special record date, the Company (or the Trustee, in
the name of and at the expense of the Company) shall mail to Securityholders of
the Series a 

 

15

 

notice
that states the special record date, the related payment date and the amount of
such interest to be paid.  The Company
and the Guarantors may pay defaulted interest in any other lawful manner.

 

Section 2.14. 
RECORD DATE.

 

The
record date for purposes of determining the identity of Securityholders of the Series entitled
to vote or consent to any action by vote or consent authorized or permitted
under this Indenture shall be determined as provided for in TIA Section 316(c).

 

Section 2.15. 
GLOBAL SECURITIES.

 

2.15.1.  Terms
of Securities.  A Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in
the form of one or more Global Securities and the Depository for such Global
Security or Securities.

 

2.15.2.  Transfer
and Exchange.  Notwithstanding any
provisions to the contrary contained in Section 2.7 of the Indenture and
in addition thereto, and except as otherwise set forth in a supplemental
indenture with regard to a Series of Securities, any Global Security shall
be exchangeable pursuant to Section 2.7 of the Indenture for Securities
registered in the names of Holders other than the Depository for such Security
or its nominee only if (i) such Depository notifies the Company that it is
unwilling or unable to continue as Depository for such Global Security or if at
any time such Depository ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor
Depository within 90 days of such event, (ii) the Company executes and
delivers to the Trustee an Officers’ Certificate to the effect that such Global
Security shall be so exchangeable or (iii) an Event of Default with
respect to the Securities represented by such Global Security shall have
happened and be continuing.  Any Global
Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as the Depository shall
direct in writing in an aggregate principal amount equal to the principal
amount of the Global Security with like tenor and terms.

 

Except
as provided in this Section 2.15.2 or as may be set forth in a
supplemental indenture with regard to a Series of Securities, a Global
Security may not be transferred except as a whole by the Depository with
respect to such Global Security to a nominee of such Depository, by a nominee
of such Depository to such Depository or another nominee of such Depository or
by the Depository or any such nominee to a successor Depository or a nominee of
such a successor Depository.

 

2.15.3.  Legend.  Any Global Security issued hereunder shall
bear a legend in substantially the following form:

 

“This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depository or a nominee of the
Depository.  This Security is
exchangeable for Securities registered in the name of a Person other than the
Depository or its nominee only in the limited circumstances described in the
Indenture, and may not be transferred except as a whole by the Depository to a
nominee of the Depository, 

 

16

 

by
a nominee of the Depository to the Depository or another nominee of the
Depository or by the Depository or any such nominee to a successor Depository
or a nominee of such a successor Depository.”

 

2.15.4.  Acts
of Holders.  The Depository, as a
Holder, may appoint agents and otherwise authorize participants to give or take
any request, demand, authorization, direction, notice, consent, waiver or other
action which a Holder is entitled to give or take under the Indenture.

 

2.15.5.  Payments.  Notwithstanding the other provisions of this
Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of and interest, if any, on any Global Security shall
be made to the Holder thereof.

 

2.15.6.  Consents,
Declaration and Directions.  Except
as provided in Section 2.15.5, the Company, the Trustee and any Agent
shall treat the Holder of such principal amount of outstanding Securities of
such Series represented by a Global Security as the owner thereof, as
shall be specified in a written statement of the Depository with respect to
such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this
Indenture.

 

Section 2.16. 
CUSIP NUMBERS.

 

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

 

ARTICLE III

REDEMPTION

 

Section 3.1. 
NOTICE TO TRUSTEE.

 

The
Company may, with respect to any Series of Securities, reserve the right
to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated
Maturity thereof at such time and on such terms as provided for in such
Securities.  If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior
to the Stated Maturity thereof all or part of the Series of Securities
pursuant to the terms of such Securities, it shall notify the Trustee of the
redemption date and the principal amount of Series of Securities to be
redeemed.  The Company shall give the
notice at least 45 days before the redemption date (or such shorter notice as
may be acceptable to the Trustee), which notice shall be in the form of an
Officers’ Certificate setting forth (i) the Section of this Indenture
pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of Securities of a Series to be redeemed and (iv) the
redemption price.

 

17

 

Section 3.2. 
SELECTION OF SECURITIES TO BE REDEEMED.

 

If
less than all of any Series of Securities are to be redeemed at any time,
the Trustee shall select the Securities of the Series to be redeemed among
the applicable Holders on a pro rata basis
(or, in the case of any Series of Securities issued in global form as
discussed in Section 2.15, based on a method that most nearly approximates
a pro rata selection as the Trustee deems
fair and appropriate) unless otherwise required by law or applicable stock
exchange or depositary requirements, provided that
no Securities of $2,000 or less shall be redeemed in part.

 

The
Trustee shall promptly notify the Company in writing of the Securities of the Series selected
for redemption and, in the case of any Security selected for partial
redemption, the principal amount thereof to be redeemed. Securities and
portions of Securities selected shall be in amounts of $2,000 or whole
multiples of $1,000; except that if all of the Securities of a Holder are to be
redeemed, the entire outstanding amount of Securities held by such Holder, even
if not a multiple of $1,000, shall be redeemed. Except as provided in the
preceding sentence, provisions of this Indenture that apply to Securities of a Series called
for redemption also apply to portions of Securities of that Series called
for redemption.

 

Section 3.3. 
NOTICE OF REDEMPTION.

 

Unless
otherwise indicated for a particular Series by Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, at least 10 days but
not more than 60 days before a redemption date, the Company shall mail or cause
to be mailed a notice of redemption by first-class mail to each Holder whose
Securities are to be redeemed and if any Bearer Securities are outstanding,
publish on one occasion a notice in an Authorized Newspaper.

 

The
notice shall identify the Securities of the Series to be redeemed
(including the CUSIP numbers, if any) and shall state:

 

(a)           the redemption date;

 

(b)           the redemption price (including accrued interest to, but
excluding, the redemption date);

 

(c)           if any Security of the Series called for redemption
is being redeemed in part, the portion of the principal amount of such Security
to be redeemed and that, after the redemption date upon surrender of such
Security, a new Security or Securities in principal amount equal to the
unredeemed portion shall be issued upon cancellation of the original Security;

 

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

 

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

 

18

 

 

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

 

(g)                                 any other
information as may be required by the terms of the particular Series or
the Securities of a Series being redeemed.

 

At
the Company’s request, the Trustee shall give the notice of redemption to the
Holders in the Company’s name and at its expense; provided that the Company
gives the Trustee written notice of such request at least 10 days prior to the
date of the giving of such notice (or such shorter notice as may be acceptable
to the Trustee).

 

Section 3.4. 
EFFECT OF NOTICE OF REDEMPTION.

 

Once
notice of redemption is mailed or published as provided in Section 3.3,
Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. 
A notice of redemption may not be conditional.  On and after the redemption date, unless the
Company defaults in the payment of the redemption price, interest will cease to
accrue on the Securities of a Series called for called for redemption and
all rights of Holders with respect to such Securities will terminate except for
the right to receive payment of the redemption price upon surrender for
redemption.  Upon surrender to the Paying
Agent, such Securities shall be paid at the redemption price plus accrued
interest to but excluding the redemption date.

 

Section 3.5. 
DEPOSIT OF REDEMPTION PRICE.

 

Prior
to 11:00 a.m. Eastern Standard Time on the redemption date, the Company
shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that
date.  If the Company complies with the
provisions of the preceding sentence, on and after the redemption date,
interest shall cease to accrue on the Securities or the portions of Securities
called for redemption, whether or not such Securities are presented for
payment.  If any Security called for redemption
shall not be so paid upon surrender for redemption because of the failure of
the Company to comply with the first sentence of this paragraph, interest shall
be paid on the unpaid principal, from the redemption date until such principal
is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided with respect to such Security.

 

Section 3.6. 
SECURITIES REDEEMED IN PART.

 

Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate
for the Holder a new Security of the same Series and the same maturity
equal in principal amount to the unredeemed portion of the Security
surrendered.

 

19

 

ARTICLE IV

COVENANTS

 

Section 4.1.  PAYMENT OF PRINCIPAL AND INTEREST.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of
Securities that it will duly and punctually pay the principal of and interest,
if any, on the Securities of that Series in accordance with the terms of
such Securities and this Indenture.

 

Section 4.2. 
REPORTS.

 

The
Company shall file with the Trustee and the SEC, and transmit to Holders of
Securities, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the TIA at the times and in the manner
provided pursuant thereto; provided that any such information, documents or
reports required to be filed with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act shall be filed with the Trustee within 15 days after the same
is so required to be filed with the Commission. 
Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to conclusively rely exclusively on the Officers’ Certificates).

 

Notwithstanding the foregoing, if at any time
the Securities are guaranteed by any direct or indirect parent company of the
Company, the indenture will permit the Company to satisfy its obligations under
this covenant with respect to financial information relating to the Company by
furnishing financial information relating to such direct or indirect parent
company; provided, however, that the
same is accompanied by consolidating information that explains in
reasonable detail the differences between the information relating to such
direct or indirect parent company and any of its Subsidiaries other than the
Company and its Subsidiaries, on the one hand, and the information relating to
the Company, the Guarantors and the other Subsidiaries of the Company on a
standalone basis, on the other hand.

 

Section 4.3. 
COMPLIANCE CERTIFICATE.

 

The
Company shall deliver to the Trustee, within 90 days after the end of each
fiscal year of the Company, an Officers’ Certificate complying with TIA Section 314(a)(4) stating
that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of
his knowledge the Company has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which he may have knowledge).

 

The
Company will, so long as any of the Securities are outstanding, 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.

 

20

 

Section 4.4. 
STAY, EXTENSION AND USURY LAWS.

 

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

 

Section 4.5. 
CORPORATE EXISTENCE.

 

Subject
to Article V of the Indenture and any covenants included in a supplemental
indenture relating to the release of Guarantors or the consolidation or merger
of Restricted Subsidiaries, the Company and each of the Restricted Subsidiaries
shall do or cause to be done all things necessary to preserve and keep in full
force and effect (i) its corporate existence in accordance with the
respective organizational documents (as the same may be amended from time to
time) of the Company and any such Restricted Subsidiary, as the case may be,
and (ii) the rights (charter and statutory), licenses and franchises of
the Company and the Restricted Subsidiaries; PROVIDED, HOWEVER, that the
Company and the Restricted Subsidiaries shall not be required to preserve any
such right, license or franchise if an officer of the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company, the Restricted Subsidiaries and their Subsidiaries,
taken as a whole, and that the loss thereof is not adverse in any material respect
to the Holders of the Securities.

 

Section 4.6. 
TAXES.

 

The
Company shall, and shall cause each of its Subsidiaries to, pay prior to
delinquency all material taxes, assessments and governmental levies, except (i) as
contested in good faith and by appropriate proceedings or (ii) the
nonpayment of which would not materially adversely affect the business,
condition (financial or otherwise), operations, performance or properties of
the Company and its Subsidiaries, taken as a whole.

 

Section 4.7. 
MAINTENANCE OF OFFICE OR AGENCY.

 

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

 

21

 

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

 

The
Company hereby designates the Corporate Trust Office of the Trustee as one such
office or agency of the Company in accordance with Section 2.4 hereof.

 

ARTICLE V

SUCCESSORS

 

Section 5.1. 
MERGERS, CONSOLIDATIONS OR SALE OF ASSETS.

 

The
Company may not consolidate or merge with or into (whether or not the Company
is the surviving corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in
one or more related transactions, to another Person unless:

 

(a)                                  either (i) the
Company is the surviving corporation or (ii) the Person formed by or
surviving any such consolidation or merger (if other than the Company) or to
which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made is a corporation organized or existing under the laws of
the United States, any state thereof or the District of Columbia (PROVIDED
THAT, if such entity is not a corporation, a co-obligor of the applicable Series of
Securities issued hereunder is a corporation organized or existing under the
laws of the United States, any state thereof or the District of Columbia);

 

(b)                                 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, lease,
conveyance or other disposition shall have been made assumes all the
obligations of the Company under the Securities of a Series, the supplemental
indentures applicable to such Series and the Indenture (pursuant to a
supplemental indenture in a form reasonably satisfactory to the Trustee);

 

(c)                                  immediately
after such transaction no Default or Event of Default exists;

 

(d)                                 the Company or
any Person formed by or surviving any such consolidation or merger, or to which
such sale, assignment, transfer, lease, conveyance or other disposition shall
have been made, will, at the time of such transaction and after giving pro
forma effect thereto, be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the test set forth in the applicable supplemental
indenture, if any, without regard to any enumerated exceptions; and

 

(e)                                  the Company (or
the Person formed by or surviving any such consolidation or merger or to which
such sale, assignment, transfer, lease, conveyance or 

 

22

 

other disposition shall have been made) shall have
delivered an Officers’ Certificate and an Opinion of Counsel, both stating that
such consolidation, merger or transfer and such supplemental indenture complies
with the Indenture.

 

This
Section 5.1 will not apply to any sale, assignment, transfer, conveyance,
lease or other disposition of assets between or among the Company and its
Restricted Subsidiaries. Clauses (c) and (d) of the first paragraph
of this Section 5.1 will not apply to any merger or consolidation of the
Company (i) with or into one of its Restricted Subsidiaries for any
purpose or (ii) with or into an Affiliate solely for the purpose of
reincorporating the Company in another jurisdiction in the United States.

 

Section 5.2. 
SUCCESSOR CORPORATION SUBSTITUTED.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Company in
accordance with Section 5.1, the successor corporation formed by such
consolidation or into or with which the Company is merged or to which such
sale, lease, conveyance or other disposition is made (the “Successor Person”)
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 has been named as the Company herein; PROVIDED, HOWEVER, that
the predecessor Company in the case of a sale, lease, conveyance or other
disposition shall not be released from the obligation to pay the principal of
and interest, if any, on the Securities, except in the case of a sale of all
the Company’s assets that meets the requirements of Section 5.1 hereof.

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

Section 6.1. 
EVENTS OF DEFAULT.

 

“Event
of Default,” wherever used herein with respect to Securities of any Series,
means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officers’ Certificate, it is provided
that such Series shall not have the benefit of said Event of Default:

 

(a)                                  default for 30
days in the payment when due of interest on any Security of that Series (whether
or not prohibited by the subordination provisions of Article XIII of the
Indenture);

 

(b)                                 default in
payment when due of the principal of or premium, if any, on any Security of
that Series (whether or not prohibited by the subordination provisions in Article XIII
of the Indenture);

 

(c)                                  failure by the
Company to comply with any “Change of Control” covenant included in a
supplemental indenture with respect to any Security of that Series;

 

23

 

(d)                                 failure by the
Company or any Guarantor for 60 days after written notice from the Trustee or
Holders of not less than 25% of the aggregate principal amount of the
Securities of that Series then outstanding to comply with any of its other
agreements in the Indenture, any supplemental indenture relating to such
Series, the Securities or the Subsidiary Guarantees (in order to be effective,
such notice must be in writing, specify the Default, demand that it be remedied
and state that the notice is a “Notice of Default”);

 

(e)                                  default under
any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
the Company or any of its Restricted Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Restricted Subsidiaries) whether such
Indebtedness or guarantee exists on the date of the supplemental indenture
relating to such Series or is created thereafter, if:

 

(i)                                     such default
results in the acceleration of such Indebtedness prior to its express maturity
or shall constitute a default in the payment of such Indebtedness at final
maturity of such Indebtedness and

 

(ii)                                  the principal
amount of any such Indebtedness that has been accelerated or not paid at
maturity, when added to the aggregate principal amount of all other such
Indebtedness that has been accelerated or not paid at maturity, exceeds $50.0
million;

 

(f)                                    a final
judgment or final judgments for the payment of money are entered by a court or
courts of competent jurisdiction against the Company or any of its Restricted
Subsidiaries and such judgments remain unpaid, undischarged or unstayed for a
period of 60 days, provided that the aggregate of all such unpaid, undischarged
or unstayed judgments exceeds $50.0 million;

 

(g)                                 the Company or
any of its Restricted Subsidiaries that is a Significant Subsidiary:

 

(i)                                     commences a
voluntary case,

 

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

 

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

 

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

 

(v)                                 admits in
writing that it generally is unable to pay its debts as the same become due; in
each case, pursuant to or within the meaning of any Bankruptcy Law; or

 

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

 

24

 

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

 

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

 

(iii)                               orders the
liquidation of the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary, and such order or decree remains unstayed and in effect
for 60 days;

 

(i)                                     except as
permitted by the Indenture, any supplemental indenture relating to such Series or
the Subsidiary Guarantees, any Subsidiary Guarantee issued by a Restricted
Subsidiary shall be held in any judicial proceeding to be unenforceable or
invalid or shall cease for any reason to be in full force and effect, or any
Restricted Subsidiary or any Person acting on behalf of any Restricted
Subsidiary shall deny or disaffirm in writing its obligations under its
Subsidiary Guarantee; or

 

(j)                                     any other Event
of Default provided with respect to Securities of that Series, which is
specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2.18.

 

The
term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State
law for the relief of debtors.  The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law.

 

Section 6.2. 
ACCELERATION OF MATURITY.

 

If
any Event of Default (other than an Event of Default specified in clauses (g) and
(h) of Section 6.1 of the Indenture relating to the Company or any of
its Restricted Subsidiaries that is a Significant Subsidiary) occurs and is continuing,
the Trustee by notice to the Company or the Holders of at least 25% in
principal amount of the then outstanding Securities of a Series by notice
to the Company and the Trustee may declare the unpaid principal of and any
interest on all the Securities of that Series (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount
as may be specified in the terms of such Securities) to be due and payable
immediately; PROVIDED, HOWEVER, that if any Obligation with respect to Senior
Bank Debt is outstanding pursuant to the Credit Agreement upon a declaration of
acceleration of the Securities of a Series, the principal, premium, if any, and
interest on such Securities will not be payable until the earlier of:

 

(a)                                  the day which
is five Business Days after written notice of acceleration is received by the
Company and the Credit Agent, or

 

(b)                                 the date of
acceleration of the Indebtedness under the Credit Agreement.  If an Event of Default specified in clauses (g) and
(h) of Section 6.1 of the Indenture with respect to the Company or
any Restricted Subsidiary that is a Significant Subsidiary occurs, the
principal of, and premium, if any, and any accrued and unpaid interest on all 

 

25

 

outstanding Securities of that Series will
become immediately due and payable without further action or notice.

 

In
the event of a declaration of acceleration of the Securities of that Series because
an Event of Default has occurred and is continuing as a result of the
acceleration of any Indebtedness described in clause (e) of Section 6.1
of the Indenture, the declaration of acceleration of the Securities of that Series shall
be automatically annulled if the holders of any Indebtedness described in such
clause have rescinded the declaration of acceleration in respect of such
Indebtedness within 30 days from the date of such declaration and if:

 

(a)                                  the annulment
of the acceleration of the Securities of that Series would not conflict
with any judgment or decree of a competent jurisdiction, and

 

(b)                                 all existing
Events of Default, except non-payment of principal or interest on the
Securities of that Series that became due solely because of the
acceleration of such Securities, have been cured or waived.

 

In
the case of any Event of Default occurring 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 any make whole price or premium, as
applicable, that the Company would have had to pay if the Company then had
elected to redeem the Securities of a Series pursuant to the optional
redemption provisions of the Indenture, if any, the applicable make whole
price, or an equivalent premium, as the case may be, shall become and be
immediately due and payable to the extent permitted by law upon the
acceleration of the Securities of that Series.

 

Section 6.3. 
COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

 

The
Company covenants that if

 

(a)                                  default is made
in the payment of any interest on any Security when such interest becomes due
and payable and such default continues for a period of 30 days, or

 

(b)                                 default is made
in the payment of principal of any Security at the Maturity thereof, or

 

(c)                                  default is made
in the deposit of any sinking fund payment when and as due by the terms of a
Security,

 

THEN,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and interest and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal or any
overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, 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.

 

26

 

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the
Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities, wherever
situated.

 

If
an Event of Default with respect to any Securities of any Series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such Series by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.

 

Section 6.4. 
TRUSTEE MAY FILE PROOFS OF CLAIM.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

 

(a)                                  to file and
prove a claim for the whole amount of principal and interest owing and unpaid
in respect of the Securities and to file such 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 of the Holders allowed in such
judicial proceeding, and

 

(b)                                 to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same,

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official 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 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 7.7.

 

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 Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

 

27

 

Section 6.5. 
TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.

 

All
rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

 

Section 6.6. 
APPLICATION OF MONEY COLLECTED.

 

Any
money collected by the Trustee pursuant to this Article shall be applied
in the following order, at the date or dates fixed by the Trustee and, in case
of the distribution of such money on account of principal or interest, upon
presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:

 

First:
To the payment of all amounts due the Trustee under Section 7.7;

 

Second:
To the holders of Senior Debt of the Company or a Guarantor, as the case may
be, to the extent required by Article XIII hereof;

 

Third:
To the payment of the amounts then due and unpaid for principal of and interest
on the Securities in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities for principal and
interest, respectively; and

 

Fourth:
To the Company.

 

Section 6.7. 
LIMITATION ON SUITS.

 

No
Holder of any Security of any Series shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

 

(a)                                  such Holder has
previously given written notice to the Trustee of a continuing Event of Default
with respect to the Securities of that Series;

 

(b)                                 the Holders of
not less than 25% in principal amount of the outstanding Securities of that Series shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee hereunder;

 

(c)                                  such Holder or
Holders have offered to the Trustee indemnity satisfactory to it against the
costs, expenses and liabilities to be incurred in compliance with such request;

 

28

 

 

(d)           the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and

 

(e)           no direction inconsistent
with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of the outstanding
Securities of that Series; it being understood and intended that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all such Holders.

 

Section 6.8.  UNCONDITIONAL
RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND INTEREST.

 

Subject
to Articles XII and XIII hereof, notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and premium and
interest, if any, on such Security on the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption
date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder.

 

Section 6.9.  RESTORATION
OF RIGHTS AND REMEDIES.

 

If
the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

Section 6.10. 
RIGHTS AND REMEDIES CUMULATIVE.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11.  DELAY OR OMISSION NOT WAIVER.

 

No
delay or omission of the Trustee or of any Holder of any Securities to exercise
any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein.  Every right and 

 

29

 

remedy
given by this Article or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.

 

Section 6.12. 
CONTROL BY HOLDERS.

 

The
Holders of a majority in principal amount of the outstanding Securities of any Series
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee, with respect to the Securities of such Series,
provided that:

 

(a)           such direction shall not be
in conflict with any rule of law or with this Indenture,

 

(b)           the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such
direction, and

 

(c)           subject to the provisions of
Section 6.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer of the
Trustee, determine that the proceeding so directed would reasonably be expected
to expose the Trustee to personal liability.

 

Section 6.13. 
WAIVER OF PAST DEFAULTS.

 

The
Holders of not less than a majority in principal amount of the outstanding
Securities of any Series may on behalf of the Holders of all the Securities of
such Series waive any past Default hereunder with respect to such Series and
its consequences, except a continuing Default or Event of Default in the
payment of the principal of or interest on any Security of such Series (PROVIDED,
HOWEVER, that the Holders of a majority in principal amount of the outstanding
Securities of any Series 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 6.14. 
UNDERTAKING FOR COSTS.

 

All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, 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,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees
and expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the outstanding
Securities of any Series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or 

 

30

 

interest
on any Security on or after the Stated Maturity or Stated Maturities expressed
in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII

TRUSTEE

 

Section 7.1.  DUTIES
OF TRUSTEE.

 

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

 

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

 

(i)            The Trustee need perform
only those duties that are specifically set forth in this Indenture and no
others; and

 

(ii)           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 Officers’
Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; HOWEVER, in the case of any such Officers’
Certificates or Opinions of Counsel which by any provisions hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine
such Officers’ Certificates and Opinions of Counsel 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).

 

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

 

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

 

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

 

(iii)          The Trustee shall not be
liable with respect to any action taken, suffered or omitted to be taken by it
with respect to Securities of any Series in good faith in accordance with the
direction of the Holders of a majority in principal amount of the outstanding
Securities of such Series relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such Series;

 

31

 

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

 

(e)           The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity
satisfactory to it against any loss, liability or expense;

 

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

 

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

 

(h)           The Paying Agent, the
Registrar and any authenticating agent shall be entitled to the protections,
immunities and standard of care as are set forth in paragraphs (b), (c), (e), (f)
and (g) of this Section with respect to the Trustee.

 

Section 7.2.  RIGHTS
OF TRUSTEE.

 

(a)           The Trustee may conclusively
rely on and shall be protected in acting or refraining from acting 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.  The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel.

 

(c)           The Trustee may act through
agents and shall not be responsible for the misconduct or negligence of any
agent appointed with due care.  No
Depository shall be deemed an agent of the Trustee and the Trustee shall not be
responsible for any act or omission by any Depository.

 

(d)           The Trustee shall not be
liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers.

 

(e)           The Trustee may consult with
counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

 

(f)            The Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders of Securities
unless such Holders shall have offered to the Trustee security or indemnity 

 

32

 

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

 

(g)           The Trustee shall not be
bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it
may see fit and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the sole cost of the
Company and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation.

 

(h)           The Trustee shall not be
deemed to have notice of any Default or Event of Default (other than a payment
default under Sections 6.1(a) or 6.1(b)) unless a Responsible Officer of the
Trustee has received written notice of any event which is in fact such a
default in accordance with Section 10.2.

 

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

 

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

 

Section 7.3.  INDIVIDUAL
RIGHTS OF TRUSTEE.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or an Affiliate 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 or resign.  Any Agent may do the same with like
rights.  The Trustee is also subject to
Sections 7.10 and 7.11.

 

Section 7.4.  TRUSTEE’S
DISCLAIMER.

 

The
Trustee makes no representation as to the validity or adequacy of this
Indenture or the Securities, it shall not be accountable for the Company’s use
of the proceeds from the Securities, and it shall not be responsible for any
statement in the Securities other than its authentication.

 

33

 

Section 7.5.  NOTICE
OF DEFAULTS.

 

If
a Default or Event of Default occurs and is continuing with respect to the
Securities of any Series and if it is actually known to a Responsible Officer
of the Trustee as described in Section 7.2(h) hereof, the Trustee shall mail to
each Securityholder of the Securities of that Series and, if any Bearer Securities
are outstanding, publish on one occasion in an Authorized Newspaper, notice of
a Default or Event of Default within 90 days after it occurs or, if later,
after a Responsible Officer of the Trustee has actual knowledge of such Default
or Event of Default.  Except in the case
of a Default or Event of Default in payment of principal of or interest on any
Security of any Series, the Trustee may withhold the notice if and so long as
its corporate trust committee or a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of
Securityholders of that Series.

 

Section 7.6.  REPORTS
BY TRUSTEE TO HOLDERS.

 

Within
60 days after May 15 in each year, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear on the register kept by
the Registrar and, if any Bearer Securities are outstanding, publish in an
Authorized Newspaper, a brief report dated as of such May 15, in accordance
with, and to the extent required under, TIA Section 313.

 

A
copy of each report at the time of its mailing to Securityholders of any Series
shall be filed with the SEC and each stock exchange on which the Securities of
that Series are listed.  The Company
shall promptly notify the Trustee when Securities of any Series are listed on
any stock exchange or any delisting thereof.

 

Section 7.7.  COMPENSATION
AND INDEMNITY.

 

The
Company shall pay to the Trustee from time to time such compensation for its
services as the Company and the Trustee shall agree in writing.  The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon
request for all reasonable out-of-pocket expenses incurred by it.  Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents and counsel.

 

The
Company shall fully indemnify the Trustee or any predecessor Trustee and their
agents (including the cost of defending itself against any claim (whether
asserted by the Company, or any Holder or any other Person)) against any and
all loss, damages, claims, liability or expense, including taxes (other than
taxes based upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the performance of
their duties under this Indenture as Trustee or Agent.  The Trustee shall notify the Company promptly
of any claim of which a Responsible Officer has received notice for which it may
seek indemnity.  The Company shall defend
the claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement
made without its consent, which consent shall not be unreasonably
withheld.  This indemnification shall
apply to officers, directors, employees, shareholders and agents of the Trustee
and any Agent.

 

34

 

The
Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Trustee or by any officer, director, employee,
shareholder or agent of the Trustee caused by its own negligence or bad faith.

 

To
secure the Company’s payment obligations in this Section, the Trustee shall
have a lien prior to the Securities of any Series on all money or property held
or collected by the Trustee, except that held in trust to pay principal and
interest on particular Securities of that Series.

 

When
the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.1(g) or (h) (or any comparable provisions set forth in a
supplemental indenture) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

 

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

 

The
provisions of this Section shall survive the termination of this Indenture and
the resignation or removal of the Trustee.

 

Section 7.8.  REPLACEMENT
OF TRUSTEE.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section.

 

The
Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company in writing.  The
Holders of a majority in principal amount of the Securities of any Series may
remove the Trustee with respect to that Series by so notifying the Trustee and
the Company in writing.  The Company may
remove the Trustee with respect to Securities of one or more Series if:

 

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

 

(b)           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;

 

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

 

(d)           the Trustee becomes
incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Company shall 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 Securities may appoint a successor Trustee to replace
the successor Trustee appointed by the Company.

 

35

 

If
a successor Trustee with respect to the Securities of any one or more Series does
not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company or the Holders of at least 10% in
principal amount of the Securities of the applicable Series may petition any
court of competent jurisdiction at the expense of the Company for the
appointment of a successor Trustee.

 

If
the Trustee with respect to the Securities of any one or more Series fails to
comply with Section 7.10, any Securityholder of the applicable Series, who has
been a Securityholder for at least six months, may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. 
Promptly after that, the retiring Trustee shall, upon payment of its
charges hereunder, transfer all property held by it as Trustee to the successor
Trustee subject to the lien provided for in Section 7.7, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the Trustee with respect to
each Series of Securities for which it is acting as Trustee under this
Indenture.  A successor Trustee shall
mail a notice of its succession to each Securityholder of each such Series and,
if any Bearer Securities are outstanding, publish such notice on one occasion
in an Authorized Newspaper. 
Notwithstanding replacement of the Trustee pursuant to this Section 7.8,
the Company’s obligations under Section 7.7 hereof shall continue for the
benefit of the retiring trustee with respect to expenses and liabilities
incurred by it prior to such replacement.

 

Section 7.9.  SUCCESSOR
TRUSTEE BY MERGER, ETC.

 

If
the Trustee consolidates with, 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 shall be the successor Trustee.

 

Section 7.10. 
ELIGIBILITY; DISQUALIFICATION.

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA Section
310(a)(1), (2) and (5).  The Trustee
shall always have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition.  The Trustee shall comply with TIA Section 310(b).

 

Section 7.11. 
PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

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

 

36

 

ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.1.  OPTION
TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

The
Company may, at the option of its Board of Directors evidenced by a resolution
set forth in an Officers’ Certificate, at any time, elect to have either Section
8.2 or 8.3 hereof be applied to all outstanding Securities of a Series upon
compliance with the conditions set forth below in this Article VIII.

 

Section 8.2.  LEGAL
DEFEASANCE AND DISCHARGE.

 

Upon
the Company’s exercise under Section 8.1 hereof of the option applicable to
this Section 8.2, each of the Company and the Guarantors, if any, shall,
subject to the satisfaction of the conditions set forth in Section 8.4 hereof,
be deemed to have been discharged from its obligations with respect to all
outstanding Securities of such Series and related Subsidiary Guarantees on the
date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”).  For this purpose, Legal
Defeasance means that the Company shall be deemed to have paid and discharged
the entire Indebtedness represented by the outstanding Securities of such
Series, which shall thereafter be deemed to be “outstanding” only for the
purposes of Section 8.5 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all its other
obligations under such Securities and this Indenture as it relates to such
Securities (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the
following provisions which shall survive until otherwise terminated or
discharged hereunder: (a) the rights of Holders of outstanding Securities of
such Series to receive solely from the trust fund described in Section 8.4
hereof, and as more fully set forth in such section, payments in respect of the
principal of, premium, if any, and interest on such Securities when such
payments are due, (b) the Company’s and Guarantors’ obligations with respect to
such Securities under Article II hereof, (c) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and the Company’s and the Guarantors’
obligations in connection therewith and (d) this Article VIII.  Subject to compliance with this Article VIII,
the Company may exercise its option under this Section 8.2 notwithstanding the
prior exercise of its option under Section 8.3 hereof.

 

Section 8.3.  COVENANT
DEFEASANCE.

 

Upon
the Company’s exercise under Section 8.1 hereof of the option applicable to
this Section 8.3, each of the Company and the Guarantors, if any, shall,
subject to the satisfaction of the conditions set forth in Section 8.4 hereof,
be released from its obligations under the covenants specified pursuant to Section
2.2 hereof and Article V hereof with respect to the outstanding Securities of
such Series and related Subsidiary Guarantees on and after the date the
conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”),
and such Securities shall thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Securities shall not be deemed outstanding for
accounting purposes).  For this purpose,
Covenant Defeasance means that, with respect to the outstanding Securities of
such Series, the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to
any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply
shall not constitute a Default or an Event of Default under Section 6.1 

 

37

 

hereof,
but, except as specified above, the remainder of this Indenture, such
Securities and the related Subsidiary Guarantees, if any, shall be unaffected
thereby.  In addition, upon the Company’s
exercise under Section 8.1 hereof of the option applicable to this Section 8.3
hereof, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, Sections 6.1(c) through 6.1(f) and 6.1(i) hereof (or any comparable
provisions set forth in a supplemental indenture) shall not constitute Events
of Default.

 

Section 8.4.  CONDITIONS
TO LEGAL OR COVENANT DEFEASANCE.

 

The
following shall be the conditions to the application of either Section 8.2 or
8.3 hereof to the outstanding Securities of such Series:

 

In
order to exercise either Legal Defeasance or Covenant Defeasance:

 

(a)           the Company must irrevocably
deposit with the Trustee, in trust, for the benefit of the Holders, cash in
United States dollars, non-callable Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of,
premium, if any, and interest on the outstanding Securities of such Series on
the Stated Maturity or on the applicable redemption date, as the case may be,
of such principal or installment of principal of, premium, if any, or interest
on the outstanding Securities of such Series;

 

(b)           in the case of an election
under Section 8.2 hereof, the Company shall have delivered to the Trustee an
Opinion of Counsel in the United States (which counsel may be an employee of
the Company or any Subsidiary of the Company) 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
hereof, 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 Securities of such Series will not
recognize income, gain or loss for federal income tax purposes as a result of
such Legal Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case
if such Legal Defeasance had not occurred;

 

(c)           in the case of an election
under Section 8.3 hereof, the Company shall have delivered to the Trustee an
Opinion of Counsel in the United States (which counsel may be an employee of
the Company or any Subsidiary of the Company) reasonably acceptable to the
Trustee confirming that the Holders of the outstanding Securities of such Series
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;

 

(d)           no Default or Event of
Default shall have occurred and be continuing on the date of such deposit or,
insofar as Sections 6.1(g) and 6.1(h) hereof (or any comparable provisions set
forth in a supplemental indenture) are concerned, at any time 

 

38

 

in the period ending on the 91st day after the date
of deposit (or greater period of time in which any such deposit of trust funds
may remain subject to Bankruptcy Law insofar as those apply to the deposit by
the Company);

 

(e)           such Legal Defeasance or
Covenant Defeasance shall 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;

 

(f)            the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that after the
91st day following the deposit, the trust funds will not be subject to the
effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally;

 

(g)           the Company shall have
delivered to the Trustee an Officers’ Certificate stating that the deposit was
not made by the Company with the intent of preferring the Holders of such
Securities over any other creditors of the Company with the intent of
defeating, hindering, delaying or defrauding creditors of the Company or
others; and

 

(h)           the Company shall have
delivered 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 8.5.  DEPOSITED
MONEY AND GOVERNMENT SECURITIES TO BE HELD IN TRUST; OTHER MISCELLANEOUS
PROVISIONS.

 

Subject
to Section 8.6 hereof, all money and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”)
pursuant to Section 8.4 hereof in respect of the outstanding Securities of a Series
subject to a Legal Defeasance or a Covenant Defeasance shall be held in trust
and applied by the Trustee, in accordance with the provisions of such
Securities 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 Securities of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law.

 

The
Company and the Guarantors shall pay and indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.4 hereof or the principal
and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding
Securities of a Series subject to a Legal Defeasance or a Covenant Defeasance.

 

Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall 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 8.4
hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written 

 

39

 

certification
thereof delivered to the Trustee (which may be the opinion delivered under Section
8.4(a) 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 8.6.  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, if any, or
interest, if any, on any Securities of a Series subject to a Legal Defeasance
or a Covenant Defeasance and remaining unclaimed for two years after such
principal, and premium, if any, or interest, if any, have become due and
payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, 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, shall 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 shall 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 8.7.  REINSTATEMENT.

 

If
the Trustee or Paying Agent is unable to apply any United States dollars or
non-callable Government Securities in accordance with Section 8.2 or 8.3
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 obligations under this Indenture, the
Securities of such Series and the related Subsidiary Guarantees, if any, shall
be revived and reinstated as though no deposit had occurred pursuant to Section
8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the
case may be; PROVIDED, HOWEVER, that, if the Company make any payment of principal
of, premium, if any, or interest, if any, on any such Security following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Securities to receive such payment from the money held
by the Trustee or Paying Agent.

 

ARTICLE IX

AMENDMENTS AND WAIVERS

 

Section 9.1.  WITHOUT
CONSENT OF HOLDERS.

 

Notwithstanding
Section 9.2 of the Indenture, without the consent of any Securityholder, the
Company, the Guarantors and the Trustee may amend or supplement the Indenture
or the Securities:

 

(a)           to cure any ambiguity,
defect or inconsistency, that would not result in a material adverse effect on
the rights of the Holders,

 

(b)           to provide for
uncertificated Securities in addition to or in place of certificated Securities,

 

40

 

(c)           to provide for the
assumption of the Company’s or any Guarantor’s obligations to Holders of a
Security in the case of a merger or consolidation,

 

(d)           to make any change that
would provide any additional rights or benefits to the Holders of a Security (including
providing for additional Subsidiary Guarantees) or that does not materially
adversely affect the legal rights under the Indenture of any such
Securityholder, or

 

(e)           to comply with requirements
of the SEC in order to effect or maintain the qualification of the Indenture
under the TIA.

 

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

 

Section 9.2.  WITH
CONSENT OF HOLDERS.

 

Except
as provided in Section 9.1 and Section 9.3 of the Indenture, the Indenture or
the Securities of a Series may be amended or supplemented with the consent of
the Holders of at least a majority in principal amount of the Securities of
each Series then outstanding affected by the supplemental indenture
implementing such amendment or supplement (including consents obtained in
connection with a tender offer or exchange offer for Securities), and, subject
to Sections 6.8 and 6.12 of the Indenture, any existing Default or Event of
Default (other than a Default or Event of Default in the payment of the
principal of, premium, if any, or interest on the Securities of such Series,
except a payment default resulting from an acceleration that has been rescinded)
or compliance with any provision of the Indenture or the Securities of such Series
may be waived with the consent of the Holders of a majority in principal amount
of the then outstanding Securities of each Series affected by such supplemental
indenture implementing such amendment or supplement (including consents
obtained in connection with a tender offer or exchange offer for Securities).

 

It
shall not be necessary for the consent of the Holders of Securities under this Section
9.2 to approve the particular form of any proposed amendment or waiver, but it
shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver
under this Section 9.2 becomes effective, the Company shall mail to the Holders
of Securities affected thereby and, and if any Bearer Securities affected
thereby are outstanding, publish on one occasion in an Authorized Newspaper, a
notice briefly describing the supplemental indenture or waiver. Any failure by
the Company to mail or publish such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture or waiver.

 

41

 

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 reasonably
satisfactory to the Trustee of the consent of the Holders of Securities as
aforesaid, and upon receipt by the Trustee of the documents described in Section
7.2 hereof, the Trustee shall join with the Company and the Guarantors in the
execution of such amended or supplemental Indenture unless such amended or
supplemental Indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such amended or
supplemental Indenture.

 

Section 9.3.  LIMITATIONS.

 

Without
the consent of each Securityholder affected, an amendment or waiver may not
(with respect to any Securities held by a non-consenting Holder of Securities):

 

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

 

(b)           reduce the principal of or
change the fixed maturity of any Security or alter any of the provisions with
respect to the redemption of any Security in a manner adverse to the Holders of
such Security;

 

(c)           reduce the rate of or change
the time for payment of interest on any Security;

 

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

 

(e)           make any Security payable in
money other than that stated in such Security;

 

(f)            make any change in the
provisions of the Indenture relating to waivers of past Defaults or the rights
of Holders of Securities of any Series to receive payments of principal of or
premium, if any, or interest on the Securities;

 

(g)           waive a redemption payment
with respect to any Security (other than a payment required by any “Change of
Control” or “Asset Sale” covenant set forth in a supplemental indenture
relating to Securities of a Series);

 

(h)           except pursuant to the
Indenture, release any Guarantor from its obligations under its Subsidiary
Guarantee, or change any Subsidiary Guarantee in any manner that would
materially adversely affect the Securityholders; or

 

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

 

42

 

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

 

Section 9.4.  COMPLIANCE
WITH TRUST INDENTURE ACT.

 

Every
amendment to this Indenture or the Securities of one or more Series shall be
set forth in a supplemental indenture hereto that complies with the TIA as then
in effect.

 

Section 9.5.  REVOCATION
AND EFFECT OF CONSENTS.

 

Until
an amendment or waiver becomes effective, a consent to it by a Holder of a
Security is a continuing consent by the Holder and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any
Security.  However, any such Holder or
subsequent Holder may revoke the consent as to his Security or portion of a
Security if the Trustee receives the notice of revocation before the date the
amendment or waiver becomes effective.

 

Any
amendment or waiver once effective shall bind every Securityholder of each Series
affected by such amendment or waiver unless it is of the type described in any
of clauses (a) through (h) of Section 9.3. 
In that case, the amendment or waiver shall bind each Holder of a
Security who has consented to it and every subsequent Holder of a Security or
portion of a Security that evidences the same debt as the consenting Holder’s
Security.

 

Section 9.6.  NOTATION
ON OR EXCHANGE OF SECURITIES.

 

The
Trustee may place an appropriate notation about an amendment or waiver on any
Security of any Series thereafter authenticated.  The Company in exchange for Securities of
that Series may issue and the Trustee shall authenticate upon request new
Securities of that Series that reflect the amendment or waiver.

 

Section 9.7.  TRUSTEE
TO SIGN AMENDMENTS; TRUSTEE PROTECTED.

 

The
Trustee shall sign any amended or supplemental Indenture authorized pursuant to
this Article IX if the amendment or supplement does not adversely affect the
rights, duties, liabilities or immunities of the Trustee.  In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee
shall be provided with, and (subject to Section 7.1) shall be fully protected
in relying upon, an Opinion of Counsel and Officers’ Certificate stating that
the execution of such supplemental indenture is authorized or permitted by this
Indenture, complying with the requirements of Sections 10.4 and 10.5 hereof,
and covering such other matters as the Trustee may reasonably require.

 

Promptly
after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section, the Trustee shall
transmit a copy of such supplemental indenture or a notice provided by the
Company to the Trustee setting forth in general terms the substance of such
supplemental indenture, to the Securityholders of all series affected thereby.
In the case of certificated Securities, such notice shall be sent by mail,
first class postage prepaid, to the Securityholders of all series affected
thereby as their names and addresses appear upon the Security Register.  Any failure of the Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

 

43

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1. 
TRUST INDENTURE ACT CONTROLS.

 

If
any provision of this Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this Indenture by the
TIA, such required or deemed provision shall control.

 

Section 10.2. 
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), telecopier or
overnight air courier guaranteeing next day delivery, to the others’ address:

 

If
to the Company or any Guarantor:

 

Iron
Mountain Incorporated

745
Atlantic Avenue

Boston,
MA 02111

Attention:
Chief Financial Officer

Telecopier
No.: (617) 350-7881

 

With
a copy to:

 

Sullivan
& Worcester LLP

One
Post Office Square

Boston,
MA 02109

Telecopier
No.: (617) 338-2880

Attention:
William J. Curry, Esq.

 

If
to the Trustee:

 

[      ]

 

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 Securityholders) must
reference the Securities and this Indenture and shall 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 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.

 

44

 

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

 

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

 

If
the Company or any Guarantor mails a notice or communication to
Securityholders, it shall mail a copy to the Trustee and each Agent at the same
time.

 

Section 10.3. 
COMMUNICATION BY HOLDERS WITH OTHER HOLDERS.

 

Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights
under this Indenture or the Securities of that Series or all Series.  The Company, the Guarantors, the Trustee, the
Registrar and anyone else shall have the protection of TIA Section 312(c).

 

Section 10.4. 
CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

 

Upon
any request or application by the Company or any Guarantor to the Trustee to
take any action under this Indenture, the Company or such Guarantor shall
furnish to the Trustee:

 

(a)           an Officers’ Certificate
stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been
complied with; and

 

(b)           an Opinion of Counsel
stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

Section 10.5. 
STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

 

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

 

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

 

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

 

45

 

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

 

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

 

Section 10.6. 
RULES BY TRUSTEE AND AGENTS.

 

The
Trustee may make reasonable rules for action by or a meeting of Securityholders
of one or more Series.  Any Agent may
make reasonable rules and set reasonable requirements for its functions.

 

Section 10.7. 
LEGAL HOLIDAYS.

 

Unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture for a particular Series, a “Legal Holiday” is any day that is not a
Business Day.  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
for the intervening period.

 

Section 10.8. 
NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
STOCKHOLDERS.

 

No
director, officer, employee, incorporator or stockholder of the Company or any
Restricted Subsidiary, as such, shall have any liability for any obligations of
the Company or any Restricted Subsidiary under the Securities of any Series,
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 of Securities of any Series by
accepting the Security and the Subsidiary Guarantees waives and releases all
such liability.  The waiver and release
are part of the consideration for issuance of the Securities of any Series and
the Subsidiary Guarantees.

 

Section 10.9. 
COUNTERPARTS.

 

This
Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

Section 10.10. 
GOVERNING LAWS.

 

THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT
REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

46

 

Section 10.11. 
NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 

This
Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company or a Subsidiary. 
Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

Section 10.12. 
SUCCESSORS.

 

All
agreements of the Company and the Guarantors in this Indenture and the
Securities and the Subsidiary Guarantees shall bind their respective
successors.  All agreements of the
Trustee in this Indenture shall bind its successors.

 

Section 10.13. 
SEVERABILITY.

 

In
case any provision in this Indenture, the Securities or the Subsidiary
Guarantees, if any, shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

 

Section 10.14. 
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 hereof, and shall in no way modify or
restrict any of the terms or provisions hereof.

 

Section 10.15. 
SECURITIES IN A FOREIGN CURRENCY OR IN EURO.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture
with respect to a particular Series of Securities, whenever for purposes of
this Indenture any action may be taken by the Holders of a specified percentage
in aggregate principal amount of Securities of all Series or all Series affected
by a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or
currency other than Dollars (including Euros), then the principal amount of
Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be that amount of Dollars that could be
obtained for such amount at the Market Exchange Rate at such time.  For purposes of this Section 10.15, “Market
Exchange Rate” shall mean the noon Dollar buying rate in New York City for
cable transfers of that currency as published by the Federal Reserve Bank of New
York; PROVIDED, HOWEVER, in the case of Euros, Market Exchange Rate shall mean
the rate of exchange determined by the Commission of the European Union (or any
successor thereto) as published in the Official Journal of the European Union
(such publication or any successor publication, the “Journal”).  If such Market Exchange Rate is not available
for any reason with respect to such currency, such foreign exchange agent
appointed by the Company shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York
or, in the case of Euros, the rate of exchange as published in the Journal, as
of the most recent available date, or quotations or, in the case of Euros,
rates of exchange from one or more major banks in The City of New York or in
the country of issue of the currency in question or, in the case of Euros, in
Luxembourg or such other quotations or, in the case of Euros, rates of exchange
as the Trustee or such foreign exchange agent appointed by the company, upon
consultation with the Company, shall deem appropriate.  The provisions of 

 

47

 

this
paragraph shall apply in determining the equivalent principal amount in respect
of Securities of a Series denominated in currency other than Dollars in
connection with any action taken by Holders of Securities pursuant to the terms
of this Indenture.

 

All
decisions and determinations of such foreign exchange agent appointed by the
Company regarding the Market Exchange Rate or any alternative determination
provided for in the preceding paragraph shall be in its sole discretion and
shall, in the absence of manifest error, be conclusive to the extent permitted
by law for all purposes and irrevocably binding upon the Company and all
Holders.

 

Section 10.16. 
JUDGMENT CURRENCY.

 

The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum due in respect of the principal of or
interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures such foreign exchange agent appointed by the
Company could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered,
unless such day is not a New York Banking Day, then, the rate of exchange used
shall be the rate at which in accordance with normal banking procedures such
foreign exchange agent appointed by the Company could purchase in The City of
New York the Required Currency with the Judgment Currency on the New York
Banking Day preceding the day on which final unappealable judgment is entered
and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, any recovery
pursuant to any judgment (whether or not entered in accordance with subsection
(a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt, by the payee,
of the full amount of the Required Currency expressed to be payable in respect
of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the
amount, if any, by which such actual receipt shall fall short of the full
amount of the Required Currency so expressed to be payable, and (iii) shall not
be affected by judgment being obtained for any other sum due under this
Indenture.  For purposes of the
foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a
legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to close.

 

Section 10.17. 
WAIVER OF JURY TRIAL.

 

EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

 

48

 

Section 10.18. 
SUBMISSION TO JURISDICTION; VENUE.

 

THE
COMPANY AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF
ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW
YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF
NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE GUARANTEES AND THE NOTES, AND IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY AND EACH GUARANTOR IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE
LAW, AND ANY OBJECTION WHICH MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE
VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY
CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. 
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY HOLDER OF
THE NOTES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE
LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR GUARANTOR IN ANY
OTHER JURISDICTION.

 

ARTICLE XI

SINKING FUNDS

 

Section 11.1. 
APPLICABILITY OF ARTICLE.

 

The
provisions of this Article shall be applicable to any sinking fund for the
retirement of the Securities of a Series, except as otherwise permitted or
required by any form of Security of such Series issued pursuant to this
Indenture.

 

The
minimum amount of any sinking fund payment provided for by the terms of the
Securities of any Series is herein referred to as a “mandatory sinking fund
payment” and any other amount provided for by the terms of Securities of such Series
is herein referred to as an “optional sinking fund payment.” If provided for by
the terms of Securities of any Series, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 11.2.  Each sinking fund payment shall be applied to
the redemption of Securities of any Series as provided for by the terms of the
Securities of such Series.

 

Section 11.2. 
SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment
with respect to the Securities of any Series to be made pursuant to the terms
of such Securities (1) deliver outstanding Securities of such Series to which
such sinking fund payment is applicable (other than any of such Securities
previously called for mandatory sinking fund redemption) and (2) apply as
credit Securities of such Series to which such sinking fund payment is
applicable and which have been redeemed either at the election of the Company
pursuant to the terms of such Series of Securities (except pursuant to any
mandatory sinking fund) or through the application of permitted optional
sinking fund payments or other optional 

 

49

 

redemptions
pursuant to the terms of such Securities, provided that such Securities have
not been previously so credited. Such Securities shall be received by the
Trustee, together with an Officers’ Certificate with respect thereto, not later
than 15 days prior to the date on which the Trustee begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the
Trustee at the price specified in such Securities for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of
Securities of such Series to be redeemed in order to exhaust the aforesaid cash
payment shall be less than $100,000, the Trustee need not call Securities of
such Series for redemption, except upon receipt of a Company Order that such
action be taken, and such cash payment shall be held by the Trustee or a Paying
Agent and applied to the next succeeding sinking fund payment, PROVIDED,
HOWEVER, that the Trustee or such Paying Agent shall from time to time upon
receipt of a Company Order pay over and deliver to the Company any cash payment
so being held by the Trustee or such Paying Agent upon delivery by the Company
to the Trustee of Securities of that Series purchased by the Company having an
unpaid principal amount equal to the cash payment required to be released to
the Company.

 

Section 11.3. 
REDEMPTION OF SECURITIES FOR SINKING FUND.

 

Not
less than 45 days (unless otherwise indicated in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate in respect of a
particular Series of Securities) prior to each sinking fund payment date for
any Series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that Series pursuant to the terms of that Series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that Series pursuant to Section 11.2, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment,
and the Company shall thereupon be obligated to pay the amount therein
specified.  Not less than 30 days (unless
otherwise indicated in the Board Resolution, Officers’ Certificate or
supplemental indenture in respect of a particular Series of Securities) before
each such sinking fund payment date the Trustee shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in Section
3.2 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 3.3.  Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 3.4, 3.5 and 3.6.

 

ARTICLE XII

SUBSIDIARY GUARANTEES

 

Section 12.1. 
SUBSIDIARY GUARANTEE.

 

Each
Subsidiary that is a signatory hereto and each Subsidiary of the Company that
in accordance with the terms of any Securities of a Series issued hereunder
pursuant to any supplement indenture relating to such Securities is required to
become party to this Indenture as a guarantor (each, a “Guarantor”), upon
execution of a supplemental indenture, hereby jointly and severally
unconditionally guarantees to each Securityholder of a Security of a Series that
is to be guaranteed and that has been authenticated and delivered by the
Trustee irrespective of the 

 

50

 

validity
or enforceability of this Indenture, the Securities or the obligations of the
Company under this Indenture or the Securities, that: (i) the principal of and
interest on the Securities will be paid in full when due, whether at the
maturity or interest payment or mandatory redemption date, by acceleration,
call for redemption or otherwise, and interest on the overdue principal of and
interest, if any, on the Securities and all other obligations of the Company to
the Securityholders or the Trustee under this Indenture or the Securities will
be promptly paid in full or performed, all in accordance with the terms of this
Indenture and the Securities; and (ii) in case of any extension of time of
payment or renewal of any Securities or any of such other obligations, they
will be paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at maturity, by acceleration or otherwise.  Failing payment when due of any amount so
guaranteed for whatever reason, each Guarantor will be obligated to pay the
same whether or not such failure to pay has become an Event of Default which
could cause acceleration pursuant to Section 6.2 hereof.  Each Guarantor agrees that this is a
guarantee of payment not a guarantee of collection.

 

Each
Guarantor hereby agrees that its obligations with regard to this Subsidiary
Guarantee shall be joint and several and unconditional, irrespective of the
validity or enforceability of the Securities or the obligations of the Company
under this Indenture, the absence of any action to enforce the same, the
recovery of any judgment against the Company or any other obligor with respect
to this Indenture, the Securities or the obligations of the Company under this
Indenture or the Securities, any action to enforce the same or any other
circumstances (other than complete performance) which might otherwise
constitute a legal or equitable discharge or defense of a Guarantor.  Each Guarantor further, to the extent
permitted by law, waives and relinquishes all claims, rights and remedies
accorded by applicable law to guarantors and agrees not to assert or take
advantage of any such claims, rights or remedies, including but not limited to:
(a) any right to require the Trustee, the Securityholders or the Company (each,
a “Benefited Party”) to proceed against the Company or any other Person or to
proceed against or exhaust any security held by a Benefited Party at any time
or to pursue any other remedy in any Benefited Party’s power before proceeding
against such Guarantor; (b) the defense of the statute of limitations in any
action hereunder or in any action for the collection of any Indebtedness or the
performance of any obligation hereby guaranteed; (c) any defense that may arise
by reason of the incapacity, lack of authority, death or disability of any
other Person or the failure of a Benefited Party to file or enforce a claim
against the estate (in administration, bankruptcy or any other proceeding) of
any other Person; (d) demand, protest and notice of any kind including but not
limited to notice of the existence, creation or incurring of any new or
additional Indebtedness or obligation or of any action or non-action on the
part of such Guarantor, the Company, any Benefited Party, any creditor of such
Guarantor, the Company or on the part of any other Person whomsoever in
connection with any Indebtedness or obligations hereby guaranteed; (e) any
defense based upon an election of remedies by a Benefited Party, including but
not limited to an election to proceed against such Guarantor for reimbursement;
(f) any defense based upon any statute or rule of law which provides that the
obligation of a surety must be neither larger in amount nor in other respects
more burdensome than that of the principal; (g) any defense arising because of
a Benefited Party’s election, in any proceeding instituted under Bankruptcy
Law, of the application of 11 U.S.C. Section 1111 (b)(2); or (h) any defense
based on any borrowing or grant of a security interest under 11 U.S.C. Section 364.  Each Guarantor hereby covenants that its
Subsidiary Guarantee will not be discharged except by complete performance of
the obligations contained in its Subsidiary Guarantee and this Indenture.

 

51

 

If
any Securityholder or the Trustee is required by any court or otherwise to
return to either the Company or any Guarantor, or any Custodian acting in
relation to either the Company or such Guarantor, any amount paid by the
Company or such Guarantor to the Trustee or such Securityholder, the applicable
Subsidiary Guarantees, to the extent theretofore discharged, shall be
reinstated and be in full force and effect. 
Each Guarantor agrees that it will not be entitled to any right of
subrogation in relation to the Securityholders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.

 

Each
Guarantor further agrees that, as between such Guarantor, on the one hand, and
the Securityholders and the Trustee, on the other hand, (i) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Section 6.2
hereof for the purposes of this Subsidiary Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration as to the Company
or any other obligor on the Securities of the obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of those obligations
as provided in Section 6.2 hereof, those obligations (whether or not due and
payable) will forthwith become due and payable by such Guarantor for the
purpose of this Subsidiary Guarantee.

 

Section 12.2. 
LIMITATION OF GUARANTOR’S LIABILITY.

 

Each
Guarantor and, by its acceptance hereof, the Trustee and each Securityholder
hereby confirm that it is its intention that the Subsidiary Guarantee of such
Guarantor not constitute a fraudulent transfer or conveyance for purposes of
the 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, each such Person hereby irrevocably
agrees that the obligation of such Guarantor under its Subsidiary Guarantee
under this Article XII shall be limited to the maximum amount as will, after
giving effect to such maximum amount and all other (contingent or other)
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 XII, result in the
obligations of such Guarantor in respect of such maximum amount not
constituting a fraudulent transfer or conveyance under said laws.  The Trustee and each Securityholder by
accepting the benefits hereof, confirms its intention that, in the event of a
bankruptcy, reorganization or other similar proceeding of the Company or any
Guarantor in which concurrent claims are made upon such Guarantor hereunder, to
the extent such claims will not be fully satisfied, each such claimant with a
valid claim against the Company shall be entitled to a ratable share of all
payments by such Guarantor in respect of such concurrent claims.  For all purposes of this Section 12.2, Senior
Debt shall be deemed to have been incurred prior to the incurrence of the
obligations in respect of the Subsidiary Guarantees.

 

ARTICLE XIII

SUBORDINATION

 

[Subordination
provisions with respect to Junior Subordinated Debt Securities to be provided
here.]

 

[Remainder
of Page Left Blank Intentionally; Signature Pages Follow Immediately.]

 

52

 

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

 

	
   

  	
  Iron
  Mountain Incorporated

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
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